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Company No: 02212131 (England and Wales)

CLAYDON PRECISION MACHINING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CLAYDON PRECISION MACHINING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CLAYDON PRECISION MACHINING LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
CLAYDON PRECISION MACHINING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Kevin McCarthy
Michaela McCarthy
REGISTERED OFFICE Unit 73 Claydon Business Park
Gipping Road
Great Blakenham
Ipswich
IP6 0NL
United Kingdom
COMPANY NUMBER 02212131 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
CLAYDON PRECISION MACHINING LIMITED

BALANCE SHEET

As at 31 December 2023
CLAYDON PRECISION MACHINING LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 262,088 319,452
262,088 319,452
Current assets
Stocks 12,000 12,000
Debtors 4 271,242 359,492
Cash at bank and in hand 5 289,307 820,956
572,549 1,192,448
Creditors: amounts falling due within one year 6 ( 195,405) ( 257,116)
Net current assets 377,144 935,332
Total assets less current liabilities 639,232 1,254,784
Provision for liabilities 7, 8 ( 56,867) ( 53,624)
Net assets 582,365 1,201,160
Capital and reserves
Called-up share capital 100 100
Profit and loss account 582,265 1,201,060
Total shareholder's funds 582,365 1,201,160

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Claydon Precision Machining Limited (registered number: 02212131) were approved and authorised for issue by the Board of Directors on 22 April 2024. They were signed on its behalf by:

Kevin McCarthy
Director
CLAYDON PRECISION MACHINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CLAYDON PRECISION MACHINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Claydon Precision Machining Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 73 Claydon Business Park, Gipping Road, Great Blakenham, Ipswich, IP6 0NL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 20 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 52,370 783,277 835,647
At 31 December 2023 52,370 783,277 835,647
Accumulated depreciation
At 01 January 2023 2,291 513,904 516,195
Charge for the financial year 3,492 53,872 57,364
At 31 December 2023 5,783 567,776 573,559
Net book value
At 31 December 2023 46,587 215,501 262,088
At 31 December 2022 50,079 269,373 319,452

4. Debtors

2023 2022
£ £
Trade debtors 249,517 316,512
Amounts owed by related parties 18,738 41,738
Other debtors 2,987 1,242
271,242 359,492

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 289,307 820,956

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 11,426 23,705
Amounts owed to related parties 90,537 141,777
Taxation and social security 91,840 83,338
Other creditors 1,602 8,296
195,405 257,116

7. Provision for liabilities

2023 2022
£ £
Deferred tax 56,867 53,624

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 53,624) 0
Charged to the Statement of Income and Retained Earnings ( 3,243) ( 53,624)
At the end of financial year ( 56,867) ( 53,624)

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by Zenon Properties Limited at 31 December 2023 18,738 41,738

Management charges of £23,000 (2022 - £23,000) were paid to Zenon Properties Limited during the year.

Dividends of £700,000 (2022 - £54,000) were paid to Zenon Properties Limited during the year.

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors at 31 December 2023 0 6,801

Other related party transactions

2023 2022
£ £
Amounts owed to Needham Fabrications Limited at 31 December 2023 90,537 141,777

The company is a wholly owned subsidiary of Zenon Properties Limited, a company registered in England and Wales. The company was under the control of Mr K P McCarthy and Mrs M McCarthy throughout the current and previous year. Mr & Mrs McCarthy are the only directors of the company and hold 100% of the shares in Zenon Properties Limited. Mr & Mrs McCarthy are the sole directors of Needham Fabrications Limited.