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Registered number: 09716764
Huggett Precision Products Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2023
Paul Monaghan Chartered Accountant
ICAEW
18 Hartshill Close
Uxbridge
Middlesex
UB10 9LH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09716764
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 80,642 101,320
80,642 101,320
CURRENT ASSETS
Stocks 5 13,529 11,954
Debtors 6 32,832 27,327
Cash at bank and in hand 20,157 7,693
66,518 46,974
Creditors: Amounts Falling Due Within One Year 7 (63,412 ) (62,377 )
NET CURRENT ASSETS (LIABILITIES) 3,106 (15,403 )
TOTAL ASSETS LESS CURRENT LIABILITIES 83,748 85,917
Creditors: Amounts Falling Due After More Than One Year 8 (63,264 ) (66,233 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,161 ) (19,251 )
NET ASSETS 323 433
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 223 333
SHAREHOLDERS' FUNDS 323 433
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Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Christine Huggett
Director
19 December 2023
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Huggett Precision Products Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09716764 . The registered office is Unit 5 Hampstead Court, Hampstead Avenue, Mildenhall, Suffolk, IP28 7AS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
The turnover shown in the profit and loss account represents the invoiced sales value of manufactured product recognised at the time of dispatch to the customer, excluding VAT.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost or at valuation, less accumulated depreciation. The charge for depreciation is calculated to write down the cost of tangible fixed assets to their estimated residual values by equal annual instalments over their expected useful lives, which are as follows:
Plant & Machinery Between 8 and 10 years
Motor Vehicles 5 years
Fixtures & Fittings 3 years
Computer Equipment 3 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors at an amount net of the finance charge allocated to future periods. The finance element of each payment made is charged to the profit and loss account as a fixed percentage of the payment made in the period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
...CONTINUED
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2.6. Taxation - continued
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Manufacturing 2 3
2 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 September 2022 207,592 11,792 2,379 221,763
Additions 1,262 - 1,062 2,324
As at 31 August 2023 208,854 11,792 3,441 224,087
Depreciation
As at 1 September 2022 106,272 11,792 2,379 120,443
Provided during the period 22,843 - 159 23,002
As at 31 August 2023 129,115 11,792 2,538 143,445
Net Book Value
As at 31 August 2023 79,739 - 903 80,642
As at 1 September 2022 101,320 - - 101,320
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5. Stocks
2023 2022
£ £
Stock 13,529 11,954
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 25,217 21,625
Prepayments and accrued income 7,615 5,702
32,832 27,327
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 13,459
Trade creditors 25,609 20,630
Bank loans and overdrafts 2,969 2,781
Corporation tax 21,142 (2,543 )
Other taxes and social security 471 266
VAT 4,427 3,225
Other creditors 160 160
Accruals and deferred income 1,080 1,080
Directors' loan accounts 7,554 23,319
63,412 62,377
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 37,244 37,244
Bank loans 26,020 28,989
63,264 66,233
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9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 13,459
Later than one year and not later than five years 37,244 37,244
37,244 50,703
37,244 50,703
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mrs Christine Huggett 30,000 22,500
Mr Andrew Huggett 30,000 22,500
12. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 60,000 45,000
60,000 45,000
13. Ultimate Controlling Party
The Company's ultimate controlling party is the director, Mr Andrew Huggett by virtue of his managment position and ownership of 50% of the issued share capital in the company.
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