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REGISTERED NUMBER: 00694677 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

DUNCAN-LYNCH PRECISION TOOLS LIMITED

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DUNCAN-LYNCH PRECISION TOOLS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: A T Lynch





SECRETARY: Mrs A H Lynch





REGISTERED OFFICE: Unit E, Weller Drive
Hogwood Lane Industrial Estate
Finchampstead
Wokingham
Berkshire
RG40 4QZ





REGISTERED NUMBER: 00694677 (England and Wales)

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,067 -
Tangible assets 5 1,183,960 1,156,970
1,211,027 1,156,970

CURRENT ASSETS
Stocks 959,891 985,407
Debtors 6 1,381,246 926,833
Cash at bank 185,893 106,954
2,527,030 2,019,194
CREDITORS
Amounts falling due within one year 7 1,658,590 1,832,234
NET CURRENT ASSETS 868,440 186,960
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,079,467

1,343,930

CREDITORS
Amounts falling due after more than one
year

8

675,221

792,703
NET ASSETS 1,404,246 551,227

CAPITAL AND RESERVES
Called up share capital 4,050 4,050
Retained earnings 1,400,196 547,177
SHAREHOLDERS' FUNDS 1,404,246 551,227

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 February 2024 and were signed by:





A T Lynch - Director


DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Duncan-Lynch Precision Tools Limited is a private company limited by shares, registered in England and Wales (no. 00694677). The registered office is Weller Drive, Hogwood Industrial Estate. Finchampstead, Wokingham, Berkshire RG40 4QZ.

The principal activity of the company is that of precision tool makers and sheet metal workers.

The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue (described as turnover) is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable excluding discounts, rebates and value added tax.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measure reliably.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measure at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of 10 years.

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation on tangible assets is charged to profit or loss so as to write off their value, over their estimated useful lives, as below. Assets held under finance leases are depreciated in the same manner as owned assets.

Freehold Property - 2.5% straight line
Leasehold Property - 2.5% straight line
Plant & Machinery - 20% reducing balance
Office Equipment - 15-25% reducing balance
Computer Equipment - 25% reducing balance

At each balance sheet date, the company reviews the carrying amounts of its tangible assets to determine if any items have suffered an impairment loss. Any impairment loss is charged to profit or loss.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company depends on its existing bank facilities and loans from the director to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review, however the director is not aware of any circumstances that may adversely impact the renewal of these facilities. Accordingly, the director believes it is appropriate to prepare the financial statements on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 36 ) .

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022 1,738
Additions 28,000
At 30 June 2023 29,738
AMORTISATION
At 1 July 2022 1,738
Charge for year 933
At 30 June 2023 2,671
NET BOOK VALUE
At 30 June 2023 27,067
At 30 June 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Leasehold Plant and
property property machinery
£    £    £   
COST
At 1 July 2022 606,706 101,608 2,100,622
Additions - - 130,707
Disposals - - (8,000 )
Transfer to ownership - - -
Reclassification/transfer - - -
At 30 June 2023 606,706 101,608 2,223,329
DEPRECIATION
At 1 July 2022 360,489 12,701 1,304,100
Charge for year 15,167 2,540 104,562
At 30 June 2023 375,656 15,241 1,408,662
NET BOOK VALUE
At 30 June 2023 231,050 86,367 814,667
At 30 June 2022 246,217 88,907 796,522

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. TANGIBLE FIXED ASSETS - continued

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 27,762 55,998 64,742 2,957,438
Additions - 44,109 - 174,816
Disposals - - - (8,000 )
Transfer to ownership - (7,411 ) - (7,411 )
Reclassification/transfer - 7,411 - 7,411
At 30 June 2023 27,762 100,107 64,742 3,124,254
DEPRECIATION
At 1 July 2022 26,583 39,441 57,154 1,800,468
Charge for year 365 14,882 2,310 139,826
At 30 June 2023 26,948 54,323 59,464 1,940,294
NET BOOK VALUE
At 30 June 2023 814 45,784 5,278 1,183,960
At 30 June 2022 1,179 16,557 7,588 1,156,970

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2022 986,557
Additions 98,696
Transfer to ownership (108,471 )
At 30 June 2023 976,782
DEPRECIATION
At 1 July 2022 259,664
Charge for year 80,764
Transfer to ownership (33,057 )
At 30 June 2023 307,371
NET BOOK VALUE
At 30 June 2023 669,411
At 30 June 2022 726,893

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 1,332,641 884,941
Other debtors 48,605 41,892
1,381,246 926,833

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 81,523 76,606
Hire purchase contracts (see note 9) 130,133 149,473
Trade creditors 436,724 437,235
Taxation and social security 304,081 223,927
Other creditors 706,129 944,993
1,658,590 1,832,234

The bank loans and overdrafts are secured by a first legal charge over Units E & F Hogwood Industrial Estate, a fixed and floating charge over the assets of the company, and by life cover in the name of the director, A T Lynch.

The proceeds of factored debts creditor is secured on the trade debtors of the company.

The hire purchase contracts are secured on the assets financed.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans 402,705 467,095
Hire purchase contracts (see note 9) 272,516 325,608
675,221 792,703

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 240,937 246,164

DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 130,133 149,473
Between one and five years 272,516 325,608
402,649 475,081

Non-cancellable operating leases
30.6.23 30.6.22
£    £   
Within one year 56,607 72,192
Between one and five years 116,527 149,524
173,134 221,716

10. RELATED PARTY DISCLOSURES

During the year sponsorship of £25,915 (2022 - £20,479) was paid to Rams Rugby Football Club Limited. The director of the company is also Chairman of Rams Rugby Football Club Limited.