Registered number: 4815509 | ||||||||
FOR THE YEAR ENDED 30/06/2023 | ||||||||
Prepared By: | ||||||||
Apple Tree Accountancy Ltd | ||||||||
Fox Fold House | ||||||||
East Hanney | ||||||||
Wantage | ||||||||
Oxon. | ||||||||
OX12 0HS |
AC Precision Engineering Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 30/06/2023 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Oxfordshire | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 4815509 | ||||||||
ACCOUNTANTS | ||||||||
Apple Tree Accountancy Ltd | ||||||||
Fox Fold House | ||||||||
East Hanney | ||||||||
Wantage | ||||||||
Oxon. | ||||||||
OX12 0HS |
AC Precision Engineering Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED30/06/2023 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
AC Precision Engineering Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
245,159 | 306,076 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT LIABILITIES | ( | (56,714) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 464,522 | 658,546 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 8 | |||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 | |||||||||
Revaluation reserve | 1e,10 | 153,923 | 153,923 | |||||||
Profit and loss account | 372,925 | 425,040 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
AC Precision Engineering Ltd | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 30/06/2023 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Land And Buildings | straight line 5% | |||||||
Plant and Machinery | reducing balance 25 or 12% | |||||||
Commercial Vehicles | reducing balance 25% | |||||||
Equipment | reducing balance 25% |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1d. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
1e. Revaluation Reserve | ||||||||
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 10). | ||||||||
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account. |
AC Precision Engineering Ltd | ||||||||
2. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 15 | |||||
3. TANGIBLE FIXED ASSETS | ||||||||||
Land And | Plant and | Commercial | ||||||||
Buildings | Machinery | Vehicles | Equipment | Total | ||||||
£ | £ | £ | £ | £ | ||||||
Cost | ||||||||||
At 01/07/2022 | 553,000 | 2,375,205 | 20,772 | 21,040 | 2,970,017 | |||||
Additions | - | 1,500 | - | 4,912 | 6,412 | |||||
At 30/06/2023 | 553,000 | 2,376,705 | 20,772 | 25,952 | 2,976,429 | |||||
Depreciation | ||||||||||
At 01/07/2022 | 84,000 | 1,406,890 | 5,193 | 15,775 | 1,511,858 | |||||
For the year | 28,000 | 116,740 | 3,894 | 2,544 | 151,178 | |||||
At 30/06/2023 | 112,000 | 1,523,630 | 9,087 | 18,319 | 1,663,036 | |||||
Net Book Amounts | ||||||||||
At 30/06/2023 | 1,313,393 | |||||||||
At 30/06/2022 | 1,458,159 | |||||||||
4. STOCK | 2023 | 2022 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Work in progress | ||||||
5. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 152,627 | 166,694 | ||||||
Prepayments | 11,173 | 9,000 | ||||||
163,800 | 175,694 | |||||||
AC Precision Engineering Ltd | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
UK corporation tax | 16,376 | 3 | ||||||
VAT | 57,035 | 58,543 | ||||||
PAYE control | 17,609 | 14,961 | ||||||
Directors current account | 32 | 32 | ||||||
Bank Loan | 10,000 | 10,000 | ||||||
Mortgage | 14,886 | 14,239 | ||||||
Hire purchase | 169,138 | 169,138 | ||||||
Trade creditors | 53,374 | 80,146 | ||||||
Pension schemes | 2,184 | 2,705 | ||||||
Accruals | 8,450 | 13,023 | ||||||
349,084 | 362,790 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Bank loans (secured) >1yr | 313,971 | 338,858 | ||||||
Hire purchase >1yr | 150,551 | 319,688 | ||||||
464,522 | 658,546 | |||||||
8. PROVISIONS FOR LIABILITIES | 2023 | 2022 | ||||||
£ | £ | |||||||
Deferred taxation | 218,097 | 163,935 | ||||||
218,097 | 163,935 | |||||||
9. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
1 | 1 | |||||||
1 | 1 | |||||||
AC Precision Engineering Ltd | ||||||||
10. REVALUATION RESERVE | 2023 | 2022 | ||||||
£ | £ | |||||||
Revaluation reserve | 153,923 | 153,923 | ||||||
153,923 | 153,923 | |||||||
11. CONTROLLING PARTY | ||||||||
The company was controlled throughout this and the prior year by the director, Mr A Cunnington, as a result of his holding of 100% of the issued share capital. | ||||||||