Company Registration No. 12160320 (England and Wales)
ADVANCED PRECISION HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ADVANCED PRECISION HOLDINGS LTD
COMPANY INFORMATION
Director
Mr P Grace
Company number
12160320
Registered office
Regency House
48 Birmingham Road
Bromsgrove
Worcestershire
B61 0DD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
112 High Street
Bromsgrove
Worcestershire
B61 8EZ
ADVANCED PRECISION HOLDINGS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ADVANCED PRECISION HOLDINGS LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADVANCED PRECISION HOLDINGS LTD FOR THE YEAR ENDED 31 JULY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Advanced Precision Holdings Ltd for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Advanced Precision Holdings Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Advanced Precision Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of Advanced Precision Holdings Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Advanced Precision Holdings Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Advanced Precision Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Advanced Precision Holdings Ltd. You consider that Advanced Precision Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Advanced Precision Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
8 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ADVANCED PRECISION HOLDINGS LTD
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
515
3,814
Investment properties
5
225,517
225,517
Investments
4
160,060
160,060
386,092
389,391
Current assets
Cash at bank and in hand
177
434
Creditors: amounts falling due within one year
6
(72,583)
(73,748)
Net current liabilities
(72,406)
(73,314)
Total assets less current liabilities
313,686
316,077
Creditors: amounts falling due after more than one year
7
(103,179)
(115,435)
Provisions for liabilities
9
(98)
(725)
Net assets
210,409
199,917
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
210,309
199,817
Total equity
210,409
199,917

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ADVANCED PRECISION HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023.
Mr P Grace
Director
Company Registration No. 12160320
ADVANCED PRECISION HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

Advanced Precision Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Regency House, 48 Birmingham Road, Bromsgrove, Worcestershire, B61 0DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business, and is shown net of VAT.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

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.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

ADVANCED PRECISION HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).

ADVANCED PRECISION HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
916
5,800
6,716
Disposals
-
0
(5,800)
(5,800)
At 31 July 2023
916
-
0
916
Depreciation and impairment
At 1 August 2022
229
2,673
2,902
Depreciation charged in the year
172
-
0
172
Eliminated in respect of disposals
-
0
(2,673)
(2,673)
At 31 July 2023
401
-
0
401
Carrying amount
At 31 July 2023
515
-
0
515
At 31 July 2022
687
3,127
3,814
ADVANCED PRECISION HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Fixed asset investments
2023
2022
£
£
Investments
160,060
160,060
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 August 2022 & 31 July 2023
160,060
Carrying amount
At 31 July 2023
160,060
At 31 July 2022
160,060
5
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
225,517

The director has assessed the market value of the property and considers that there has been no significant change in the market value at the year end.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,499
17,534
Amounts owed to group undertakings
52,270
51,997
Taxation and social security
3,853
3,487
Other creditors
961
730
72,583
73,748
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
103,179
115,435
ADVANCED PRECISION HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
118,678
132,969
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
98
725
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary A of £1 each
90
90
10 Ordinary B of £1 each
10
10
100
100
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Ultimate controlling party

The ultimate controlling party is Mr P J Grace.

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