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REGISTERED NUMBER: 08518938 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MICROJET PRECISION SERVICES LIMITED

MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 370,453 383,533
370,453 383,533

CURRENT ASSETS
Debtors 5 3,220 8,213
Cash at bank 14,920 10,606
18,140 18,819
CREDITORS
Amounts falling due within one year 6 91,886 43,606
NET CURRENT LIABILITIES (73,746 ) (24,787 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

296,707

358,746

CREDITORS
Amounts falling due after more than one year 7 - (69,299 )

PROVISIONS FOR LIABILITIES (6,131 ) (6,617 )

ACCRUALS AND DEFERRED INCOME 9 (144,031 ) (150,607 )
NET ASSETS 146,545 132,223

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 97,939 97,939
Retained earnings 48,506 34,184
SHAREHOLDERS' FUNDS 146,545 132,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





Mr J R Paterson - Director


MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Microjet Precision Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08518938

Registered office: 4 Wellington Circus
Nottingham
NG1 5AL

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods and services carried out by the company in accordance with the principal activities outlined in the report of the directors, excluding value added tax and net of sales discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. PROPERTY, PLANT AND EQUIPMENT
Freehold Plant and
property machinery Totals
£    £    £   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 350,000 181,471 531,471
DEPRECIATION
At 1 January 2023 7,000 140,938 147,938
Charge for year 7,000 6,080 13,080
At 31 December 2023 14,000 147,018 161,018
NET BOOK VALUE
At 31 December 2023 336,000 34,453 370,453
At 31 December 2022 343,000 40,533 383,533

Cost or valuation at 31 December 2023 is represented by:

Freehold Plant and
property machinery Totals
£    £    £   
Valuation in 2020 48,117 - 48,117
Cost 301,883 181,471 483,354
350,000 181,471 531,471

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 301,883 301,883
Aggregate depreciation 61,898 55,860

Freehold land and buildings were valued on an open market basis on 10 December 2020 by Innes England Limited .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 5,400
Amounts owed by group undertakings 100 100
Other debtors 3,120 2,713
3,220 8,213

MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 12,528
Trade creditors 1,248 -
Amounts owed to group undertakings 82,192 20,596
Taxation and social security 7,146 9,182
Other creditors 1,300 1,300
91,886 43,606

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 69,299

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 19,186

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 81,827

The bank loans are secured by a fixed and floating charge dated 8 October 2013 over all of the assets and undertaking of the company, and by a fixed charge dated 16 October 2013 over the freehold property owned by the company.

9. ACCRUALS AND DEFERRED INCOME
2023 2022
£    £   
Deferred government grants 144,031 150,607

The company was previously in receipt of grant income which is being amortised in line with the company's depreciation policy on the respective fixed assets part funded, and this amortisation in the year of £6,576 (2022: £7,197) has been credited to the profit and loss account.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
51 A Ordinary £1 51 51
49 B Ordinary £1 49 49
100 100

MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 97,939

12. RELATED PARTY DISCLOSURES

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.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
MICROJET PRECISION SERVICES LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Microjet Precision Services Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Microjet Precision Services Limited, 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 Microjet Precision Services Limited and state those matters that we have agreed to state to the Board of Directors of Microjet Precision Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Microjet Precision Services Limited 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 Microjet Precision Services Limited. You consider that Microjet Precision Services Limited 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 Microjet Precision Services Limited. 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.






David Rice Associates Ltd
Chartered Certified Accountants
4 Wellington Circus
Nottingham
Nottinghamshire
NG1 5AL


11 April 2024