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Registration number: 09588311

Clayden Precision Engineering Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Clayden Precision Engineering Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Clayden Precision Engineering Ltd

Company Information

Director

Mr Barry Clayden

Registered office

The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

Accountants

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
NN12 7LS

 

Clayden Precision Engineering Ltd

(Registration number: 09588311)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

38,328

56,259

Current assets

 

Stocks

5

18,253

20,000

Debtors

6

85,845

65,986

Cash at bank and in hand

 

65,818

90,562

 

169,916

176,548

Creditors: Amounts falling due within one year

7

(61,120)

(61,871)

Net current assets

 

108,796

114,677

Total assets less current liabilities

 

147,124

170,936

Creditors: Amounts falling due after more than one year

7

(22,313)

(39,436)

Net assets

 

124,811

131,500

Capital and reserves

 

Called up share capital

100

100

Retained earnings

124,711

131,400

Shareholders' funds

 

124,811

131,500

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 April 2024
 

 

Clayden Precision Engineering Ltd

(Registration number: 09588311)
Balance Sheet as at 31 October 2023

.........................................
Mr Barry Clayden
Director

 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS
United Kingdom

The principal place of business is:
Unit 25 Hoddesdon Industrial Centre
Pindar Road
Hoddesdon
Herts
EN11 0FF

These financial statements were authorised for issue by the director on 19 April 2024.

The company registration number is 09588311

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight line

Office equipment

20% Straight line

Motor vehicles

20% Reducing balance

Fixtures & fittings

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. The company subsequently considers the recoverable value of the trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

-

407,778

15,135

19,447

Additions

588

449

3,498

-

At 31 October 2023

588

408,227

18,633

19,447

Depreciation

At 1 November 2022

-

370,778

13,702

1,621

Charge for the year

118

17,582

1,201

3,565

At 31 October 2023

118

388,360

14,903

5,186

Carrying amount

At 31 October 2023

470

19,867

3,730

14,261

At 31 October 2022

-

37,000

1,433

17,826

Total
£

Cost or valuation

At 1 November 2022

442,360

Additions

4,535

At 31 October 2023

446,895

Depreciation

At 1 November 2022

386,101

Charge for the year

22,466

At 31 October 2023

408,567

Carrying amount

At 31 October 2023

38,328

At 31 October 2022

56,259

 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Stocks

2023
£

2022
£

Work in progress

10,753

15,000

Other inventories

7,500

5,000

18,253

20,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

62,171

58,562

Prepayments

946

803

Other debtors

22,728

6,621

 

85,845

65,986

 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

21,542

25,962

Trade creditors

 

5,062

9,818

Taxation and social security

 

32,394

22,214

Accruals and deferred income

 

482

380

Other creditors

 

1,640

3,497

 

61,120

61,871

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

22,313

39,436

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Clayden Precision Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,818

26,818

Hire purchase contracts

5,495

12,618

22,313

39,436

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

11,542

15,962

21,542

25,962

10

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr Barry Clayden

4,870

81,094

(69,987)

15,977

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr Barry Clayden

(77)

45,947

(41,000)

4,870