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REGISTERED NUMBER: 05742131 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 468,619 512,394
Investment property 6 303,744 -
772,363 512,394

CURRENT ASSETS
Stocks 155,357 154,037
Debtors 7 142,920 69,118
Cash at bank and in hand 605,692 858,922
903,969 1,082,077
CREDITORS
Amounts falling due within one year 8 440,141 328,105
NET CURRENT ASSETS 463,828 753,972
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,236,191

1,266,366

CREDITORS
Amounts falling due after more than one
year

9

(15,222

)

(24,510

)

PROVISIONS FOR LIABILITIES 11 (85,553 ) (72,710 )
NET ASSETS 1,135,416 1,169,146

CAPITAL AND RESERVES
Called up share capital 12 837 837
Capital redemption reserve 13 163 163
Retained earnings 13 1,134,416 1,168,146
SHAREHOLDERS' FUNDS 1,135,416 1,169,146

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

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 Board of Directors and authorised for issue on 3 July 2024 and were signed on its behalf by:




Mr D R Rawlins - Director Mrs E M Rawlins - Director




Mr N Tamlin - Director Mrs S L Tamlin - Director


HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Hele Bay Precision Engineering Company 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: 05742131

Registered office: Grenville House
9 Boutport Street
Barnstaple
Devon
EX31 1TZ

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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Amortisation
Amortisation is calculated so as to write off the cost of an asset over the useful economic life of
that asset as follows:

Goodwill - fully amortised

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold land - not provided
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 20 ) .

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 35,000
AMORTISATION
At 1 April 2023
and 31 March 2024 35,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
land machinery vehicles Equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 111,371 1,215,657 31,689 47,627 1,406,344
Additions - - 20,121 - 20,121
At 31 March 2024 111,371 1,215,657 51,810 47,627 1,426,465
DEPRECIATION
At 1 April 2023 - 841,116 17,002 35,832 893,950
Charge for year - 55,911 6,208 1,777 63,896
At 31 March 2024 - 897,027 23,210 37,609 957,846
NET BOOK VALUE
At 31 March 2024 111,371 318,630 28,600 10,018 468,619
At 31 March 2023 111,371 374,541 14,687 11,795 512,394

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 51,600 31,689 83,289
Transfer to ownership - (31,689 ) (31,689 )
At 31 March 2024 51,600 - 51,600
DEPRECIATION
At 1 April 2023 11,796 17,002 28,798
Charge for year 5,987 - 5,987
Transfer to ownership - (17,002 ) (17,002 )
At 31 March 2024 17,783 - 17,783
NET BOOK VALUE
At 31 March 2024 33,817 - 33,817
At 31 March 2023 39,804 14,687 54,491

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 303,744
At 31 March 2024 303,744
NET BOOK VALUE
At 31 March 2024 303,744

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 120,137 60,227
Other debtors 11,810 1,057
Prepayments and accrued income 10,973 7,834
142,920 69,118

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 9,288 21,745
Trade creditors 204,907 125,017
Corporation tax 121,178 98,536
Social security and other taxes 13,847 12,277
VAT 81,097 61,147
Other creditors 3,396 3,095
Accruals and deferred income 6,428 6,288
440,141 328,105

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts 15,222 24,510

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 24,510 46,255

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 85,553 72,710

Deferred
tax
£   
Balance at 1 April 2023 72,710
Provided during year 12,843
Balance at 31 March 2024 85,553

HELE BAY PRECISION ENGINEERING COMPANY
LIMITED (REGISTERED NUMBER: 05742131)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
511 Ordinary A £1 511 511
489 Ordinary B £1 326 326
837 837

13. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 1,168,146 163 1,168,309
Profit for the year 310,217 310,217
Dividends (343,947 ) (343,947 )
At 31 March 2024 1,134,416 163 1,134,579

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D and Mrs E Rawlins.