IRIS Accounts Production v24.1.9.2 07050741 director 1.11.22 31.10.23 31.10.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh070507412022-10-31070507412023-10-31070507412022-11-012023-10-31070507412021-10-31070507412021-11-012022-10-31070507412022-10-3107050741ns15:EnglandWales2022-11-012023-10-3107050741ns14:PoundSterling2022-11-012023-10-3107050741ns10:Director12022-11-012023-10-3107050741ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3107050741ns10:SmallEntities2022-11-012023-10-3107050741ns10:AuditExemptWithAccountantsReport2022-11-012023-10-3107050741ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3107050741ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3107050741ns10:FullAccounts2022-11-012023-10-310705074112022-11-012023-10-3107050741ns10:RegisteredOffice2022-11-012023-10-3107050741ns5:CurrentFinancialInstruments2023-10-3107050741ns5:CurrentFinancialInstruments2022-10-3107050741ns5:Non-currentFinancialInstruments2023-10-3107050741ns5:Non-currentFinancialInstruments2022-10-3107050741ns5:ShareCapital2023-10-3107050741ns5:ShareCapital2022-10-3107050741ns5:RetainedEarningsAccumulatedLosses2023-10-3107050741ns5:RetainedEarningsAccumulatedLosses2022-10-3107050741ns5:NetGoodwill2022-11-012023-10-3107050741ns5:IntangibleAssetsOtherThanGoodwill2022-11-012023-10-3107050741ns5:PatentsTrademarksLicencesConcessionsSimilar2022-11-012023-10-3107050741ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-11-012023-10-3107050741ns5:ShortLeaseholdAssetsns5:LandBuildings2022-11-012023-10-3107050741ns5:PlantMachinery2022-11-012023-10-3107050741ns5:FurnitureFittings2022-11-012023-10-3107050741ns5:MotorVehicles2022-11-012023-10-3107050741ns5:ComputerEquipment2022-11-012023-10-3107050741ns5:NetGoodwill2022-10-3107050741ns5:IntangibleAssetsOtherThanGoodwill2022-10-3107050741ns5:NetGoodwill2023-10-3107050741ns5:IntangibleAssetsOtherThanGoodwill2023-10-3107050741ns5:NetGoodwill2022-10-3107050741ns5:IntangibleAssetsOtherThanGoodwill2022-10-3107050741ns5:LandBuildings2022-10-3107050741ns5:PlantMachinery2022-10-3107050741ns5:LandBuildings2022-11-012023-10-3107050741ns5:LandBuildings2023-10-3107050741ns5:PlantMachinery2023-10-3107050741ns5:LandBuildings2022-10-3107050741ns5:PlantMachinery2022-10-3107050741ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3107050741ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-11-012023-10-3107050741ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-3107050741ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3107050741ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3107050741ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3107050741ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3107050741ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3107050741ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-10-3107050741ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-10-3107050741ns5:HirePurchaseContracts2023-10-3107050741ns5:HirePurchaseContracts2022-10-3107050741ns5:WithinOneYear2023-10-3107050741ns5:WithinOneYear2022-10-3107050741ns5:BetweenOneFiveYears2023-10-3107050741ns5:BetweenOneFiveYears2022-10-3107050741ns5:AllPeriods2023-10-3107050741ns5:AllPeriods2022-10-3107050741ns5:Secured2023-10-3107050741ns5:Secured2022-10-31
REGISTERED NUMBER: 07050741 (England and Wales)















JRE PRECISION LIMITED
TRADING AS
PRESREG VALVES

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

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










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9

Chartered Certified Accountants' Report 10

JRE PRECISION LIMITED
TRADING AS PRESREG VALVES

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: J R Evans





REGISTERED OFFICE: Arlington House
Priorfields
Ashby-De-La-Zouch
Leicestershire
LE65 1EA





REGISTERED NUMBER: 07050741 (England and Wales)





ACCOUNTANTS: Essex Abel Ltd
4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF

JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 735,514 687,872
Tangible assets 5 290,110 314,121
1,025,624 1,001,993

CURRENT ASSETS
Stocks 191,211 147,013
Debtors 6 97,948 201,762
Cash at bank 17,861 713
307,020 349,488
CREDITORS
Amounts falling due within one year 7 146,598 216,470
NET CURRENT ASSETS 160,422 133,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,186,046

1,135,011

CREDITORS
Amounts falling due after more than one
year

8

(369,288

)

(431,865

)

PROVISIONS FOR LIABILITIES (72,159 ) (70,264 )

ACCRUALS AND DEFERRED INCOME (5,854 ) (6,390 )
NET ASSETS 738,745 626,492

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 738,645 626,392
SHAREHOLDERS' FUNDS 738,745 626,492

JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

BALANCE SHEET - continued
31 OCTOBER 2023


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

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

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 25 July 2024 and were signed by:





J R Evans - Director


JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

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


1. STATUTORY INFORMATION

JRE Precision Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


The main trading address of the company is 18 Bakewell Road, Loughborough, Leicestershire, LE11 5QY.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

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.
Short leasehold - 33% on cost
Plant and machinery - 20% on cost and Straight line over 20 years
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

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


2. ACCOUNTING POLICIES - continued

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

The cost of stock is based on the aggregated actual cost price and includes expenditure incurred in acquiring stock, production or conversion costs, and other costs incurred in bringing them to their existing location and condition.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to/from related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debtors. The amount of the provision is determined as the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the profit & loss in operating expenses.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

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


2. ACCOUNTING POLICIES - continued
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.

Research and development
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development. Such costs include purchases of materials, services and payroll-related costs of employees directly involved in the project.

Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development the asset is tested for impairment annually.

The amortisation expense for the year is included in administrative expenses.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 12 (2022 - 13 ) .

JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

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


4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 November 2022 205,635 605,618 811,253
Additions - 98,828 98,828
At 31 October 2023 205,635 704,446 910,081
AMORTISATION
At 1 November 2022 123,381 - 123,381
Charge for year 20,564 30,622 51,186
At 31 October 2023 143,945 30,622 174,567
NET BOOK VALUE
At 31 October 2023 61,690 673,824 735,514
At 31 October 2022 82,254 605,618 687,872

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2022 5,586 448,063 453,649
Additions - 614 614
At 31 October 2023 5,586 448,677 454,263
DEPRECIATION
At 1 November 2022 4,655 134,873 139,528
Charge for year 931 23,694 24,625
At 31 October 2023 5,586 158,567 164,153
NET BOOK VALUE
At 31 October 2023 - 290,110 290,110
At 31 October 2022 931 313,190 314,121

JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

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


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 257,550
DEPRECIATION
At 1 November 2022 10,267
Charge for year 12,878
At 31 October 2023 23,145
NET BOOK VALUE
At 31 October 2023 234,405
At 31 October 2022 247,283

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 86,309 169,998
Other debtors 11,639 31,764
97,948 201,762

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 15,000
Hire purchase contracts (see note 9) 45,952 57,138
Trade creditors 50,717 96,312
Amounts owed to group undertakings 12,491 28,119
Taxation and social security 26,635 9,692
Other creditors 10,803 10,209
146,598 216,470

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 119,288 161,865
Amounts owed to group undertakings 250,000 270,000
369,288 431,865

JRE PRECISION LIMITED (REGISTERED NUMBER: 07050741)
TRADING AS PRESREG VALVES

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


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 45,952 57,138
Between one and five years 119,288 161,865
165,240 219,003

Non-cancellable operating leases
2023 2022
£    £   
Within one year 4,600 4,379
Between one and five years 2,334 5,134
6,934 9,513

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 15,000
Hire purchase contracts 165,240 219,003
165,240 234,003

Hire purchase contracts and finance leases are secured against the assets that are being financed.

The bank overdraft facility is secured by a fixed and floating charge over the assets of the company.

11. 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.

12. ULTIMATE CONTROLLING PARTY

The controlling party is JRE Limited.

The registered office of the controlling party is Arlington House, Priorfields, Ashby de la Zouch, LE65 1EA.

The ultimate parent company is under the control of J R Evans.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
JRE PRECISION LIMITED


The following reproduces the text of the report prepared for the director 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 Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director 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 JRE Precision Limited for the year ended 31 October 2023 which comprise the Income Statement, 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 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 director of JRE Precision Limited in accordance with the terms of our engagement letter dated 26 July 2013. Our work has been undertaken solely to prepare for your approval the financial statements of JRE Precision Limited and state those matters that we have agreed to state to the director of JRE Precision Limited 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 director for our work or for this report.

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






Essex Abel Ltd
4 Bank Court
Weldon Road
Loughborough
Leicestershire
LE11 5RF


25 July 2024