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REGISTERED NUMBER: 03650955 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Ion Precision Limited

Ion Precision Limited (Registered number: 03650955)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ion Precision Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: S Metcalfe





SECRETARY: S Metcalfe





REGISTERED OFFICE: 9 Hurworth Road
Aycliffe Industrial Park
NEWTON AYCLIFFE
Co Durham
DL5 6UD





REGISTERED NUMBER: 03650955 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Ion Precision Limited (Registered number: 03650955)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,284
Tangible assets 5 172,493 211,440
172,493 212,724

CURRENT ASSETS
Stocks 6 156,199 166,550
Debtors 7 325,821 280,111
Cash at bank and in hand 19,238 20,214
501,258 466,875
CREDITORS
Amounts falling due within one year 8 521,291 435,850
NET CURRENT (LIABILITIES)/ASSETS (20,033 ) 31,025
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,460

243,749

CREDITORS
Amounts falling due after more than one
year

9

(106,494

)

(134,980

)

PROVISIONS FOR LIABILITIES 12 (25,230 ) (24,288 )
NET ASSETS 20,736 84,481

CAPITAL AND RESERVES
Called up share capital 13 5,000 5,000
Capital redemption reserve 5,000 5,000
Retained earnings 10,736 74,481
SHAREHOLDERS' FUNDS 20,736 84,481

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.

Ion Precision Limited (Registered number: 03650955)

Balance Sheet - continued
31 October 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 March 2024 and were signed by:





S Metcalfe - Director


Ion Precision Limited (Registered number: 03650955)

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

1. STATUTORY INFORMATION

Ion 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.

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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

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

Income recognition
Income is recognised when a contract for the sale of goods or services is determined as unconditional.

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.

Computer software is being amortised evenly over its estimated useful life of three 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.
Improvements to property - over period of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairments.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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.


Ion Precision Limited (Registered number: 03650955)

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.

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.

Hire purchases 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.

Invoice discounting
The company utilises an invoice discounting facility. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

Grants receivable
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 November 2022
and 31 October 2023 20,195
AMORTISATION
At 1 November 2022 18,911
Amortisation for year 1,284
At 31 October 2023 20,195
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 1,284

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 20,744 1,099,883 86,222 85,882 1,292,731
Additions - - - 54,561 54,561
At 31 October 2023 20,744 1,099,883 86,222 140,443 1,347,292
DEPRECIATION
At 1 November 2022 20,744 895,671 85,474 79,402 1,081,291
Charge for year - 84,499 255 8,754 93,508
At 31 October 2023 20,744 980,170 85,729 88,156 1,174,799
NET BOOK VALUE
At 31 October 2023 - 119,713 493 52,287 172,493
At 31 October 2022 - 204,212 748 6,480 211,440

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 November 2022 227,841 48,492 276,333
Additions - 54,561 54,561
Transfer to ownership 116,000 (48,492 ) 67,508
At 31 October 2023 343,841 54,561 398,402
DEPRECIATION
At 1 November 2022 94,935 42,011 136,946
Charge for year 61,035 2,273 63,308
Transfer to ownership 100,533 (42,011 ) 58,522
At 31 October 2023 256,503 2,273 258,776
NET BOOK VALUE
At 31 October 2023 87,338 52,288 139,626
At 31 October 2022 132,906 6,481 139,387

6. STOCKS
2023 2022
£    £   
Stocks 22,750 20,250
Work-in-progress 133,449 146,300
156,199 166,550

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 279,464 237,045
Amounts due from related undertakings 6,454 6,454
Other debtors 38,613 34,862
Prepayments and accrued income 1,290 1,750
325,821 280,111

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 10,098 9,850
Hire purchase contracts (see note 10) 65,400 57,958
Trade creditors 62,674 59,812
Taxation and social security 122,578 103,877
Other creditors 238,827 194,988
Director's current account 55 734
Accruals and deferred income 21,659 8,631
521,291 435,850

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 10,354 10,098
Other loans - 2-5 years 6,160 16,514
Hire purchase contracts (see note 10) 89,980 108,368
106,494 134,980

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 65,400 57,958
Between one and five years 89,980 108,368
155,380 166,326

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 155,380 166,326
Invoice discounting 235,168 193,002
390,548 359,328

Amounts owed on hire purchase contracts are secured against the assets to which they relate. The invoice discounting creditor is secured on the trade debtor balances to which it relates.

The invoice discounting creditor is shown in Other Creditors within the balance sheet.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation 25,230 24,288

Deferred
tax
£   
Balance at 1 November 2022 24,288
Accelerated capital allowances 942
Balance at 31 October 2023 25,230

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,500 Ordinary £1 4,500 5,000
500 Ordinary A £1 500 -
5,000 5,000

14. RELATED PARTY DISCLOSURES

There are no related party transactions not concluded at market rate except for the following:

2023 2022
£ £

Amounts due to director 55 734

No interest was charged.