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REGISTERED NUMBER: 06899829 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Springwell Precision Limited

Springwell Precision Limited (Registered number: 06899829)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Springwell Precision Limited

Company Information
for the year ended 31 October 2023







DIRECTORS: P A Gatens
P H Gatens





REGISTERED OFFICE: 9 Armstrong Road
Armstrong Industrial Estate
Washington
Tyne & Wear
NE37 1PR





REGISTERED NUMBER: 06899829 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Springwell Precision Limited (Registered number: 06899829)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,804 8,632

CURRENT ASSETS
Stocks 5 25,000 5,000
Debtors 6 293,609 207,631
Cash at bank 42,387 89,571
360,996 302,202
CREDITORS
Amounts falling due within one year 7 336,488 246,674
NET CURRENT ASSETS 24,508 55,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

32,312

64,160

CREDITORS
Amounts falling due after more than one
year

8

(25,833

)

(35,830

)

PROVISIONS FOR LIABILITIES - (1,398 )
NET ASSETS 6,479 26,932

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 6,477 26,930
SHAREHOLDERS' FUNDS 6,479 26,932

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 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.

Springwell Precision Limited (Registered number: 06899829)

Statement of Financial Position - 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 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 25 July 2024 and were signed on its behalf by:




P A Gatens - Director



P H Gatens - Director


Springwell Precision Limited (Registered number: 06899829)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Springwell 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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

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.

Springwell Precision Limited (Registered number: 06899829)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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 15 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 37,425
Additions 845
At 31 October 2023 38,270
DEPRECIATION
At 1 November 2022 28,793
Charge for year 1,673
At 31 October 2023 30,466
NET BOOK VALUE
At 31 October 2023 7,804
At 31 October 2022 8,632

5. STOCKS
2023 2022
£    £   
Stocks 25,000 5,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 147,778 75,786
Other debtors 145,831 131,845
293,609 207,631

Springwell Precision Limited (Registered number: 06899829)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 81,727 87,795
Taxation and social security 78,795 31,276
Other creditors 175,966 127,603
336,488 246,674

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,833 35,830