IRIS Accounts Production v24.1.9.2 07250574 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh072505742022-10-31072505742023-10-31072505742022-11-012023-10-31072505742021-10-31072505742021-11-012022-10-31072505742022-10-3107250574ns15:EnglandWales2022-11-012023-10-3107250574ns14:PoundSterling2022-11-012023-10-3107250574ns10:Director12022-11-012023-10-3107250574ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3107250574ns10:SmallEntities2022-11-012023-10-3107250574ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3107250574ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3107250574ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3107250574ns10:AbridgedAccounts2022-11-012023-10-3107250574ns10:Director22022-11-012023-10-3107250574ns10:RegisteredOffice2022-11-012023-10-3107250574ns5:CurrentFinancialInstruments2023-10-3107250574ns5:CurrentFinancialInstruments2022-10-3107250574ns5:Non-currentFinancialInstruments2023-10-3107250574ns5:Non-currentFinancialInstruments2022-10-3107250574ns5:ShareCapital2023-10-3107250574ns5:ShareCapital2022-10-3107250574ns5:RetainedEarningsAccumulatedLosses2023-10-3107250574ns5:RetainedEarningsAccumulatedLosses2022-10-3107250574ns5:PlantMachinery2022-11-012023-10-31
REGISTERED NUMBER: 07250574 (England and Wales)


















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Maximum Precision Ltd

Maximum Precision Ltd (Registered number: 07250574)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Maximum Precision Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr J W Butcher
Mr G Jones





REGISTERED OFFICE: Unit 14, Ashley Park
Common Road
Witchford
Ely
Cambridgeshire
CB6 2HZ





REGISTERED NUMBER: 07250574 (England and Wales)





ACCOUNTANTS: George Hay Partnership LLP
Chartered Accountants
Brigham House
High Street
Biggleswade
Bedfordshire
SG18 0LD

Maximum Precision Ltd (Registered number: 07250574)

Abridged Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,208,857 1,305,579

CURRENT ASSETS
Stocks 511,723 638,751
Debtors 278,665 378,028
Cash at bank 129,241 147,452
919,629 1,164,231
CREDITORS
Amounts falling due within one year 652,543 709,356
NET CURRENT ASSETS 267,086 454,875
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,475,943

1,760,454

CREDITORS
Amounts falling due after more than one
year

5

(719,494

)

(672,418

)

PROVISIONS FOR LIABILITIES (229,172 ) (258,502 )
NET ASSETS 527,277 829,534

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 527,177 829,434
527,277 829,534

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.

Maximum Precision Ltd (Registered number: 07250574)

Abridged 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr J W Butcher - Director


Maximum Precision Ltd (Registered number: 07250574)

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

1. STATUTORY INFORMATION

Maximum Precision Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of product supply and development is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 50% on cost, 33.33% on cost, 25% on cost, 20% on cost and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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 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.

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.

Maximum Precision Ltd (Registered number: 07250574)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the lease are included as liabilities in the balance sheet.The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 31 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 1,991,827
Additions 80,830
At 31 October 2023 2,072,657
DEPRECIATION
At 1 November 2022 686,248
Charge for year 177,552
At 31 October 2023 863,800
NET BOOK VALUE
At 31 October 2023 1,208,857
At 31 October 2022 1,305,579

Maximum Precision Ltd (Registered number: 07250574)

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

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£    £   
Repayable by instalments
Other loans more than 5 years by
instalments

35,843

-

6. FINANCIAL COMMITMENTS

At the balance sheet date the company had financial commitments totalling £133,333.