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REGISTERED NUMBER: 02587290 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MICROBORE TOOLING SYSTEMS LIMITED

MICROBORE TOOLING SYSTEMS LIMITED (REGISTERED NUMBER: 02587290)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICROBORE TOOLING SYSTEMS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: C D Atkinson
W Atkinson





SECRETARY: W Atkinson





REGISTERED OFFICE: Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU





BUSINESS ADDRESS: Whitacre Road Industrial Estate
Whitacre Road
Nuneaton
Warwickshire
CV11 6BX





REGISTERED NUMBER: 02587290 (England and Wales)





ACCOUNTANTS: SFB Group Limited
Chartered Accountants
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU

MICROBORE TOOLING SYSTEMS LIMITED (REGISTERED NUMBER: 02587290)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,188 4,188
Tangible assets 5 191,403 214,908
Investments 6 51 51
195,642 219,147

CURRENT ASSETS
Stocks 205,751 204,483
Debtors 7 424,237 344,254
Cash at bank and in hand 25,321 91,865
655,309 640,602
CREDITORS
Amounts falling due within one year 8 347,599 267,564
NET CURRENT ASSETS 307,710 373,038
TOTAL ASSETS LESS CURRENT LIABILITIES 503,352 592,185

CREDITORS
Amounts falling due after more than one year 9 (62,500 ) (125,000 )

PROVISIONS FOR LIABILITIES (43,827 ) (37,179 )
NET ASSETS 397,025 430,006

CAPITAL AND RESERVES
Called up share capital 2,040 2,040
Retained earnings 394,985 427,966
SHAREHOLDERS' FUNDS 397,025 430,006

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

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

MICROBORE TOOLING SYSTEMS LIMITED (REGISTERED NUMBER: 02587290)

BALANCE SHEET - continued
31 December 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 Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:





C D Atkinson - Director


MICROBORE TOOLING SYSTEMS LIMITED (REGISTERED NUMBER: 02587290)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Microbore Tooling Systems 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 (£).


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.

This is the first year in which the financial statements have been prepared in accordance with Financial Reporting Standard 102. No accounting policies have been changed as a result of this and no amounts in the comparative period are required to be restated due to the conversion to Financial Reporting Standard 102.

Turnover
Turnover represents the amounts receivable for goods and services net of Value Added Tax and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five years.

Trademarks
Trademarks are valued at cost less accumulated amortisation. Trademarks are subject to annual review for impairment and, where necessary are written down to their recoverable amount.

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 - 25% on cost, 20% on cost and 10% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

MICROBORE TOOLING SYSTEMS LIMITED (REGISTERED NUMBER: 02587290)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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
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.

Grants
Deferred grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the asset to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 (98,819 ) 4,188 (94,631 )
AMORTISATION
At 1 January 2023
and 31 December 2023 (98,819 ) - (98,819 )
NET BOOK VALUE
At 31 December 2023 - 4,188 4,188
At 31 December 2022 - 4,188 4,188

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 643,171
DEPRECIATION
At 1 January 2023 428,263
Charge for year 23,505
At 31 December 2023 451,768
NET BOOK VALUE
At 31 December 2023 191,403
At 31 December 2022 214,908

MICROBORE TOOLING SYSTEMS LIMITED (REGISTERED NUMBER: 02587290)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 51
NET BOOK VALUE
At 31 December 2023 51
At 31 December 2022 51

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 276,510 213,022
Other debtors 147,727 131,232
424,237 344,254

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 62,500 67,162
Hire purchase contracts - 3,809
Trade creditors 75,345 89,183
Taxation and social security 65,816 34,039
Other creditors 143,938 73,371
347,599 267,564

Included in other creditors above is £59,021 (2019 £103,767) due to the factoring company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 62,500 125,000

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 125,000 192,162

A fixed and floating charge is held over the company assets.