Silverfin false false 31/12/2023 01/01/2023 31/12/2023 M W Thrower 21/12/2011 30 July 2024 The principal activity of the Company during the financial year was that of precision engineering. 07889150 2023-12-31 07889150 bus:Director1 2023-12-31 07889150 2022-12-31 07889150 core:CurrentFinancialInstruments 2023-12-31 07889150 core:CurrentFinancialInstruments 2022-12-31 07889150 core:Non-currentFinancialInstruments 2023-12-31 07889150 core:Non-currentFinancialInstruments 2022-12-31 07889150 core:ShareCapital 2023-12-31 07889150 core:ShareCapital 2022-12-31 07889150 core:RetainedEarningsAccumulatedLosses 2023-12-31 07889150 core:RetainedEarningsAccumulatedLosses 2022-12-31 07889150 core:PlantMachinery 2022-12-31 07889150 core:Vehicles 2022-12-31 07889150 core:FurnitureFittings 2022-12-31 07889150 core:OfficeEquipment 2022-12-31 07889150 core:PlantMachinery 2023-12-31 07889150 core:Vehicles 2023-12-31 07889150 core:FurnitureFittings 2023-12-31 07889150 core:OfficeEquipment 2023-12-31 07889150 core:CurrentFinancialInstruments core:Secured 2023-12-31 07889150 core:MoreThanFiveYears 2023-12-31 07889150 core:MoreThanFiveYears 2022-12-31 07889150 core:WithinOneYear 2023-12-31 07889150 core:WithinOneYear 2022-12-31 07889150 core:BetweenOneFiveYears 2023-12-31 07889150 core:BetweenOneFiveYears 2022-12-31 07889150 2023-01-01 2023-12-31 07889150 bus:FilletedAccounts 2023-01-01 2023-12-31 07889150 bus:SmallEntities 2023-01-01 2023-12-31 07889150 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07889150 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07889150 bus:Director1 2023-01-01 2023-12-31 07889150 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 07889150 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 07889150 core:Vehicles 2023-01-01 2023-12-31 07889150 core:FurnitureFittings 2023-01-01 2023-12-31 07889150 core:OfficeEquipment 2023-01-01 2023-12-31 07889150 2022-01-01 2022-12-31 07889150 core:PlantMachinery 2023-01-01 2023-12-31 07889150 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 07889150 (England and Wales)

PDQ PRECISION LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PDQ PRECISION LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PDQ PRECISION LIMITED

BALANCE SHEET

As at 31 December 2023
PDQ PRECISION LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 342,608 319,086
342,608 319,086
Current assets
Stocks 4 36,000 15,000
Debtors 5 158,685 186,228
Cash at bank and in hand 10 1
194,695 201,229
Creditors: amounts falling due within one year 6 ( 245,960) ( 254,374)
Net current liabilities (51,265) (53,145)
Total assets less current liabilities 291,343 265,941
Creditors: amounts falling due after more than one year 7 ( 156,372) ( 158,444)
Provision for liabilities 8 ( 83,107) ( 73,758)
Net assets 51,864 33,739
Capital and reserves
Called-up share capital 110 110
Profit and loss account 51,754 33,629
Total shareholders' funds 51,864 33,739

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of PDQ Precision Limited (registered number: 07889150) were approved and authorised for issue by the Director on 30 July 2024. They were signed on its behalf by:

M W Thrower
Director
PDQ PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PDQ PRECISION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PDQ Precision Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Units 1-3 Limber Road, Lufton Trading Estate, Yeovil, Somerset, BA22 8RR.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 - 10 years straight line
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value 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 receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 15 14

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 702,596 24,505 1,138 10,463 738,702
Additions 102,561 0 1,052 0 103,613
Disposals ( 18,000) ( 14,505) 0 0 ( 32,505)
At 31 December 2023 787,157 10,000 2,190 10,463 809,810
Accumulated depreciation
At 01 January 2023 393,592 18,186 1,026 6,812 419,616
Charge for the financial year 67,090 706 94 1,208 69,098
Disposals ( 10,000) ( 11,512) 0 0 ( 21,512)
At 31 December 2023 450,682 7,380 1,120 8,020 467,202
Net book value
At 31 December 2023 336,475 2,620 1,070 2,443 342,608
At 31 December 2022 309,004 6,319 112 3,651 319,086
Leased assets included above:
Net book value
At 31 December 2023 252,469 0 0 0 252,469
At 31 December 2022 238,932 3,277 0 0 242,209

4. Stocks

2023 2022
£ £
Stocks 26,000 5,000
Work in progress 10,000 10,000
36,000 15,000

5. Debtors

2023 2022
£ £
Trade debtors 118,751 131,752
Other debtors 39,934 54,476
158,685 186,228

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured) 7,875 14,828
Trade creditors 47,487 48,577
Other loans (secured) 5,294 4,770
Accruals 4,742 9,684
Taxation and social security 102,370 100,814
Obligations under finance leases and hire purchase contracts (secured) 73,375 67,619
Other creditors 4,817 8,082
245,960 254,374

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 32,084 36,217
Other loans (secured) 15,529 20,824
Deferred income 0 1,000
Obligations under finance leases and hire purchase contracts (secured) 108,759 100,403
156,372 158,444

Bank overdrafts are secured by fixed and floating charges over all property and assets. They are also secured by way of a personal guarantee from the director over his private residence.

Within bank loans is a balance of £37,084 (2022 - £41,759) relating to an outstanding amount due from a Coronavirus Bounce Back Loan. The UK government have guaranteed 100% of the value of the loan.

Within other loans is a balance of £20,824 (2022 - £25,594) relating to an outstanding amount due from the Recovery Loan Scheme. The UK government have guaranteed 80% of the value of the loan, the remaining 20% is unsecured.

Obligations under finance leases are secured against the asset concerned, which is included within plant and machinery. At the balance sheet date the asset concerned had a net book value of £9,375 (2022- £20,625).

Obligations under hire purchase contracts are secured against the assets concerned, which are included within plant and machinery. At the balance sheet date the assets concerned had a combined net book value of £243,094 (2022 - £242,209).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 12,084 14,055

8. Provision for liabilities

2023 2022
£ £
Deferred tax 83,107 73,758

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 26,100 21,750
between one and five years 0 7,250
26,100 29,000

The total commitments noted above relate to non-cancellable operating leases over business premises.

10. Related party transactions

Transactions with the entity's director

Advances

M W & D H Thrower

The joint shareholders' loan account is repayable on demand and interest is charged on overdrawn balances exceeding £20,000 at the official HMRC rate.

At 1 January 2023, the balance owed by the shareholders was £48,807. During the year, £48,270 was advanced to the shareholders, and £62,871 was repaid by the shareholders. At 31 December 2023, the balance owed by the shareholders was £34,206.

At 1 January 2022, the balance owed by the shareholders was £23,453. During the year, £58,251 was advanced to the shareholders, and £32,897 was repaid by the shareholders. At 31 December 2022, the balance owed by the shareholders was £48,807.

11. Government grants

During the year other government grants totalling £1,000 (2022 - £7,611) were received.