Registered number
SC047348
Ayrshire Precision Engineering Limited
Filleted Accounts
31 March 2024
Ayrshire Precision Engineering Limited
Registered number: SC047348
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,324,821 1,321,751
Current assets
Stocks 34,724 29,656
Debtors 4 278,743 407,925
Cash at bank and in hand 440,644 387,673
754,111 825,254
Creditors: amounts falling due within one year 5 (460,544) (393,670)
Net current assets 293,567 431,584
Total assets less current liabilities 1,618,388 1,753,335
Creditors: amounts falling due after more than one year 6 (177,825) (245,432)
Provisions for liabilities (322,545) (322,857)
Net assets 1,118,018 1,185,046
Capital and reserves
Called up share capital 76,100 76,100
Share premium 72,533 72,533
Profit and loss account 969,385 1,036,413
Shareholder's funds 1,118,018 1,185,046
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Hepburn
Director
Approved by the board on 24 May 2024
Ayrshire Precision Engineering Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 10 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 27
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 418,906 4,052,575 21,999 4,493,480
Additions - 215,949 - 215,949
Disposals - (162,319) (21,999) (184,318)
At 31 March 2024 418,906 4,106,205 - 4,525,111
Depreciation
At 1 April 2023 227,450 2,937,748 6,531 3,171,729
Charge for the year 8,378 137,909 - 146,287
On disposals - (111,195) (6,531) (117,726)
At 31 March 2024 235,828 2,964,462 - 3,200,290
Net book value
At 31 March 2024 183,078 1,141,743 - 1,324,821
At 31 March 2023 191,456 1,114,827 15,468 1,321,751
4 Debtors 2024 2023
£ £
Trade debtors 273,888 312,859
Other debtors 4,855 95,066
278,743 407,925
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,068 10,000
Obligations under finance lease and hire purchase contracts 60,235 134,841
Trade creditors 78,019 62,253
Taxation and social security costs 184,771 124,059
Other creditors 129,451 62,517
460,544 393,670
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,205 22,500
Obligations under finance lease and hire purchase contracts 162,620 165,870
Other creditors - 57,062
177,825 245,432
7 Related party transactions
During the year the company paid a dividend of £249,861 (2023 : £262,486) to the immediate parent company Ayrshire Precision Holdings Limited, a company registered in Scotland (SC 586290). There were no oustanding amounts due to or from the parent at either year end.
8 Controlling party
The company is a wholly owned subsidiary of Ayrshire Precision Holdings Ltd, which is both the immediate and ultimate parent company of the group. The ultimate controlling party is C Hepburn.
9 Other information
Ayrshire Precision Engineering Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Barbieston Road
Low Coylton
Ayrshire
KA6 6LF
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