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REGISTERED NUMBER: 03699456 (England and Wales)












LUDWICK PRECISION LTD

Unaudited Financial Statements

for the Year Ended 31 December 2023






LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LUDWICK PRECISION LTD

Company Information
for the Year Ended 31 December 2023







Director: R Ludwick





Registered office: NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY





Registered number: 03699456 (England and Wales)





Accountants: Michael Price Associates Ltd
NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY

LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 635,256 749,151

Current assets
Stocks 25,407 17,875
Debtors 5 785,298 535,891
Cash at bank 163,796 340,679
974,501 894,445
Creditors
Amounts falling due within one year 6 523,997 414,712
Net current assets 450,504 479,733
Total assets less current liabilities 1,085,760 1,228,884

Creditors
Amounts falling due after more than one year 7 (508,371 ) (542,586 )

Provisions for liabilities (120,758 ) (142,339 )
Net assets 456,631 543,959

Capital and reserves
Called up share capital 2,000 2,000
Share premium 283 283
Retained earnings 454,348 541,676
456,631 543,959

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 director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





R Ludwick - Director


LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

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

1. Statutory information

Ludwick 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, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

25% reducing balance - Computer Equipment
25% reducing balance - Fixtures & Fittings
25% reducing balance - Motor Vehicles
25% reducing balance - Improvements to property
15 - 25% reducing balance - Plant & Machinery

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

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

2. Accounting policies - continued

Going concern
The directors will continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

3. Employees and directors

The average number of employees during the year was 25 (2022 - 23 ) .

4. Tangible fixed assets
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 January 2023 - 992,401 42,692
Additions 11,251 4,111 5,741
Disposals - (4,950 ) -
At 31 December 2023 11,251 991,562 48,433
Depreciation
At 1 January 2023 - 351,557 18,269
Charge for year 431 105,682 6,552
At 31 December 2023 431 457,239 24,821
Net book value
At 31 December 2023 10,820 534,323 23,612
At 31 December 2022 - 640,844 24,423

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 January 2023 116,932 17,974 1,169,999
Additions - 3,891 24,994
Disposals - - (4,950 )
At 31 December 2023 116,932 21,865 1,190,043
Depreciation
At 1 January 2023 36,949 14,073 420,848
Charge for year 19,996 1,278 133,939
At 31 December 2023 56,945 15,351 554,787
Net book value
At 31 December 2023 59,987 6,514 635,256
At 31 December 2022 79,983 3,901 749,151

LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

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

4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 January 2023
and 31 December 2023 235,109 58,490 293,599
Depreciation
At 1 January 2023
and 31 December 2023 158,179 28,331 186,510
Net book value
At 31 December 2023 76,930 30,159 107,089
At 31 December 2022 76,930 30,159 107,089

5. Debtors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Trade debtors 767,000 505,849
Other debtors (11,484 ) 827
Factored debts 22,030 14,248
Prepayments 7,752 14,967
785,298 535,891

6. Creditors: amounts falling due within one year
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 10,015 9,768
Hire purchase contracts 141,397 120,072
Trade creditors 280,580 204,201
Social security and other taxes 22,788 23,542
VAT 67,143 50,481
Other creditors 2,074 2,378
Accrued expenses - 4,270
523,997 414,712

7. Creditors: amounts falling due after more than one year
31/12/23 31/12/22
£    £   
Bank loans - 1-2 years 19,908 10,015
Bank loans - 2-5 years - 19,908
Hire purchase contracts 401,182 505,543
Directors' loan accounts 87,281 7,120
508,371 542,586

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase - 157,344