Monad Precision Engineering Limited 01204208 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Precision Engineers Digita Accounts Production Advanced 6.30.9574.0 true 01204208 2023-04-01 2024-03-31 01204208 2024-03-31 01204208 core:CapitalRedemptionReserve 2024-03-31 01204208 core:RetainedEarningsAccumulatedLosses 2024-03-31 01204208 core:ShareCapital 2024-03-31 01204208 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 01204208 core:CurrentFinancialInstruments 2024-03-31 01204208 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01204208 core:FurnitureFittings 2024-03-31 01204208 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 01204208 core:MotorVehicles 2024-03-31 01204208 core:PlantMachinery 2024-03-31 01204208 bus:SmallEntities 2023-04-01 2024-03-31 01204208 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01204208 bus:FullAccounts 2023-04-01 2024-03-31 01204208 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01204208 bus:RegisteredOffice 2023-04-01 2024-03-31 01204208 bus:Director1 2023-04-01 2024-03-31 01204208 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01204208 core:FurnitureFittings 2023-04-01 2024-03-31 01204208 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01204208 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 01204208 core:MotorVehicles 2023-04-01 2024-03-31 01204208 core:PlantMachinery 2023-04-01 2024-03-31 01204208 core:Vehicles 2023-04-01 2024-03-31 01204208 countries:EnglandWales 2023-04-01 2024-03-31 01204208 2023-03-31 01204208 core:FurnitureFittings 2023-03-31 01204208 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01204208 core:MotorVehicles 2023-03-31 01204208 core:PlantMachinery 2023-03-31 01204208 2022-04-01 2023-03-31 01204208 2023-03-31 01204208 core:CapitalRedemptionReserve 2023-03-31 01204208 core:RetainedEarningsAccumulatedLosses 2023-03-31 01204208 core:ShareCapital 2023-03-31 01204208 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 01204208 core:CurrentFinancialInstruments 2023-03-31 01204208 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01204208 core:FurnitureFittings 2023-03-31 01204208 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01204208 core:MotorVehicles 2023-03-31 01204208 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 01204208

Monad Precision Engineering Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Monad Precision Engineering Limited

(Registration number: 01204208)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

420,864

440,369

Current assets

 

Stocks

5

184,340

155,919

Debtors

6

963,960

356,638

Cash at bank and in hand

 

2,497,859

2,248,271

 

3,646,159

2,760,828

Creditors: Amounts falling due within one year

7

(708,174)

(177,321)

Net current assets

 

2,937,985

2,583,507

Total assets less current liabilities

 

3,358,849

3,023,876

Provisions for liabilities

(148,104)

(126,962)

Net assets

 

3,210,745

2,896,914

Capital and reserves

 

Called up share capital

2,000

2,000

Capital redemption reserve

98,000

98,000

Profit and loss account

3,110,745

2,796,914

Shareholders' funds

 

3,210,745

2,896,914

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 5 August 2024 and signed on its behalf by:




.........................................

S J Reeder

Director

 

Monad Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

The principal place of business is: Montague House, 615-621 Kingston Road, Raynes Park, London, SW20 8SA.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Monad Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

20% reducing balance

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Monad Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 21).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

50,309

32,039

1,000,301

15,385

1,098,034

Additions

-

1,041

81,720

-

82,761

Disposals

-

-

(51,250)

-

(51,250)

At 31 March 2024

50,309

33,080

1,030,771

15,385

1,129,545

Depreciation

At 1 April 2023

50,309

26,557

570,281

10,518

657,665

Charge for the year

-

778

97,271

1,217

99,266

Eliminated on disposal

-

-

(48,250)

-

(48,250)

At 31 March 2024

50,309

27,335

619,302

11,735

708,681

Carrying amount

At 31 March 2024

-

5,745

411,469

3,650

420,864

At 31 March 2023

-

5,482

430,020

4,867

440,369

 

Monad Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Stocks

2024
£

2023
£

Work in progress

184,340

155,919

6

Debtors

2024
£

2023
£

Trade debtors

961,210

344,797

Prepayments

2,750

11,841

963,960

356,638

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

-

23,867

Trade creditors

 

328,079

103,668

Taxation and social security

 

369,325

39,554

Accruals and deferred income

 

6,366

6,372

Other creditors

 

4,404

3,860

 

708,174

177,321


Creditors include net obligations under hire purchase contracts which are secured of £nil (2023 - £23,867).

 

Monad Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

-

23,867