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Registered number: 10409953
Precision Machining Limited
Financial Statements
For The Year Ended 31 March 2024
Simple Accounting NW Ltd
4-4a Blackburn Road
Accrington
BB5 1HD
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10409953
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 510,853 273,360
510,853 273,360
CURRENT ASSETS
Stocks 4 - 16,600
Debtors 5 343,927 259,533
Cash at bank and in hand 20,137 6,362
364,064 282,495
Creditors: Amounts Falling Due Within One Year 6 (641,585 ) (346,251 )
NET CURRENT ASSETS (LIABILITIES) (277,521 ) (63,756 )
TOTAL ASSETS LESS CURRENT LIABILITIES 233,332 209,604
Creditors: Amounts Falling Due After More Than One Year 7 (74,936 ) (109,438 )
NET ASSETS 158,396 100,166
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 158,395 100,165
SHAREHOLDERS' FUNDS 158,396 100,166
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nigel Hudson
Director
7 June 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Depreciation @10% RBM
Motor Vehicles Depreciation @10% RBM
Fixtures & Fittings Depreciation @20% RBM
Computer Equipment Depreciation @33% SLM
1.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 12 (2023: 11)
12 11
3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 430,393 17,039 790 789 449,011
Additions 284,067 10,250 - - 294,317
As at 31 March 2024 714,460 27,289 790 789 743,328
Depreciation
As at 1 April 2023 172,849 1,704 335 763 175,651
Provided during the period 54,161 2,559 91 13 56,824
As at 31 March 2024 227,010 4,263 426 776 232,475
Net Book Value
As at 31 March 2024 487,450 23,026 364 13 510,853
As at 1 April 2023 257,544 15,335 455 26 273,360
4. Stocks
2024 2023
£ £
Finished goods - 16,600
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 286,698 214,315
Prepayments and accrued income 35,483 42,526
Other debtors - Rent deposit 2,692 2,692
VAT 19,054 -
343,927 259,533
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 72,697 71,943
Trade creditors 323,815 42,596
Bank loans and overdrafts 11,612 11,160
Other taxes and social security 10,966 29,191
VAT - 27,229
Net wages 5,148 1,218
Positive Cashflow Factoring Balance 208,127 156,484
Pension accrual 1,770 1,390
Credit card 2,907 273
Other creditors 3,608 3,608
Accruals and deferred income 935 925
Director's loan account - 234
641,585 346,251
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 64,520 84,702
Bank loans 10,416 24,736
74,936 109,438
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The maturity of these amounts is as follows:
Within one year 72,697 71,943
Between one and five years 64,520 84,702
137,217 156,645
137,217 156,645
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
10. General Information
Precision Machining Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10409953 . The registered office is Part Bays B16-B18 Junction 7 Business Park, Blackburn Road, Clayton Le Moors, Accrington, BB5 5JW.
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