Neville Precision Engineering Limited 05239797 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is complete solutions for the supply of long length CNC machined aluminium extrusions and aluminium profiles, primarily for the automotive and railway industries. Digita Accounts Production Advanced 6.30.9574.0 true true true 05239797 2023-04-01 2024-03-31 05239797 2024-03-31 05239797 bus:OrdinaryShareClass1 2024-03-31 05239797 core:CurrentFinancialInstruments 2024-03-31 05239797 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05239797 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05239797 core:LandBuildings core:LongLeaseholdAssets 2024-03-31 05239797 core:MotorVehicles 2024-03-31 05239797 core:OfficeEquipment 2024-03-31 05239797 core:PlantMachinery 2024-03-31 05239797 bus:SmallEntities 2023-04-01 2024-03-31 05239797 bus:Audited 2023-04-01 2024-03-31 05239797 bus:FilletedAccounts 2023-04-01 2024-03-31 05239797 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05239797 bus:RegisteredOffice 2023-04-01 2024-03-31 05239797 bus:Director4 2023-04-01 2024-03-31 05239797 bus:Director5 2023-04-01 2024-03-31 05239797 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05239797 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05239797 core:ComputerEquipment 2023-04-01 2024-03-31 05239797 core:LandBuildings core:LongLeaseholdAssets 2023-04-01 2024-03-31 05239797 core:LeaseholdImprovements 2023-04-01 2024-03-31 05239797 core:MotorVehicles 2023-04-01 2024-03-31 05239797 core:OfficeEquipment 2023-04-01 2024-03-31 05239797 core:PlantMachinery 2023-04-01 2024-03-31 05239797 1 2023-04-01 2024-03-31 05239797 countries:England 2023-04-01 2024-03-31 05239797 2023-03-31 05239797 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 05239797 core:MotorVehicles 2023-03-31 05239797 core:OfficeEquipment 2023-03-31 05239797 core:PlantMachinery 2023-03-31 05239797 2022-04-01 2023-03-31 05239797 2023-03-31 05239797 bus:OrdinaryShareClass1 2023-03-31 05239797 core:CurrentFinancialInstruments 2023-03-31 05239797 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05239797 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05239797 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 05239797 core:MotorVehicles 2023-03-31 05239797 core:OfficeEquipment 2023-03-31 05239797 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05239797

Neville Precision Engineering Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Neville Precision Engineering Limited

(Registration number: 05239797)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

519,078

444,966

Current assets

 

Stocks

5

423,179

388,023

Debtors

6

671,301

397,651

Cash at bank and in hand

 

250,908

614,986

 

1,345,388

1,400,660

Creditors: Amounts falling due within one year

7

(507,673)

(535,556)

Net current assets

 

837,715

865,104

Total assets less current liabilities

 

1,356,793

1,310,070

Creditors: Amounts falling due after more than one year

7

(158,324)

(95,664)

Provisions for liabilities

(126,701)

(81,493)

Net assets

 

1,071,768

1,132,913

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

1,071,766

1,132,911

Shareholders' funds

 

1,071,768

1,132,913

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

.........................................
Mr TJ Franklin
Director

.........................................
Mr P Thurston
Director

 
     
 

Neville Precision Engineering Limited

Notes to the 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.

The address of its registered office is:
The Science Park
Mammoth Drive Stafford Road
Wolverhampton
West Midlands
WV10 9TF

The principal place of business is:
Units 1 & 2
Plymouth Avenue
Brookhill Ind Estate
Pinxton
Nottinghamshire
NG16 6RA

These financial statements were authorised for issue by the Board on 4 July 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Going concern

The financial statements have been prepared on a going concern basis. The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Neville Precision Engineering Limited

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

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 4 July 2024 was Mark Jordan FCA, who signed for and on behalf of Jordan & Company

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 sales/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;
The company has transferred to the buyer the significant risks and rewards of ownership of the goods;
The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold, and;
Specific criteria have been met for each of the company's activities.

Specifically, revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.

Foreign currency transactions and balances

The financial statements are presented in Sterling, which is also the functional currency of the company. Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occured. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

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.

 

Neville Precision Engineering Limited

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

Tangible assets

Tangible fixed assets held for the company's own use are stated in the balance sheet 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.

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

Plant and machinery

20% reducing balance basis

Office equipment

20% reducing balance basis

Computer equipment

3 years straight line basis

Leasehold improvements

apportioned over 15 year lease on a straight line basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Neville Precision Engineering Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 capitalised and tangible fixed assets and 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 balance sheet as a finance lease obligation net of the finance charge allocated to future periods.

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Neville Precision Engineering Limited

Notes to the 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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 12).

 

Neville Precision Engineering Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

77,359

1,348,024

71,213

108,413

Additions

-

204,099

-

-

Disposals

-

(81,818)

(1,648)

-

At 31 March 2024

77,359

1,470,305

69,565

108,413

Depreciation

At 1 April 2023

56,826

1,015,021

60,809

27,387

Charge for the year

5,157

97,481

2,080

20,257

Eliminated on disposal

-

(76,840)

(1,614)

-

At 31 March 2024

61,983

1,035,662

61,275

47,644

Carrying amount

At 31 March 2024

15,376

434,643

8,290

60,769

At 31 March 2023

20,533

333,003

10,404

81,026

Total
£

Cost or valuation

At 1 April 2023

1,605,009

Additions

204,099

Disposals

(83,466)

At 31 March 2024

1,725,642

Depreciation

At 1 April 2023

1,160,043

Charge for the year

124,975

Eliminated on disposal

(78,454)

At 31 March 2024

1,206,564

Carrying amount

At 31 March 2024

519,078

At 31 March 2023

444,966

 

Neville Precision Engineering Limited

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

Included within the net book value of land and buildings above is £15,376 (2023 - £20,533) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

22,899

43,967

Other inventories

400,280

344,056

423,179

388,023

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

518,381

395,490

Amounts owed by related parties

150,000

-

Prepayments

 

2,920

2,161

   

671,301

397,651

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

99,050

78,759

Trade creditors

 

269,359

279,382

Taxation and social security

 

94,536

127,735

Accruals and deferred income

 

42,164

46,847

Other creditors

 

2,564

2,833

 

507,673

535,556

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

155,293

91,876

Deferred income

 

3,031

3,788

 

158,324

95,664

 

Neville Precision Engineering Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Parent and ultimate parent undertaking

The ultimate parent is Sherwood Stainless and Aluminium Ltd, incorporated in England.