IRIS Accounts Production v24.2.0.383 08487180 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 1.00000 Ordinary 'A' 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh084871802023-03-31084871802024-03-31084871802023-04-012024-03-31084871802022-03-31084871802022-04-012023-03-31084871802023-03-3108487180ns15:EnglandWales2023-04-012024-03-3108487180ns14:PoundSterling2023-04-012024-03-3108487180ns10:Director12023-04-012024-03-3108487180ns10:Director22023-04-012024-03-3108487180ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108487180ns10:SmallEntities2023-04-012024-03-3108487180ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3108487180ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3108487180ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108487180ns10:FullAccounts2023-04-012024-03-3108487180ns10:OrdinaryShareClass12023-04-012024-03-3108487180ns10:OrdinaryShareClass22023-04-012024-03-3108487180ns5:CurrentFinancialInstruments2024-03-3108487180ns5:CurrentFinancialInstruments2023-03-3108487180ns5:Non-currentFinancialInstruments2024-03-3108487180ns5:Non-currentFinancialInstruments2023-03-3108487180ns5:ShareCapital2024-03-3108487180ns5:ShareCapital2023-03-3108487180ns5:RetainedEarningsAccumulatedLosses2024-03-3108487180ns5:RetainedEarningsAccumulatedLosses2023-03-3108487180ns5:LeaseholdImprovements2023-04-012024-03-3108487180ns5:PlantMachinery2023-04-012024-03-3108487180ns5:FurnitureFittings2023-04-012024-03-3108487180ns5:MotorVehicles2023-04-012024-03-3108487180ns5:LeaseholdImprovements2023-03-3108487180ns5:PlantMachinery2023-03-3108487180ns5:FurnitureFittings2023-03-3108487180ns5:MotorVehicles2023-03-3108487180ns5:LeaseholdImprovements2024-03-3108487180ns5:PlantMachinery2024-03-3108487180ns5:FurnitureFittings2024-03-3108487180ns5:MotorVehicles2024-03-3108487180ns5:LeaseholdImprovements2023-03-3108487180ns5:PlantMachinery2023-03-3108487180ns5:FurnitureFittings2023-03-3108487180ns5:MotorVehicles2023-03-3108487180ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3108487180ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3108487180ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3108487180ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3108487180ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3108487180ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3108487180ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3108487180ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3108487180ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3108487180ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3108487180ns5:DeferredTaxation2023-03-3108487180ns5:DeferredTaxation2023-04-012024-03-3108487180ns5:DeferredTaxation2024-03-3108487180ns10:OrdinaryShareClass12024-03-3108487180ns10:OrdinaryShareClass22024-03-31
REGISTERED NUMBER: 08487180 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PRECISION TURNED PARTS LTD

PRECISION TURNED PARTS LTD (REGISTERED NUMBER: 08487180)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance sheet 1

Notes to the financial statements 3


PRECISION TURNED PARTS LTD (REGISTERED NUMBER: 08487180)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 4 519,705 579,195

Current assets
Stocks 253,924 301,786
Debtors 5 143,677 190,930
Cash at bank and in hand 290,099 600,037
687,700 1,092,753
Creditors
Amounts falling due within one year 6 366,758 599,659
Net current assets 320,942 493,094
Total assets less current liabilities 840,647 1,072,289

Creditors
Amounts falling due after more than one year 7 (78,546 ) (182,169 )

Provisions for liabilities 9 (129,578 ) (144,374 )
Net assets 632,523 745,746

Capital and reserves
Called up share capital 10 100 100
Retained earnings 632,423 745,646
Shareholders' funds 632,523 745,746

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PRECISION TURNED PARTS LTD (REGISTERED NUMBER: 08487180)

BALANCE SHEET - continued
31 MARCH 2024


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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:




Mr R Milliner - Director



Mr G Mumford - Director


PRECISION TURNED PARTS LTD (REGISTERED NUMBER: 08487180)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. Statutory information

Precision Turned Parts Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08487180. The registered office address, and business address, is Unit 6, Blackhill Road West, Holton Heath Trading Park, Poole, Dorset, BH16 6LW.

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 represents income generated from the sale of precision engineered parts, net of VAT.

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.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stock and Work In Progress are valued at the lower of cost and net realisable value.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

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

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 10 (2023 - 11 ) .

PRECISION TURNED PARTS LTD (REGISTERED NUMBER: 08487180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. Tangible fixed assets
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 April 2023 42,120 1,025,895 20,145 9,000 1,097,160
Additions - 26,122 2,290 - 28,412
Disposals - - (3,678 ) - (3,678 )
At 31 March 2024 42,120 1,052,017 18,757 9,000 1,121,894
Depreciation
At 1 April 2023 842 498,515 10,345 8,263 517,965
Charge for year 843 83,025 1,455 184 85,507
Eliminated on disposal - - (1,283 ) - (1,283 )
At 31 March 2024 1,685 581,540 10,517 8,447 602,189
Net book value
At 31 March 2024 40,435 470,477 8,240 553 519,705
At 31 March 2023 41,278 527,380 9,800 737 579,195

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
Cost
At 1 April 2023 237,000
Transfer to ownership (237,000 )
At 31 March 2024 -
Depreciation
At 1 April 2023 131,842
Charge for year 15,774
Transfer to ownership (147,616 )
At 31 March 2024 -
Net book value
At 31 March 2024 -
At 31 March 2023 105,158

5. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 125,124 170,605
Prepayments and accrued income 18,553 20,325
143,677 190,930

PRECISION TURNED PARTS LTD (REGISTERED NUMBER: 08487180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 10,014 9,805
Hire purchase contracts - 42,882
Trade creditors 88,341 118,778
Amounts owed to associates 108,654 262,939
Tax 93,722 77,280
Social security and other taxes 6,516 6,127
VAT 50,501 74,648
Other creditors 2,805 1,460
Accruals and deferred income 6,205 5,740
366,758 599,659

7. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 10,227 10,014
Bank loans - 2-5 years 9,647 19,835
Amounts owed to associates 58,672 152,320
78,546 182,169

8. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 42,882

Amounts owing under hire purchase agreements are secured against the assets to which they relate.

9. Provisions for liabilities
2024 2023
£    £   
Deferred tax 129,578 144,374

Deferred
tax
£   
Balance at 1 April 2023 144,374
Credit to Income statement during year (14,796 )
Balance at 31 March 2024 129,578

PRECISION TURNED PARTS LTD (REGISTERED NUMBER: 08487180)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40 Ordinary £1 40 40
60 Ordinary 'A' £1 60 60
100 100

11. Ultimate controlling party

The company is under the control of its directors, Mr R Milliner & Mr G Mumford, who between them and their wives, own 100% of the voting share capital of the company.