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Registration number: 01419069

P.T.G. Precision Engineers Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

P.T.G. Precision Engineers Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

P.T.G. Precision Engineers Limited

Company Information

Director

Mr D H Rowe

Company secretary

Mrs V A Rowe

Registered office

6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Auditors

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

P.T.G. Precision Engineers Limited

(Registration number: 01419069)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

173,629

112,185

Current assets

 

Stocks

5

80,359

117,475

Debtors

6

669,796

622,131

Cash at bank and in hand

 

41,940

139,262

 

792,095

878,868

Creditors: Amounts falling due within one year

7

(599,297)

(656,269)

Net current assets

 

192,798

222,599

Total assets less current liabilities

 

366,427

334,784

Creditors: Amounts falling due after more than one year

7

(54,333)

(23,226)

Provisions for liabilities

(41,774)

(25,700)

Net assets

 

270,320

285,858

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

170,320

185,858

Shareholders' funds

 

270,320

285,858

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 August 2024
 

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

Mr D H Rowe

Director

 

P.T.G. Precision Engineers 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 and Wales.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

The principal place of business is:
Meadow Close
Langage Industrial Estate
Plympton
Plymouth
PL7 5EX

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.

 

P.T.G. Precision Engineers 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 21 August 2024 was Richard Baker, who signed for and on behalf of Houndiscombe Consultants Limited.

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

Key sources of estimation uncertainty

Revenue recognition and Work in Progress - Contracts for the manufacturing of goods often run for a period that spans the financial reporting date, with revenue and profit on these contracts being based on the degree of completion at the year end. The revenue and profit recognised is calculated using costs incurred to date as a percentage of total expected costs multiplied by the proportion of expected profit on completion. Estimates are required for the percentage of the contract completed at the reporting date, and also on the estimate of the overall profit to be generated..

Revenue recognition

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tax

The tax expense for the period comprises 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.

Tangible assets

Tangible assets 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.

 

P.T.G. Precision Engineers Limited

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

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 etc

10% straight line

Property improvements

20% straight line

Computer equipment

33% straight line

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.

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 balance sheet as a finance lease obligation.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 25 (2023 - 23).

 

P.T.G. Precision Engineers Limited

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

4

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 April 2023

28,360

9,743

447,969

486,072

Additions

-

-

88,549

88,549

At 31 March 2024

28,360

9,743

536,518

574,621

Depreciation

At 1 April 2023

23,150

9,743

340,994

373,887

Charge for the year

2,605

-

24,500

27,105

At 31 March 2024

25,755

9,743

365,494

400,992

Carrying amount

At 31 March 2024

2,605

-

171,024

173,629

At 31 March 2023

5,210

-

106,975

112,185

 

P.T.G. Precision Engineers Limited

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

5

Stocks

2024
£

2023
£

Work in progress

18,536

62,656

Other inventories

61,823

54,819

80,359

117,475

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

361,948

483,385

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

4,889

Prepayments

 

47,386

39,440

Other debtors

 

260,462

94,417

 

669,796

622,131

 

P.T.G. Precision Engineers Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

24,334

21,395

Trade creditors

 

65,838

69,608

Amounts owed to group undertakings and undertakings in which the company has a participating interest

441,212

441,212

Taxation and social security

 

51,466

101,200

Accruals and deferred income

 

10,165

9,015

Other creditors

 

6,282

13,839

 

599,297

656,269

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

54,333

23,226

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

54,333

23,226

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

24,334

21,395

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £379,849 (2023 - £40,603).

 

P.T.G. Precision Engineers Limited

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

10

Parent and ultimate parent undertaking

The company's immediate parent is PTG Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Applied Automation (Holdings) Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Applied Automation (Holdings) Limited. These financial statements are available upon request from 6 Houndiscombe Road, Plymouth, Devon, United Kingdom, PL4 6HH

 The ultimate controlling party is David Rowe.