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REGISTERED NUMBER: 13389789 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

GEORGE LEE PRECISION ENGINEERING LTD

GEORGE LEE PRECISION ENGINEERING LTD (REGISTERED NUMBER: 13389789)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GEORGE LEE PRECISION ENGINEERING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: L Bennett
S Lal
M K E Van De Vijver
R Flynn





REGISTERED OFFICE: Millvale House Selsley Hill
Dudbridge
Stroud
Gloucestershire
GL5 3HF





REGISTERED NUMBER: 13389789 (England and Wales)





ACCOUNTANTS: Randall & Payne LLP
Chartered Accountants
Chargrove House
Shurdington Road
Cheltenham
Gloucestershire
GL51 4GA

GEORGE LEE PRECISION ENGINEERING LTD (REGISTERED NUMBER: 13389789)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,827 8,827
Property, plant and equipment 5 61,184 81,075
68,011 89,902

CURRENT ASSETS
Inventories 1,402 -
Debtors 6 63,893 3,846
Cash at bank and in hand 16,369 10,181
81,664 14,027
CREDITORS
Amounts falling due within one year 7 194,842 174,744
NET CURRENT LIABILITIES (113,178 ) (160,717 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(45,167

)

(70,815

)

PROVISIONS FOR LIABILITIES 15,296 -
NET LIABILITIES (60,463 ) (70,815 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (60,563 ) (70,915 )
(60,463 ) (70,815 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

GEORGE LEE PRECISION ENGINEERING LTD (REGISTERED NUMBER: 13389789)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:




L Bennett - Director S Lal - Director




M K E Van De Vijver - Director R Flynn - Director


GEORGE LEE PRECISION ENGINEERING LTD (REGISTERED NUMBER: 13389789)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

George Lee Precision Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

GEORGE LEE PRECISION ENGINEERING LTD (REGISTERED NUMBER: 13389789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern
The company has net liabilities and is reliant upon the support of its directors and its parent company Millvale Engineering Ltd. The directors believe the going concern basis of preparing the financial statements to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023 1,173
Charge for year 2,000
At 31 December 2023 3,173
NET BOOK VALUE
At 31 December 2023 6,827
At 31 December 2022 8,827

GEORGE LEE PRECISION ENGINEERING LTD (REGISTERED NUMBER: 13389789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 January 2023 95,000
Additions 504
At 31 December 2023 95,504
DEPRECIATION
At 1 January 2023 13,925
Charge for year 20,395
At 31 December 2023 34,320
NET BOOK VALUE
At 31 December 2023 61,184
At 31 December 2022 81,075

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 10,226 945
Other debtors 52,758 191
Directors' loan accounts - 567
Prepayments and accrued income 909 2,143
63,893 3,846

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,371 20,082
Amounts owed to group undertakings 149,965 140,236
Corporation Tax 20 259
Social security and other taxes 3,895 6,001
VAT 2,348 899
Directors' loan accounts 11,476 3,155
Accruals and deferred income 6,767 4,112
194,842 174,744

GEORGE LEE PRECISION ENGINEERING LTD (REGISTERED NUMBER: 13389789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2023 and the period ended 31 December 2022:

2023 2022
£    £   
L Bennett
Balance outstanding at start of year 511 697
Amounts repaid (3,313 ) (186 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,802 ) 511

S Lal
Balance outstanding at start of year 56 242
Amounts repaid (3,313 ) (186 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (3,257 ) 56

R Flynn
Balance outstanding at start of year (3,155 ) -
Amounts repaid (2,262 ) (3,155 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,417 ) (3,155 )

No interest is charged on the balances and the loans are repayable on demand.

9. RELATED PARTY DISCLOSURES

Included within creditors are amounts owed by George Lee Precision Engineering Ltd to Millvale Engineering Limited, the parent company. There are no repayment terms or interest charged on this loan.