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Registered number: 07144372
Doosan Precision Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
BusinessWise Accountancy & Tax Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07144372
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,969
Tangible Assets 5 458,811 600,127
458,811 602,096
CURRENT ASSETS
Stocks 6 23,856 6,569
Debtors 7 70,224 218,393
Cash at bank and in hand 52,279 137,899
146,359 362,861
Creditors: Amounts Falling Due Within One Year 8 (269,275 ) (336,016 )
NET CURRENT ASSETS (LIABILITIES) (122,916 ) 26,845
TOTAL ASSETS LESS CURRENT LIABILITIES 335,895 628,941
Creditors: Amounts Falling Due After More Than One Year 9 (146,069 ) (235,967 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (114,399 ) (114,399 )
NET ASSETS 75,427 278,575
CAPITAL AND RESERVES
Called up share capital 12 100 100
Profit and Loss Account 75,327 278,475
SHAREHOLDERS' FUNDS 75,427 278,575
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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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 David Booth
Director
09/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Doosan Precision Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07144372 . The registered office is Unit 5 East Link Trade Centre, Private Road No 2, Colwick , Nottingham, NG4 2JR.
2. Accounting Policies
2.1. 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.
2.2. 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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are software. It is amortised to profit and loss account over its estimated economic life of .three years.
2.4. 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 20% and 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 33% straight line
2.5. 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.
2.6. 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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2.7. 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 years 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 assets reflect 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 25,189
As at 31 March 2024 25,189
Amortisation
As at 1 April 2023 23,220
Provided during the period 1,969
As at 31 March 2024 25,189
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 1,969
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 1,132,492 30,384 14,247 10,761 1,187,884
Additions 12,983 - 1,680 3,352 18,015
As at 31 March 2024 1,145,475 30,384 15,927 14,113 1,205,899
...CONTINUED
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Depreciation
As at 1 April 2023 551,740 15,017 11,817 9,183 587,757
Provided during the period 150,342 6,795 743 1,451 159,331
As at 31 March 2024 702,082 21,812 12,560 10,634 747,088
Net Book Value
As at 31 March 2024 443,393 8,572 3,367 3,479 458,811
As at 1 April 2023 580,752 15,367 2,430 1,578 600,127
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 219,175 297,122
219,175 297,122
6. Stocks
2024 2023
£ £
Stock 23,856 6,569
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 64,722 185,064
Prepayments and accrued income 3,502 3,294
Other debtors 2,000 2,000
VAT - 28,035
70,224 218,393
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 79,901 71,712
Trade creditors 90,440 186,361
Bank loans and overdrafts 10,877 10,001
VAT 16,322 -
Other creditors 761 2,223
Accruals and deferred income 5,072 5,624
Directors' loan accounts 65,902 60,095
269,275 336,016
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9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 134,401 214,302
Bank loans 11,668 21,665
146,069 235,967
10. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 214,302 286,014
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 79,901 71,712
Later than one year and not later than five years 134,401 214,302
214,302 286,014
214,302 286,014
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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