Company registration number 09843800 (England and Wales)
Staffordshire Precision Engineering Holdings Limited
Unaudited financial statements
For the year ended 30 April 2024
Staffordshire Precision Engineering Holdings Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Staffordshire Precision Engineering Holdings Limited
Statement of financial position
As at 30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
2
501,906
-
0
Investments
3
40
40
501,946
40
Current assets
Debtors
4
228,093
259,884
Cash at bank and in hand
205
-
0
228,298
259,884
Creditors: amounts falling due within one year
5
(60,098)
(84,272)
Net current assets
168,200
175,612
Total assets less current liabilities
670,146
175,652
Creditors: amounts falling due after more than one year
6
(401,644)
-
0
Provisions for liabilities
(95,400)
-
0
Net assets
173,102
175,652
Capital and reserves
Called up share capital
96
96
Profit and loss reserves
173,006
175,556
Total equity
173,102
175,652

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Staffordshire Precision Engineering Holdings Limited
Statement of financial position (continued)
As at 30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr P D Smith
Mr G C Smith
Director
Director
Company registration number 09843800 (England and Wales)
Staffordshire Precision Engineering Holdings Limited
Notes to the financial statements
For the year ended 30 April 2024
- 3 -
1
Accounting policies
Company information

Staffordshire Precision Engineering Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14/15 Rosevale Road, Parkhouse Industrial Estate, Newcastle under Lyme, Staffordshire, England, ST5 7EF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.4
Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Staffordshire Precision Engineering Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.6
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
-
0
Additions
525,000
At 30 April 2024
525,000
Depreciation and impairment
At 1 May 2023
-
0
Depreciation charged in the year
23,094
At 30 April 2024
23,094
Carrying amount
At 30 April 2024
501,906
At 30 April 2023
-
0
Staffordshire Precision Engineering Holdings Limited
Notes to the financial statements (continued)
For the year ended 30 April 2024
- 5 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
40
40
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
228,093
259,884
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
60,098
84,272
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
401,644
-
0
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