Company registration number 02775805 (England and Wales)
EDM PRECISION TECHNOLOGIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EDM PRECISION TECHNOLOGIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
EDM PRECISION TECHNOLOGIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
452,236
371,241
Current assets
Debtors
4
243,084
258,653
Cash at bank and in hand
488,286
413,669
731,370
672,322
Creditors: amounts falling due within one year
5
(180,726)
(135,919)
Net current assets
550,644
536,403
Total assets less current liabilities
1,002,880
907,644
Creditors: amounts falling due after more than one year
6
(51,548)
(38,413)
Provisions for liabilities
(54,295)
(48,768)
Net assets
897,037
820,463
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
896,937
820,363
Total equity
897,037
820,463

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 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.

EDM PRECISION TECHNOLOGIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
30 August 2024
30 August 2024
30 August 2024
and are signed on its behalf by:
Mr PW Waldron
Mrs M C Waldron
Director
Director
Company registration number 02775805 (England and Wales)
EDM PRECISION TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

EDM Precision Technologies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8 Buckingham Road, Silverstone Park, Silverstone, Northamptonshire, NN12 8TJ.

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 machinery
25% on reducing balance
Office equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance

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.

1.4
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

EDM PRECISION TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.6

Government grants

Revenue grants are recognised in the period in which they are received, unless intended to compensate costs, in which case the grants are recognised in the period in which those related costs are recognised.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
11
EDM PRECISION TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
1,662,800
4,430
1,667,230
Additions
209,761
-
0
209,761
Disposals
(64,768)
-
0
(64,768)
At 31 December 2023
1,807,793
4,430
1,812,223
Depreciation and impairment
At 1 January 2023
1,294,258
1,731
1,295,989
Depreciation charged in the year
124,011
674
124,685
Eliminated in respect of disposals
(60,687)
-
0
(60,687)
At 31 December 2023
1,357,582
2,405
1,359,987
Carrying amount
At 31 December 2023
450,211
2,025
452,236
At 31 December 2022
368,542
2,699
371,241
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
159,349
146,342
Amounts owed by group undertakings
55,150
55,150
Other debtors
13,500
42,690
Prepayments and accrued income
15,085
14,471
243,084
258,653
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
66,032
40,476
Trade creditors
30,037
22,470
Taxation and social security
71,832
57,991
Government grants
5,724
7,633
Accruals and deferred income
7,101
7,349
180,726
135,919
EDM PRECISION TECHNOLOGIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
51,548
38,413
7
Operating lease commitments

At the balance sheet date the company had commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
89,588
134,386
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