Silverfin false false 30/04/2024 01/05/2023 30/04/2024 S M Conde 01/12/2017 R J Harding 01/12/2017 M G Pethen 14/08/1997 06 September 2024 The principal activity of the Company during the financial year was that of precision engineers. 03419647 2024-04-30 03419647 bus:Director1 2024-04-30 03419647 bus:Director2 2024-04-30 03419647 bus:Director3 2024-04-30 03419647 2023-04-30 03419647 core:CurrentFinancialInstruments 2024-04-30 03419647 core:CurrentFinancialInstruments 2023-04-30 03419647 core:Non-currentFinancialInstruments 2024-04-30 03419647 core:Non-currentFinancialInstruments 2023-04-30 03419647 core:ShareCapital 2024-04-30 03419647 core:ShareCapital 2023-04-30 03419647 core:RetainedEarningsAccumulatedLosses 2024-04-30 03419647 core:RetainedEarningsAccumulatedLosses 2023-04-30 03419647 core:PlantMachinery 2023-04-30 03419647 core:OfficeEquipment 2023-04-30 03419647 core:PlantMachinery 2024-04-30 03419647 core:OfficeEquipment 2024-04-30 03419647 2023-05-01 2024-04-30 03419647 bus:FilletedAccounts 2023-05-01 2024-04-30 03419647 bus:SmallEntities 2023-05-01 2024-04-30 03419647 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 03419647 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03419647 bus:Director1 2023-05-01 2024-04-30 03419647 bus:Director2 2023-05-01 2024-04-30 03419647 bus:Director3 2023-05-01 2024-04-30 03419647 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 03419647 core:PlantMachinery 2023-05-01 2024-04-30 03419647 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 03419647 2022-05-01 2023-04-30 03419647 core:OfficeEquipment 2023-05-01 2024-04-30 03419647 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 03419647 (England and Wales)

WILMIC PRECISION ENGINEERING LTD.

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

WILMIC PRECISION ENGINEERING LTD.

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

WILMIC PRECISION ENGINEERING LTD.

BALANCE SHEET

As at 30 April 2024
WILMIC PRECISION ENGINEERING LTD.

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 76,981 91,926
76,981 91,926
Current assets
Stocks 4 10,000 10,000
Debtors 5 125,902 131,117
Cash at bank and in hand 212,335 270,713
348,237 411,830
Creditors: amounts falling due within one year 6 ( 89,020) ( 108,459)
Net current assets 259,217 303,371
Total assets less current liabilities 336,198 395,297
Creditors: amounts falling due after more than one year 7 ( 13,091) ( 23,274)
Provision for liabilities ( 19,245) ( 22,982)
Net assets 303,862 349,041
Capital and reserves
Called-up share capital 100 100
Profit and loss account 303,762 348,941
Total shareholders' funds 303,862 349,041

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

Directors' responsibilities:

The financial statements of WILMIC PRECISION ENGINEERING LTD. (registered number: 03419647) were approved and authorised for issue by the Board of Directors on 06 September 2024. They were signed on its behalf by:

M G Pethen
Director
WILMIC PRECISION ENGINEERING LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
WILMIC PRECISION ENGINEERING LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wilmic Precision Engineering Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 11 St Georges Avenue, Poole, Dorset, BH12 4ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 May 2023 305,733 10,030 315,763
Additions 8,207 0 8,207
At 30 April 2024 313,940 10,030 323,970
Accumulated depreciation
At 01 May 2023 213,807 10,030 223,837
Charge for the financial year 23,152 0 23,152
At 30 April 2024 236,959 10,030 246,989
Net book value
At 30 April 2024 76,981 0 76,981
At 30 April 2023 91,926 0 91,926

4. Stocks

2024 2023
£ £
Raw materials (secured) 10,000 10,000

5. Debtors

2024 2023
£ £
Trade debtors 120,819 125,205
Other debtors 5,083 5,912
125,902 131,117

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,183 9,932
Trade creditors 18,979 14,299
Taxation and social security 51,114 65,920
Other creditors 8,744 18,308
89,020 108,459

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 13,091 23,274

There are no amounts included above in respect of which any security has been given by the small entity.