15
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
4,312
2,587
345
2,932
1,380
1,725
42,508
1,938
2,384
42,062
42,062
42,508
xbrli:pure
xbrli:shares
iso4217:GBP
00682262
2023-01-01
2023-12-31
00682262
2023-12-31
00682262
2022-12-31
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00682262
2022-12-31
00682262
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00682262
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2023-01-01
2023-12-31
00682262
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2023-01-01
2023-12-31
00682262
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2023-01-01
2023-12-31
00682262
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2023-12-31
00682262
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2023-12-31
00682262
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2022-12-31
00682262
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2022-12-31
00682262
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2022-12-31
00682262
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2022-12-31
00682262
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2023-12-31
00682262
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2023-12-31
00682262
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2023-12-31
00682262
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2023-01-01
2023-12-31
00682262
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2023-01-01
2023-12-31
00682262
core:RetainedEarningsAccumulatedLosses
2023-01-01
2023-12-31
00682262
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2022-01-01
2022-12-31
00682262
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2022-12-31
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2023-12-31
00682262
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00682262
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2022-12-31
00682262
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2023-12-31
00682262
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2022-12-31
00682262
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2023-12-31
00682262
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2022-12-31
00682262
core:RetainedEarningsAccumulatedLosses
2023-12-31
00682262
core:RetainedEarningsAccumulatedLosses
2022-12-31
00682262
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core:Non-currentFinancialInstruments
2022-12-31
00682262
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2023-12-31
00682262
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2023-12-31
00682262
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core:Non-currentFinancialInstruments
2023-12-31
00682262
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2023-12-31
00682262
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2022-12-31
00682262
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2022-12-31
00682262
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2022-12-31
00682262
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2022-12-31
00682262
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2023-01-01
2023-12-31
00682262
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00682262
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2023-12-31
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2023-01-01
2023-12-31
00682262
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2023-12-31
00682262
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2022-12-31
00682262
core:KeyManagementIndividualGroup1
2023-01-01
2023-12-31
00682262
core:KeyManagementIndividualGroup1
2023-12-31
COMPANY REGISTRATION NUMBER:
00682262
Precision Engineers (Pontefract) Limited |
|
Filleted Unaudited Financial Statements |
|
Precision Engineers (Pontefract) Limited |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Intangible assets |
5 |
|
1,380 |
|
1,725 |
Tangible assets |
6 |
|
431,471 |
|
437,865 |
Investments |
7 |
|
42,062 |
|
42,508 |
|
|
---------- |
|
---------- |
|
|
474,913 |
|
482,098 |
|
|
|
|
|
|
Current assets
Stocks |
97,384 |
|
211,078 |
|
Debtors |
8 |
416,919 |
|
332,313 |
|
Cash at bank and in hand |
747,671 |
|
478,220 |
|
|
------------- |
|
------------- |
|
|
1,261,974 |
|
1,021,611 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
9 |
294,500 |
|
254,251 |
|
|
------------- |
|
------------- |
|
Net current assets |
|
967,474 |
|
767,360 |
|
|
------------- |
|
------------- |
Total assets less current liabilities |
|
1,442,387 |
|
1,249,458 |
|
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
22,601 |
|
20,409 |
|
|
------------- |
|
------------- |
Net assets |
|
1,419,786 |
|
1,229,049 |
|
|
------------- |
|
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
94 |
|
94 |
Share premium account |
|
300 |
|
300 |
Reval'n reserve |
|
40,019 |
|
67,672 |
Capital redemption reserve |
|
1,906 |
|
1,906 |
Profit and loss account |
|
1,377,467 |
|
1,159,077 |
|
|
------------- |
|
------------- |
Shareholders funds |
|
1,419,786 |
|
1,229,049 |
|
|
------------- |
|
------------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
Precision Engineers (Pontefract) Limited |
|
Statement of Financial Position (continued) |
|
31 December 2023
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Mr. R.J. Whittaker |
|
Director |
|
|
|
Company registration number:
00682262
Precision Engineers (Pontefract) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The registered office address is South Baileygate, Pontefract, West Yorkshire, WF8 2JZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland
3.
Accounting policies
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b)
Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c)
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d)
Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e)
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
(f)
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
(g)
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Software |
- |
20% reducing balance |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(h)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(i)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Short Leasehold Land and Buildings |
- |
2% straight line |
|
Plant & Machinery |
- |
20% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
|
|
|
(j)
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
(k)
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(l)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(m)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(n)
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
(o)
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(p)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
15
(2022:
15
).
5.
Intangible assets
|
Software |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
4,312 |
|
------- |
Amortisation |
|
At 1 January 2023 |
2,587 |
Charge for the year |
345 |
|
------- |
At 31 December 2023 |
2,932 |
|
------- |
Carrying amount |
|
At 31 December 2023 |
1,380 |
|
------- |
At 31 December 2022 |
1,725 |
|
------- |
|
|
6.
Tangible assets
|
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
Cost/Valuation |
|
|
|
|
At 1 January 2023 |
413,963 |
586,231 |
28,518 |
1,028,712 |
Additions |
– |
13,700 |
– |
13,700 |
Disposals |
– |
(
13,879) |
(
48) |
(
13,927) |
|
---------- |
---------- |
-------- |
------------- |
At 31 December 2023 |
413,963 |
586,052 |
28,470 |
1,028,485 |
|
---------- |
---------- |
-------- |
------------- |
Depreciation |
|
|
|
|
At 1 January 2023 |
46,190 |
522,171 |
22,486 |
590,847 |
Charge for the year |
3,638 |
14,896 |
1,508 |
20,042 |
Disposals |
– |
(
13,827) |
(
48) |
(
13,875) |
|
---------- |
---------- |
-------- |
------------- |
At 31 December 2023 |
49,828 |
523,240 |
23,946 |
597,014 |
|
---------- |
---------- |
-------- |
------------- |
Carrying amount |
|
|
|
|
At 31 December 2023 |
364,135 |
62,812 |
4,524 |
431,471 |
|
---------- |
---------- |
-------- |
------------- |
At 31 December 2022 |
367,773 |
64,060 |
6,032 |
437,865 |
|
---------- |
---------- |
-------- |
------------- |
|
|
|
|
|
Investment property has been recorded at cost. The directors who have experience in the location and category of the investment property believe there has been no change in the market value in the current year.
7.
Investments
|
Listed Investments |
|
£ |
Cost/Valuation |
|
At 1 January 2023 |
42,508 |
Additions |
1,938 |
Revaluations |
(
2,384) |
|
-------- |
At 31 December 2023 |
42,062 |
|
-------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
-------- |
|
|
Carrying amount |
|
At 31 December 2023 |
42,062 |
|
-------- |
At 31 December 2022 |
42,508 |
|
-------- |
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
385,355 |
311,852 |
Other debtors |
31,564 |
20,461 |
|
---------- |
---------- |
|
416,919 |
332,313 |
|
---------- |
---------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
33,155 |
40,552 |
Accruals |
7,644 |
6,623 |
Corporation tax |
83,291 |
7,565 |
Social security and other taxes |
116,766 |
61,127 |
Director loan accounts |
53,644 |
138,384 |
|
---------- |
---------- |
|
294,500 |
254,251 |
|
---------- |
---------- |
|
|
|
Bank loans are secured by means of a fixed charge over the assets of the company.
10.
Analysis of other comprehensive income
|
Reval'n reserve |
Profit and loss account |
Total |
|
£ |
£ |
£ |
Year ended 31 December 2023 |
|
|
|
Reclassification from revaluation reserve to profit and loss account |
(
27,653) |
27,653 |
– |
|
-------- |
-------- |
---- |
|
|
|
|
Year ended 31 December 2022 |
|
|
|
Reclassification from revaluation reserve to profit and loss account |
12,184 |
(
12,184) |
– |
|
-------- |
-------- |
---- |
|
|
|
|
11.
Related party transactions
During the year the
directors
made available loans to the company
. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 53,644
(2022: £138,384).