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 00682262 2022-01-01 2022-12-31 00682262 2022-12-31 00682262 2021-12-31 00682262 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 00682262 core:PlantMachinery 2023-01-01 2023-12-31 00682262 core:MotorVehicles 2023-01-01 2023-12-31 00682262 bus:Director5 2023-01-01 2023-12-31 00682262 core:WithinOneYear 2023-12-31 00682262 core:WithinOneYear 2022-12-31 00682262 core:LandBuildings 2022-12-31 00682262 core:PlantMachinery 2022-12-31 00682262 core:MotorVehicles 2022-12-31 00682262 core:LandBuildings 2023-12-31 00682262 core:PlantMachinery 2023-12-31 00682262 core:MotorVehicles 2023-12-31 00682262 core:LandBuildings 2023-01-01 2023-12-31 00682262 core:RevaluationReserve 2023-01-01 2023-12-31 00682262 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00682262 core:RevaluationReserve 2022-01-01 2022-12-31 00682262 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 00682262 core:ShareCapital 2023-12-31 00682262 core:ShareCapital 2022-12-31 00682262 core:SharePremium 2023-12-31 00682262 core:SharePremium 2022-12-31 00682262 core:RevaluationReserve 2023-12-31 00682262 core:RevaluationReserve 2022-12-31 00682262 core:CapitalRedemptionReserve 2023-12-31 00682262 core:CapitalRedemptionReserve 2022-12-31 00682262 core:RetainedEarningsAccumulatedLosses 2023-12-31 00682262 core:RetainedEarningsAccumulatedLosses 2022-12-31 00682262 core:CostValuation 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 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 00682262 core:Non-currentFinancialInstruments 2023-12-31 00682262 core:Non-currentFinancialInstruments 2022-12-31 00682262 core:LandBuildings 2022-12-31 00682262 core:PlantMachinery 2022-12-31 00682262 core:MotorVehicles 2022-12-31 00682262 bus:SmallEntities 2023-01-01 2023-12-31 00682262 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00682262 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00682262 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00682262 bus:FullAccounts 2023-01-01 2023-12-31 00682262 core:ComputerSoftware 2023-01-01 2023-12-31 00682262 core:ComputerSoftware 2023-12-31 00682262 core:ComputerSoftware 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
For the year ended
31 December 2023
Precision Engineers (Pontefract) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
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).