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Registration number: 06347786

G & A Precision Engineering Limited

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 30 September 2023

 

G & A Precision Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

G & A Precision Engineering Limited

Company Information

Directors

Mr S D Lane

Mrs S L Lane

Registered office

Metspin House Southbourne Industrial Estate
Clovelly Road
Emsworth
Hampshire
PO10 8PF

Accountants

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

G & A Precision Engineering Limited

(Registration number: 06347786)
Balance Sheet as at 30 September 2023

Note

2023
£

2023
£

Fixed assets

 

Tangible assets

5

5,804

6,562

Current assets

 

Stocks

6

2,418

2,418

Debtors

7

486,721

468,346

Cash at bank and in hand

 

885

36,781

 

490,024

507,545

Creditors: Amounts falling due within one year

8

(131,222)

(117,851)

Net current assets

 

358,802

389,694

Total assets less current liabilities

 

364,606

396,256

Provisions for liabilities

-

(1,247)

Net assets

 

364,606

395,009

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

363,606

394,009

Shareholders' funds

 

364,606

395,009

For the financial period ending 30 September 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

G & A Precision Engineering Limited

(Registration number: 06347786)
Balance Sheet as at 30 September 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr S D Lane
Director

.........................................
Mrs S L Lane
Director

 

G & A Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Metspin House Southbourne Industrial Estate
Clovelly Road
Emsworth
Hampshire
PO10 8PF

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

G & A Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

G & A Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

25% Reducing Balance

25% Reducing Balance

25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

G & A Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

G & A Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 1 (2023 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

250,000

250,000

At 30 September 2023

250,000

250,000

Amortisation

At 1 April 2023

250,000

250,000

At 30 September 2023

250,000

250,000

Carrying amount

At 30 September 2023

-

-

 

G & A Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

51,400

25,837

77,237

Additions

70

-

70

At 30 September 2023

51,470

25,837

77,307

Depreciation

At 1 April 2023

49,436

21,239

70,675

Charge for the period

254

574

828

At 30 September 2023

49,690

21,813

71,503

Carrying amount

At 30 September 2023

1,780

4,024

5,804

At 31 March 2023

1,964

4,598

6,562

6

Stocks

2023
£

2023
£

Raw materials and consumables

2,418

2,418

7

Debtors

Current

Note

2023
£

2023
£

Trade debtors

 

35,047

119,264

Amounts owed by related parties

426,607

345,765

Prepayments

 

19,322

3,317

Other debtors

 

5,745

-

   

486,721

468,346

 

G & A Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2023
£

Due within one year

 

Loans and borrowings

10

-

1,358

Trade creditors

 

59,840

33,989

Taxation and social security

 

57,817

71,886

Accruals and deferred income

 

13,273

10,273

Other creditors

 

292

345

 

131,222

117,851

9

Share capital

Allotted, called up and fully paid shares

2023

2023

No.

£

No.

£

Ordinary A Shares of £1 each

900

900

900

900

Ordinary B Shares of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

10

Loans and borrowings

Current loans and borrowings

2023
£

2023
£

Hire purchase contracts

-

1,358