19 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 800,000 436,667 40,000 476,667 323,333 363,333 25,250 18,749 6,501 1,268 5,233 23,982 xbrli:pure xbrli:shares iso4217:GBP 07859868 2023-01-01 2023-12-31 07859868 2023-12-31 07859868 2022-12-31 07859868 2022-02-01 2022-12-31 07859868 2022-12-31 07859868 2022-01-31 07859868 core:NetGoodwill 2023-01-01 2023-12-31 07859868 core:PlantMachinery 2023-01-01 2023-12-31 07859868 core:FurnitureFittings 2023-01-01 2023-12-31 07859868 core:MotorVehicles 2023-01-01 2023-12-31 07859868 bus:Director4 2023-01-01 2023-12-31 07859868 core:NetGoodwill 2022-12-31 07859868 core:NetGoodwill 2023-12-31 07859868 core:PlantMachinery 2022-12-31 07859868 core:FurnitureFittings 2022-12-31 07859868 core:MotorVehicles 2022-12-31 07859868 core:PlantMachinery 2023-12-31 07859868 core:FurnitureFittings 2023-12-31 07859868 core:MotorVehicles 2023-12-31 07859868 core:WithinOneYear 2023-12-31 07859868 core:WithinOneYear 2022-12-31 07859868 core:AfterOneYear 2023-12-31 07859868 core:AfterOneYear 2022-12-31 07859868 core:ShareCapital 2023-12-31 07859868 core:ShareCapital 2022-12-31 07859868 core:RetainedEarningsAccumulatedLosses 2023-12-31 07859868 core:RetainedEarningsAccumulatedLosses 2022-12-31 07859868 core:NetGoodwill 2022-12-31 07859868 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 07859868 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-12-31 07859868 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 07859868 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-12-31 07859868 core:Non-currentFinancialInstruments 2023-12-31 07859868 core:Non-currentFinancialInstruments 2022-12-31 07859868 core:PlantMachinery 2022-12-31 07859868 core:FurnitureFittings 2022-12-31 07859868 core:MotorVehicles 2022-12-31 07859868 bus:SmallEntities 2023-01-01 2023-12-31 07859868 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07859868 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07859868 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07859868 bus:FullAccounts 2023-01-01 2023-12-31 07859868 core:ComputerEquipment 2023-01-01 2023-12-31 07859868 core:ComputerEquipment 2022-12-31 07859868 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 07859868
DELTA PRECISION ENGINEERING NORTH EAST LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
DELTA PRECISION ENGINEERING NORTH EAST LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Intangible assets
5
323,333
363,333
Tangible assets
6
52,375
24,376
Investments
7
5,233
23,982
---------
---------
380,941
411,691
Current Assets
Stocks
38,786
12,941
Debtors
8
327,148
335,377
Cash at bank and in hand
35,454
32,294
---------
---------
401,388
380,612
Creditors: amounts falling due within one year
9
126,765
147,000
---------
---------
Net Current Assets
274,623
233,612
---------
---------
Total Assets Less Current Liabilities
655,564
645,303
Creditors: amounts falling due after more than one year
10
7,556
11,189
Provisions
Taxation including deferred tax
6,735
4,688
---------
---------
Net Assets
641,273
629,426
---------
---------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
641,173
629,326
---------
---------
Shareholders Funds
641,273
629,426
---------
---------
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 statement of income and retained earnings has not been delivered.
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 .
DELTA PRECISION ENGINEERING NORTH EAST LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr S. J. Ling
Director
Company registration number: 07859868
DELTA PRECISION ENGINEERING NORTH EAST 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 address of the registered office is Site 3 Unit 1, Cold Hesledon Industrial Estate, Seaham, SR7 8ST.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
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:
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.
Income 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill
-
5% straight line
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Computer equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme covering a number of its employees. The scheme funds are administered by trustees and the assets of the scheme are held separately from those of the company. The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 14 ).
5. Intangible Assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
800,000
---------
Amortisation
At 1 January 2023
436,667
Charge for the year
40,000
---------
At 31 December 2023
476,667
---------
Carrying amount
At 31 December 2023
323,333
---------
At 31 December 2022
363,333
---------
6. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
145,221
9,287
11,072
1,059
166,639
Additions
35,898
199
3,540
39,637
---------
-------
--------
-------
---------
At 31 December 2023
181,119
9,486
11,072
4,599
206,276
---------
-------
--------
-------
---------
Depreciation
At 1 January 2023
120,886
9,258
11,070
1,049
142,263
Charge for the year
10,883
10
745
11,638
---------
-------
--------
-------
---------
At 31 December 2023
131,769
9,268
11,070
1,794
153,901
---------
-------
--------
-------
---------
Carrying amount
At 31 December 2023
49,350
218
2
2,805
52,375
---------
-------
--------
-------
---------
At 31 December 2022
24,335
29
2
10
24,376
---------
-------
--------
-------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 January 2023
25,250
Disposals
( 18,749)
--------
At 31 December 2023
6,501
--------
Impairment
At 1 January 2023 and 31 December 2023
1,268
--------
Carrying amount
At 31 December 2023
5,233
--------
At 31 December 2022
23,982
--------
8. Debtors
2023
2022
£
£
Trade debtors
63,014
44,725
Amounts owed by group undertakings and undertakings in which the company has a participating interest
261,328
286,329
Other debtors
2,806
4,323
---------
---------
327,148
335,377
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,004
4,004
Trade creditors
17,082
8,341
Corporation tax
14,368
27,717
Social security and other taxes
52,424
59,169
Other creditors
38,887
47,769
---------
---------
126,765
147,000
---------
---------
Other creditors include £nil (31.12.22 - £5,632) relating to the company's invoice discounting facility, which is secured via fixed and floating charges over all the property or undertakings of the company. Other creditors also include £15,957(31.12.22 - £20,000) which is secured via a fixed charge over certain of the company's assets.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
7,556
11,189
-------
--------
11. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
25,577
24,537
--------
--------
12. Controlling Party
The company's immediate parent undertaking and sole shareholder is Threesixty Investco 2 Limited, a company incorporated in the UK. The company's ultimate parent undertaking is Threesixty Holdco 2 Limited, a company incorporated in the UK.