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REGISTERED NUMBER: SC294109 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

3D PRECISION ENGINEERING LIMITED

3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


3D PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: S Bonnar





SECRETARY: N Bonnar





REGISTERED OFFICE: Unit 22B
Midfield Road
Mitchelston Industrial Estate
Kirkcaldy
Fife
KY1 3NL





REGISTERED NUMBER: SC294109 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 186,135 145,732
Investments 5 155,384 139,899
341,519 285,631

CURRENT ASSETS
Stocks 35,367 110,971
Debtors 6 103,607 261,852
Cash at bank and in hand 1,735,525 1,471,252
1,874,499 1,844,075
CREDITORS
Amounts falling due within one year 7 297,043 331,411
NET CURRENT ASSETS 1,577,456 1,512,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,918,975

1,798,295

PROVISIONS FOR LIABILITIES 8 33,865 17,374
NET ASSETS 1,885,110 1,780,921

CAPITAL AND RESERVES
Called up share capital 6 6
Fair value reserve 9 55,384 39,899
Retained earnings 1,829,720 1,741,016
SHAREHOLDERS' FUNDS 1,885,110 1,780,921

3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)

BALANCE SHEET - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 April 2024 and were signed by:





S Bonnar - Director


3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

3D Precision Engineering Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

TURNOVER
Turnover is measured at the fair value of the consideration received through engineering services and supplies to customers excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% per annum on cost
Plant and machinery - 20% per annum reducing balance
Fixtures and fittings - 20% per annum reducing balance
Motor vehicles - 25% per annum reducing balance
Computer equipment - Straight line over 3 years

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

STOCKS
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out basis. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

FIXED ASSET INVESTMENT
Investments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EMPLOYEE BENEFITS
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

IMPAIRMENT
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

PROVISIONS
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 26,960 538,205 36,992
Additions - - 534
At 31 December 2023 26,960 538,205 37,526
DEPRECIATION
At 1 January 2023 23,070 412,987 20,368
Charge for year 592 25,043 3,386
At 31 December 2023 23,662 438,030 23,754
NET BOOK VALUE
At 31 December 2023 3,298 100,175 13,772
At 31 December 2022 3,890 125,218 16,624

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 - 4,834 606,991
Additions 68,890 - 69,424
At 31 December 2023 68,890 4,834 676,415
DEPRECIATION
At 1 January 2023 - 4,834 461,259
Charge for year - - 29,021
At 31 December 2023 - 4,834 490,280
NET BOOK VALUE
At 31 December 2023 68,890 - 186,135
At 31 December 2022 - - 145,732

3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2023 139,899
Revaluations 15,485
At 31 December 2023 155,384
NET BOOK VALUE
At 31 December 2023 155,384
At 31 December 2022 139,899

Cost or valuation at 31 December 2023 is represented by:

Other
investments
£   
Valuation in 2016 12,226
Valuation in 2017 14,311
Valuation in 2018 (14,170 )
Valuation in 2019 15,692
Valuation in 2020 8,842
Valuation in 2021 22,540
Valuation in 2022 (19,542 )
Valuation in 2023 15,485
Cost 100,000
155,384

The investments were valued by an independent valuer on an open market value basis as at 31 December 2023.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 97,195 189,676
Other debtors 6,412 72,176
103,607 261,852

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 75,370 154,072
Taxation and social security 132,687 167,296
Other creditors 88,986 10,043
297,043 331,411

3D PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: SC294109)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 33,865 17,374

Deferred
tax
£   
Balance at 1 January 2023 17,374
Charge to Profit and Loss Account during year 16,491
Balance at 31 December 2023 33,865

The provision for deferred taxation is made up of accelerated capital allowances.

9. RESERVES
Fair
value
reserve
£   
At 1 January 2023 39,899
Loss/(Gain) on inv revaluation 15,485

At 31 December 2023 55,384

10. PENSION COMMITMENTS

The company operates a money purchase defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. There were unpaid contributions amounting to £1,442 at the balance sheet date (2022 - £Nil).

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
S Bonnar
Balance outstanding at start of year 66,310 27,911
Amounts advanced 56,699 263,047
Amounts repaid (132,684 ) (224,648 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (9,675 ) 66,310

Included in "Other debtors" is an amount of £Nil (2022 - £66,310) due from a director. This loan is repayable on demand and interest has been charged at 2.25% on any balance over £10,000 from April 2023. Interest was charged at 2.0% on any balance over £10,000 prior to April 2023.