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Registered number: 04712365
DCV Precision Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 04712365
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 244,294 134,281
244,294 134,281
CURRENT ASSETS
Stocks 6 109,558 213,528
Debtors 7 151,595 237,778
Cash at bank and in hand 254,748 91,866
515,901 543,172
Creditors: Amounts Falling Due Within One Year 8 (191,739 ) (282,933 )
NET CURRENT ASSETS (LIABILITIES) 324,162 260,239
TOTAL ASSETS LESS CURRENT LIABILITIES 568,456 394,520
Creditors: Amounts Falling Due After More Than One Year 9 (174,967 ) (64,738 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (66,150 ) (39,418 )
NET ASSETS 327,339 290,364
CAPITAL AND RESERVES
Called up share capital 11 99 99
Profit and Loss Account 327,240 290,265
SHAREHOLDERS' FUNDS 327,339 290,364
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A White
Director
2nd October 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
DCV Precision Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04712365 . The registered office is Unit 6 Alpha Road, Aldershot, Hampshire, GU12 4RG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are goodwill from a businesses acquired in 2010 and 2013. The goodwill has been fully amortised.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 18 (2023: 17)
18 17
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 71,750
As at 31 March 2024 71,750
Amortisation
As at 1 April 2023 71,750
As at 31 March 2024 71,750
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
Page 4
Page 5
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 - 652,675 41,980 86,239 780,894
Additions 2,168 150,964 40,215 1,772 195,119
Disposals - (900 ) - - (900 )
As at 31 March 2024 2,168 802,739 82,195 88,011 975,113
Depreciation
As at 1 April 2023 - 541,215 29,189 76,209 646,613
Provided during the period 217 78,380 3,198 3,311 85,106
Disposals - (900 ) - - (900 )
As at 31 March 2024 217 618,695 32,387 79,520 730,819
Net Book Value
As at 31 March 2024 1,951 184,044 49,808 8,491 244,294
As at 1 April 2023 - 111,460 12,791 10,030 134,281
6. Stocks
2024 2023
£ £
Stock 18,000 89,811
Finished goods 91,558 91,205
Work in progress - 32,512
109,558 213,528
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 117,381 205,275
Prepayments and accrued income 32,814 30,945
Other debtors 1,400 1,558
151,595 237,778
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 50,115 24,922
Trade creditors 42,856 152,356
Bank loans and overdrafts 10,648 10,648
Other loans - 262
Corporation tax 4,090 29,167
Other taxes and social security 10,967 13,836
VAT 66,303 42,052
Other creditors 3,186 2,087
Accruals and deferred income 2,877 4,592
Directors' loan accounts 697 3,011
191,739 282,933
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 161,500 41,363
Bank loans 13,467 23,375
174,967 64,738
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 50,115 24,922
Later than one year and not later than five years 161,500 41,363
211,615 66,285
211,615 66,285
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 99 99
Page 6
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 28,297 23,651
Later than one year and not later than five years 113,190 -
141,487 23,651
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