Acorah Software Products - Accounts Production 15.0.600 false true 31 January 2023 1 February 2022 false 1 February 2023 31 January 2024 31 January 2024 04847281 Mr Adrian Scarfe Mr Christopher Scarfe iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04847281 2023-01-31 04847281 2024-01-31 04847281 2023-02-01 2024-01-31 04847281 frs-core:CurrentFinancialInstruments 2024-01-31 04847281 frs-core:Non-currentFinancialInstruments 2024-01-31 04847281 frs-core:ComputerEquipment 2024-01-31 04847281 frs-core:ComputerEquipment 2023-02-01 2024-01-31 04847281 frs-core:ComputerEquipment 2023-01-31 04847281 frs-core:MotorVehicles 2024-01-31 04847281 frs-core:MotorVehicles 2023-02-01 2024-01-31 04847281 frs-core:MotorVehicles 2023-01-31 04847281 frs-core:PlantMachinery 2024-01-31 04847281 frs-core:PlantMachinery 2023-02-01 2024-01-31 04847281 frs-core:PlantMachinery 2023-01-31 04847281 frs-core:ShareCapital 2024-01-31 04847281 frs-core:RetainedEarningsAccumulatedLosses 2024-01-31 04847281 frs-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04847281 frs-bus:FilletedAccounts 2023-02-01 2024-01-31 04847281 frs-bus:SmallEntities 2023-02-01 2024-01-31 04847281 frs-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 04847281 frs-bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04847281 frs-core:DeferredTaxation 2023-02-01 2024-01-31 04847281 frs-core:DeferredTaxation 2023-01-31 04847281 frs-core:DeferredTaxation 2024-01-31 04847281 frs-bus:Director1 2023-02-01 2024-01-31 04847281 frs-bus:Director2 2023-02-01 2024-01-31 04847281 frs-core:CurrentFinancialInstruments 3 2024-01-31 04847281 frs-countries:EnglandWales 2023-02-01 2024-01-31 04847281 2022-01-31 04847281 2023-01-31 04847281 2022-02-01 2023-01-31 04847281 frs-core:CurrentFinancialInstruments 2023-01-31 04847281 frs-core:Non-currentFinancialInstruments 2023-01-31 04847281 frs-core:ShareCapital 2023-01-31 04847281 frs-core:RetainedEarningsAccumulatedLosses 2023-01-31 04847281 frs-core:CurrentFinancialInstruments 3 2023-01-31
Registered number: 04847281
K.T. Precision Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
DEB Chartered Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04847281
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 31,798 27,356
31,798 27,356
CURRENT ASSETS
Stocks 2,600 1,700
Debtors 5 38,418 25,971
Cash at bank and in hand 18,879 43,200
59,897 70,871
Creditors: Amounts Falling Due Within One Year 6 (44,807 ) (56,862 )
NET CURRENT ASSETS (LIABILITIES) 15,090 14,009
TOTAL ASSETS LESS CURRENT LIABILITIES 46,888 41,365
Creditors: Amounts Falling Due After More Than One Year 7 (1,898 ) (1,989 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (6,041 ) (4,817 )
NET ASSETS 38,949 34,559
CAPITAL AND RESERVES
Called up share capital 10 5 5
Profit and Loss Account 38,944 34,554
SHAREHOLDERS' FUNDS 38,949 34,559
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Page 2
For the year ending 31 January 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 Adrian Scarfe
Director
09/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
K.T. Precision Engineering Limited Registered number 04847281 is a limited by shares company incorporated in England & Wales. The Registered Office is DEB House, 19 Middlewoods Way, Carlton, Barnsley, South Yorkshire, S71 3HR.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.4. 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.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 248,003 7,100 3,572 258,675
Additions 349 15,320 254 15,923
Disposals - (7,100 ) - (7,100 )
As at 31 January 2024 248,352 15,320 3,826 267,498
Depreciation
As at 1 February 2023 221,557 6,216 3,546 231,319
Provided during the period 6,697 3,830 70 10,597
Disposals - (6,216 ) - (6,216 )
As at 31 January 2024 228,254 3,830 3,616 235,700
Net Book Value
As at 31 January 2024 20,098 11,490 210 31,798
As at 1 February 2023 26,446 884 26 27,356
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 36,501 24,056
Prepayments and accrued income 1,917 1,915
38,418 25,971
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,800 8,480
Corporation tax 399 1,297
PAYE 1,584 3,585
VAT 9,870 14,161
Wages creditor 2,472 2,524
Pension creditor 82 78
Bounce Back Loan 1,600 9,000
Accruals and deferred income 167 134
Deferred Government grants within one year 633 -
Directors' loan accounts 16,200 17,603
44,807 56,862
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounce back loan - 1,989
Deferred Government grants after one year 1,898 -
1,898 1,989
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 6,041 4,817
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 February 2023 4,817 4,817
Additions 1,224 1,224
Balance at 31 January 2024 6,041 6,041
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5 5
11. Related Party Transactions
The company is controlled by  Mr A Scarfe, director and shareholder of the company. 
The balance on the director's loan account of A Scarfe at 31st January 2024 was £16,200 (2023 - £17,603) due from the company.
The director has given a personal gaurantee in respect of the bank overdraft to a limit of £20,000
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