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Registration number: 10308919

MH Precision Engineering Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 November 2022 to 30 October 2023

 

MH Precision Engineering Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

MH Precision Engineering Limited

(Registration number: 10308919)
Balance Sheet as at 30 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,108

11,892

Current assets

 

Debtors

5

9,323

5,604

Cash at bank and in hand

 

6,137

11,105

 

15,460

16,709

Creditors: Amounts falling due within one year

6

(28,336)

(28,862)

Net current liabilities

 

(12,876)

(12,153)

Total assets less current liabilities

 

(2,768)

(261)

Creditors: Amounts falling due after more than one year

6

(5,971)

(9,200)

Net liabilities

 

(8,739)

(9,461)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(8,839)

(9,561)

Shareholders' deficit

 

(8,739)

(9,461)

For the financial period ending 30 October 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.

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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Mr MR Mugan
Director

 

MH Precision Engineering Limited

Notes to the Financial Statements for the Period from 1 November 2022 to 30 October 2023

1

General information

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

The address of its registered office is:
Unit 1 The Iron Works
Dale Street
Accrington
Lancashire
BB5 0AP

These financial statements were authorised for issue by the Board on 15 October 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.

The financial statements are presented in Sterling which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The directors, having made reasonable enquiries, consider the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

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.

 

MH Precision Engineering Limited

Notes to the Financial Statements for the Period from 1 November 2022 to 30 October 2023

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.

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

Plant and machinery

15% reducing balance

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.

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.

 

MH Precision Engineering Limited

Notes to the Financial Statements for the Period from 1 November 2022 to 30 October 2023

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.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

4

Tangible assets

Plant and machinery
 £

Total
£

Cost or valuation

At 1 November 2022

27,561

27,561

At 30 October 2023

27,561

27,561

Depreciation

At 1 November 2022

15,669

15,669

Charge for the period

1,784

1,784

At 30 October 2023

17,453

17,453

Carrying amount

At 30 October 2023

10,108

10,108

At 31 October 2022

11,892

11,892

 

MH Precision Engineering Limited

Notes to the Financial Statements for the Period from 1 November 2022 to 30 October 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

8,960

4,500

Prepayments

363

1,104

 

9,323

5,604

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

3,228

3,228

Trade creditors

 

1,706

1,065

Amounts owed to group undertakings and undertakings in which the company has a participating interest

18,283

16,283

Taxation and social security

 

462

2,984

Other creditors

 

4,657

5,302

 

28,336

28,862

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

5,971

9,200

 

MH Precision Engineering Limited

Notes to the Financial Statements for the Period from 1 November 2022 to 30 October 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,971

9,200

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,228

3,228