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REGISTERED NUMBER: 02487046 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

SAMAR PRECISION ENGINEERING LIMITED

SAMAR PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02487046)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31ST JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SAMAR PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
for the Year Ended 31ST JANUARY 2024







DIRECTORS: J J Gilbert
M K Gilbert





REGISTERED OFFICE: Samar House
North Way
Andover
Hampshire
SP10 5AZ





REGISTERED NUMBER: 02487046 (England and Wales)





ACCOUNTANTS: Underwood Barron LLP
Monks Brook House
13 - 17 Hursley Road
Chandlers Ford
Eastleigh
Hampshire
SO53 2FW

SAMAR PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02487046)

BALANCE SHEET
31ST JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 444,156 517,867
444,156 517,867

CURRENT ASSETS
Stocks - 1,750
Debtors 6 177,264 144,269
Cash at bank 521,920 588,334
699,184 734,353
CREDITORS
Amounts falling due within one year 7 131,934 187,535
NET CURRENT ASSETS 567,250 546,818
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,011,406

1,064,685

CAPITAL AND RESERVES
Called up share capital 1 1
Capital redemption reserve 1 1
Retained earnings 1,011,404 1,064,683
SHAREHOLDERS' FUNDS 1,011,406 1,064,685

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st October 2024 and were signed on its behalf by:





J J Gilbert - Director


SAMAR PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02487046)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31ST JANUARY 2024

1. STATUTORY INFORMATION

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

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

15% per annum on a reducing balance basis and 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

SAMAR PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02487046)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31ST JANUARY 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 535,000
AMORTISATION
At 1st February 2023
and 31st January 2024 535,000
NET BOOK VALUE
At 31st January 2024 -
At 31st January 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st February 2023 432,658 625,067 1,057,725
Additions - 1,000 1,000
Disposals - (107,864 ) (107,864 )
At 31st January 2024 432,658 518,203 950,861
DEPRECIATION
At 1st February 2023 8,653 531,205 539,858
Charge for year 8,653 39,092 47,745
Eliminated on disposal - (80,898 ) (80,898 )
At 31st January 2024 17,306 489,399 506,705
NET BOOK VALUE
At 31st January 2024 415,352 28,804 444,156
At 31st January 2023 424,005 93,862 517,867

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 172,318 139,867
Other debtors 4,946 4,402
177,264 144,269

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors 51,185 79,102
Taxation and social security 76,259 70,496
Other creditors 4,490 37,937
131,934 187,535

SAMAR PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02487046)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31ST JANUARY 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st January 2024 and 31st January 2023:

31.1.24 31.1.23
£    £   
J J Gilbert
Balance outstanding at start of year (16,929 ) -
Amounts advanced - 438,071
Amounts repaid 16,929 (455,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (16,929 )

M K Gilbert
Balance outstanding at start of year (18,871 ) -
Amounts advanced - 6,129
Amounts repaid 18,871 (25,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (18,871 )

9. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr J J GIlbert and Mrs M K Gilbert by virtue of their 100% shareholding.