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REGISTERED NUMBER: 04345982 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

MARKYATE PRECISION MACHINING CO LIMITED

MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


MARKYATE PRECISION MACHINING CO LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: D T Bygate
J E Bygate
D M Bygate





SECRETARY: Mrs H E Bygate





REGISTERED OFFICE: Sharose Court
1-2 Hicks Road
Markyate
Hertfordshire
AL3 8JH





REGISTERED NUMBER: 04345982 (England and Wales)





ACCOUNTANTS: F E Hawkes & Co
206 Endeavour House
Wrest Park
Silsoe
Bedfordshire
MK45 4HS

MARKYATE PRECISION MACHINING CO LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
MARKYATE PRECISION MACHINING CO LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2024 set out on pages four to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






F E Hawkes & Co
206 Endeavour House
Wrest Park
Silsoe
Bedfordshire
MK45 4HS


22 October 2024

MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

BALANCE SHEET
31 January 2024

2023 2024
£    £    Notes £    £   
FIXED ASSETS
1,578,065 Tangible assets 5 1,990,422

CURRENT ASSETS
597,017 Stocks 6 255,040
929,751 Debtors 7 491,842
1,323,203 Cash at bank and in hand 1,966,520
2,849,971 2,713,402
CREDITORS
848,468 Amounts falling due within one year 8 438,127
2,001,503 NET CURRENT ASSETS 2,275,275
3,579,568 TOTAL ASSETS LESS CURRENT
LIABILITIES

4,265,697

CREDITORS
(47,833 ) Amounts falling due after more than one
year

9

-

(332,152 ) PROVISIONS FOR LIABILITIES (431,387 )
3,199,583 NET ASSETS 3,834,310

CAPITAL AND RESERVES
66 Called up share capital 66
264,691 Revaluation reserve 11 -
2,934,826 Retained earnings 11 3,834,244
3,199,583 SHAREHOLDERS' FUNDS 3,834,310

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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.

MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

BALANCE SHEET - continued
31 January 2024


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 22 October 2024 and were signed on its behalf by:





D T Bygate - Director


MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024


1. STATUTORY INFORMATION

Markyate Precision Machining Co Ltd is a private company, limited by shares, registered in England and Wales.

The company's registered number and registered office address are as follows:

Registered number: 04345982

Registered office: Sharose Court
1-2 Hicks road
Markyate
Hertfordshire
AL3 8JH

The principal activity of the company in the year under review was that of precision machining of components.

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

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant & machinery - 15% on reducing balance
Office equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Freehold property
The freehold property at 1-2 Sharose Court, Hicks Road, St Albans AL3 8JH was professionally valued by Kirby Diamond as at 31 January 2024. The use of this policy of revaluation provides more relevant and reliable information about the value of the property owned by the company. Where the estimated residual value equates or exceeds cost or valuation there will be no depreciable amount and hence no charge.

Stocks and work in progress
Stocks have been valued at the lower of cost and estimated selling price less costs to sell, cost is determined using first in first out method.

In respect of work in progress and finished goods,cost includes a relevant proportion of overheads according to the stage of completion.


MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

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


3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 23 ) .

5. TANGIBLE FIXED ASSETS
Freehold Plant &
Totals property machinery
£    £    £   
COST OR VALUATION
At 1 February 2023 2,306,314 682,603 1,507,993
Additions 257,529 - 218,928
Revaluations 317,397 317,397 -
At 31 January 2024 2,881,240 1,000,000 1,726,921
DEPRECIATION
At 1 February 2023 728,249 - 669,425
Charge for year 162,569 - 144,642
At 31 January 2024 890,818 - 814,067
NET BOOK VALUE
At 31 January 2024 1,990,422 1,000,000 912,854
At 31 January 2023 1,578,065 682,603 838,568

MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

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


5. TANGIBLE FIXED ASSETS - continued

Office Motor Computer
equipment vehicles equipment
£    £    £   
COST OR VALUATION
At 1 February 2023 65,097 18,950 31,671
Additions - 31,695 6,906
Revaluations - - -
At 31 January 2024 65,097 50,645 38,577
DEPRECIATION
At 1 February 2023 33,336 10,289 15,199
Charge for year 6,353 7,447 4,127
At 31 January 2024 39,689 17,736 19,326
NET BOOK VALUE
At 31 January 2024 25,408 32,909 19,251
At 31 January 2023 31,761 8,661 16,472

The freehold property at 1-2 Sharose Court, Hicks Road, St Albans AL3 8JH was professionally valued by Kirby Diamond as at 31 January 2024 in the sum of £1,000,000 which resulted in a surplus of £614,048.

In the event of the company disposing of this freehold property, it would incur a corporation tax liability of £146,586 which has been provided in the deferred tax provision


Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant &
machinery
£   
COST
At 1 February 2023
and 31 January 2024 263,100
DEPRECIATION
At 1 February 2023 47,440
Charge for year 39,027
At 31 January 2024 86,467
NET BOOK VALUE
At 31 January 2024 176,633
At 31 January 2023 215,660

6. STOCKS
2024 2023
£    £   
Raw materials 160,059 359,922
Work-in-progress 94,981 237,095
255,040 597,017

MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

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


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 361,694 419,440
Directors' current accounts - 250,000
Tax - 84,375
Value added tax 92,646 156,818
Prepayments 37,502 19,118
491,842 929,751

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 47,833 71,067
Trade creditors 158,844 353,876
Tax 196,535 386,956
Social security & other taxes 24,595 22,342
Other creditors 2,433 2,174
Accrued expenses 7,887 12,053
438,127 848,468

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 47,833

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 47,833 118,900

The hire purchase debts are secured on the company's plant & machinery.

11. RESERVES
Retained Revaluation
Totals earnings reserve
£    £    £   

At 1 February 2023 3,199,517 2,934,826 264,691
Profit for the year 662,956 662,956 -
Dividends (231,000 ) (231,000 ) -
Fair value reserve 202,771 467,462 (264,691 )
At 31 January 2024 3,834,244 3,834,244 -

MARKYATE PRECISION MACHINING CO LIMITED (REGISTERED NUMBER: 04345982)

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


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
J E Bygate
Balance outstanding at start of year 250,000 -
Amounts advanced - 250,000
Amounts repaid (250,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 250,000