Registered number
11653918
BSL Precision Engineering Ltd
Filleted Accounts
31 October 2023
BSL Precision Engineering Ltd
Registered number: 11653918
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 14,010
Tangible assets 4 54,089 99,141
54,089 113,151
Current assets
Stocks 187,500 133,378
Debtors 5 133,815 187,891
Cash at bank and in hand 1,430 2,982
322,745 324,251
Creditors: amounts falling due within one year 6 (549,490) (542,857)
Net current liabilities (226,745) (218,606)
Total assets less current liabilities (172,656) (105,455)
Creditors: amounts falling due after more than one year 7 (9,500) (42,582)
Provisions for liabilities (13,273) -
Net liabilities (195,429) (148,037)
Capital and reserves
Called up share capital 100 100
Profit and loss account (195,529) (148,137)
Shareholders' funds (195,429) (148,037)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J J Rodgman
Director
Approved by the board on 25 October 2024
BSL Precision Engineering Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Fixtures, fittings, tools and equipment 25% straight line, or 33% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 70,058
At 31 October 2023 70,058
Amortisation
At 1 November 2022 56,048
Provided during the year 14,010
At 31 October 2023 70,058
Net book value
At 31 October 2023 -
At 31 October 2022 14,010
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 227,163 833 227,996
Additions 1,018 - 1,018
At 31 October 2023 228,181 833 229,014
Depreciation
At 1 November 2022 128,612 243 128,855
Charge for the year 45,862 208 46,070
At 31 October 2023 174,474 451 174,925
Net book value
At 31 October 2023 53,707 382 54,089
At 31 October 2022 98,551 590 99,141
5 Debtors 2023 2022
£ £
Trade debtors 77,310 156,869
Amounts owed by group undertakings and undertakings in which the company has a participating interest 9,540 (4,456)
Deferred tax asset - 8,508
Other debtors 46,965 26,970
133,815 187,891
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,653 6,000
Obligations under finance lease and hire purchase contracts 27,040 34,488
Trade creditors 37,301 130,880
Amounts owed to group undertakings and undertakings in which the company has a participating interest 410,257 360,559
Director's account 261 261
Taxation and social security costs 57,317 9,235
Other creditors 3,661 1,434
549,490 542,857
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,500 15,500
Obligations under finance lease and hire purchase contracts - 27,082
9,500 42,582
8 Related party transactions
The directors held a directors loan during the year. Advances of £3,480 and repayments of £270 were made during the year. No amounts were written off. The balances at the year end were £261 (2022: £261) and an overdrawn balance of £3,210 (2022: £Nil). Interest was charged at 7.75% on overdrawn balance.

Group companies made loans and paid expenses on behalf of the company of £66,187. The balance due to group companies at the year end was £247,503 (2022: £181,316). This loan is interest free and repayable on demand.

Trade Creditors of £162,754 related to group companies are disclosed in Amounts owed to group undertakings. Trade Debtors of £9540 due from group companies are disclosed in Amounts owed by group undertakings.
9 Going concern
The accounts have been prepared on a going concern basis due to the fact that the directors undertake to fully support the company. The directors undertake not to demand repayment of the directors loan until such time as there are sufficient reserves available.
10 Controlling party
Borehole Solutions Ltd (Co No 09266910, registered in England) is considered to be the ultimate controlling party by virtue of its 90% shareholding in the issued share capital of the company.

The registered office address for Borehole Solutions Ltd is as follows:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
11 Other information
BSL Precision Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
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