IRIS Accounts Production v24.3.0.553 06415277 Board of Directors 1.2.23 31.1.24 31.1.24 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh064152772023-01-31064152772024-01-31064152772023-02-012024-01-31064152772022-01-31064152772022-02-012023-01-31064152772023-01-3106415277ns15:EnglandWales2023-02-012024-01-3106415277ns14:PoundSterling2023-02-012024-01-3106415277ns10:Director12023-02-012024-01-3106415277ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3106415277ns10:SmallEntities2023-02-012024-01-3106415277ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3106415277ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3106415277ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3106415277ns10:FullAccounts2023-02-012024-01-310641527712023-02-012024-01-3106415277ns10:OrdinaryShareClass12023-02-012024-01-3106415277ns10:Director22023-02-012024-01-3106415277ns10:CompanySecretary12023-02-012024-01-3106415277ns10:RegisteredOffice2023-02-012024-01-3106415277ns5:CurrentFinancialInstruments2024-01-3106415277ns5:CurrentFinancialInstruments2023-01-3106415277ns5:Non-currentFinancialInstruments2024-01-3106415277ns5:Non-currentFinancialInstruments2023-01-3106415277ns5:ShareCapital2024-01-3106415277ns5:ShareCapital2023-01-3106415277ns5:RetainedEarningsAccumulatedLosses2024-01-3106415277ns5:RetainedEarningsAccumulatedLosses2023-01-3106415277ns5:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3106415277ns5:PlantMachinery2023-02-012024-01-3106415277ns5:FurnitureFittings2023-02-012024-01-3106415277ns5:ComputerEquipment2023-02-012024-01-3106415277ns5:NetGoodwill2023-01-3106415277ns5:NetGoodwill2024-01-3106415277ns5:NetGoodwill2023-01-3106415277ns5:PlantMachinery2023-01-3106415277ns5:PlantMachinery2024-01-3106415277ns5:PlantMachinery2023-01-3106415277ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3106415277ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-012024-01-3106415277ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-3106415277ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-3106415277ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3106415277ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3106415277ns10:OrdinaryShareClass12024-01-31
REGISTERED NUMBER: 06415277 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

KNIGHT PRECISION TOOLING LIMITED

KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KNIGHT PRECISION TOOLING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr T C Wegener
Mr C F Wegener





SECRETARY: Mr T C Wegener





REGISTERED OFFICE: 14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW





REGISTERED NUMBER: 06415277 (England and Wales)





ACCOUNTANTS: Sullivans Chartered Accountants
13-14 Gelliwastad Road
Pontypridd
Rhondda Cynon Taf
CF37 2BW

KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 110,718 120,383
110,718 120,383

CURRENT ASSETS
Inventories 12,600 9,100
Debtors 6 109,758 123,716
Cash at bank 4,224 9,875
126,582 142,691
CREDITORS
Amounts falling due within one year 7 57,278 36,497
NET CURRENT ASSETS 69,304 106,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

180,022

226,577

CREDITORS
Amounts falling due after more than one
year

8

40,023

87,324
NET ASSETS 139,999 139,253

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 139,997 139,251
SHAREHOLDERS' FUNDS 139,999 139,253

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.

KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)

STATEMENT OF FINANCIAL POSITION - 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 23 October 2024 and were signed on its behalf by:





Mr T C Wegener - Director


KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Knight Precision Tooling 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 as modified by the revaluation of certain assets.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue operating for the foreseeable future.

Therefore the financial statements have been prepared on a going concern basis.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on cost
Computer equipment - 15% on cost

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Government grants
Government grants of a capital nature are treated as deferred income and included in creditors within the Balance Sheet. They are then amortised to the profit and loss account in accordance with the estimated economic life of the assets to which they relate. Grants of a revenue nature are allocated to their appropriate profit and loss account heading as received.

Goodwill
Goodwill, being paid in connection with the aquisition of a business in 2018, has previously been fully amortised evenly over its useful life of six years.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 76,477
AMORTISATION
At 1 February 2023
and 31 January 2024 76,477
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 February 2023 456,281
Additions 9,122
At 31 January 2024 465,403
DEPRECIATION
At 1 February 2023 335,898
Charge for year 18,787
At 31 January 2024 354,685
NET BOOK VALUE
At 31 January 2024 110,718
At 31 January 2023 120,383

Cost or valuation at 31 January 2024 is represented by:

Plant and
machinery
etc
£   
Valuation in 2019 99,936
Valuation in 2020 (17,250 )
Valuation in 2021 34,418
Valuation in 2022 (14,022 )
Valuation in 2023 11,297
Cost 351,024
465,403

If plant and machinery had not been revalued they would have been included at the following historical cost:

31/1/24 31/1/23
£    £   
Cost 411,801 405,134
Aggregate depreciation 354,685 288,278

Plant & Machinery were valued on an open market basis on 31 January 2023 by the directors .

KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 February 2023
and 31 January 2024 97,493
DEPRECIATION
At 1 February 2023 66,243
Charge for year 5,250
At 31 January 2024 71,493
NET BOOK VALUE
At 31 January 2024 26,000
At 31 January 2023 31,250

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade debtors 32,098 74,713
Amounts owed by group undertakings 33,831 14,092
Other debtors 43,829 34,911
109,758 123,716

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 13,040 13,040
Trade creditors 27,067 2,026
Taxation and social security (3,690 ) (850 )
Other creditors 10,861 12,281
57,278 36,497

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/24 31/1/23
£    £   
Bank loans 15,026 25,022
Hire purchase contracts 24,997 38,037
Other creditors - 24,265
40,023 87,324

KNIGHT PRECISION TOOLING LIMITED (REGISTERED NUMBER: 06415277)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31/1/24 31/1/23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 11,957 -

9. SECURED DEBTS

The following secured debts are included within creditors:

31/1/24 31/1/23
£    £   
Hire purchase contracts 38,037 51,077

A standard debenture is held over the company in favour of National Westminster Bank plc relating to bank overdrafts.

Assets on hire purchase are secured on the assets to which they relate.

10. FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/24 31/1/23
value: £    £   
2 Ordinary £1 2 2

12. ULTIMATE CONTROLLING PARTY

The company was controlled by Mr T Wegener and Mr C Wegener, the directors, throughout the period under review by virtue of the directors holdings within the companys ultimate parent.