Caseware UK (AP4) 2022.0.179 2022.0.179 2024-03-312024-03-312023-04-01falseNo description of principal activity55falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06235703 2023-04-01 2024-03-31 06235703 2022-04-01 2023-03-31 06235703 2024-03-31 06235703 2023-03-31 06235703 c:Director1 2023-04-01 2024-03-31 06235703 d:Buildings 2023-04-01 2024-03-31 06235703 d:Buildings 2024-03-31 06235703 d:Buildings 2023-03-31 06235703 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06235703 d:PlantMachinery 2023-04-01 2024-03-31 06235703 d:PlantMachinery 2024-03-31 06235703 d:PlantMachinery 2023-03-31 06235703 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06235703 d:MotorVehicles 2023-04-01 2024-03-31 06235703 d:MotorVehicles 2024-03-31 06235703 d:MotorVehicles 2023-03-31 06235703 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06235703 d:FurnitureFittings 2023-04-01 2024-03-31 06235703 d:FurnitureFittings 2024-03-31 06235703 d:FurnitureFittings 2023-03-31 06235703 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06235703 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06235703 d:Goodwill 2024-03-31 06235703 d:Goodwill 2023-03-31 06235703 d:CurrentFinancialInstruments 2024-03-31 06235703 d:CurrentFinancialInstruments 2023-03-31 06235703 d:Non-currentFinancialInstruments 2024-03-31 06235703 d:Non-currentFinancialInstruments 2023-03-31 06235703 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06235703 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06235703 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 06235703 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06235703 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 06235703 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 06235703 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 06235703 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 06235703 d:ShareCapital 2024-03-31 06235703 d:ShareCapital 2023-03-31 06235703 d:RetainedEarningsAccumulatedLosses 2024-03-31 06235703 d:RetainedEarningsAccumulatedLosses 2023-03-31 06235703 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 06235703 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 06235703 c:FRS102 2023-04-01 2024-03-31 06235703 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06235703 c:FullAccounts 2023-04-01 2024-03-31 06235703 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06235703 2 2023-04-01 2024-03-31 06235703 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06235703









A C PRECISION LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
A C PRECISION LIMITED
REGISTERED NUMBER: 06235703

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
251,061
249,073

  
251,061
249,073

Current assets
  

Debtors: amounts falling due after more than one year
 6 
10,754
-

Debtors: amounts falling due within one year
 6 
141,488
77,199

Cash at bank and in hand
 7 
38,989
44,856

  
191,231
122,055

Creditors: amounts falling due within one year
 8 
(70,186)
(48,097)

Net current assets
  
 
 
121,045
 
 
73,958

Total assets less current liabilities
  
372,106
323,031

Creditors: amounts falling due after more than one year
 9 
(11,667)
(21,667)

Provisions for liabilities
  

Deferred tax
 11 
(10,000)
-

  
 
 
(10,000)
 
 
-

Net assets
  
350,439
301,364


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
350,437
301,362

  
350,439
301,364


Page 1

 
A C PRECISION LIMITED
REGISTERED NUMBER: 06235703
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 October 2024.




A Cooke
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

A C Precision Limited is a private limited company limited by shares and incorporated in England. It's registered office is Unit 3 Hurricane Road, Brockworth, Gloucester, GL3 4FF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows: .

Depreciation is provided on the following basis:

Freehold property
-
Plant and machinery
-
15%
reducing balance basis
Motor vehicles
-
25%
straight-line basis
Fixtures and fittings
-
20%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

No depreciation is provided on freehold property as the company maintains the property such that the residual value exceeds cost.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2023 - 5).


4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
15,500



At 31 March 2024

15,500



Amortisation


At 1 April 2023
15,500



At 31 March 2024

15,500



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 7

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
208,999
103,252
7,499
5,793
325,543


Additions
-
10,806
-
-
10,806



At 31 March 2024

208,999
114,058
7,499
5,793
336,349



Depreciation


At 1 April 2023
-
71,886
1,875
2,709
76,470


Charge for the year on owned assets
-
6,326
1,875
617
8,818



At 31 March 2024

-
78,212
3,750
3,326
85,288



Net book value



At 31 March 2024
208,999
35,846
3,749
2,467
251,061



At 31 March 2023
208,999
31,366
5,624
3,084
249,073


6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
10,754
-

10,754
-


2024
2023
£
£

Due within one year

Trade debtors
109,306
75,171

Other debtors
31,862
-

Prepayments and accrued income
320
2,028

141,488
77,199

Page 8

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.Debtors (continued)


Page 9

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
38,989
44,856

38,989
44,856



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,064
10,083

Corporation tax
45,576
25,434

Other taxation and social security
12,757
11,615

Other creditors
39
466

Accruals and deferred income
1,750
499

70,186
48,097



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,667
21,667

11,667
21,667


Page 10

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,064
10,083


10,064
10,083

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
1,667
11,667


1,667
11,667


21,731
31,750



11.


Deferred taxation




2024


£






Charged to profit or loss
(10,000)



At end of year
(10,000)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(10,000)
-

(10,000)
-

Page 11

 
A C PRECISION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Transactions with directors

Included in other debtors due within one year is £31,862 due from the director at 31 March 2024.  Interest of 2.25% per annum has been charged on the loan.

 
Page 12