Registered number
11807606
AT Precision Limited
Filleted Accounts
29 February 2024
AT Precision Limited
Registered number: 11807606
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 255,483 110,074
Current assets
Stocks 607,495 650,000
Debtors 4 178,397 522,925
Cash at bank and in hand 28,604 72,736
814,496 1,245,661
Creditors: amounts falling due within one year 5 (478,459) (920,535)
Net current assets 336,037 325,126
Total assets less current liabilities 591,520 435,200
Creditors: amounts falling due after more than one year 6 (12,646) (22,503)
Provisions for liabilities (48,542) (20,710)
Net assets 530,332 391,987
Capital and reserves
Called up share capital 100 100
Profit and loss account 530,232 391,887
Shareholder's funds 530,332 391,987
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr M Hewitt
Director
Approved by the board on 21 November 2024
AT Precision Limited
Notes to the Accounts
for the year ended 29 February 2024
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.
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 15% per annum on reducing balance basis
Computer equipment over 3 years on straight line basis
Motor vehicles 25% reducing balance basis per annum
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 2024 2023
Number Number
Average number of persons employed by the company 14 12
3 Tangible fixed assets
Motor vehicles Plant and machinery etc Computer equipment Total
£ £ £ £
Cost
At 1 March 2023 28,977 111,986 645 141,608
Additions - 193,760 - 193,760
At 29 February 2024 28,977 305,746 645 335,368
Depreciation
At 1 March 2023 1,811 29,146 577 31,534
Charge for the year 6,792 41,491 68 48,351
At 29 February 2024 8,603 70,637 645 79,885
Net book value
At 29 February 2024 20,374 235,109 - 255,483
At 28 February 2023 27,166 82,840 68 110,074
4 Debtors 2024 2023
£ £
Trade debtors 176,583 202,891
Other debtors 1,814 320,034
178,397 522,925
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,996 9,996
Trade creditors 217,323 476,040
Taxation and social security costs 49,030 144,146
Other creditors 202,110 290,353
478,459 920,535
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,646 22,503
7 Controlling party
The company is under the control of Mr P Hewitt by virtue of his shareholding in the company.
8 Other information
AT Precision Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cold Heseldon Industrial Estate
Cold Heseldon
Seaham
SR7 8ST
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