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REGISTERED NUMBER: 09468159 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2024

for

Advanced Machining Ltd

Advanced Machining Ltd (Registered number: 09468159)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Advanced Machining Ltd

Company Information
for the Year Ended 31 May 2024







DIRECTORS: L Roberts
Mrs L Roberts





REGISTERED OFFICE: 19 Warren Park Way
Enderby
Leicester
LE19 4SA





REGISTERED NUMBER: 09468159 (England and Wales)





ACCOUNTANTS: Carter & Co
19 Warren Park Way
Enderby
Leicester
LE19 4SA

Advanced Machining Ltd (Registered number: 09468159)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 387,647 399,946

CURRENT ASSETS
Stocks 28,000 28,000
Debtors 5 220,538 254,974
Cash at bank - 20,093
248,538 303,067
CREDITORS
Amounts falling due within one year 6 191,787 210,234
NET CURRENT ASSETS 56,751 92,833
TOTAL ASSETS LESS CURRENT
LIABILITIES

444,398

492,779

CREDITORS
Amounts falling due after more than one
year

7

(200,772

)

(232,517

)

PROVISIONS FOR LIABILITIES (73,653 ) (77,166 )
NET ASSETS 169,973 183,096

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 169,873 182,996
SHAREHOLDERS' FUNDS 169,973 183,096

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

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

Advanced Machining Ltd (Registered number: 09468159)

Balance Sheet - continued
31 May 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 29 October 2024 and were signed on its behalf by:




L Roberts - Director



Mrs L Roberts - Director


Advanced Machining Ltd (Registered number: 09468159)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Advanced Machining Ltd 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.

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 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 etc - 50% on cost, 25% on reducing balance and 20% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Advanced Machining Ltd (Registered number: 09468159)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 729,597
Additions 85,899
At 31 May 2024 815,496
DEPRECIATION
At 1 June 2023 329,651
Charge for year 98,198
At 31 May 2024 427,849
NET BOOK VALUE
At 31 May 2024 387,647
At 31 May 2023 399,946

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

Plant and
machinery
etc
£   
COST
At 1 June 2023 524,485
Additions 82,500
Transfer to ownership (136,400 )
At 31 May 2024 470,585
DEPRECIATION
At 1 June 2023 189,825
Charge for year 83,432
Transfer to ownership (103,655 )
At 31 May 2024 169,602
NET BOOK VALUE
At 31 May 2024 300,983
At 31 May 2023 334,660

Advanced Machining Ltd (Registered number: 09468159)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 199,492 251,810
Other debtors 19,129 1,185
Prepayments 1,917 1,979
220,538 254,974

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 1,764 -
Hire purchase contracts 82,515 82,318
Trade creditors 31,913 54,071
Tax 8,991 1,856
Social security and other taxes 4,088 3,891
VAT 58,500 41,800
Other creditors 1,566 1,439
Directors' current accounts 997 23,436
Accrued expenses 1,453 1,423
191,787 210,234

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans - 2-5 years 25,779 35,646
Hire purchase contracts 174,993 196,871
200,772 232,517

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary £1 100 100

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £61,000 (2023 - £69,000) were paid to the directors .