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01/04/2023
31/03/2024
2024-03-31
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No description of principal activities is disclosed
2023-04-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
05746016
2023-04-01
2024-03-31
05746016
2024-03-31
05746016
2023-03-31
05746016
2022-04-01
2023-03-31
05746016
2023-03-31
05746016
2022-03-31
05746016
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2023-04-01
2024-03-31
05746016
bus:RegisteredOffice
2023-04-01
2024-03-31
05746016
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
05746016
bus:Director1
2023-04-01
2024-03-31
05746016
bus:Director2
2023-04-01
2024-03-31
05746016
bus:Director3
2023-04-01
2024-03-31
05746016
bus:Director4
2023-04-01
2024-03-31
05746016
bus:Director5
2023-04-01
2024-03-31
05746016
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2023-04-01
2024-03-31
05746016
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2023-04-01
2024-03-31
05746016
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2023-03-31
05746016
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2024-03-31
05746016
core:WithinOneYear
2024-03-31
05746016
core:WithinOneYear
2023-03-31
05746016
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2024-03-31
05746016
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2023-03-31
05746016
core:ShareCapital
2024-03-31
05746016
core:ShareCapital
2023-03-31
05746016
core:RetainedEarningsAccumulatedLosses
2024-03-31
05746016
core:RetainedEarningsAccumulatedLosses
2023-03-31
05746016
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2023-03-31
05746016
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2023-04-01
2024-03-31
05746016
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2023-04-01
2024-03-31
05746016
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2023-04-01
2024-03-31
05746016
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2023-04-01
2024-03-31
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2023-04-01
2024-03-31
05746016
1
2023-04-01
2024-03-31
Company registration number:
05746016
Edwards Precision Limited
Unaudited filleted financial statements
31 March 2024
Edwards Precision Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Edwards Precision Limited
Directors and other information
|
|
|
|
Directors |
Mrs Jacqueline Edwards |
|
|
Mr Mark Edwards |
|
|
Mr David Edwards |
|
|
Mrs Julie Edwards |
|
|
Mrs Amanda Edwards |
|
|
Mr Peter Edwards |
|
|
|
|
|
|
|
Secretary |
David Martin Edwards |
|
|
|
|
|
|
|
Company number |
05746016 |
|
|
|
|
|
|
|
Registered office |
Coronation Road |
|
|
Cressex Business Park |
|
|
High Wycombe |
|
|
Buckinghamshire |
|
|
HP12 3RP |
|
|
|
|
|
|
|
Business address |
Coronation Road |
|
|
Cressex Business Park |
|
|
High Wycombe |
|
|
Buckinghamshire |
|
|
HP12 3RP |
|
|
|
|
|
|
|
Accountants |
Hardcastle Blake |
|
|
19 New Road |
|
|
Drayton Parslow |
|
|
Milton Keynes |
|
|
MK17 0JH |
|
|
|
Edwards Precision Limited
Statement of financial position
31 March 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
70,510 |
|
|
|
88,137 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
70,510 |
|
|
|
88,137 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
5,342 |
|
|
|
5,342 |
|
|
Debtors |
|
6 |
113,642 |
|
|
|
155,178 |
|
|
Cash at bank and in hand |
|
|
31,283 |
|
|
|
8,947 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
150,267 |
|
|
|
169,467 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
136,465) |
|
|
|
(
130,118) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
13,802 |
|
|
|
39,349 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
84,312 |
|
|
|
127,486 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
13,701) |
|
|
|
(
23,072) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
70,611 |
|
|
|
104,414 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
600 |
|
|
|
600 |
Profit and loss account |
|
|
|
|
70,011 |
|
|
|
103,814 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
70,611 |
|
|
|
104,414 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
25 November 2024
, and are signed on behalf of the board by:
Mr Mark Edwards
Mr David Edwards
Director
Director
Company registration number:
05746016
Edwards Precision Limited
Notes to the financial statements
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
20 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2023:
6
).
5.
Tangible assets
|
|
Plant and machinery |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2023 and 31 March 2024 |
465,947 |
465,947 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2023 |
377,810 |
377,810 |
|
|
|
|
|
|
Charge for the year |
17,627 |
17,627 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2024 |
395,437 |
395,437 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2024 |
70,510 |
70,510 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 March 2023 |
88,137 |
88,137 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
98,578 |
139,762 |
|
Other debtors |
|
15,064 |
15,416 |
|
|
|
_______ |
_______ |
|
|
|
113,642 |
155,178 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,000 |
10,648 |
|
Trade creditors |
|
22,131 |
18,081 |
|
Corporation tax |
|
45,196 |
35,537 |
|
Social security and other taxes |
|
13,517 |
18,372 |
|
Other creditors |
|
45,621 |
47,480 |
|
|
|
_______ |
_______ |
|
|
|
136,465 |
130,118 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
13,701 |
23,072 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Controlling party
The company is controlled collectively by the directors as they each have the same shareholding and voting rights.