IRIS Accounts Production v24.2.0.383 03866891 Board of Directors Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038668912023-02-28038668912024-02-29038668912023-03-012024-02-29038668912022-02-28038668912022-03-012023-02-28038668912023-02-2803866891ns15:EnglandWales2023-03-012024-02-2903866891ns14:PoundSterling2023-03-012024-02-2903866891ns10:Director12023-03-012024-02-2903866891ns10:Director22023-03-012024-02-2903866891ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2903866891ns10:SmallEntities2023-03-012024-02-2903866891ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2903866891ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2903866891ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2903866891ns10:FullAccounts2023-03-012024-02-2903866891ns10:Director32023-03-012024-02-2903866891ns10:CompanySecretary12023-03-012024-02-2903866891ns10:RegisteredOffice2023-03-012024-02-2903866891ns5:CurrentFinancialInstruments2024-02-2903866891ns5:CurrentFinancialInstruments2023-02-2803866891ns5:Non-currentFinancialInstruments2024-02-2903866891ns5:Non-currentFinancialInstruments2023-02-2803866891ns5:ShareCapital2024-02-2903866891ns5:ShareCapital2023-02-2803866891ns5:RetainedEarningsAccumulatedLosses2024-02-2903866891ns5:RetainedEarningsAccumulatedLosses2023-02-2803866891ns5:PlantMachinery2023-03-012024-02-2903866891ns5:MotorVehicles2023-03-012024-02-2903866891ns5:LandBuildings2023-02-2803866891ns5:PlantMachinery2023-02-2803866891ns5:MotorVehicles2023-02-2803866891ns5:LandBuildings2023-03-012024-02-2903866891ns5:LandBuildings2024-02-2903866891ns5:PlantMachinery2024-02-2903866891ns5:MotorVehicles2024-02-2903866891ns5:LandBuildings2023-02-2803866891ns5:PlantMachinery2023-02-2803866891ns5:MotorVehicles2023-02-2803866891ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2903866891ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-2903866891ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2903866891ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2803866891ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-02-2903866891ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-02-28038668911ns10:Director12023-02-28038668911ns10:Director12022-02-28038668911ns10:Director12023-03-012024-02-29038668911ns10:Director12022-03-012023-02-28038668911ns10:Director12024-02-29038668911ns10:Director12023-02-2803866891ns10:Director222023-02-2803866891ns10:Director222022-02-2803866891ns10:Director222023-03-012024-02-2903866891ns10:Director222022-03-012023-02-2803866891ns10:Director222024-02-2903866891ns10:Director222023-02-2803866891ns10:Director332023-02-2803866891ns10:Director332022-02-2803866891ns10:Director332023-03-012024-02-2903866891ns10:Director332022-03-012023-02-2803866891ns10:Director332024-02-2903866891ns10:Director332023-02-28
REGISTERED NUMBER: 03866891 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

R C PRECISION ENGINEERING LIMITED

R C PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03866891)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R C PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: R E D Thomas
D G Thomas
Mrs C Thomas





SECRETARY: Mrs V Thomas





REGISTERED OFFICE: 124 High Street
Midsomer Norton
Bath
BA3 2DA





REGISTERED NUMBER: 03866891 (England and Wales)





ACCOUNTANTS: PG Owen Limited
Chartered Accountants
124 High Street
Midsomer Norton
Bath
Avon
BA3 2DA

R C PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03866891)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 140,457 125,484

CURRENT ASSETS
Stocks 6,600 11,800
Debtors 5 263,022 218,487
Cash at bank 202,080 139,855
471,702 370,142
CREDITORS
Amounts falling due within one year 6 198,323 184,346
NET CURRENT ASSETS 273,379 185,796
TOTAL ASSETS LESS CURRENT
LIABILITIES

413,836

311,280

CREDITORS
Amounts falling due after more than one
year

7

(52,656

)

(59,051

)

PROVISIONS FOR LIABILITIES (9,576 ) (4,585 )
NET ASSETS 351,604 247,644

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 351,600 247,640
SHAREHOLDERS' FUNDS 351,604 247,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

R C PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03866891)

BALANCE SHEET - continued
29 FEBRUARY 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 14 October 2024 and were signed on its behalf by:




R E D Thomas - Director



D G Thomas - Director


R C PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03866891)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

R C Precision Engineering 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.

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 - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

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.

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.

R C PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03866891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 March 2023 101,356 125,648 48,244 275,248
Additions - 25,079 - 25,079
At 29 February 2024 101,356 150,727 48,244 300,327
DEPRECIATION
At 1 March 2023 - 106,822 42,942 149,764
Charge for year - 8,781 1,325 10,106
At 29 February 2024 - 115,603 44,267 159,870
NET BOOK VALUE
At 29 February 2024 101,356 35,124 3,977 140,457
At 28 February 2023 101,356 18,826 5,302 125,484

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 23,020
At 29 February 2024 23,020
DEPRECIATION
Charge for year 4,604
At 29 February 2024 4,604
NET BOOK VALUE
At 29 February 2024 18,416

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 139,607 172,022
Other debtors 11,924 -
Directors' current accounts 91,191 44,702
VAT 18,424 -
Prepayments and accrued income 1,876 1,763
263,022 218,487

R C PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03866891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,552 11,332
Bounce back loan 10,163 9,912
Hire purchase contracts 4,604 2,216
Trade creditors 26,419 54,754
Tax 131,043 86,321
Social security and other taxes 1,544 4,135
Factoring account - 100
Other creditors 4,479 -
Directors' current accounts - 2,008
Accruals and deferred income 9,519 13,568
198,323 184,346

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 21,974 34,995
Bounce back loan 13,801 24,056
Hire purchase contracts 16,881 -
52,656 59,051

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
R E D Thomas
Balance outstanding at start of year (2,008 ) (16,391 )
Amounts advanced 109,608 65,716
Amounts repaid (64,908 ) (51,333 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 42,692 (2,008 )

D G Thomas
Balance outstanding at start of year 39,217 13,834
Amounts advanced 80,388 116,983
Amounts repaid (87,643 ) (91,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,962 39,217

R C PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03866891)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs C Thomas
Balance outstanding at start of year 5,485 (3,548 )
Amounts advanced 62,098 60,785
Amounts repaid (51,046 ) (51,752 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 16,537 5,485

Interest is charged on the overdrawn loan accounts,where applicable, at the official rate of tax.

Overdrawn director loan accounts were repaid during the following year.

9. RELATED PARTY DISCLOSURES

The company is controlled by the directors who between them own all of the issued share capital of the company.

During the period the company paid Mr R Thomas and his immediate family £18,000 in respect of rent for the premises occupied by the company. This transaction is at arms length.

Where appropriate interest at the official rate is charged on all directors overdrawn loan accounts.