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REGISTERED NUMBER: 01217291 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

LICHFIELD MACHINE TOOLS 1990 LIMITED

LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LICHFIELD MACHINE TOOLS 1990 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: S Wilkins
C T Wilkins



SECRETARY: I A Hinton



REGISTERED OFFICE: C/O Kingsbury Jig & Tool Group Limited
London Road
Bassetts Pole
Sutton Coldfield
West Midlands
B75 5SA



REGISTERED NUMBER: 01217291 (England and Wales)



AUDITORS: Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG



BANKERS: Lloyds TSB Bank Plc

LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,058,991 2,123,754
Investments 5 2,000 2,000
Investment property 6 5,315,212 4,024,414
7,376,203 6,150,168

CURRENT ASSETS
Debtors 7 277,920 213,798
Prepayments and accrued income 5,693 1,512
Cash at bank 24,042 23,709
307,655 239,019
CREDITORS
Amounts falling due within one year 8 92,329 97,377
NET CURRENT ASSETS 215,326 141,642
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,591,529

6,291,810

PROVISIONS FOR LIABILITIES 9 458,756 259,855
NET ASSETS 7,132,773 6,031,955

CAPITAL AND RESERVES
Called up share capital 56 56
Capital redemption reserve 44 44
Fair value reserve 1,848,809 1,805,901
Investment property fair value reserve 2,723,965 1,597,364
Retained earnings 2,559,899 2,628,590
SHAREHOLDERS' FUNDS 7,132,773 6,031,955

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





C T Wilkins - Director


LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Lichfield Machine Tools 1990 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

The company has confirmed continued support from the subsidiary undertakings, and the directors consider the company retains sufficient working capital to continue trading for the foreseeable future

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
(a) Depreciation

Depreciation is provided on all tangible fixed assets other than freehold land and investment properties at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:-

Freehold buildingsover 35 years
Plant and machineryover 20 years
Fixtures and fittingsover 10 years
Motor vehiclesover 4 years


Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Investments
Long term investments are described as participating interests and are classified as fixed assets.

Participating interests are stated at cost.

Provision is made for any permanent diminution in the value of fixed asset investments.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 June 2023 1,543,296 1,374,031 2,917,327
Revaluations (64,329 ) - (64,329 )
At 31 May 2024 1,478,967 1,374,031 2,852,998
DEPRECIATION
At 1 June 2023 275,119 518,454 793,573
Charge for year 14,800 66,574 81,374
Revaluation adjustments (80,940 ) - (80,940 )
At 31 May 2024 208,979 585,028 794,007
NET BOOK VALUE
At 31 May 2024 1,269,988 789,003 2,058,991
At 31 May 2023 1,268,177 855,577 2,123,754

LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 May 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2009 420,875 - 420,875
Valuation in 2016 29,485 - 29,485
Valuation in 2024 (64,329 ) - (64,329 )
Cost 1,092,936 1,374,031 2,466,967
1,478,967 1,374,031 2,852,998

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 2,000
NET BOOK VALUE
At 31 May 2024 2,000
At 31 May 2023 2,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 4,024,414
Disposals (61,000 )
Revaluations 1,351,798
At 31 May 2024 5,315,212
NET BOOK VALUE
At 31 May 2024 5,315,212
At 31 May 2023 4,024,414

Deferred tax of £458,756 arose on the Other reserves.

The valuation of investment property was undertaken on 30 January 2024 based on an open market value by a consultant of KWB Property Management Limited who is a RICS Registered valuer.

The Directors have considered the fair value at the reporting date and confirmed no change.

LICHFIELD MACHINE TOOLS 1990 LIMITED (REGISTERED NUMBER: 01217291)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. INVESTMENT PROPERTY - continued

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2009 1,255,103
Valuation in 2016 411,325
Valuation in 2024 1,351,798
Cost 2,296,986
5,315,212

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,683 27,261
Other debtors 268,237 186,537
277,920 213,798

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 19,031 44,804
Taxation and social security 5,791 -
Other creditors 67,507 52,573
92,329 97,377

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Other timing differences 458,756 259,855

Deferred
tax
£   
Balance at 1 June 2023 259,855
Movement 198,901
Balance at 31 May 2024 458,756

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Fletcher BSc ACA (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited

11. OTHER FINANCIAL COMMITMENTS

The company has given a guarantee on behalf of related parties in relation to bank liabilities.