IRIS Accounts Production v24.3.0.553 05455025 Board of Directors Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. manufacturers of precision plastic mouldings. true true true false true true false false false true false A Ordinary 0 B Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh054550252022-12-31054550252023-12-31054550252023-01-012023-12-31054550252021-12-31054550252022-01-012022-12-31054550252022-12-3105455025ns15:EnglandWales2023-01-012023-12-3105455025ns14:PoundSterling2023-01-012023-12-3105455025ns10:Director12023-01-012023-12-3105455025ns10:Director22023-01-012023-12-3105455025ns10:Consolidated2023-12-3105455025ns10:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3105455025ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3105455025ns10:Consolidatedns10:MediumEntities2023-01-012023-12-3105455025ns10:Consolidatedns10:Audited2023-01-012023-12-3105455025ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3105455025ns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3105455025ns10:Consolidated2023-01-012023-12-3105455025ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3105455025ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3105455025ns10:FullAccounts2023-01-012023-12-3105455025ns5:Subsidiary12023-01-012023-12-3105455025ns10:OrdinaryShareClass12023-01-012023-12-3105455025ns10:OrdinaryShareClass22023-01-012023-12-3105455025ns10:CompanySecretary12023-01-012023-12-3105455025ns10:RegisteredOffice2023-01-012023-12-3105455025ns10:Consolidated2022-01-012022-12-3105455025ns5:CurrentFinancialInstruments2023-12-3105455025ns5:CurrentFinancialInstruments2022-12-3105455025ns5:ShareCapital2023-12-3105455025ns5:ShareCapital2022-12-3105455025ns5:RetainedEarningsAccumulatedLosses2023-12-3105455025ns5:RetainedEarningsAccumulatedLosses2022-12-3105455025ns5:ShareCapital2021-12-3105455025ns5:RetainedEarningsAccumulatedLosses2021-12-3105455025ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105455025ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105455025ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-01-012023-12-3105455025ns5:PlantMachinery2023-01-012023-12-3105455025ns5:FurnitureFittings2023-01-012023-12-3105455025ns5:MotorVehicles2023-01-012023-12-3105455025ns5:LandBuildings2022-12-3105455025ns5:FurnitureFittings2022-12-3105455025ns5:LandBuildings2023-01-012023-12-3105455025ns5:LandBuildings2023-12-3105455025ns5:FurnitureFittings2023-12-3105455025ns5:LandBuildings2022-12-3105455025ns5:FurnitureFittings2022-12-3105455025ns5:CostValuation2022-12-31054550251ns5:Subsidiary12023-01-012023-12-3105455025ns5:Subsidiary122023-01-012023-12-3105455025ns5:Subsidiary12023-12-3105455025ns5:Subsidiary12022-12-3105455025ns5:Subsidiary12022-01-012022-12-3105455025ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3105455025ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3105455025ns5:Non-currentFinancialInstruments2023-12-3105455025ns5:Non-currentFinancialInstruments2022-12-3105455025ns5:DeferredTaxation2022-12-3105455025ns5:DeferredTaxation2023-01-012023-12-3105455025ns5:DeferredTaxation2023-12-3105455025ns10:OrdinaryShareClass12023-12-3105455025ns10:OrdinaryShareClass22023-12-31
REGISTERED NUMBER: 05455025 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr P Doheny
Mr V Marino



SECRETARY: Mr P Doheny



REGISTERED OFFICE: 1063 Mollison Avenue
Enfield
Middlesex
EN3 7NJ



REGISTERED NUMBER: 05455025 (England and Wales)



SENIOR STATUTORY AUDITOR: Christopher Andrews ACA



AUDITORS: Mountsides Limited
Chartered Accountants
& Statutory Auditors
2 Mountside
Stanmore
Middlesex
HA7 2DT

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31st December 2023.

REVIEW OF BUSINESS
The directors consider that the key financial performance indicators (KPIs) are those that communicate the financial performance and strength of the company as a whole to its members. These KPIs comprise turnover, operating profit and shareholders' funds. The company is exempt from the requirement to disclose details of non-financial key performance indicators as it is a medium sized company.

During the year the group reported a 12% decrease in turnover due to reduced demand, leading to a 30% decrease in operating profit. At the year end, shareholders' funds increased by 5% and net assets per ordinary share were £807.

The group expects profitability to remain under pressure in the future due to continuing world and inflation uncertainties and their impact on costs.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's financial risk management objectives consist of identifying and monitoring those risks which have an adverse impact on the value of the group's financial assets and liabilities or on reported profitability and on the cash flows of the group.

The group's principal financial instruments comprise cash balances and various items such as trade debtors and trade creditors which arise directly from trading operations. The main purpose of these financial instruments is to provide finance for the group's operations. The existence of these financial instruments exposes the group to a number of financial risks.

LIQUIDITY RISK
The group minimises its exposure to liquidity risk by managing cash generation by its operations with cash collection targets set. In this way the group ensures that sufficient funds are available for day to day operations and planned expansions.

CREDIT RISK
The principal credit risk arises from trade debtors. Management has a credit policy in place and exposure to credit risk is monitored on an ongoing basis, based on a combination of payment history and third party references.

FUTURE DEVELOPMENTS
The directors are satisfied with the results achieved during the year. Their plan for the future is to continue in their efforts to secure new orders, both in the United Kingdom and overseas, and to continue to invest in new plant and machinery. Brexit and events outside the group's control have created significant uncertainties which are likely to dampen the group's future growth, but in the directors' opinion, the group is well positioned to meet these challenges.

ON BEHALF OF THE BOARD:





Mr P Doheny - Director


28th November 2024

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

DIVIDENDS
Interim dividends of £190,000 (2022: £170,000) were distributed during the year. The directors do not recommend the payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

Mr P Doheny
Mr V Marino

DISCLOSURE IN THE STRATEGIC REPORT
The information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been disclosed in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors of a company must, in determining how amounts are presented within items in the profit and loss account and balance sheet, have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles and practice.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31ST DECEMBER 2023


AUDITORS
The auditors, Mountsides Limited, are deemed to be reappointed under s487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr P Doheny - Director


28th November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED


Opinion
We have audited the financial statements of Precision Engineering Plastics (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to but not limited to, Companies Act 2006 and UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates. Audit procedures performed included:
- Enquiries with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
- Reviewing the financial statements for compliance with the Companies Act 2006.
- Evaluating and challenging the reasonableness of accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Christopher Andrews ACA (Senior Statutory Auditor)
for and on behalf of Mountsides Limited
Chartered Accountants
& Statutory Auditors
2 Mountside
Stanmore
Middlesex
HA7 2DT

28th November 2024

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

REVENUE 4 5,921,914 6,702,933

Cost of sales (3,819,705 ) (4,347,561 )
GROSS PROFIT 2,102,209 2,355,372

Administrative expenses (1,400,570 ) (1,349,943 )
OPERATING PROFIT 6 701,639 1,005,429

Interest receivable and similar income 42,432 -
PROFIT BEFORE TAXATION 744,071 1,005,429

Tax on profit 7 (127,339 ) (154,628 )
PROFIT FOR THE FINANCIAL YEAR 616,732 850,801

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

616,732

850,801

Profit attributable to:
Owners of the parent 616,732 850,801

Total comprehensive income attributable to:
Owners of the parent 616,732 850,801

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

CONSOLIDATED BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 11 2,879,772 3,090,325
Investments 12 - -
2,879,772 3,090,325

CURRENT ASSETS
Inventories 13 495,309 698,674
Debtors 14 2,926,929 3,167,641
Cash at bank and in hand 3,659,473 2,713,995
7,081,711 6,580,310
CREDITORS
Amounts falling due within one year 15 (847,428 ) (954,597 )
NET CURRENT ASSETS 6,234,283 5,625,713
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,114,055

8,716,038

PROVISIONS FOR LIABILITIES 16 (113,606 ) (142,321 )
NET ASSETS 9,000,449 8,573,717

CAPITAL AND RESERVES
Called up share capital 17 11,136 11,136
Retained earnings 8,989,313 8,562,581
SHAREHOLDERS' FUNDS 9,000,449 8,573,717

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

CONSOLIDATED BALANCE SHEET - continued
31ST DECEMBER 2023



The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2024 and were signed on its behalf by:




Mr P Doheny - Director



Mr V Marino - Director


PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

COMPANY BALANCE SHEET
31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 11 2,633,587 2,693,425
Investments 12 474,024 474,024
3,107,611 3,167,449

CURRENT ASSETS
Debtors 14 6,113 5,815
Cash at bank 1,689,160 1,315,315
1,695,273 1,321,130
CREDITORS
Amounts falling due within one year 15 (3,060,035 ) (2,982,854 )
NET CURRENT LIABILITIES (1,364,762 ) (1,661,724 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,742,849

1,505,725

PROVISIONS FOR LIABILITIES 16 (95,601 ) (94,877 )
NET ASSETS 1,647,248 1,410,848

CAPITAL AND RESERVES
Called up share capital 17 11,136 11,136
Retained earnings 1,636,112 1,399,712
SHAREHOLDERS' FUNDS 1,647,248 1,410,848

Company's profit for the financial year 426,400 423,493

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

COMPANY BALANCE SHEET - continued
31ST DECEMBER 2023



The financial statements were approved by the Board of Directors and authorised for issue on 28th November 2024 and were signed on its behalf by:




Mr P Doheny - Director



Mr V Marino - Director


PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 11,136 7,881,780 7,892,916

Changes in equity
Dividends - (170,000 ) (170,000 )
Total comprehensive income - 850,801 850,801
Balance at 31st December 2022 11,136 8,562,581 8,573,717

Changes in equity
Dividends - (190,000 ) (190,000 )
Total comprehensive income - 616,732 616,732
Balance at 31st December 2023 11,136 8,989,313 9,000,449

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31ST DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 11,136 1,146,219 1,157,355

Changes in equity
Dividends - (170,000 ) (170,000 )
Total comprehensive income - 423,493 423,493
Balance at 31st December 2022 11,136 1,399,712 1,410,848

Changes in equity
Dividends - (190,000 ) (190,000 )
Total comprehensive income - 426,400 426,400
Balance at 31st December 2023 11,136 1,636,112 1,647,248

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,241,733 1,037,305
Tax paid (138,607 ) (475,260 )
Net cash from operating activities 1,103,126 562,045

Cash flows from investing activities
Purchase of tangible fixed assets (10,080 ) (163,570 )
Sale of tangible fixed assets - 62,250
Interest received 42,432 -
Net cash from investing activities 32,352 (101,320 )

Cash flows from financing activities
Capital repayments in year - (11,421 )
Equity dividends paid (190,000 ) (170,000 )
Net cash from financing activities (190,000 ) (181,421 )

Increase in cash and cash equivalents 945,478 279,304
Cash and cash equivalents at beginning of
year

2

2,713,995

2,434,691

Cash and cash equivalents at end of year 2 3,659,473 2,713,995

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.23 31.12.22
£    £   
Profit before taxation 744,071 1,005,429
Depreciation charges 220,632 229,901
Profit on disposal of fixed assets - (4,250 )
Finance income (42,432 ) -
922,271 1,231,080
Decrease in inventories 203,365 8,430
Decrease/(increase) in trade and other debtors 240,712 (348,030 )
(Decrease)/increase in trade and other creditors (124,615 ) 145,825
Cash generated from operations 1,241,733 1,037,305

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,659,473 2,713,995
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,713,995 2,434,691


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,713,995 945,478 3,659,473
2,713,995 945,478 3,659,473
Total 2,713,995 945,478 3,659,473

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Precision Engineering Plastics (Holdings) 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 General Information page.

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


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported. These estimates, judgements and assumptions are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where judgements, estimates and assumptions have been made include:

Debtors
Management applies judgements in evaluating the recoverability of debtors. To the extent that the directors believe debtors not to be recoverable, they have been provided for in the financial statements.

Stock
Management applies judgements in evaluating stock for obsolete and slow moving items. This judgement is based on management knowledge of the stock and customer demand, as well as stock age. At each balance sheet date, stocks are assessed for impairment and written down as appropriate.

TURNOVER
The turnover shown in the profit and loss account represents revenue recognised by the group in respect of goods and services supplied during the year.Turnover is measured at the fair value of the consideration received or receivable net of value added tax and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the group and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Rendering of services
When the outcome of a transaction can be estimated reliably, turnover from rendering of services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to actual time spent to the total budgeted time.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


3. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

INVENTORIES
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

FINANCIAL INSTRUMENTS
The group only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment of assets are recognised in the profit and loss account in other administrative expenses.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

RESEARCH AND DEVELOPMENT
Expenditure on research and development is written off in the year in which it is incurred.


FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


3. ACCOUNTING POLICIES - continued

LEASING COMMITMENTS
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

FIXED ASSET INVESTMENTS
Fixed assets investments are stated at cost less provision for any impairment.

4. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the group.

An analysis of revenue by geographical market is given below:

31.12.23 31.12.22
£    £   
United Kingdom 4,755,406 5,313,272
Europe 825,211 1,008,803
Rest of the World 341,297 380,858
5,921,914 6,702,933

5. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,116,171 2,278,801
Social security costs 208,648 235,375
Other pension costs 294,761 229,599
2,619,580 2,743,775

The average number of employees during the year was as follows:
31.12.23 31.12.22

Administration and management 14 16
Production 56 62
70 78

The average number of employees by undertakings that were proportionately consolidated during the year was 70 (2022 - 78 ) .

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


5. EMPLOYEES AND DIRECTORS - continued

31.12.23 31.12.22
£    £   
Directors' remuneration 102,944 96,920
Directors' pension contributions to money purchase schemes 219,200 150,600

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 220,631 212,760
Depreciation - assets on hire purchase contracts or finance leases - 17,141
Profit on disposal of fixed assets - (4,250 )
Auditors' remuneration 8,850 8,850
Foreign exchange differences 5,714 (21,278 )

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 156,054 138,525

Deferred tax (28,715 ) 16,103
Tax on profit 127,339 154,628

UK corporation tax was charged at 19 %) in 2022.

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


7. TAXATION - continued

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 744,071 1,005,429
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

175,005

191,032

Effects of:
Expenses not deductible for tax purposes 205 976

Change in rate of deferred taxation provision - 40,181
R & D relief claims (55,282 ) (77,561 )
Origination and reversal of timing differences 7,411 -
Total tax charge 127,339 154,628

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.12.23 31.12.22
£    £   
A Ordinary shares of £1 each
Interim 98,800 88,400
B Ordinary shares of £1 each
Interim 91,200 81,600
190,000 170,000

10. PENSION COSTS

The group operates a defined contribution pension scheme for the benefit of some of its employees. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge in the profit and loss account represents contributions paid to the fund and amounted to £294,761 (2022 - £229,599).

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


11. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st January 2023 3,291,868 3,017,450 381,189 147,303 6,837,810
Additions - - 10,080 - 10,080
At 31st December 2023 3,291,868 3,017,450 391,269 147,303 6,847,890
DEPRECIATION
At 1st January 2023 598,443 2,720,040 364,670 64,334 3,747,487
Charge for year 59,837 115,630 9,767 35,397 220,631
At 31st December 2023 658,280 2,835,670 374,437 99,731 3,968,118
NET BOOK VALUE
At 31st December 2023 2,633,588 181,780 16,832 47,572 2,879,772
At 31st December 2022 2,693,425 297,410 16,519 82,969 3,090,323

Company
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST
At 1st January 2023
and 31st December 2023 3,291,868 220,522 3,512,390
DEPRECIATION
At 1st January 2023 598,443 220,522 818,965
Charge for year 59,838 - 59,838
At 31st December 2023 658,281 220,522 878,803
NET BOOK VALUE
At 31st December 2023 2,633,587 - 2,633,587
At 31st December 2022 2,693,425 - 2,693,425

Included in cost of land and buildings is freehold land of £ 300,000 (2022 - £ 300,000 ) which is not depreciated.

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 474,024
NET BOOK VALUE
At 31st December 2023 474,024
At 31st December 2022 474,024

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARY

Precision Engineering Plastics Ltd
Registered office: England & Wales
Nature of business: Manufacturer of precision plastic mouldings.
%
Class of shares: holding
Ordinary £1 Shares 100.00
Ordinary 10p Shares 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 7,827,225 7,636,893
Profit for the year 380,332 597,308


13. STOCKS

Group
31.12.23 31.12.22
£    £   
Raw materials 279,852 386,943
Finished goods 215,457 311,731
495,309 698,674

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


14. DEBTORS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 995,976 1,243,356 - -
Other debtors 5 5 - -
Prepayments 75,948 69,280 6,113 5,815
1,071,929 1,312,641 6,113 5,815

Amounts falling due after more than one year:
Directors' loan accounts 1,400,000 1,400,000 - -
Tax 455,000 455,000 - -
1,855,000 1,855,000 - -

Aggregate amounts 2,926,929 3,167,641 6,113 5,815

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade creditors 286,156 384,118 - -
Amounts owed to group undertakings - - 2,948,420 2,875,905
Tax 156,054 138,607 83,984 73,134
Social security and other taxes 29,607 38,813 - -
VAT 154,464 165,396 12,898 24,000
Other creditors 81,716 50,726 - -
Accrued expenses 139,431 176,937 14,733 9,815
847,428 954,597 3,060,035 2,982,854

16. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Deferred tax 113,606 142,321 95,601 94,877

PRECISION ENGINEERING PLASTICS
(HOLDINGS) LIMITED (REGISTERED NUMBER: 05455025)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


16. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st January 2023 142,321
Credit to Statement of Comprehensive Income during year (28,715 )
Balance at 31st December 2023 113,606

Company
Deferred
tax
£   
Balance at 1st January 2023 94,877
Charge to Statement of Comprehensive Income during year 724
Balance at 31st December 2023 95,601

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
5,792 A Ordinary £1 5,792 5,792
5,344 B Ordinary £1 5,344 5,344
11,136 11,136

18. RELATED PARTY DISCLOSURES

The group has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included within debtors are loans totalling £1,400,000 made to the directors, which remain unpaid at the balance sheet date. The loans are interest free and have no fixed repayment dates.

19. ULTIMATE CONTROLLING PARTY

The group was controlled throughout the period by Mr P Doheny and Mr V Marino and their families, acting in concert.