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REGISTERED NUMBER: 01398245 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Fauld Precision Machining Co Limited

Fauld Precision Machining Co Limited (Registered number: 01398245)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Fauld Precision Machining Co Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: R A Binns
N E Binns





SECRETARY: R A Binns





REGISTERED OFFICE: Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD





REGISTERED NUMBER: 01398245 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Fauld Precision Machining Co Limited (Registered number: 01398245)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 691,219 575,297

CURRENT ASSETS
Stocks 42,150 49,000
Debtors 5 791,186 934,288
Cash at bank 794,339 1,537,002
1,627,675 2,520,290
CREDITORS
Amounts falling due within one year 6 (761,354 ) (1,417,429 )
NET CURRENT ASSETS 866,321 1,102,861
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,557,540

1,678,158

CREDITORS
Amounts falling due after more than one
year

7

(345,993

)

(197,515

)
NET ASSETS 1,211,547 1,480,643

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 1,211,545 1,480,641
SHAREHOLDERS' FUNDS 1,211,547 1,480,643

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

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

Fauld Precision Machining Co Limited (Registered number: 01398245)

Balance Sheet - continued
31 August 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:




N E Binns - Director



R A Binns - Director


Fauld Precision Machining Co Limited (Registered number: 01398245)

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

1. STATUTORY INFORMATION

Fauld Precision Machining Co 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.

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 - 33% on cost and 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.

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

Fauld Precision Machining Co Limited (Registered number: 01398245)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023 2,222,287 103,450 2,325,737
Additions 260,000 - 260,000
At 31 August 2024 2,482,287 103,450 2,585,737
DEPRECIATION
At 1 September 2023 1,669,320 81,120 1,750,440
Charge for year 138,478 5,600 144,078
At 31 August 2024 1,807,798 86,720 1,894,518
NET BOOK VALUE
At 31 August 2024 674,489 16,730 691,219
At 31 August 2023 552,967 22,330 575,297

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 September 2023 497,000
Additions 260,000
At 31 August 2024 757,000
DEPRECIATION
At 1 September 2023 224,240
Charge for year 70,200
At 31 August 2024 294,440
NET BOOK VALUE
At 31 August 2024 462,560
At 31 August 2023 272,760

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 731,092 934,288
Amounts owed by associates 60,094 -
791,186 934,288

Fauld Precision Machining Co Limited (Registered number: 01398245)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 132,321 76,161
Trade creditors 334,646 710,518
Amounts owed to group undertakings 2,015 130,424
Taxation and social security 82,535 202,035
Other creditors 209,837 298,291
761,354 1,417,429

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 345,993 197,515

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. RELATED PARTY DISCLOSURES

BPK Developments Limited

An associated company


During the year a loan of £60,000 was made to BPK Developments Limited. This is an interest free loan and repayable on demand.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Fauld Precision Machining Co Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fauld Precision Machining Co Limited for the year ended 31 August 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Fauld Precision Machining Co Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fauld Precision Machining Co Limited and state those matters that we have agreed to state to the Board of Directors of Fauld Precision Machining Co Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fauld Precision Machining Co Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Fauld Precision Machining Co Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fauld Precision Machining Co Limited. You consider that Fauld Precision Machining Co Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Fauld Precision Machining Co Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


11 November 2024