Company registration number:
10090246
AE Precision Engineering Ltd
Unaudited filleted financial statements
31 March 2024
AE Precision Engineering Ltd
Contents
Directors and other information
Accountants report
Statement of financial position and notes to the financial statements
AE Precision Engineering Ltd
Directors and other information
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Directors |
Mr David John Gostling |
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Mr Steven Bellamy |
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Company number |
10090246 |
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Registered office |
Ground Floor East |
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30-40 Eastcheap |
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City of London |
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London |
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EC3M 1HD |
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Business address |
Unit C, Chesham Close |
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Cedar Road |
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Romford |
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Essex |
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RM7 7PJ |
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Accountants |
Kay Peters & Co. |
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Ground Floor East |
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30-40 Eastcheap |
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London |
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EC3M 1HD |
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AE Precision Engineering Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of AE Precision Engineering Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AE Precision Engineering Ltd for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of AE Precision Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of AE Precision Engineering Ltd and state those matters that we have agreed to state to the board of directors of AE Precision Engineering Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AE Precision Engineering Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that AE Precision Engineering Ltd 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 loss of AE Precision Engineering Ltd. You consider that AE Precision Engineering Ltd 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 AE Precision Engineering Ltd. 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.
Kay Peters & Co.
Chartered Certified Accountants
Ground Floor East
30-40 Eastcheap
London
EC3M 1HD
2 January 2025
AE Precision Engineering Ltd
Statement of financial position
31 March 2024
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2024 |
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2023 |
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£ |
£ |
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£ |
£ |
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Fixed assets |
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60,057 |
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83,018 |
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_______ |
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_______ |
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Current assets |
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15,244 |
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107,194 |
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Prepayments and accrued income |
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- |
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40,800 |
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_______ |
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_______ |
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15,244 |
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147,994 |
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Creditors: amounts falling due within one year |
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(
205,209) |
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(
205,916) |
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_______ |
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_______ |
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Net current liabilities |
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(
189,965) |
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(
57,922) |
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_______ |
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_______ |
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Total assets less current liabilities |
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(
129,908) |
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25,096 |
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Creditors: amounts falling due after more than one year |
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(
102,472) |
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(
116,186) |
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Accruals and deferred income |
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(
5,615) |
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(
10,170) |
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_______ |
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Net liabilities |
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(
237,995) |
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(
101,260) |
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_______ |
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_______ |
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Capital and reserves |
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(
237,995) |
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(
101,260) |
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_______ |
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_______ |
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AE Precision Engineering Ltd
Year ended 31 March 2024
Notes to the financial statements
1.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023:
5
).
2.
Directors advances, credits and guarantees
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During the year the directors entered into the following advances and credits with the company: |
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2024 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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Mr David John Gostling |
(
41,410) |
- |
16,846 |
(
24,564) |
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Mr Steven Bellamy |
(
44,390) |
(
1,408) |
- |
(
45,798) |
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_______ |
_______ |
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_______ |
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(
85,800) |
(
1,408) |
16,846 |
(
70,362) |
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_______ |
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_______ |
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2023 |
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Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
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£ |
£ |
£ |
£ |
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Mr David John Gostling |
(
48,056) |
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6,646 |
(
41,410) |
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Mr Steven Bellamy |
(
64,002) |
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19,612 |
(
44,390) |
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_______ |
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_______ |
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(
112,058) |
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26,258 |
(
85,800) |
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_______ |
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The amount outstanding is repayable to Mr D.J. Gostling and Mr. S. Bellamy. A director reserves the right to repay the loan at anytime. Interest is chargeable at the directors' discretion. The loan is unsecured.
During the year the company entered into the following guarantees on behalf of its directors:
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Maximum liability |
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Amount paid/liability incurred |
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2024 |
2023 |
2024 |
2023 |
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£ |
£ |
£ |
£ |
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Mr David John Gostling |
30,000 |
30,000 |
29,220 |
29,695 |
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Mr Steven Bellamy |
30,000 |
30,000 |
29,220 |
29,695 |
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_______ |
_______ |
_______ |
_______ |
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60,000 |
60,000 |
58,440 |
59,390 |
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The bank overdraft is personally guaranteed by the directors and it is secured against one of the director's personal assets.
3.
Going Concern
The company's directors have consider whether the company is a going concern by assessing future orders from customers and preparing cash flow and profit forecasts which indicate a positive trading future. However, the company remains dependent on its overdraft facility for financing its day to day financing needs.
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 responsiblities:
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The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the micro-entity provisions and have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
02 January 2025
, and are signed on behalf of the board by:
Mr David John Gostling
Mr Steven Bellamy
Director
Director
Company registration number:
10090246
The company is a private company limited by shares, registered in Wales.