Registered number
03109470
K C Precision Limited
Report and Unaudited Accounts
30 April 2024
Collins
Chartered Accountants
West Midlands
K C Precision Limited
Registered number: 03109470
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 2 2
Current assets
Stocks 2,500 2,000
Debtors 4 56,976 54,880
Cash at bank and in hand 369 365
59,845 57,245
Creditors: amounts falling due within one year 5 (63,147) (34,329)
Net current (liabilities)/assets (3,302) 22,916
Total assets less current liabilities (3,300) 22,918
Creditors: amounts falling due after more than one year 6 (12,500) (22,500)
Net (liabilities)/assets (15,800) 418
Capital and reserves
Called up share capital 100 100
Profit and loss account (15,900) 318
Shareholders' funds (15,800) 418
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Norris
Director
Approved by the board on 30 August 2024
K C Precision Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% reducing balance basis
Plant and machinery 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 7,532
At 30 April 2024 7,532
Depreciation
At 1 May 2023 7,530
At 30 April 2024 7,530
Net book value
At 30 April 2024 2
At 30 April 2023 2
4 Debtors 2024 2023
£ £
Trade debtors 54,403 49,049
Prepayments and accrued income 2,573 5,831
56,976 54,880
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 49,206 17,557
Trade creditors 4,271 4,833
Other taxes and social security costs 4,245 6,320
Directors loans 1,034 1,269
Accruals and deferred income 4,391 4,350
63,147 34,329
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 22,500
7 Pension commitments
The company operates a non-contributory scheme for it's directors. It is a defined contribution scheme and contributions are charged to the profit and loss account as they accrue.The charge for the year was £5,214 (2023: £5,007). it also operates a 'Nest' Scheme for it's employees, contributions were £1,510 (2023- £1,308).
8 Dividends 2024 2023
£ £
Dividends for which the company became liable during the year:
Dividends paid - 2,000
- 2,000
9 Related party transactions
C Norris, the director of the company rented property and machinery to the company to the value of £15,400 (2023 £30,000). Also a recharge of net expenses of £5,059 (2023 - £3,000) were made to him.
10 Other information
K C Precision Limited is a private company limited by shares and incorporated in England. Its registered office is:
Armoury Works
Armoury Road
Small Heath
Birmingham
B11 2PP
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