R.S.C. Precision Engineering Limited
Unaudited Financial Statements
For the year ended 30 September 2024
Pages for Filing with Registrar
Company Registration No. 01379734 (England and Wales)
R.S.C. Precision Engineering Limited
Company Information
Directors
R. Emery
K. Emery
Company number
01379734
Registered office
Unit 1A Horndon Business Park
Station Road
West Horndon
Brentwood
Essex
CM13 3XL
Accountants
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
R.S.C. Precision Engineering Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
R.S.C. Precision Engineering Limited
Balance Sheet
As at 30 September 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
841
989
Tangible assets
5
1,058,203
1,031,354
1,059,044
1,032,343
Current assets
Stock
49,745
39,603
Debtors
6
1,345,293
1,361,485
Cash at bank and in hand
700,732
384,213
2,095,770
1,785,301
Creditors: amounts falling due within one year
7
(1,264,919)
(1,033,890)
Net current assets
830,851
751,411
Total assets less current liabilities
1,889,895
1,783,754
Creditors: amounts falling due after more than one year
8
(122,793)
(163,689)
Provisions for liabilities
9
(254,603)
(247,078)
Net assets
1,512,499
1,372,987
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,512,399
1,372,887
Total equity
1,512,499
1,372,987
R.S.C. Precision Engineering Limited
Balance Sheet (Continued)
As at 30 September 2024
Page 2
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
R. Emery
K. Emery
Director
Director
Company Registration No. 01379734
R.S.C. Precision Engineering Limited
Notes to the Financial Statements
For the year ended 30 September 2024
Page 3
1
Accounting policies
Company information
R.S.C. Precision Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is Unit 1A Horndon Business Park, Station Road, West Horndon, Brentwood, Essex, CM13 3XL.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for precision tools manufactured, net of VAT.
1.3
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
15% reducing balance
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and machinery
15% - 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
Page 4
1.7
Financial instruments
All of the company's financial assets and liabilities are basic and measured at amortised cost.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.9
Leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
The company makes contributions to a money purchase scheme, the assets of the scheme being held separately from the assets of the company. The pension cost charge represents contributions payable to the scheme. There were 2 (2023 - 2) directors in the scheme during the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
35
33
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 5
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
45,150
22,433
Adjustments in respect of prior periods
(127,097)
(159,062)
Total current tax
(81,947)
(136,629)
Deferred tax
Origination and reversal of timing differences
7,525
99,426
Total tax credit
(74,422)
(37,203)
4
Intangible fixed assets
Other
£
Cost
At 1 October 2023 and 30 September 2024
5,920
Amortisation and impairment
At 1 October 2023
4,931
Amortisation charged for the year
148
At 30 September 2024
5,079
Carrying amount
At 30 September 2024
841
At 30 September 2023
989
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 6
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2023
60,340
2,847,705
2,908,045
Additions
227,041
227,041
At 30 September 2024
60,340
3,074,746
3,135,086
Depreciation and impairment
At 1 October 2023
60,340
1,816,351
1,876,691
Depreciation charged in the year
200,192
200,192
At 30 September 2024
60,340
2,016,543
2,076,883
Carrying amount
At 30 September 2024
1,058,203
1,058,203
At 30 September 2023
1,031,354
1,031,354
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,287,502
1,132,278
Corporation tax recoverable
161,506
Prepayments and accrued income
57,791
67,701
1,345,293
1,361,485
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
152,739
150,335
Corporation tax
45,150
22,433
Other taxation and social security
212,751
220,937
Net obligations under hire purchase contracts
158,585
172,075
Other creditors
695,694
468,110
1,264,919
1,033,890
Bank facilities and overdrafts are secured by an unlimited debenture dated 15 December 2006 in the bank's standard form.
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 7
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Net obligations under hire purchase contracts
122,793
163,689
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
254,603
247,078
10
Called up share capital
2024
2023
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
R.S.C. Precision Engineering Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2024
Page 8
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
192,000
192,000
12
Related party transactions
During the year under review an amount of £192,000 (2023: £158,500) was paid to R&S Properties, a partnership under the control of the directors, for rent at market value and is included in administrative expenses, £nil (2023: £108,200) of this was outstanding at they year end and included within other creditors.
Included in other creditors at the year is an amount owed to R. Emery of £4,033 (2023: £37,154) and an amount owed to K. Emery of £60,154 (2023: £13,565). During the year dividends of £150,000 (2023: £Nil) were paid to the directors R. Emery and K. Emery.
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