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REGISTERED NUMBER: 03633197 (England and Wales)















FALCON PRECISION LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024






FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


FALCON PRECISION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr K Killick
Mr J Ogden





REGISTERED OFFICE: Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR





REGISTERED NUMBER: 03633197 (England and Wales)





ACCOUNTANTS: Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FALCON PRECISION 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 Falcon Precision Limited for the year ended 31 May 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Falcon Precision 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 Falcon Precision Limited and state those matters that we have agreed to state to the Board of Directors of Falcon Precision 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 Falcon Precision Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Falcon Precision 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 Falcon Precision Limited. You consider that Falcon Precision 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 Falcon Precision 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.






Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR


2 January 2025

FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 418,323 545,498

CURRENT ASSETS
Stocks 25,868 22,383
Debtors 5 356,990 284,126
Cash at bank and in hand 307,951 225,502
690,809 532,011
CREDITORS
Amounts falling due within one year 6 404,262 373,789
NET CURRENT ASSETS 286,547 158,222
TOTAL ASSETS LESS CURRENT
LIABILITIES

704,870

703,720

CREDITORS
Amounts falling due after more than one
year

7

(135,497

)

(197,532

)

PROVISIONS FOR LIABILITIES 10 (137,309 ) (106,918 )
NET ASSETS 432,064 399,270

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 9,900 9,900
Retained earnings 421,164 388,370
SHAREHOLDERS' FUNDS 432,064 399,270

FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

BALANCE SHEET - continued
31 MAY 2024


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

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

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2025 and were signed on its behalf by:




Mr J Ogden - Director



Mr K Killick - Director


FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Falcon Precision Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03633197 and the registered office is Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire, SO53 2DR.

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.

The presentation currency of the accounts is the pound (£) sterling.

Going concern
The financial statements have been prepared on the going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements.

1) Leases
A lease that does not transfer substantially all of the risks and rewards of ownership is classified as an operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty;

2) Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

3) Dilapidations provision
Estimates are based on management's expectations for the costs to be incurred at the end of the lease in order to restore the property to its original condition.

Turnover
Turnover is derived from metal work and machining services and represents net amounts invoiced during the year (excluding value added tax) adjusted for accrued and deferred income where applicable. Turnover is recognised on despatch of goods.

FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
All fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location or condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset less its estimated residual value, over the useful economic life of the asset as follows:

Improvements to property- Straight line over 25 years
Plant and machinery- 25% Reducing balance
Furniture & equipment- 25% Reducing balance
Motor vehicles- 25% Reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.

Work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress includes labour and direct expenditure.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 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.

FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase 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 the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

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 the income statement in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Government grants
Grants of a revenue nature are credited to the income statement in the period to which they relate in accordance with the terms of the grant. Any deferred element of the grant is included within creditors as deferred income.

Warranty provision
The warranty provision represents the expected future costs to be incurred in order to repair goods under the period of the warranty.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 17 ) .

4. TANGIBLE FIXED ASSETS
Improvements Plant and Furniture & Motor
to property machinery equipment vehicles Totals
£ £ £ £ £
COST
At 1 June 2023 114,355 1,207,275 90,422 15,650 1,427,702
Additions 1,530 - 1,933 - 3,463
Disposals - - (2,095 ) - (2,095 )
At 31 May 2024 115,885 1,207,275 90,260 15,650 1,429,070
DEPRECIATION
At 1 June 2023 16,072 798,986 64,109 3,037 882,204
Charge for year 3,992 115,858 6,662 3,153 129,665
Eliminated on disposal - - (1,122 ) - (1,122 )
At 31 May 2024 20,064 914,844 69,649 6,190 1,010,747
NET BOOK VALUE
At 31 May 2024 95,821 292,431 20,611 9,460 418,323
At 31 May 2023 98,283 408,289 26,313 12,613 545,498

The net book value of tangible fixed assets includes £162,279 (2023 - £266,052) in respect of assets held under hire purchase contracts.

FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 307,717 248,563
Prepayments and accrued income 49,273 35,563
356,990 284,126

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 52,035 53,176
Trade creditors 184,573 291,405
Social security and other taxes 82,933 734
VAT 55,472 1,987
Other creditors 1,569 1,724
Accruals and deferred income 17,680 14,763
404,262 373,789

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years - 10,000
Hire purchase contracts (see note 8) 125,497 177,532
135,497 197,532

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase - 13,813

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 52,035 53,176
Between one and five years 125,497 163,719
In more than five years - 13,813
177,532 230,708

FALCON PRECISION LIMITED (REGISTERED NUMBER: 03633197)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. LEASING AGREEMENTS - continued

Non-cancellable
operating leases
2024 2023
£ £
Within one year 107,233 84,276
Between one and five years 365,877 107,592
In more than five years 59,083 -
532,193 191,868

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 177,532 230,708

10. PROVISIONS FOR LIABILITIES


Deferred tax
provision

Warranty
provision

Dilapidation
provision


Total

Balance at 1 June 2023106,918--106,918

Provided during the year(2,761)3,15230,00030,391
Balance at 31 May 2024104,1573,15230,000137,309


The above deferred tax balance relates to accelerated capital allowances.