Year Ended
Registration number:
UK Precision Limited
Balance Sheet
30 April 2024
Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 05337241
UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors consider the prospects of the Company to be strong for the next 12 months with a growing order book and strengthening relationships with key customers. Improvement actions and synergies within the Leviathan Engineering Group further underpin this confidence.
Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Prior period errors
A credit note was recognised twice in the prior year in error.
Current period disclosed in these financial statements | Prior period disclosed in the prior year signed financial statements | Prior period disclosed in these financial statements | |
Profit and loss account | 498,666 | 312,700 | 420,840 |
Debtors | 566,668 | 318,732 | 426,872 |
Key sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate where the revision affects only that period, or in the period of the revision and future periods where the revision reflects both current and future periods.
Determining whether there are indicators of impairment of the company's tangible assets. Tangible fixed assets are depreciated over their useful life taking into account residual values, where appropriate. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. The carrying amount is £327,824 (2023: £364,148).
Determining whether stock is held at the correct value by ensuring it is stated at the lower of cost or net realisable value, the estimate being the selling price less costs to complete and sell. Stock is assessed for impairment and potential provision is estimated. Management undertake regular stocktakes and review the ageing and selling profile of the stock. The carrying value is £229,568 (2023: 339,667).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services to external customers in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Turnover is recognised when the goods or services have been delivered to the customer.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
25% reducing balance and 10% straight line |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Intangible assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumuluative impairment losses.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the olbigation can be estimated reliably.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 May 2023 |
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At 30 April 2024 |
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Amortisation |
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At 1 May 2023 |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
- |
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Stocks |
2024 |
2023 |
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Work in progress |
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Finished goods and goods for resale |
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Other inventories |
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Debtors |
Note |
2024 |
(As restated) |
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Trade debtors |
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Amounts owed by group undertakings |
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Amounts due from related parties |
24,368 |
- |
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Prepayments |
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Other debtors |
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UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
- |
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Taxation and social security |
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Other creditors |
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- |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,080 |
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1,080 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Related party transactions |
The Company has taken advantage of the exemption available in Section 33.1A of FRS 102 not to disclose transactions with wholly owned subsidiary undertakings of the group.
Income and receivables from related parties
2024 |
Entities with joint control or significant influence |
Receipt of services |
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Amounts receivable from related party |
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UK Precision Limited
Notes to the Financial Statements
Year Ended 30 April 2024
Expenditure with and payables to related parties
2024 |
Entities with joint control or significant influence |
Purchase of goods |
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Audit report |
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Relationship between entity and parents
The parent of the smallest group in which these financial statements are consolidated is
The address of Leviathan Newco 2 Limited is: