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UK Precision Limited

Annual Report and Financial Statements
Year Ended 30 April 2024

Registration number: 05337241

 

UK Precision Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 11

 

UK Precision Limited

Balance Sheet

30 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

5

327,824

364,148

Current assets

 

Stocks

6

229,568

339,667

Debtors

7

536,902

426,872

Cash at bank and in hand

 

50,428

42,713

 

816,898

809,252

Creditors: Amounts falling due within one year

8

(398,563)

(447,847)

Net current assets

 

418,335

361,405

Total assets less current liabilities

 

746,159

725,553

Creditors: Amounts falling due after more than one year

8

(54,848)

(35,507)

Provisions for liabilities

(75,651)

(89,237)

Net assets

 

615,660

600,809

Capital and reserves

 

Called up share capital

10

1,080

1,080

Share premium reserve

178,623

178,623

Capital redemption reserve

266

266

Profit and loss account

435,691

420,840

Shareholders' funds

 

615,660

600,809

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 Board on 24 January 2025 and signed on its behalf by:
 

.........................................
D S Sneddon
Company secretary and director

Company Registration Number: 05337241

 

UK Precision Limited

Notes to the Financial Statements

Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Speed House
Barbican
London
EC2Y 8AT

These financial statements were authorised for issue by the Board on 24 January 2025.

2

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 15).

 

UK Precision Limited

Notes to the Financial Statements

Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 May 2023

136,151

At 30 April 2024

136,151

Amortisation

At 1 May 2023

136,151

At 30 April 2024

136,151

Carrying amount

At 30 April 2024

-

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

50,644

1,288,632

1,339,276

Additions

-

36,243

36,243

Disposals

-

(6,500)

(6,500)

At 30 April 2024

50,644

1,318,375

1,369,019

Depreciation

At 1 May 2023

42,471

932,658

975,129

Charge for the year

1,683

70,883

72,566

Eliminated on disposal

-

(6,500)

(6,500)

At 30 April 2024

44,154

997,041

1,041,195

Carrying amount

At 30 April 2024

6,490

321,334

327,824

At 30 April 2023

8,174

355,974

364,148

 

UK Precision Limited

Notes to the Financial Statements

Year Ended 30 April 2024

6

Stocks

2024
£

2023
£

Work in progress

116,651

214,610

Finished goods and goods for resale

92,313

107,537

Other inventories

20,604

17,520

229,568

339,667

7

Debtors

Note

2024
£

(As restated)

2023
£

Trade debtors

 

230,286

149,443

Amounts owed by group undertakings

12

278,488

238,077

Amounts due from related parties

 

24,368

-

Prepayments

 

3,221

9,451

Other debtors

 

539

29,901

 

536,902

426,872

 

UK Precision Limited

Notes to the Financial Statements

Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

21,314

32,838

Trade creditors

 

273,829

301,250

Amounts owed to group undertakings

 

-

62,500

Taxation and social security

 

61,450

24,085

Other creditors

 

1,117

-

Accruals and deferred income

 

40,853

27,174

 

398,563

447,847

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

54,848

35,507

9

Loans and borrowings

2024
£

2023
£

Loans and borrowings due after one year

Bank borrowings

19,167

29,176

HP and finance lease liabilities

35,681

6,331

54,848

35,507

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

11,314

22,838

21,314

32,838

 

UK Precision Limited

Notes to the Financial Statements

Year Ended 30 April 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,080

1,080

1,080

1,080

         

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

36,000

36,000

Later than one year and not later than five years

87,000

123,000

123,000

159,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £36,000 (2023 - £21,000).

12

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

37,552

Amounts receivable from related party

24,368

 

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

5,019

13

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Robert Whitehead FCCA, who signed for and on behalf of PKF Francis Clark on 24 January 2025.

14

Parent and ultimate parent undertaking

The company's immediate parent is Leviathan Newco 2 Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is England and Wales.The ultimate controlling party is Leviathan Engineering Limited.

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Leviathan Newco 2 Limited, incorporated in England and Wales.

The address of Leviathan Newco 2 Limited is:
28 Speed House, Barbican, London, EC2Y 8AT