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REGISTERED NUMBER: 02642479 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31st August 2024

for

S.L. Precision Engineers Limited
Trading as
SL Plastics

S.L. Precision Engineers Limited (Registered number: 02642479)
Trading as SL Plastics






Contents of the Financial Statements
for the year ended 31st August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S.L. Precision Engineers Limited
Trading as SL Plastics

Company Information
for the year ended 31st August 2024







DIRECTORS: Mr S L Leaver
Mr N P Thompson





REGISTERED OFFICE: 22-24 Brunel Way
Thetford
Norfolk
IP24 1HP





REGISTERED NUMBER: 02642479 (England and Wales)





ACCOUNTANTS: TWR Accountants
The Old Registrars
57a High Street
Brandon
Suffolk
IP27 0AU

S.L. Precision Engineers Limited (Registered number: 02642479)
Trading as SL Plastics

Balance Sheet
31st August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,424,222 1,450,861

CURRENT ASSETS
Stocks 727,538 731,234
Debtors 5 853,000 767,560
Cash at bank and in hand 146,774 275,615
1,727,312 1,774,409
CREDITORS
Amounts falling due within one year 6 890,926 892,174
NET CURRENT ASSETS 836,386 882,235
TOTAL ASSETS LESS CURRENT LIABILITIES 2,260,608 2,333,096

CREDITORS
Amounts falling due after more than one
year

7

(577,371

)

(608,118

)

PROVISIONS FOR LIABILITIES (143,649 ) (149,411 )
NET ASSETS 1,539,588 1,575,567

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 1,539,488 1,575,467
SHAREHOLDERS' FUNDS 1,539,588 1,575,567

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

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

S.L. Precision Engineers Limited (Registered number: 02642479)
Trading as SL Plastics

Balance Sheet - continued
31st August 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th January 2025 and were signed on its behalf by:





Mr S L Leaver - Director


S.L. Precision Engineers Limited (Registered number: 02642479)
Trading as SL Plastics

Notes to the Financial Statements
for the year ended 31st August 2024

1. STATUTORY INFORMATION

S.L. Precision Engineers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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

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

Current or deferred taxation assets and liabilities are not discounted.

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
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.

S.L. Precision Engineers Limited (Registered number: 02642479)
Trading as SL Plastics

Notes to the Financial Statements - continued
for the year ended 31st August 2024

2. ACCOUNTING POLICIES - continued

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

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 29 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1st September 2023 664,486 369,614 902,182 37,077 1,973,359
Additions - - 98,393 4,500 102,893
Disposals - - (10,268 ) - (10,268 )
At 31st August 2024 664,486 369,614 990,307 41,577 2,065,984
DEPRECIATION
At 1st September 2023 - 63,356 438,499 20,643 522,498
Charge for year - 36,956 83,777 5,234 125,967
Eliminated on disposal - - (6,703 ) - (6,703 )
At 31st August 2024 - 100,312 515,573 25,877 641,762
NET BOOK VALUE
At 31st August 2024 664,486 269,302 474,734 15,700 1,424,222
At 31st August 2023 664,486 306,258 463,683 16,434 1,450,861

S.L. Precision Engineers Limited (Registered number: 02642479)
Trading as SL Plastics

Notes to the Financial Statements - continued
for the year ended 31st August 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st September 2023 165,676 25,577 191,253
Transfer to ownership (123,162 ) (25,577 ) (148,739 )
At 31st August 2024 42,514 - 42,514
DEPRECIATION
At 1st September 2023 64,318 11,190 75,508
Charge for year 5,421 - 5,421
Transfer to ownership (57,941 ) (11,190 ) (69,131 )
At 31st August 2024 11,798 - 11,798
NET BOOK VALUE
At 31st August 2024 30,716 - 30,716
At 31st August 2023 101,358 14,387 115,745

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 831,234 748,215
Prepayments 21,766 19,345
853,000 767,560

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 45,260 44,317
Hire purchase contracts 35,077 42,944
Trade creditors 569,297 562,421
Tax 58,232 103,325
Social security and other taxes 18,491 18,102
VAT 158,552 115,291
Other creditors 6,017 5,774
890,926 892,174

S.L. Precision Engineers Limited (Registered number: 02642479)
Trading as SL Plastics

Notes to the Financial Statements - continued
for the year ended 31st August 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 47,366 46,260
Bank loans - 2-5 years 210,038 205,718
Bank loans more 5 yr by instal 287,670 337,619
Hire purchase contracts 32,297 18,521
577,371 608,118

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 287,670 337,619

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 67,374 61,465

9. RESERVES
Retained
earnings
£   

At 1st September 2023 1,575,467
Profit for the year 147,096
Dividends (183,075 )
At 31st August 2024 1,539,488

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S L Leaver by virtue of his 95% shareholding.