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REGISTERED NUMBER: 03497664 (England and Wales)

















IVEL PRECISION ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






IVEL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03497664)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


IVEL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03497664)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 89,231 115,343

CURRENT ASSETS
Stocks 81,300 81,300
Debtors 5 161,507 217,819
Cash at bank and in hand 20,205 25,211
263,012 324,330
CREDITORS
Amounts falling due within one year 6 194,541 239,849
NET CURRENT ASSETS 68,471 84,481
TOTAL ASSETS LESS CURRENT
LIABILITIES

157,702

199,824

CREDITORS
Amounts falling due after more than one
year

7

(62,227

)

(101,481

)

PROVISIONS FOR LIABILITIES (11,582 ) (16,201 )
NET ASSETS 83,893 82,142

CAPITAL AND RESERVES
Called up share capital 9 750 750
Capital redemption reserve 250 250
Retained earnings 82,893 81,142
SHAREHOLDERS' FUNDS 83,893 82,142

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

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

IVEL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03497664)

BALANCE SHEET - continued
31 JANUARY 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





T M Domagala - Director


IVEL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03497664)

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

1. STATUTORY INFORMATION

Ivel Precision Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03497664

Registered office: 71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

The presentation currency of the financial statements is the Pound Sterling (£).


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 - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 Profit and Loss Account, 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.

IVEL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03497664)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 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
Contributions payable to a pension scheme are charged to the profit and loss account in the period to which they relate.

Significant judgements and estimation uncertainty
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. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Going concern
The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

IVEL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03497664)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 February 2023
and 31 January 2024 68,446 58,883 4,711 132,040
DEPRECIATION
At 1 February 2023 2,630 9,815 4,252 16,697
Charge for year 13,464 12,267 381 26,112
At 31 January 2024 16,094 22,082 4,633 42,809
NET BOOK VALUE
At 31 January 2024 52,352 36,801 78 89,231
At 31 January 2023 65,816 49,068 459 115,343

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 65,000 38,500 103,500
DEPRECIATION
At 1 February 2023 1,082 6,417 7,499
Charge for year 13,000 8,021 21,021
At 31 January 2024 14,082 14,438 28,520
NET BOOK VALUE
At 31 January 2024 50,918 24,062 74,980
At 31 January 2023 63,918 32,083 96,001

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 104,571 160,883
Amounts receivable under contract 56,936 56,936
161,507 217,819

IVEL PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03497664)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,122 14,822
Hire purchase contracts 20,671 20,436
Trade creditors 55,073 60,163
Tax 854 3,616
Social security and other taxes 13,599 7,610
VAT 2,796 35,380
Factoring account 81,976 92,641
Directors' loan accounts 4,138 1,815
Accrued expenses 5,312 3,366
194,541 239,849

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 15,578 25,664
Hire purchase contracts 46,649 75,817
62,227 101,481

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 25,700 40,486
Factoring account 81,796 92,641
107,496 133,127

Factoring liabilities are secured by way of a fixed and floating charge over the assets of the company.

Bank loans are secured by way of a fixed and floating charge over the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
750 Ordinary £1 750 750