Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-3015111947false592023-05-01falsemechanical engineering44falsetrue 02134577 2023-05-01 2024-04-30 02134577 2022-05-01 2023-04-30 02134577 2024-04-30 02134577 2023-04-30 02134577 c:Director4 2023-05-01 2024-04-30 02134577 d:Buildings 2023-05-01 2024-04-30 02134577 d:Buildings 2024-04-30 02134577 d:Buildings 2023-04-30 02134577 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02134577 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 02134577 d:Buildings d:LongLeaseholdAssets 2024-04-30 02134577 d:Buildings d:LongLeaseholdAssets 2023-04-30 02134577 d:PlantMachinery 2023-05-01 2024-04-30 02134577 d:PlantMachinery 2024-04-30 02134577 d:PlantMachinery 2023-04-30 02134577 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02134577 d:MotorVehicles 2023-05-01 2024-04-30 02134577 d:MotorVehicles 2024-04-30 02134577 d:MotorVehicles 2023-04-30 02134577 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02134577 d:FurnitureFittings 2023-05-01 2024-04-30 02134577 d:FurnitureFittings 2024-04-30 02134577 d:FurnitureFittings 2023-04-30 02134577 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02134577 d:ComputerEquipment 2023-05-01 2024-04-30 02134577 d:ComputerEquipment 2024-04-30 02134577 d:ComputerEquipment 2023-04-30 02134577 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02134577 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 02134577 d:OtherPropertyPlantEquipment 2024-04-30 02134577 d:OtherPropertyPlantEquipment 2023-04-30 02134577 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02134577 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02134577 d:CurrentFinancialInstruments 2024-04-30 02134577 d:CurrentFinancialInstruments 2023-04-30 02134577 d:Non-currentFinancialInstruments 2024-04-30 02134577 d:Non-currentFinancialInstruments 2023-04-30 02134577 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 02134577 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 02134577 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 02134577 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 02134577 d:ShareCapital 2024-04-30 02134577 d:ShareCapital 2023-04-30 02134577 d:OtherMiscellaneousReserve 2024-04-30 02134577 d:OtherMiscellaneousReserve 2023-04-30 02134577 d:RetainedEarningsAccumulatedLosses 2024-04-30 02134577 d:RetainedEarningsAccumulatedLosses 2023-04-30 02134577 c:FRS102 2023-05-01 2024-04-30 02134577 c:Audited 2023-05-01 2024-04-30 02134577 c:FullAccounts 2023-05-01 2024-04-30 02134577 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02134577 d:HirePurchaseContracts d:WithinOneYear 2024-04-30 02134577 d:HirePurchaseContracts d:WithinOneYear 2023-04-30 02134577 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-04-30 02134577 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-04-30 02134577 c:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 02134577 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 02134577










LLANELEC PRECISION ENGINEERING COMPANY LIMITED








AUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
REGISTERED NUMBER: 02134577

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,077,914
7,555,974

  
5,077,914
7,555,974

Current assets
  

Stocks
  
1,466,029
478,688

Debtors: amounts falling due within one year
 6 
8,075,332
3,729,197

Cash at bank and in hand
  
416,849
667,044

  
9,958,210
4,874,929

Creditors: amounts falling due within one year
 7 
(4,051,544)
(2,034,817)

Net current assets
  
 
 
5,906,666
 
 
2,840,112

Total assets less current liabilities
  
10,984,580
10,396,086

Creditors: amounts falling due after more than one year
 8 
-
(1,780,923)

Provisions for liabilities
  

Deferred tax
  
(786,432)
(684,681)

  
 
 
(786,432)
 
 
(684,681)

Net assets
  
10,198,148
7,930,482


Capital and reserves
  

Called up share capital 
  
500
500

Other reserves
  
-
184,252

Profit and loss account
  
10,197,648
7,745,730

  
10,198,148
7,930,482


Page 1

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
REGISTERED NUMBER: 02134577
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




S C John
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Llanelec Precision Engineering Company Limited is a limited company, limited by shares, and incorporated in England and Wales. 
The registered number is:  02134577
The registered office is:  Nidum House
     Neath Abbey Business Park
     Neath Abbey
     Neath
     Wales
     SA10 7DR
The company's principal activity is mechanical engineering.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financial statements are rounded to nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cash flows.
The company has reported a profit for the year, and has both net current assets and net assets at the balance sheet date.
Although the current economic position remains uncertain, the directors are confident that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 

Page 3

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised on despatch of goods from the company's premises. 

 
2.4

Government grants

Grants are credited to deferred revenue when entitlement to the grant has been established. Grants towards capital expenditure are then released to the profit and loss account over the useful life of the assets. Grants towards revenue expenditure are released to the profit and loss as the related expenditure is incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
over life of the freehold
Long-term leasehold property
-
over life of the leasehold
Plant and machinery
-
10% on cost
Motor vehicles
-
25% on cost
Fixtures and fittings
-
25% on cost
Computer equipment
-
10% on cost
Improvements to property
-
10% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks and work-in-progress are stated at the lower of cost and net realisable value. Cost includes materials, direct labour and production overheads appropriate to the relevant stage of production. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing, selling and distribution costs.

At each balance sheet date, stocks are assessed for impairment. If stock is 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. 

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

Decreases in provisions are generally credited to profit or loss. 

  
2.12

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.

  
2.13

Deferred taxation

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.

  
2.14

Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with members within the group where subsidiaries are wholly owned.

  
2.15

Operating leases

Rental costs under operating leases are charged to the income and expenditure account in equal annual amounts over the period of the lease.

Page 6

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which 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 is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Impairment of assets
Assets are assessed for indicators of impairment at each statement of financial position date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Stock provisions
Stock holdings are assessed for indicators of obsolescence at each statement of financial position date. If there is objective evidence of obsolescence, a provision is recognised in the income statement.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.


4.


Employees

The average monthly nuber of employees, including directors, during the year was 59 (2023 - 44). 

Page 7

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 May 2023
1,632,723
1,201,493
5,325,397
40,374
103,987


Additions
-
-
1,009,817
-
-


Disposals
(1,632,723)
(1,201,493)
(37,500)
-
-



At 30 April 2024

-
-
6,297,714
40,374
103,987



Depreciation


At 1 May 2023
62,587
46,057
2,992,747
32,519
58,508


Charge for the year on owned assets
-
-
281,000
4,940
22,226


Disposals
(62,587)
(46,057)
(19,579)
-
-



At 30 April 2024

-
-
3,254,168
37,459
80,734



Net book value



At 30 April 2024
-
-
3,043,546
2,915
23,253



At 30 April 2023
1,570,136
1,155,436
2,332,650
7,855
45,480
Page 8

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           5.Tangible fixed assets (continued)


Computer equipment
Improv-ments to property
Total

£
£
£



Cost or valuation


At 1 May 2023
39,482
2,482,750
10,826,206


Additions
63,560
33,795
1,107,172


Disposals
-
(557,968)
(3,429,684)



At 30 April 2024

103,042
1,958,577
8,503,694



Depreciation


At 1 May 2023
8,818
68,998
3,270,234


Charge for the year on owned assets
6,105
38,496
352,767


Disposals
-
(68,998)
(197,221)



At 30 April 2024

14,923
38,496
3,425,780



Net book value



At 30 April 2024
88,119
1,920,081
5,077,914



At 30 April 2023
30,664
2,413,752
7,555,973


6.


Debtors

2024
2023
£
£


Trade debtors
2,267,272
1,118,208

Amounts owed by group undertakings
5,349,224
2,544,488

Other debtors
269,714
4,585

Prepayments and accrued income
98,094
61,916

Tax recoverable
91,028
-

8,075,332
3,729,197


Page 9

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
200,662

Trade creditors
1,996,472
807,867

Corporation tax
768,683
55,747

Other taxation and social security
459,695
297,080

Hire purchase contracts
105,848
120,767

Other creditors
48,572
126,823

Accruals and deferred income
672,274
425,871

4,051,544
2,034,817


 

The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
105,848
167,054

Bank loans
-
1,935,298

105,848
2,102,352

Details of security provided:

Hire purchase contracts are secured against the assets to which they relate. 

Bank loans were secured by way of fixed and floating charges over the assets of the company. Bank loans were transferred to fellow subsidiary, CJ Properties (Neath) Limited during the year. 

Page 10

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
1,734,636

Net obligations under finance leases and hire purchase contracts
-
46,287

-
1,780,923


The following liabilities were secured:

2024
2023
£
£



Bank loans
-
1,935,298

Hire purchase contracts
-
167,054

-
2,102,352

Details of security provided:

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

Hire purchase contracts are secured against the assets to which they relate. 


9.


Leasing agreements


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£

Net obligations repayable


Within one year
105,848
120,767

Between 1-5 years
-
46,287

105,848
167,054


10.Other financial commitments

Unlimited intercompany guarantee between Llanelec Precision Engineering Company Limited and Llanelec Holdings Limited dated 9 July 2008. 

Page 11

 
LLANELEC PRECISION ENGINEERING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Related party disclosures

At the balance sheet date a total amount of £258,492 (2023 - £77,802) was owed from the company directors. The balances are unsecured, interest free, and repayable on demand.
Consultancy fees totaling £122,490 (2023 - £79,274) and rent for the company's premises of £403,506 (2023 - £98,833) were payable to directors during the year.  
During the year the company’s freehold property and long leasehold property was transferred to fellow subsidiary company, CJ Properties (Neath) Limited.    


12.


Controlling party

The controlling party is Llanelec Holdings Limited. The ultimate controlling party is Mrs C John.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 31 January 2025 by Brian Garland BA ACA (Senior statutory auditor) on behalf of MHA.

MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313). 

 
Page 12