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REGISTERED NUMBER: 03720562 (England and Wales)
























Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Davies Precision Grinding Limited

Davies Precision Grinding Limited (Registered number: 03720562)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Davies Precision Grinding Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: A Sweetman
Mrs A K Sweetman





SECRETARY: A Sweetman





REGISTERED OFFICE: 282 Upper Balsall Heath Road
Highgate
Birmingham
West Midlands
B12 9DR





REGISTERED NUMBER: 03720562 (England and Wales)





ACCOUNTANTS: James, Stanley & Co. Limited
1,733 Coventry Road
South Yardley
Birmingham
West Midlands
B26 1DT

Davies Precision Grinding Limited (Registered number: 03720562)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Property, plant and equipment 6 138,797 46,377
138,797 46,377

CURRENT ASSETS
Debtors 7 280,684 230,142
Cash at bank and in hand 5,280 5,012
285,964 235,154
CREDITORS
Amounts falling due within one year 8 242,506 215,993
NET CURRENT ASSETS 43,458 19,161
TOTAL ASSETS LESS CURRENT
LIABILITIES

182,255

65,538

CREDITORS
Amounts falling due after more than one
year

9

(128,592

)

(44,933

)

PROVISIONS FOR LIABILITIES (34,674 ) (8,786 )
NET ASSETS 18,989 11,819

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 18,987 11,817
SHAREHOLDERS' FUNDS 18,989 11,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Davies Precision Grinding Limited (Registered number: 03720562)

Balance Sheet - continued
30 April 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 29 January 2025 and were signed on its behalf by:





Mrs A K Sweetman - Director


Davies Precision Grinding Limited (Registered number: 03720562)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Davies Precision Grinding 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.

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


2. STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services provided, excluding value added tax.

Goodwill
Goodwill is represented by the acquisitions the company has made of other businesses in 1999 and 2008 and has been written off evenly over its estimated useful life of five years.

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
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.

Davies Precision Grinding Limited (Registered number: 03720562)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. 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.

Pensions
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Loans from directors
As a small entity the company measures a basic financial liability that are loans from directors at transaction price.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 19,735
AMORTISATION
At 1 May 2023
and 30 April 2024 19,735
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

Davies Precision Grinding Limited (Registered number: 03720562)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 195,319 9,254 11,995 3,471 220,039
Additions 138,411 235 - 100 138,746
At 30 April 2024 333,730 9,489 11,995 3,571 358,785
DEPRECIATION
At 1 May 2023 157,768 6,201 6,935 2,758 173,662
Charge for year 43,990 493 1,265 578 46,326
At 30 April 2024 201,758 6,694 8,200 3,336 219,988
NET BOOK VALUE
At 30 April 2024 131,972 2,795 3,795 235 138,797
At 30 April 2023 37,551 3,053 5,060 713 46,377

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 May 2023 14,000 - 14,000
Additions 129,800 - 129,800
Reclassification/transfer - 11,995 11,995
At 30 April 2024 143,800 11,995 155,795
DEPRECIATION
At 1 May 2023 3,500 - 3,500
Charge for year 35,075 1,265 36,340
Reclassification/transfer - 6,935 6,935
At 30 April 2024 38,575 8,200 46,775
NET BOOK VALUE
At 30 April 2024 105,225 3,795 109,020
At 30 April 2023 10,500 - 10,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 150,198 118,190
Amounts owed by parent company 115,128 93,398
Other debtors 1,630 1,630
Prepayments and accrued income 13,728 16,924
280,684 230,142

Davies Precision Grinding Limited (Registered number: 03720562)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 5,556 5,556
Hire purchase contracts (see note 10) 28,957 2,987
Trade creditors 45,209 36,138
Tax 44,070 67,607
Social security and other taxes 81,376 73,380
Other creditors 19,365 14,468
Directors' current accounts 191 53
Accruals and deferred income 17,782 15,804
242,506 215,993

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Bank loans - 2-5 years 22,222 22,222
Bank loans more 5 yr 6,019 11,574
Hire purchase contracts (see note 10) 100,351 11,137
128,592 44,933

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr 6,019 11,574

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.4.24 30.4.23
£    £   
Net obligations repayable:
Within one year 28,957 2,987
Between one and five years 100,351 11,137
129,308 14,124

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 25,000 25,000
Between one and five years 100,000 100,000
In more than five years - 25,000
125,000 150,000

Davies Precision Grinding Limited (Registered number: 03720562)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. SECURED DEBTS

Obligations under finance leases and hire purchase contracts are secured by the related lease assets.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
2 Ordinary £1 2 2

13. CAPITAL COMMITMENTS
30.4.24 30.4.23
£    £   
Contracted but not provided for in the
financial statements - -

14. RELATED PARTY DISCLOSURES

Loans from key management personnel are unsecured and interest free with no specific repayment terms and is presented within creditors due within one year.

The balance with the holding company is unsecured and interest free with no specific repayment terms.