REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Davies Precision Grinding Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
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 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Additions |
Reclassification/transfer |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Reclassification/transfer |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade debtors |
Amounts owed by parent company |
Other debtors |
Prepayments and accrued income |
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 |
Hire purchase contracts (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 191 | 53 |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans - 2-5 years |
Bank loans more 5 yr |
Hire purchase contracts (see note 10) |
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 |
Between one and five years |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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: | £ | £ |
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. |