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REGISTERED NUMBER: 06722476 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

PRECISION ENGINEERING UK LTD

PRECISION ENGINEERING UK LTD (Registered number: 06722476)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PRECISION ENGINEERING UK LTD

Company Information
for the Year Ended 31 October 2024







DIRECTOR: C A Reed





REGISTERED OFFICE: Unit 42 Halcroft Syston
Leicester
Leicestershire
LE7 1LD





REGISTERED NUMBER: 06722476 (England and Wales)





ACCOUNTANTS: Vaughan Davies & Co (Accountants) Ltd
Unit 1-3, Willow Park
Upton Lane
Stoke Golding
Nuneaton
Warwickshire
CV13 6EU

PRECISION ENGINEERING UK LTD (Registered number: 06722476)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 64,907 66,376

CURRENT ASSETS
Stocks 12,500 16,250
Debtors 5 69,949 48,195
Cash at bank 51,107 54,649
133,556 119,094
CREDITORS
Amounts falling due within one year 6 108,357 111,320
NET CURRENT ASSETS 25,199 7,774
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,106

74,150

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 90,105 74,149
90,106 74,150

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 12 February 2025 and were signed by:



C A Reed - Director


PRECISION ENGINEERING UK LTD (Registered number: 06722476)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. STATUTORY INFORMATION

PRECISION ENGINEERING UK LTD 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.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PRECISION ENGINEERING UK LTD (Registered number: 06722476)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


2. ACCOUNTING POLICIES - continued

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 9 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2023 165,903 25,199 2,637 193,739
Additions - 16,099 158 16,257
At 31 October 2024 165,903 41,298 2,795 209,996
DEPRECIATION
At 1 November 2023 107,248 18,992 1,123 127,363
Charge for year 11,731 5,577 418 17,726
At 31 October 2024 118,979 24,569 1,541 145,089
NET BOOK VALUE
At 31 October 2024 46,924 16,729 1,254 64,907
At 31 October 2023 58,655 6,207 1,514 66,376

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 68,949 47,395
Other debtors 1,000 800
69,949 48,195

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Bank loans and overdrafts 15,998 24,000
Trade creditors 29,255 12,030
Taxation and social security 41,894 40,085
Other creditors 21,210 35,205
108,357 111,320