Company Registration No. 03210398 (England and Wales)
Moorside Precision Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with the registrar
Moorside Precision Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
Moorside Precision Limited
Statement of financial position
As at 31 May 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
7,077
7,960
Tangible assets
5
329,354
227,449
336,431
235,409
Current assets
Stocks
84,300
91,880
Debtors
6
384,026
226,714
Cash at bank and in hand
339,904
461,481
808,230
780,075
Creditors: amounts falling due within one year
7
(292,905)
(315,222)
Net current assets
515,325
464,853
Total assets less current liabilities
851,756
700,262
Creditors: amounts falling due after more than one year
8
(160,288)
(101,662)
Provisions for liabilities
(84,108)
(53,416)
Net assets
607,360
545,184
Capital and reserves
Called up share capital
110
110
Profit and loss reserves
607,250
545,074
Total equity
607,360
545,184
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Moorside Precision Limited
Statement of financial position (continued)
As at 31 May 2024
2
The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
Liying Meng
Director
Company Registration No. 03210398
Moorside Precision Limited
Notes to the financial statements
For the year ended 31 May 2024
3
1
Accounting policies
Company information
Moorside Precision Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover from the supply of precision engineering is recognised at the fair value of the consideration received or receivable, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
25% reducing balance basis
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
5% straight line basis
Plant and machinery
15% reducing balance basis
Fixtures, fittings & equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Moorside Precision Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Moorside Precision Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
5
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Moorside Precision Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
6
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Critical accounting judgements 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 amount 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 that 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
17
Moorside Precision Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
7
4
Intangible fixed assets
Other
£
Cost
At 1 June 2023
14,590
Additions
1,200
At 31 May 2024
15,790
Amortisation and impairment
At 1 June 2023
6,630
Amortisation charged for the year
2,083
At 31 May 2024
8,713
Carrying amount
At 31 May 2024
7,077
At 31 May 2023
7,960
5
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2023
12,978
810,780
40,271
25,085
889,114
Additions
133,273
8,134
141,407
Disposals
(55,220)
(55,220)
At 31 May 2024
12,978
888,833
48,405
25,085
975,301
Depreciation and impairment
At 1 June 2023
12,978
598,715
25,981
23,991
661,665
Depreciation charged in the year
33,446
3,963
274
37,683
Eliminated in respect of disposals
(53,401)
(53,401)
At 31 May 2024
12,978
578,760
29,944
24,265
645,947
Carrying amount
At 31 May 2024
310,073
18,461
820
329,354
At 31 May 2023
212,065
14,290
1,094
227,449
Moorside Precision Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
8
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
365,034
221,037
Other debtors
18,992
5,677
384,026
226,714
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,981
14,509
Trade creditors
118,527
127,707
Amounts owed to group undertakings
40,315
41,472
Taxation and social security
41,945
85,515
Other creditors
76,137
46,019
292,905
315,222
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,174
30,139
Other creditors
146,114
71,523
160,288
101,662
Within other creditors (amounts due within and after one year) is an amount totalling £181,773 (2023: £87,443) that relates to a liability arising from a hire purchase contract. Security is held over the asset in which the hire purchase agreement relates to.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
90,107
123,897
Moorside Precision Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
9
10
Related party transactions
The company has taken advantage of the exemption available in section 33.1A of FRS 102 from the requirement to disclose transactions with group companies where they are wholly owned.
11
Parent company
The parent company of Moorside Precision Limited is Active Innovations Limited and its registered office address is Midland House, 2 Poole Road, Bournemouth, BH2 5QY.
2024-05-312023-06-01false03 February 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityLiying MengMurray LovellAndrew NisbetJ R S Birdfalsefalse032103982023-06-012024-05-31032103982024-05-31032103982023-05-3103210398core:IntangibleAssetsOtherThanGoodwill2024-05-3103210398core:IntangibleAssetsOtherThanGoodwill2023-05-3103210398core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-05-3103210398core:PlantMachinery2024-05-3103210398core:FurnitureFittings2024-05-3103210398core:MotorVehicles2024-05-3103210398core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-05-3103210398core:PlantMachinery2023-05-3103210398core:FurnitureFittings2023-05-3103210398core:MotorVehicles2023-05-3103210398core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3103210398core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3103210398core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3103210398core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3103210398core:CurrentFinancialInstruments2024-05-3103210398core:CurrentFinancialInstruments2023-05-3103210398core:Non-currentFinancialInstruments2024-05-3103210398core:Non-currentFinancialInstruments2023-05-3103210398core:ShareCapital2024-05-3103210398core:ShareCapital2023-05-3103210398core:RetainedEarningsAccumulatedLosses2024-05-3103210398core:RetainedEarningsAccumulatedLosses2023-05-3103210398bus:Director12023-06-012024-05-3103210398core:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3103210398core:ComputerSoftware2023-06-012024-05-3103210398core:LandBuildingscore:LongLeaseholdAssets2023-06-012024-05-3103210398core:PlantMachinery2023-06-012024-05-3103210398core:FurnitureFittings2023-06-012024-05-3103210398core:MotorVehicles2023-06-012024-05-31032103982022-06-012023-05-3103210398core:IntangibleAssetsOtherThanGoodwill2023-05-3103210398core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-05-3103210398core:PlantMachinery2023-05-3103210398core:FurnitureFittings2023-05-3103210398core:MotorVehicles2023-05-31032103982023-05-3103210398core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-012024-05-3103210398core:WithinOneYear2024-05-3103210398core:WithinOneYear2023-05-3103210398bus:PrivateLimitedCompanyLtd2023-06-012024-05-3103210398bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103210398bus:FRS1022023-06-012024-05-3103210398bus:AuditExemptWithAccountantsReport2023-06-012024-05-3103210398bus:Director22023-06-012024-05-3103210398bus:Director32023-06-012024-05-3103210398bus:Director42023-06-012024-05-3103210398bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP