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Company No: 12757286 (England and Wales)

KL PRECISION TOOLING LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

KL PRECISION TOOLING LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

KL PRECISION TOOLING LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
KL PRECISION TOOLING LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 6,663 7,230
6,663 7,230
Current assets
Debtors 4 0 1,611
Cash at bank and in hand 63,173 68,535
63,173 70,146
Creditors: amounts falling due within one year 5 ( 2,622) ( 5,245)
Net current assets 60,551 64,901
Total assets less current liabilities 67,214 72,131
Net assets 67,214 72,131
Capital and reserves
Called-up share capital 6 1 1
Profit and loss account 67,213 72,130
Total shareholder's funds 67,214 72,131

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of KL Precision Tooling Ltd (registered number: 12757286) were approved and authorised for issue by the Director on 19 February 2025. They were signed on its behalf by:

Keir Lane
Director
KL PRECISION TOOLING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
KL PRECISION TOOLING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

KL Precision Tooling Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 117 Battenhall Road, Worcester, WR5 2BU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 August 2023 5,665 4,119 9,784
At 31 July 2024 5,665 4,119 9,784
Accumulated depreciation
At 01 August 2023 1,369 1,185 2,554
Charge for the financial year 567 0 567
At 31 July 2024 1,936 1,185 3,121
Net book value
At 31 July 2024 3,729 2,934 6,663
At 31 July 2023 4,296 2,934 7,230

4. Debtors

2024 2023
£ £
Amounts owed by director 0 1,611

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 1,000 0
Accruals 1,550 1,750
Taxation and social security 72 3,495
2,622 5,245

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 ORDINARY share of £ 1.00 1 1

7. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed by directors 0 1,611
Amounts owed to the directors 1,000 0

During the year £nil (2023: £1,610) was advanced to the director, with full repayment of £1,611 (2023: £0) being made.

During the year, dividends of £3,000 (2022: £nil) was declared to the director who is the company's shareholder.