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Registration number: 05119534

Linfield Precision Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Linfield Precision Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Linfield Precision Engineering Limited

Company Information

Director

Mr Matthew Linfield

Registered office

Unit 22-23, Huffwood Trading Estate
Billingshurst
West Sussex
RH14 9UR

Accountants

DF Accountants Limited
23 Hansom Way,
Pease Pottage
Crawley
West Sussex
RH119GQ

 

Linfield Precision Engineering Limited

(Registration number: 05119534)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,000

4,000

Tangible assets

5

411,306

409,387

 

413,306

413,387

Current assets

 

Stocks

6

7,773

5,802

Debtors

7

29,765

32,997

Cash at bank and in hand

 

6,956

2,942

 

44,494

41,741

Creditors: Amounts falling due within one year

8

(143,974)

(144,474)

Net current liabilities

 

(99,480)

(102,733)

Total assets less current liabilities

 

313,826

310,654

Creditors: Amounts falling due after more than one year

8

(119,659)

(117,169)

Provisions for liabilities

(49,610)

(46,618)

Net assets

 

144,557

146,867

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

143,557

145,867

Shareholders' funds

 

144,557

146,867

For the financial year ending 30 June 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 March 2025
 

 

Linfield Precision Engineering Limited

(Registration number: 05119534)
Balance Sheet as at 30 June 2024

.........................................
Mr Matthew Linfield
Director

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 22-23, Huffwood Trading Estate
Billingshurst
West Sussex
RH14 9UR

These financial statements were authorised for issue by the director on 24 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

40,000

40,000

At 30 June 2024

40,000

40,000

Amortisation

At 1 July 2023

36,000

36,000

Amortisation charge

2,000

2,000

At 30 June 2024

38,000

38,000

Carrying amount

At 30 June 2024

2,000

2,000

At 30 June 2023

4,000

4,000

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

176,280

455,777

632,057

Additions

-

34,288

34,288

At 30 June 2024

176,280

490,065

666,345

Depreciation

At 1 July 2023

312

222,357

222,669

Charge for the year

21

32,349

32,370

At 30 June 2024

333

254,706

255,039

Carrying amount

At 30 June 2024

175,947

235,359

411,306

At 30 June 2023

175,968

233,419

409,387

Included within the net book value of land and buildings above is £175,947 (2023 - £175,968) in respect of long leasehold land and buildings.
 

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

7,773

5,802

7

Debtors

Current

2024
£

2023
£

Trade debtors

29,765

31,154

Prepayments

-

1,143

Other debtors

-

700

 

29,765

32,997

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

39,441

22,690

Trade creditors

 

(1,612)

133

Taxation and social security

 

13,936

8,265

Accruals and deferred income

 

-

5,760

Other creditors

 

92,209

107,626

 

143,974

144,474

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

119,659

117,169

9

Share capital

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

68,811

89,962

Hire purchase contracts

50,848

27,207

119,659

117,169

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,493

15,033

Hire purchase contracts

17,948

7,657

39,441

22,690

11

Dividends

Final dividends paid

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Final dividend of £Nil per each Ordinary Shares

11,400

8,000

 

 

12

Related party transactions

 

Linfield Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

34,260

46,200

Contributions paid to money purchase schemes

1,040

-

35,300

46,200