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Registered number: 12993733
Exact Precision Engineering Limited
Unaudited Financial Statements
For The Year Ended 30 November 2024
Accounts and Tax Management Limited
Chartered Certified Accountants
A T M Accountants
159 Railway Terrace
Rugby
Warwickshire
CV21 3HQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12993733
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 773,891 840,544
773,891 840,544
CURRENT ASSETS
Stocks 5 23,000 72,000
Debtors 6 1,008,869 996,049
Cash at bank and in hand 161,487 50,410
1,193,356 1,118,459
Creditors: Amounts Falling Due Within One Year 7 (905,414 ) (862,772 )
NET CURRENT ASSETS (LIABILITIES) 287,942 255,687
TOTAL ASSETS LESS CURRENT LIABILITIES 1,061,833 1,096,231
Creditors: Amounts Falling Due After More Than One Year 8 (318,768 ) (476,552 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (191,124 ) (114,211 )
NET ASSETS 551,941 505,468
CAPITAL AND RESERVES
Called up share capital 10 150 150
Profit and Loss Account 551,791 505,318
SHAREHOLDERS' FUNDS 551,941 505,468
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For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jamie Craske
Director
26/03/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Exact Precision Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12993733 . The registered office is 159 , Railway Terrace, Rugby, Warwickshire, CV21 3HQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the lease term
Plant & Machinery 12% on straight line basis
Motor Vehicles 20% on straight line basis
Fixtures & Fittings 15% on straight line basis
Computer Equipment 25% on straight line basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 16)
18 16
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 December 2023 17,737 950,606 9,000 11,091
Additions - 58,130 20,000 3,928
Disposals - (37,400 ) - -
As at 30 November 2024 17,737 971,336 29,000 15,019
Depreciation
As at 1 December 2023 3,906 152,736 3,837 3,825
Provided during the period 4,436 115,380 4,068 1,153
Disposals - (10,945 ) - -
As at 30 November 2024 8,342 257,171 7,905 4,978
Net Book Value
As at 30 November 2024 9,395 714,165 21,095 10,041
As at 1 December 2023 13,831 797,870 5,163 7,266
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Computer Equipment Total
£ £
Cost
As at 1 December 2023 29,583 1,018,017
Additions 11,766 93,824
Disposals - (37,400 )
As at 30 November 2024 41,349 1,074,441
Depreciation
As at 1 December 2023 13,169 177,473
Provided during the period 8,985 134,022
Disposals - (10,945 )
As at 30 November 2024 22,154 300,550
Net Book Value
As at 30 November 2024 19,195 773,891
As at 1 December 2023 16,414 840,544
5. Stocks
2024 2023
£ £
Stock 23,000 72,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 766,303 757,323
Prepayments and accrued income 43,316 11,476
Other debtors 14,500 14,500
Amounts owed by group undertakings 184,750 212,750
1,008,869 996,049
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 165,563 142,728
Trade creditors 222,356 184,287
Corporation tax 71,375 -
Other taxes and social security 11,376 16,077
VAT 9,181 29,774
Other creditors 204,231 372,849
Accruals and deferred income 4,340 5,130
Director's loan account 216,992 111,927
905,414 862,772
Other creditors include invoice finance of £182,704 (2023 £297,550) secured upon the trade debts of the company.
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 318,768 464,052
Other creditors - 12,500
318,768 476,552
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 165,563 142,728
Later than one year and not later than five years 318,768 464,052
484,331 606,780
484,331 606,780
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 150 150
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 29,000 29,000
Later than one year and not later than five years 12,083 41,083
41,083 70,083
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