REGISTERED NUMBER: 04642500 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Protool Precision Engineering Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Alderson

SECRETARY:

Mrs S Alderson

REGISTERED OFFICE:

14 Burnsall Place

Wheatley Springs

Barrowford

Lancashire

BB9 8RF

REGISTERED NUMBER:

04642500 (England and Wales)

ACCOUNTANTS:

Mayes Business Partnership Ltd

Chartered Certified Accountants

22-28 Willow Street

Accrington

Lancashire

BB5 1LP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

224,511

235,073

224,511

235,073

CURRENT ASSETS

Stocks

4,625

5,625

Debtors

37,705

28,479

Cash at bank

9,143

68,083

51,473

102,187

CREDITORS

Amounts falling due within one year

56,262

78,383

NET CURRENT (LIABILITIES)/ASSETS

(4,789

)

23,804

TOTAL ASSETS LESS CURRENT LIABILITIES

219,722

258,877

CREDITORS

Amounts falling due after more than one year

(87,931

)

(144,003

)

PROVISIONS FOR LIABILITIES

(6,002

)

(7,125

)

NET ASSETS

125,789

107,749

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

125,788

107,748

SHAREHOLDERS' FUNDS

125,789

107,749

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 March 2025 and were signed by:

J Alderson - Director

1.	STATUTORY INFORMATION

Protool Precision Engineering 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

The company sells engineering services to other businesses. Revenue is recognised in the accounting period in which the services are rendered when the outcome of contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, 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.

Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest.

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.

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.

Going concern

The financial statements have been prepared on a going concern basis. The company has net current liabilities in the current financial year and are reliant on the continued financial support of the bank by way of loans.

The directors are of the opinion that trading performance will improve over the next financial year and that the relevant support will be maintained.

No adjustments have been made that may have been found necessary if any other basis of preparation had been used.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2023

and 31 July 2024

34,500

AMORTISATION

At 1 August 2023

and 31 July 2024

34,500

NET BOOK VALUE

At 31 July 2024

-

At 31 July 2023

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2023

and 31 July 2024

391,543

DEPRECIATION

At 1 August 2023

156,470

Charge for year

10,562

At 31 July 2024

167,032

NET BOOK VALUE

At 31 July 2024

224,511

At 31 July 2023

235,073

6.	SECURED DEBTS

The following secured debts are included within creditors:

31/7/24

31/7/23

£

£

Bank loans

71,644

86,743

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/7/24

31/7/23

value:

£

£

1

Ordinary

£1

1

1