Precision Prototypes Limited 11170395 false 2024-02-01 2025-01-31 2025-01-31 The principal activity of the company is the machining of metal & plastic parts to customer requirments. Digita Accounts Production Advanced 6.30.9574.0 true true 11170395 2024-02-01 2025-01-31 11170395 2025-01-31 11170395 core:CurrentFinancialInstruments 2025-01-31 11170395 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 11170395 core:Non-currentFinancialInstruments 2025-01-31 11170395 core:Non-currentFinancialInstruments core:AfterOneYear 2025-01-31 11170395 core:FurnitureFittingsToolsEquipment 2025-01-31 11170395 bus:SmallEntities 2024-02-01 2025-01-31 11170395 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 11170395 bus:FullAccounts 2024-02-01 2025-01-31 11170395 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 11170395 bus:RegisteredOffice 2024-02-01 2025-01-31 11170395 bus:Director1 2024-02-01 2025-01-31 11170395 bus:Director2 2024-02-01 2025-01-31 11170395 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 11170395 core:FurnitureFittingsToolsEquipment 2024-02-01 2025-01-31 11170395 core:OfficeEquipment 2024-02-01 2025-01-31 11170395 core:PlantMachinery 2024-02-01 2025-01-31 11170395 countries:England 2024-02-01 2025-01-31 11170395 2024-01-31 11170395 core:FurnitureFittingsToolsEquipment 2024-01-31 11170395 2023-02-01 2024-01-31 11170395 2024-01-31 11170395 core:CurrentFinancialInstruments 2024-01-31 11170395 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 11170395 core:Non-currentFinancialInstruments 2024-01-31 11170395 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 11170395 core:FurnitureFittingsToolsEquipment 2024-01-31 iso4217:GBP xbrli:pure

Registration number: 11170395

Precision Prototypes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Precision Prototypes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Precision Prototypes Limited

Company Information

Directors

Robert Holcombe

Martin Pettifar

Registered office

Unit 19 Kenneth Way
Wilstead Business Park
Wilstead
Bedfordshire
MK45 3PD

Accountants

Greg McGrath AIMS
8 Chalmers Avenue,
Haversham
Milton Keynes
MK19 7AG

 

Precision Prototypes Limited

(Registration number: 11170395)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

63,389

80,818

Current assets

 

Stocks

5

27,500

30,000

Debtors

6

24,676

60,669

Cash at bank and in hand

 

42,090

70,779

 

94,266

161,448

Creditors: Amounts falling due within one year

7

(63,336)

(128,242)

Net current assets

 

30,930

33,206

Total assets less current liabilities

 

94,319

114,024

Creditors: Amounts falling due after more than one year

7

-

(26,683)

Net assets

 

94,319

87,341

Capital and reserves

 

Called up share capital

8

6

6

Capital redemption reserve

3

3

Retained earnings

94,310

87,332

Shareholders' funds

 

94,319

87,341

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 April 2025 and signed on its behalf by:
 

 

Precision Prototypes Limited

(Registration number: 11170395)
Balance Sheet as at 31 January 2025

.........................................
Robert Holcombe
Director

.........................................
Martin Pettifar
Director

 
     
 

Precision Prototypes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

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

The address of its registered office is:
Unit 19 Kenneth Way
Wilstead Business Park
Wilstead
Bedfordshire
MK45 3PD

These financial statements were authorised for issue by the Board on 23 April 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 current 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.

 

Precision Prototypes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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:

Asset class

Depreciation method and rate

Plant & Machinery

25% on a written-down basis

Office Equipment & Computers

over 4 years on a straight line basis

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.

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.

 

Precision Prototypes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Precision Prototypes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2024 - 7).

 

Precision Prototypes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2024

313,197

313,197

Additions

4,695

4,695

At 31 January 2025

317,892

317,892

Depreciation

At 1 February 2024

232,379

232,379

Charge for the year

22,124

22,124

At 31 January 2025

254,503

254,503

Carrying amount

At 31 January 2025

63,389

63,389

At 31 January 2024

80,818

80,818

5

Stocks

2025
£

2024
£

Finished goods and goods for resale

27,500

30,000

6

Debtors

Current

2025
£

2024
£

Trade debtors

24,676

60,669

 

24,676

60,669

7

Creditors

Creditors: amounts falling due within one year

 

Precision Prototypes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

27,469

38,934

Trade creditors

 

14,075

10,907

Taxation and social security

 

15,796

22,403

Other creditors

 

5,996

55,998

 

63,336

128,242

 

Precision Prototypes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

-

26,683

8

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary of £1 each

6

6

6

6

         

9

Loans and borrowings

2025
£

2024
£

Non-current loans and borrowings

Other borrowings

-

26,683

2025
£

2024
£

Current loans and borrowings

Other borrowings

27,469

38,934

10

Dividends

   

2025

 

2024

   

£

 

£

Interim dividend of £Nil (2024 - £6,666.66) per ordinary share

 

-

 

40,000