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Registered number: 08762998









DELFIELD PRECISION SERVICES LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
DELFIELD PRECISION SERVICES LIMITED
REGISTERED NUMBER: 08762998

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
160,198
189,635

  
160,198
189,635

Current assets
  

Stocks
 5 
39,528
9,480

Debtors: amounts falling due within one year
 6 
1,612,227
1,135,395

Cash at bank and in hand
 7 
7,817
84,142

  
1,659,572
1,229,017

Creditors: amounts falling due within one year
 8 
(727,125)
(474,687)

Net current assets
  
 
 
932,447
 
 
754,330

Total assets less current liabilities
  
1,092,645
943,965

Provisions for liabilities
  

Deferred tax
 10 
(36,544)
(36,926)

  
 
 
(36,544)
 
 
(36,926)

Net assets
  
1,056,101
907,039


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
1,056,001
906,939

  
1,056,101
907,039


Page 1

 
DELFIELD PRECISION SERVICES LIMITED
REGISTERED NUMBER: 08762998
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.




K E Cook
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
DELFIELD PRECISION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Delfield Precision Services Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Chancerygate Business Centre, Stonefield Way, Ruislip, England, HA4 0JA.
The principal activity of the Company in the year under review was of the manufacturing services of specialised components of engineering industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

Company law requires the directors to consider the appropriateness of the going concern basis when preparing the financial statements. 
The directors confirm that they consider the going concern basis to be appropriate. The directors consider that the going concern basis is  appropriate as the Company has adequate resources to continue in operational existence for the foreseeable future based on current trading and cash flow forecasts.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 3

 
DELFIELD PRECISION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
DELFIELD PRECISION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Land and buildings
-
10%
on cost
Plant and machinery
-
20%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
DELFIELD PRECISION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).


4.


Tangible fixed assets





Land and buildings
Plant and machinery
Total

£
£
£



Cost 


At 1 August 2023
113,759
257,095
370,854


Additions
-
31,324
31,324



At 31 July 2024

113,759
288,419
402,178



Depreciation


At 1 August 2023
57,353
123,866
181,219


Charge for the year
11,376
49,385
60,761



At 31 July 2024

68,729
173,251
241,980



Net book value



At 31 July 2024
45,030
115,168
160,198



At 31 July 2023
56,406
133,229
189,635

Page 6

 
DELFIELD PRECISION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
39,528
9,480

39,528
9,480



6.


Debtors

2024
2023
£
£


Trade debtors
115,764
172,380

Amounts owed by group undertakings
1,467,302
935,303

Other debtors
18,003
18,003

Prepayments and accrued income
11,158
9,709

1,612,227
1,135,395



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,817
84,142

7,817
84,142



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
55,764
60,186

Amounts owed to group undertakings
538,097
249,600

Other taxation and social security
37,432
51,262

Other creditors
35,278
65,000

Accruals and deferred income
60,554
48,639

727,125
474,687


Page 7

 
DELFIELD PRECISION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

9.


Cross guarantee

The company have provided a cross guarantee for all amounts owed by Delfield Property Management Limited to Lloyds Bank Plc. The guarantee is secured by fixed and floating charge over the assets of the Company.


10.


Deferred taxation




2024


£






At beginning of year
36,926


Credited to the Statement of comprehensive income
(382)



At end of year
36,544

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
36,544
26,394

Short-term timing differences
-
10,532

36,544
36,926


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. 
The pension cost charge represents contributions payable by the company to the fund and amounted to £1,450 
(2023 - £4,937). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.

Page 8

 
DELFIELD PRECISION SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
54,068
36,000

Later than 1 year and not later than 5 years
85,608
92,219

139,676
128,219


14.


Related party transactions

The Company has taken advantage of the exemptions available under FRS 102 not to disclose transaction between entities that are part of a wholly owned group.


15.


Controlling party

The immediate parent company is Delfield PS Holdings Limited, a company incorporated in England and Wales. 
The ultimate parent company is Delfield Group Holdings Limited, a company incorporated in England and Wales. 
The largest and small group in which the results of the company are consolidated is headed by Delfield Group Holdings Limited. The consolidated accounts of Delfield Group Holdings Limited are available from Companies House.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 28 April 2025 by Nigel Goodman (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 9