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REGISTERED NUMBER: 05424823 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

J & L PRECISION LIMITED

J & L PRECISION LIMITED (REGISTERED NUMBER: 05424823)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & L PRECISION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: L Gosling
J C James





SECRETARY: L Gosling





REGISTERED OFFICE: 5 Rowanwood
Hogwood Industrial Estate
Finchampstead Wokingham
Berkshire
RG40 4QQ





REGISTERED NUMBER: 05424823 (England and Wales)





ACCOUNTANTS: Cooper Parry Advisory Limited
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

J & L PRECISION LIMITED (REGISTERED NUMBER: 05424823)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 838,364 982,733
838,364 982,733

CURRENT ASSETS
Stocks 28,179 33,524
Debtors 6 595,168 514,673
Cash at bank and in hand 655,348 491,612
1,278,695 1,039,809
CREDITORS
Amounts falling due within one year 7 551,183 424,064
NET CURRENT ASSETS 727,512 615,745
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,565,876

1,598,478

CREDITORS
Amounts falling due after more than one
year

8

(171,413

)

(326,113

)

PROVISIONS FOR LIABILITIES (199,853 ) (233,807 )
NET ASSETS 1,194,610 1,038,558

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 1,193,610 1,037,558
1,194,610 1,038,558

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

J & L PRECISION LIMITED (REGISTERED NUMBER: 05424823)

BALANCE SHEET - continued
31 OCTOBER 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:




L Gosling - Director



J C James - Director


J & L PRECISION LIMITED (REGISTERED NUMBER: 05424823)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

J & L Precision Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the service is performed.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life, which was ten years.

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

Leasehold land and buildingsover the lease term
Plant and equipment15% on reducing balance
Computer equipment25% on reducing balance
Motor vehicles25% 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.


J & L PRECISION LIMITED (REGISTERED NUMBER: 05424823)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 November 2023
and 31 October 2024 50,000
AMORTISATION
At 1 November 2023
and 31 October 2024 50,000
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

J & L PRECISION LIMITED (REGISTERED NUMBER: 05424823)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1 November 2023 1 1,828,768 1,828,769
Additions - 9,245 9,245
Disposals - (4,400 ) (4,400 )
At 31 October 2024 1 1,833,613 1,833,614
DEPRECIATION
At 1 November 2023 - 846,036 846,036
Charge for year - 149,214 149,214
At 31 October 2024 - 995,250 995,250
NET BOOK VALUE
At 31 October 2024 1 838,363 838,364
At 31 October 2023 1 982,732 982,733

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 517,190 449,240
Other debtors 77,978 65,433
595,168 514,673

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 10,000 40,000
Hire purchase contracts 144,719 135,232
Trade creditors 82,193 80,967
Taxation and social security 224,806 101,476
Other creditors 89,465 66,389
551,183 424,064

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans - 10,000
Hire purchase contracts 171,413 316,113
171,413 326,113

J & L PRECISION LIMITED (REGISTERED NUMBER: 05424823)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£ £
Amounts falling due in more than five years:

Repayable by instalments
Hire purchase - 34,452

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 10,000 50,000
Hire purchase contracts 316,132 451,345
326,132 501,345

The bank loan is secured by way of fixed and floating charges over the company's property.

Hire purchase liabilities are secured against the related assets with net book value of £476,868 (2023: £561,021).

10. CALLED UP SHARE CAPITAL

Ordinary share capital 2024 2023 2024 2023
Issued and fully paid Number Number £    £   

Ordinary A of £1 each 255 255 255 255
Ordinary B of £1 each 245 245 245 245
Ordinary C of £1 each 255 255 255 255
Ordinary D of £1 each 245 245 245 245
1,000 1,000 1,000 1,000