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REGISTERED NUMBER: 04296192 (England and Wales)
















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Maybrey Precision Castings Limited

Maybrey Precision Castings Limited (Registered number: 04296192)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Maybrey Precision Castings Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: S E Hanscombe
A P Hills
D V Hills
D A Lowe
R A Wood
Mrs S J Hills





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





BUSINESS ADDRESS: Edge Barn
11 Market Hill
Royston
Hertfordshire
SG8 9JN





REGISTERED NUMBER: 04296192 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Maybrey Precision Castings Limited (Registered number: 04296192)

Abridged Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 5,849 -
Tangible assets 5 509,214 507,779
515,063 507,779

CURRENT ASSETS
Stocks 502,632 472,628
Debtors 6 753,216 644,916
Cash at bank and in hand 224,791 205,629
1,480,639 1,323,173
CREDITORS
Amounts falling due within one year 825,048 764,316
NET CURRENT ASSETS 655,591 558,857
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,170,654

1,066,636

CREDITORS
Amounts falling due after more than one
year

7,500

29,737
NET ASSETS 1,163,154 1,036,899

CAPITAL AND RESERVES
Called up share capital 9 801,000 801,000
Retained earnings 362,154 235,899
SHAREHOLDERS' FUNDS 1,163,154 1,036,899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Maybrey Precision Castings Limited (Registered number: 04296192)

Abridged Balance Sheet - continued
30 September 2024


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 30 September 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 Board of Directors and authorised for issue on 9 April 2025 and were signed on its behalf by:




D A Lowe - Director



D V Hills - Director


Maybrey Precision Castings Limited (Registered number: 04296192)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Maybrey Precision Castings 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.

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.

The financial statements have been prepared on a going concern basis.

Should the company be unable to continue trading, adjustments would have been made to adjust the value of the assets to their recoverable amount, to provide for any further liabilities which might arise.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Straight line over 7 years
Improvements to property - 33% on cost, 20% on cost, Straight line over 7 years and Straight line over 20 years
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment loss occurs when the carrying amount of an asset exceeds its recoverable amount. Impairment is applied as necessary and the loss is taken to the profit and loss account.

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

Maybrey Precision Castings Limited (Registered number: 04296192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Maybrey Precision Castings Limited (Registered number: 04296192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 29 (2023 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
Additions 6,000
At 30 September 2024 6,000
AMORTISATION
Amortisation for year 151
At 30 September 2024 151
NET BOOK VALUE

At 30 September 2024 5,849

Maybrey Precision Castings Limited (Registered number: 04296192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2023 1,004,540
Additions 105,692
At 30 September 2024 1,110,232
DEPRECIATION
At 1 October 2023 496,761
Charge for year 104,257
At 30 September 2024 601,018
NET BOOK VALUE
At 30 September 2024 509,214
At 30 September 2023 507,779

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 October 2023 63,602
Transfer to ownership (35,614 )
At 30 September 2024 27,988
DEPRECIATION
At 1 October 2023 26,602
Charge for year 4,917
Transfer to ownership (18,283 )
At 30 September 2024 13,236
NET BOOK VALUE
At 30 September 2024 14,752
At 30 September 2023 37,000

6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Other debtors 32,500 -

Included within trade debtors are £582,956 (2023:£512,884) of factored debts against which advances of £374,943 (2023:£278,997) have been received and disclosed within creditors at the year end.

Maybrey Precision Castings Limited (Registered number: 04296192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 4,737 15,944
Between one and five years - 4,737
4,737 20,681

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 8,570 8,569
Between one and five years 28,565 34,278
In more than five years - 2,857
37,135 45,704

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bounce back loan 17,500 27,500

During the 2020 financial year the company received a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 5 year period. The loan is repayable by instalments. Repayments commenced in July 2022. Interest is charged at 2.5% per annum from the first repayment date.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
801,000 Ordinary £1 801,000 801,000

10. PENSION COMMITMENTS

The pension cost charge represents contributions payable by the company to the fund and amounted to £66,502 (2023: £58,650). Contributions totalling £5,364 (2023: £10,529) were payable to the fund at the balance sheet date and are included in creditors.

11. CAPITAL COMMITMENTS
30.9.24 30.9.23
£    £   
Contracted but not provided for in the
financial statements 13,968 45,542

Maybrey Precision Castings Limited (Registered number: 04296192)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
A P Hills
Balance outstanding at start of year - -
Amounts advanced 3,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,000 -

13. RELATED PARTY DISCLOSURES

At the year end the company owed the following balances to related parties:

i) £2,500 (2023: £12,500) due to Mr D Lowe, a director of the company. This amount is interest free and
repayable within one year.

ii) £2,500 (2023: £12,500) due to Mr D V Hills, a director of the company. This amount is interest free and
repayable within one year.

iii) £2,500 (2023: £12,500) due to Mrs R Sethna, a director of the company. This amount is interest free and
repayable within one year.