RES Precision Engineers Limited
Registered number
SC087900
Filleted Accounts
31 August 2024
RES Precision Engineers Limited
Registered number: SC087900
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,740 -
Current assets
Stocks 10,597 8,715
Debtors 4 169,164 92,611
Cash at bank and in hand 3,628 21,490
183,389 122,816
Creditors: amounts falling due within one year 5 (182,667) (116,731)
Net current assets 722 6,085
Net assets 4,462 6,085
Capital and reserves
Called up share capital 50 50
Share premium 5,950 5,950
Profit and loss account (1,538) 85
Shareholder's funds 4,462 6,085
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Iain MacDonald
Director
Approved by the board on 23 September 2024
RES Precision Engineers Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 54,978 - 54,978
Additions - 5,320 5,320
At 31 August 2024 54,978 5,320 60,298
Depreciation
At 1 September 2023 54,978 - 54,978
Charge for the year - 1,580 1,580
At 31 August 2024 54,978 1,580 56,558
Net book value
At 31 August 2024 - 3,740 3,740
4 Debtors 2024 2023
£ £
Trade debtors 96,974 83,930
Amounts owed by group undertakings and undertakings in which the company has a participating interest 72,190 8,681
169,164 92,611
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 59,010 15,581
Trade creditors 84,309 78,967
Amounts owed to group undertakings and undertakings in which the company has a participating interest 23,146 -
Other taxes and social security costs 15,278 21,259
Other creditors 924 924
182,667 116,731
6 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 adminsistered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,611 (2023: £2,910).
7 Controlling party
The company is a wholly owned subsidiary of EMS Holdings (Dundee) Limited, a company registered in Scotland.
8 Other information
RES Precision Engineers Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
203 Strathmartine Road
Dundee
Angus
DD3 8PH
RES Precision Engineers Limited SC087900 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts April 2025 Iain MacDonald No description of principal activity SC087900 2022-09-01 2023-08-31 SC087900 core:WithinOneYear 2023-08-31 SC087900 core:ShareCapital 2023-08-31 SC087900 core:SharePremium 2023-08-31 SC087900 core:RetainedEarningsAccumulatedLosses 2023-08-31 SC087900 2023-09-01 2024-08-31 SC087900 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 SC087900 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 SC087900 bus:Director40 2023-09-01 2024-08-31 SC087900 1 2023-09-01 2024-08-31 SC087900 2 2023-09-01 2024-08-31 SC087900 core:PlantMachinery 2023-09-01 2024-08-31 SC087900 core:Vehicles 2023-09-01 2024-08-31 SC087900 countries:England 2023-09-01 2024-08-31 SC087900 bus:FRS102 2023-09-01 2024-08-31 SC087900 bus:FilletedAccounts 2023-09-01 2024-08-31 SC087900 2024-08-31 SC087900 core:WithinOneYear 2024-08-31 SC087900 core:ShareCapital 2024-08-31 SC087900 core:SharePremium 2024-08-31 SC087900 core:RetainedEarningsAccumulatedLosses 2024-08-31 SC087900 core:PlantMachinery 2024-08-31 SC087900 core:Vehicles 2024-08-31 SC087900 2023-08-31 SC087900 core:PlantMachinery 2023-08-31 SC087900 core:Vehicles 2023-08-31 iso4217:GBP xbrli:pure