IRIS Accounts Production v25.1.3.33 03699456 Board of Directors 1.1.24 31.12.24 31.12.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh036994562023-12-31036994562024-12-31036994562024-01-012024-12-31036994562022-12-31036994562023-01-012023-12-31036994562023-12-3103699456ns15:EnglandWales2024-01-012024-12-3103699456ns14:PoundSterling2024-01-012024-12-3103699456ns10:Director12024-01-012024-12-3103699456ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3103699456ns10:SmallEntities2024-01-012024-12-3103699456ns10:AuditExempt-NoAccountantsReport2024-01-012024-12-3103699456ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3103699456ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3103699456ns10:FullAccounts2024-01-012024-12-3103699456ns10:Director22024-01-012024-12-3103699456ns10:RegisteredOffice2024-01-012024-12-3103699456ns5:CurrentFinancialInstruments2024-12-3103699456ns5:CurrentFinancialInstruments2023-12-3103699456ns5:Non-currentFinancialInstruments2024-12-3103699456ns5:Non-currentFinancialInstruments2023-12-3103699456ns5:ShareCapital2024-12-3103699456ns5:ShareCapital2023-12-3103699456ns5:SharePremium2024-12-3103699456ns5:SharePremium2023-12-3103699456ns5:RetainedEarningsAccumulatedLosses2024-12-3103699456ns5:RetainedEarningsAccumulatedLosses2023-12-3103699456ns5:LeaseholdImprovements2023-12-3103699456ns5:PlantMachinery2023-12-3103699456ns5:FurnitureFittings2023-12-3103699456ns5:LeaseholdImprovements2024-01-012024-12-3103699456ns5:PlantMachinery2024-01-012024-12-3103699456ns5:FurnitureFittings2024-01-012024-12-3103699456ns5:LeaseholdImprovements2024-12-3103699456ns5:PlantMachinery2024-12-3103699456ns5:FurnitureFittings2024-12-3103699456ns5:LeaseholdImprovements2023-12-3103699456ns5:PlantMachinery2023-12-3103699456ns5:FurnitureFittings2023-12-3103699456ns5:MotorVehicles2023-12-3103699456ns5:ComputerEquipment2023-12-3103699456ns5:MotorVehicles2024-01-012024-12-3103699456ns5:ComputerEquipment2024-01-012024-12-3103699456ns5:MotorVehicles2024-12-3103699456ns5:ComputerEquipment2024-12-3103699456ns5:MotorVehicles2023-12-3103699456ns5:ComputerEquipment2023-12-3103699456ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3103699456ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3103699456ns5:LeasedAssetsHeldAsLessee2023-12-3103699456ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3103699456ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3103699456ns5:LeasedAssetsHeldAsLessee2024-01-012024-12-3103699456ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-12-3103699456ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-12-3103699456ns5:LeasedAssetsHeldAsLessee2024-12-3103699456ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3103699456ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-12-3103699456ns5:LeasedAssetsHeldAsLessee2023-12-3103699456ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3103699456ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3103699456ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-3103699456ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-31
REGISTERED NUMBER: 03699456 (England and Wales)












LUDWICK PRECISION LTD

Unaudited Financial Statements

for the Year Ended 31 December 2024






LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LUDWICK PRECISION LTD

Company Information
for the Year Ended 31 December 2024







Directors: R Ludwick
N Ludwick





Registered office: NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY





Registered number: 03699456 (England and Wales)





Accountants: Michael Price Associates Ltd
NP-105, iCentre
Howard Way
Newport Pagnell
Milton Keynes
Buckinghamshire
MK16 9PY

LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

Balance Sheet
31 December 2024

31/12/24 31/12/23
Notes £    £    £   
Fixed assets
Tangible assets 4 574,505 635,256

Current assets
Stocks 26,674 25,407
Debtors 5 804,666 785,299
Cash at bank 121,961 163,796
953,301 974,502
Creditors
Amounts falling due within one year 6 488,816 523,998
Net current assets 464,485 450,504
Total assets less current liabilities 1,038,990 1,085,760

Creditors
Amounts falling due after more than one
year

7

(441,048

)

(508,371

)

Provisions for liabilities (143,686 ) (120,758 )
Net assets 454,256 456,631

Capital and reserves
Called up share capital 2,000 2,000
Share premium 283 283
Retained earnings 451,973 454,348
454,256 456,631

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





R Ludwick - Director


LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. Statutory information

Ludwick Precision Ltd 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.

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

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.

25% reducing balance - Computer Equipment
25% reducing balance - Fixtures & Fittings
25% reducing balance - Motor Vehicles
25% reducing balance - Improvements to property
15 - 25% reducing balance - Plant & Machinery

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

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. Accounting policies - continued

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.

Going concern
The directors will continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.

3. Employees and directors

The average number of employees during the year was 26 (2023 - 25 ) .

4. Tangible fixed assets
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Cost
At 1 January 2024 11,251 991,562 48,433
Additions - 63,466 4,466
At 31 December 2024 11,251 1,055,028 52,899
Depreciation
At 1 January 2024 431 457,239 24,821
Charge for year 2,705 102,660 6,692
At 31 December 2024 3,136 559,899 31,513
Net book value
At 31 December 2024 8,115 495,129 21,386
At 31 December 2023 10,820 534,323 23,612

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 January 2024 116,932 21,865 1,190,043
Additions - - 67,932
At 31 December 2024 116,932 21,865 1,257,975
Depreciation
At 1 January 2024 56,945 15,351 554,787
Charge for year 14,997 1,629 128,683
At 31 December 2024 71,942 16,980 683,470
Net book value
At 31 December 2024 44,990 4,885 574,505
At 31 December 2023 59,987 6,514 635,256

LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 January 2024
and 31 December 2024 235,109 58,490 293,599
Depreciation
At 1 January 2024 158,179 28,331 186,510
Charge for year 14,424 13,195 27,619
At 31 December 2024 172,603 41,526 214,129
Net book value
At 31 December 2024 62,506 16,964 79,470
At 31 December 2023 76,930 30,159 107,089

5. Debtors: amounts falling due within one year
31/12/24 31/12/23
£    £   
Trade debtors 766,517 767,000
Other debtors 28,886 (11,483 )
Factored debts - 22,030
Prepayments 9,263 7,752
804,666 785,299

6. Creditors: amounts falling due within one year
31/12/24 31/12/23
£    £   
Bank loans and overdrafts 10,268 10,015
Hire purchase contracts 121,875 141,397
Trade creditors 183,797 280,581
Factored Credit 54,803 -
Social security and other taxes 25,145 22,788
VAT 85,449 67,143
Other creditors 7,479 2,074
488,816 523,998

7. Creditors: amounts falling due after more than one year
31/12/24 31/12/23
£    £   
Bank loans - 1-2 years 9,655 19,908
Hire purchase contracts 344,112 401,182
Directors' loan accounts 87,281 87,281
441,048 508,371

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 6,771 -

LUDWICK PRECISION LTD (REGISTERED NUMBER: 03699456)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. Going concern

The directors will continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.