Company registration number 04777394 (England and Wales)
CALLATECH PRECISION ENGINEERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CALLATECH PRECISION ENGINEERS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CALLATECH PRECISION ENGINEERS LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CALLATECH PRECISION ENGINEERS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Callatech Precision Engineers Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Callatech Precision Engineers Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Callatech Precision Engineers Limited and state those matters that we have agreed to state to the board of directors of Callatech Precision Engineers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Callatech Precision Engineers Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Callatech Precision Engineers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Callatech Precision Engineers Limited. You consider that Callatech Precision Engineers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Callatech Precision Engineers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
31 May 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
CALLATECH PRECISION ENGINEERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,697,673
2,816,930
Current assets
Stocks
17,588
-
Debtors
5
160,346
230,965
Cash at bank and in hand
164,442
201,077
342,376
432,042
Creditors: amounts falling due within one year
6
(972,841)
(1,022,040)
Net current liabilities
(630,465)
(589,998)
Total assets less current liabilities
2,067,208
2,226,932
Creditors: amounts falling due after more than one year
7
(827,659)
(1,077,292)
Provisions for liabilities
(434,600)
(352,400)
Net assets
804,949
797,240
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
804,849
797,140
Total equity
804,949
797,240
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CALLATECH PRECISION ENGINEERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 May 2025 and are signed on its behalf by:
Mrs J E Frost
Director
Company registration number 04777394 (England and Wales)
CALLATECH PRECISION ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
Callatech Precision Engineers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Notwithstanding the net liability position at 31 December 202true4, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is based on the continued support of the directors and other financing arrangements and no adjustment has been made that would result from a withdrawal of their support. The company is also committed to repaying their suppliers and they continue to meet payments that fall due within a year.
At the time of approving the financial statements, the directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% per annum on a straight line basis
Plant and machinery
25%/15% per annum on a diminishing balance basis
Fixtures, fittings & equipment
33% per annum on a diminishing balance basis
Motor vehicles
25% per annum on a diminishing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
CALLATECH PRECISION ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CALLATECH PRECISION ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 27 (2023 - 22).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
55,000
Disposals
(55,000)
At 31 December 2024
Amortisation and impairment
At 1 January 2024
55,000
Disposals
(55,000)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
CALLATECH PRECISION ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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4
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
85,525
979,000
2,906,133
24,348
50,911
4,045,917
Additions
2,987
259,000
10,795
272,782
Transfers
(979,000)
979,000
At 31 December 2024
88,512
259,000
3,885,133
35,143
50,911
4,318,699
Depreciation and impairment
At 1 January 2024
51,486
1,128,067
18,330
31,104
1,228,987
Depreciation charged in the year
10,882
374,260
4,820
2,077
392,039
At 31 December 2024
62,368
1,502,327
23,150
33,181
1,621,026
Carrying amount
At 31 December 2024
26,144
259,000
2,382,806
11,993
17,730
2,697,673
At 31 December 2023
34,039
979,000
1,778,066
6,018
19,807
2,816,930
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,915
162,466
Other debtors
54,431
68,499
160,346
230,965
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
551,289
699,562
Taxation and social security
76,984
6,732
Other creditors
344,568
315,746
972,841
1,022,040
Included in other creditors due within one year are obligations under hire purchase contracts totalling £239,478 (2023 - £220,527).
Obligations under hire purchase contracts are secured on the assets to which they relate to.
CALLATECH PRECISION ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
827,659
1,077,292
Included in other creditors due after one year are obligations under hire purchase contracts totalling £327,659 (2023 - £577,292).
Obligations under hire purchase contracts are secured on the assets to which they relate to.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
315,713
496,798