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REGISTERED NUMBER: 08737213 (England and Wales)










North West Precision Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024






North West Precision Limited (Registered number: 08737213)






Contents of the Financial Statements
for the year ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


North West Precision Limited

Company Information
for the year ended 30 September 2024







DIRECTORS: Mr M Tudor
Mr C P Doran
Mr D N England
Mr N M England
Mr R Kelsey
Mrs E K Tudor





REGISTERED OFFICE: Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN





REGISTERED NUMBER: 08737213 (England and Wales)





ACCOUNTANTS: Salisbury & Company
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

North West Precision Limited (Registered number: 08737213)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 13,936 14,686
Tangible assets 5 933,156 23,323
947,092 38,009

CURRENT ASSETS
Stocks 876,871 776,312
Debtors 6 2,197,003 1,773,635
Cash at bank 184,330 155,159
3,258,204 2,705,106
CREDITORS
Amounts falling due within one year 7 3,213,562 2,128,732
NET CURRENT ASSETS 44,642 576,374
TOTAL ASSETS LESS CURRENT
LIABILITIES

991,734

614,383

CREDITORS
Amounts falling due after more than one
year

8

(596,915

)

(237,313

)

PROVISIONS FOR LIABILITIES (57,602 ) -
NET ASSETS 337,217 377,070

CAPITAL AND RESERVES
Called up share capital 300,001 300,001
Retained earnings 37,216 77,069
337,217 377,070

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.

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 5 June 2025 and were signed on its behalf by:



Mr M Tudor - Director


North West Precision Limited (Registered number: 08737213)

Notes to the Financial Statements
for the year ended 30 September 2024

1. STATUTORY INFORMATION

North West 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business and assets of North West Precision Ltd, is being amortised evenly over its estimated useful life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures & fittings and motor vehicles - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

North West Precision Limited (Registered number: 08737213)

Notes to the Financial Statements - continued
for the year ended 30 September 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2023 - 69 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 15,000
AMORTISATION
At 1 October 2023 314
Charge for year 750
At 30 September 2024 1,064
NET BOOK VALUE
At 30 September 2024 13,936
At 30 September 2023 14,686

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023 25,000
Additions 925,400
At 30 September 2024 950,400
DEPRECIATION
At 1 October 2023 1,677
Charge for year 15,567
At 30 September 2024 17,244
NET BOOK VALUE
At 30 September 2024 933,156
At 30 September 2023 23,323

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,928,071 1,411,935
Amounts owed by group undertakings 199,516 199,516
Other debtors 69,416 162,184
2,197,003 1,773,635

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,650,840 1,243,594
Hire purchase contracts 281,176 -
Trade creditors 565,149 320,576
Taxation and social security 596,843 289,016
Other creditors 119,554 275,546
3,213,562 2,128,732

North West Precision Limited (Registered number: 08737213)

Notes to the Financial Statements - continued
for the year ended 30 September 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 6,667 16,667
Hire purchase contracts 590,248 -
Taxation and social security - 220,646
596,915 237,313

9. OTHER FINANCIAL INFORMATION

On the 12th April 2023 and 9th May 2023, Cynergy Business Finance Ltd registered a fixed and floating charges over all the property or undertakings of the company.

On the 5th May 2023, Miles Tudor, Rod Kelsey, Christopher Doran, Nathan England and Daniel England registered a fixed and floating charges over all the property or undertakings of the company.

10. RELATED PARTY DISCLOSURES

During the year, the company made purchases totalling £283,800 (2023 - £64,500) from a company, ENWP Ltd, that is controlled by all directors of North West Precision Limited. As at 30th September 2024, £225,243 (2023 £30,927) was included within trade creditors in relation to monies owed for these purchases.
As at 30th September 2024, £218,717 was owed to ENWP Ltd.

As at 30th September 2024, an amount of £199,516 (2023 - £199,516) was due to Ampco 107 Ltd.

On 28th April 2023, Ampco 107 Ltd ceased being the ultimate controlling party of Verso Holdings Ltd.