2024-04-012025-03-312025-03-31false01665954PRECISION METAL PRODUCTS 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PRECISION METAL PRODUCTS LIMITED

Registered Number
01665954
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2025

PRECISION METAL PRODUCTS LIMITED
Company Information
for the year from 1 April 2024 to 31 March 2025

Directors

FENTON, Michael
FENTON, Peter Maurice
FENTON, Sharon
ROWLAND, Susan Mary

Company Secretary

ROWLAND, Susan Mary

Registered Address

56 West Street
Shoreham-By-Sea
BN43 5WG

Registered Number

01665954 (England and Wales)
PRECISION METAL PRODUCTS LIMITED
Balance Sheet as at
31 March 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Tangible assets345,46158,056
45,46158,056
Current assets
Stocks469,04170,615
Debtors5170,562153,595
Cash at bank and on hand556,980490,165
796,583714,375
Creditors amounts falling due within one year6(268,657)(209,236)
Net current assets (liabilities)527,926505,139
Total assets less current liabilities573,387563,195
Provisions for liabilities7(10,807)(13,833)
Net assets562,580549,362
Capital and reserves
Called up share capital100100
Profit and loss account562,480549,262
Shareholders' funds562,580549,362
The financial statements were approved and authorised for issue by the Board of Directors on 12 May 2025, and are signed on its behalf by:
FENTON, Sharon
Director
Registered Company No. 01665954
PRECISION METAL PRODUCTS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Vehicles25-
Office Equipment-3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20252024
Average number of employees during the year1112
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 24562,34022,9948,599593,933
Additions--2,4802,480
At 31 March 25562,34022,99411,079596,413
Depreciation and impairment
At 01 April 24511,51216,2908,075535,877
Charge for year12,7071,67669215,075
At 31 March 25524,21917,9668,767550,952
Net book value
At 31 March 2538,1215,0282,31245,461
At 31 March 2450,8286,70452458,056
4.Stocks

2025

2024

££
Raw materials and consumables21,43423,755
Work in progress47,60746,860
Total69,04170,615
5.Debtors: amounts due within one year

2025

2024

££
Trade debtors / trade receivables130,207113,660
Prepayments and accrued income40,35539,935
Total170,562153,595
6.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables58,25363,853
Taxation and social security125,023132,864
Other creditors79,3014,160
Accrued liabilities and deferred income6,0808,359
Total268,657209,236
7.Provisions for liabilities

2025

2024

££
Net deferred tax liability (asset)10,80713,833
Total10,80713,833
8.Related party transactions
Included in other creditors is £68,004 (2024: £290) owed to the directors of the company. The loans are interest free and repayable on demand.