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Registered number: 02836935









Manchester Precision Engineering Limited









Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2024

 
Manchester Precision Engineering Limited
 
 
Statement of Comprehensive Income
For the year ended 30 September 2024

2024
2023
Note
£
£

  

Turnover
  
5,472,968
4,965,718

Cost of sales
  
(5,477,658)
(4,587,893)

Gross (loss)/profit
  
(4,690)
377,825

Administrative expenses
  
(144,713)
(125,471)

Operating (loss)/profit
  
(149,403)
252,354

Tax on (loss)/profit
  
492,298
(23,258)

Profit for the financial year
  
342,895
229,096

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
Manchester Precision Engineering Limited
Registered number: 02836935

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,221,468
2,491,152

Current assets
  

Stocks
 5 
840,183
2,215,186

Debtors: amounts falling due within one year
 6 
4,162,534
2,242,596

Cash at bank and in hand
 7 
21,857
224,144

  
5,024,574
4,681,926

Creditors: amounts falling due within one year
 8 
(442,955)
(641,350)

Net current assets
  
 
 
4,581,619
 
 
4,040,576

Total assets less current liabilities
  
6,803,087
6,531,728

Provisions for liabilities
  

Deferred tax
  
(403,513)
(475,049)

  
 
 
(403,513)
 
 
(475,049)

Net assets
  
6,399,574
6,056,679


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
6,399,474
6,056,579

  
6,399,574
6,056,679


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M Ford
Director

Date: 4 June 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
Manchester Precision Engineering Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Manchester Precision Engineering Limited is a private company limited by shares and incorporated in England and Wales. Registered number 02836935. Its registered head office is located at 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in Sterling (£), the Company’s functional currency.
The accounting reference date is 30th September 2024 however the accounts are drawn up for the 52 weeks to 29th September 2024 (2023: 52 weeks to 1st October 2023).
The following principal accounting policies have been applied:

 
2.2

Going concern

As detailed in the financial statements of the ultimate holding company Hyde Industrial Holdings Limited, the group meets its day to day working capital requirements through significant available cash balances.
The directors of Hyde Industrial Holdings Limited (the ultimate parent company) have prepared consolidated forecasts for the period to 30 June 2026 which include forecast results for this company.
After review of the forecasts, significant available group cash resources and consideration of the parental support from the ultimate parent company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements. 
Accordingly, they continue to adopt the going concern basis in the preparation of these financial statements.

 
2.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery to the customer), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
Manchester Precision Engineering Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
Manchester Precision Engineering Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant and machinery
-
10 years straight line
Motor vehicles
-
4 years straight line
Fixtures and fittings
-
2-5 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Previously the company depreciated its plant and machinery over a period of 4 years. During the year the directors reassessed the useful economic life of these assets to 10 years. This has resulted in a reduction in the depreciation charge for the year of £401,608 compared to if the assets had continued to be depreciated over 4 years.

  
2.7

Work in progress

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
Manchester Precision Engineering Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 36 (2023: 38).


The average monthly number of employees, including directors, during the year was 36 (2023 -38).

Page 6

 
Manchester Precision Engineering Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 October 2023
6,889,334
112,660
368,363
7,370,357


Additions
26,643
61,919
26,264
114,826


Transfers intra group
-
34,479
-
34,479


Disposals
-
(86,248)
(26,130)
(112,378)



At 30 September 2024

6,915,977
122,810
368,497
7,407,284



Depreciation


At 1 October 2023
4,682,913
85,540
110,752
4,879,205


Charge for the year
267,738
14,522
69,750
352,010


Transfers intra group
-
34,479
-
34,479


Disposals
-
(53,748)
(26,130)
(79,878)



At 30 September 2024

4,950,651
80,793
154,372
5,185,816



Net book value



At 30 September 2024
1,965,326
42,017
214,125
2,221,468



At 30 September 2023
2,206,421
27,120
257,611
2,491,152


5.


Stocks

2024
2023
£
£

Work in progress
840,183
2,215,186


Page 7

 
Manchester Precision Engineering Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

6.


Debtors

2024
2023
£
£


Trade debtors
321,235
185,431

Amounts owed by group undertakings
3,732,299
1,806,555

Other debtors
-
72,007

Prepayments
109,000
106,939

Tax recoverable
-
71,664

4,162,534
2,242,596


Amounts due from group undertakings are repayable on demand, unsecured and bear no interest.


7.


Cash

2024
2023
£
£

Cash at bank and in hand
21,857
224,144



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
257,277
272,760

Amounts owed to group undertakings
82,588
213,872

Other taxation and social security
48,798
58,775

Other creditors
28,064
37,609

Accruals
26,228
58,334

442,955
641,350


Amounts due to group undertakings are repayable on demand, unsecured and bear no interest.


9.


Contingent liabilities

The Company is party to an inter-company cross guarantee in favour of its bankers. The cross guarantee is for all amounts due to the bank by all of the group companies headed by Hyde Industrial Holdings Limited.
The maximum liability of this cross guarantee at 30 September 2024 was £Nil (
2023: £Nil).

Page 8

 
Manchester Precision Engineering Limited
 
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

10.


Capital commitments

The Company had capital commitments of £Nil at 30 September 2024 (2023: £61,809).


11.


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 administered fund. Contributions totalling £2,025 (2023: £3,949) were payable to the fund at the balance sheet date and are included in creditors.


12.


Controlling party

The immediate parent undertaking is Hyde Group Limited. The ultimate parent undertaking is Hyde Industrial Holdings Limited.
The largest group of undertakings for which group accounts have been drawn up is that headed by Hyde Industrial Holdings Limited and the smallest group of such undertakings, including the Company, is that headed by Hyde Group Holdings Limited.
Copies of the group financial statements can be obtained from that company's registered office.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 4 June 2025 by John Glover (senior statutory auditor) on behalf of Hurst Accountants Limited.

 
Page 9