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Registration number: 00616633

Staines Machine Tool Co Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2024

 

Staines Machine Tool Co Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Staines Machine Tool Co Limited

(Registration number: 00616633)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,264

12,433

Investment property

5

8,000,000

8,000,000

 

8,010,264

8,012,433

Current assets

 

Stocks

6

2,097

3,379

Debtors

7

35,982

19,628

Cash at bank and in hand

 

301,382

339,504

 

339,461

362,511

Creditors: Amounts falling due within one year

8

(53,811)

(53,247)

Net current assets

 

285,650

309,264

Total assets less current liabilities

 

8,295,914

8,321,697

Provisions for liabilities

(1,468,765)

(1,468,765)

Net assets

 

6,827,149

6,852,932

Capital and reserves

 

Called up share capital

1,250

1,250

Other reserves

5,592,544

5,592,544

Profit and loss account

1,233,355

1,259,138

Shareholders' funds

 

6,827,149

6,852,932

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 1 July 2025 and signed on its behalf by:
 

 

Staines Machine Tool Co Limited

(Registration number: 00616633)
Statement of Financial Position as at 31 December 2024

.........................................
Mr G K Martin
Director

 

Staines Machine Tool Co Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 131 Ashford Road, Laleham, Staines, Middlesex, TW18 1RS.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Staines Machine Tool Co Limited

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

Asset class

Depreciation method and rate

Land and buildings

4% straight line

Fixtures and fittings

20% reducing balance

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

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 debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Staines Machine Tool Co Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

23,172

2,617

26,075

30,552

82,416

Additions

-

666

-

-

666

At 31 December 2024

23,172

3,283

26,075

30,552

83,082

Depreciation

At 1 January 2024

20,348

1,589

22,242

25,804

69,983

Charge for the year

927

338

383

1,187

2,835

At 31 December 2024

21,275

1,927

22,625

26,991

72,818

Carrying amount

At 31 December 2024

1,897

1,356

3,450

3,561

10,264

At 31 December 2023

2,824

1,028

3,833

4,748

12,433

Included within the net book value of land and buildings above is £1,897 (2023 - £2,824) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 January 2024

8,000,000

At 31 December 2024

8,000,000

The freehold investment properties have been valued by the directors on an open market value for existing use basis, based on a review of rent yields and a general market appraisal conducted by them.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

2,097

3,379

 

Staines Machine Tool Co Limited

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

7

Debtors

2024
£

2023
£

Trade debtors

22,190

12,180

Other debtors

3,190

1,409

Prepayments

10,602

6,039

35,982

19,628

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

5,006

8,911

Taxation and social security

9,863

9,327

Accruals and deferred income

38,942

34,956

Other creditors

-

53

53,811

53,247