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REGISTERED NUMBER: 03650955 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Ion Precision Limited

Ion Precision Limited (Registered number: 03650955)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ion Precision Limited

Company Information
for the Year Ended 31 October 2024







DIRECTOR: S Metcalfe





SECRETARY: S Metcalfe





REGISTERED OFFICE: 9 Hurworth Road
Aycliffe Industrial Park
NEWTON AYCLIFFE
Co Durham
DL5 6UD





REGISTERED NUMBER: 03650955 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Ion Precision Limited (Registered number: 03650955)

Balance Sheet
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 101,978 172,493
101,978 172,493

CURRENT ASSETS
Stocks 6 155,949 156,199
Debtors 7 292,216 325,821
Cash at bank and in hand 55 19,238
448,220 501,258
CREDITORS
Amounts falling due within one year 8 (536,872 ) (521,291 )
NET CURRENT LIABILITIES (88,652 ) (20,033 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,326

152,460

CREDITORS
Amounts falling due after more than one
year

9

(47,073

)

(106,494

)

PROVISIONS FOR LIABILITIES 12 (12,431 ) (25,230 )
NET (LIABILITIES)/ASSETS (46,178 ) 20,736

CAPITAL AND RESERVES
Called up share capital 13 5,000 5,000
Capital redemption reserve 5,000 5,000
Retained earnings (56,178 ) 10,736
SHAREHOLDERS' FUNDS (46,178 ) 20,736

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Ion Precision Limited (Registered number: 03650955)

Balance Sheet - continued
31 October 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 February 2025 and were signed by:





S Metcalfe - Director


Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Ion 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.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.


Going concern
The directors assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors make this assessment in respect of a period of at least one year from the date the financial statements are approved.

The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. If the company is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amounts, to provide for any further liabilities that might arise and to analyse long term liabilities as current liabilities.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised when a contract for the sale of goods or services is determined as unconditional.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over period of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairments.

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Hire purchases and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Invoice discounting
The company utilises an invoice discounting facility. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

Grants receivable
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 November 2023
and 31 October 2024 20,195
AMORTISATION
At 1 November 2023
and 31 October 2024 20,195
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023
and 31 October 2024 20,744 1,099,883 86,222 140,443 1,347,292
DEPRECIATION
At 1 November 2023 20,744 980,170 85,729 88,156 1,174,799
Charge for year - 56,629 246 13,640 70,515
At 31 October 2024 20,744 1,036,799 85,975 101,796 1,245,314
NET BOOK VALUE
At 31 October 2024 - 63,084 247 38,647 101,978
At 31 October 2023 - 119,713 493 52,287 172,493

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 343,841 54,561 398,402
DEPRECIATION
At 1 November 2023 256,503 2,273 258,776
Charge for year 45,568 13,640 59,208
At 31 October 2024 302,071 15,913 317,984
NET BOOK VALUE
At 31 October 2024 41,770 38,648 80,418
At 31 October 2023 87,338 52,288 139,626

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. STOCKS
2024 2023
£    £   
Stocks 35,000 22,750
Work-in-progress 120,949 133,449
155,949 156,199

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 239,532 279,464
Amounts due from related undertakings 6,454 6,454
Other debtors 517 38,613
Director's current account 39,466 -
Prepayments and accrued income 6,247 1,290
292,216 325,821

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 13,633 10,098
Hire purchase contracts (see note 10) 49,065 65,400
Trade creditors 60,425 62,674
Taxation and social security 169,856 122,578
Other creditors 205,348 238,827
Director's current account - 55
Accruals and deferred income 38,545 21,659
536,872 521,291

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans - 1-2 years 6,160 10,354
Other loans - 2-5 years - 6,160
Hire purchase contracts (see note 10) 40,913 89,980
47,073 106,494

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 49,065 65,400
Between one and five years 40,913 89,980
89,978 155,380

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 89,978 155,380
Invoice discounting 201,803 235,168
291,781 390,548

Amounts owed on hire purchase contracts are secured against the assets to which they relate. The invoice discounting creditor is secured on the trade debtor balances to which it relates.

The invoice discounting creditor is shown in Other Creditors within the balance sheet.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 12,431 25,230

Deferred
tax
£   
Balance at 1 November 2023 25,230
Accelerated capital allowances (12,799 )
Balance at 31 October 2024 12,431

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,500 Ordinary £1 4,500 4,500
500 Ordinary A £1 500 500
5,000 5,000

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
S Metcalfe
Balance outstanding at start of year (55 ) (734 )
Amounts advanced 53,521 54,879
Amounts repaid (14,000 ) (54,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,466 (55 )

Ion Precision Limited (Registered number: 03650955)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

15. RELATED PARTY DISCLOSURES

There are no related party transactions not concluded at market rate except for the following:

2024 2023
£ £

Amounts due to /(from) director (39,466 ) 55

No interest was charged.