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Registration number: 03474807

Aercomp Precision Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Aercomp Precision Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 13

 

Aercomp Precision Engineering Limited

Company Information

Directors

Mr J F Mulqueen

Mrs N Mulqueen

Mr G G Ball

Registered office

27 Factory Road
Upton
Poole
Dorset
BH16 5SL

Accountants

Elysium
Chartered AccountantsUnit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Aercomp Precision Engineering Limited

(Registration number: 03474807)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

930,051

966,421

Current assets

 

Stocks

6

250,284

126,582

Debtors

7

100,167

149,746

Cash at bank and in hand

 

29,304

215,402

 

379,755

491,730

Creditors: Amounts falling due within one year

8

(454,012)

(503,099)

Net current liabilities

 

(74,257)

(11,369)

Total assets less current liabilities

 

855,794

955,052

Creditors: Amounts falling due after more than one year

8

(155,458)

(299,250)

Provisions for liabilities

(66,255)

(75,395)

Net assets

 

634,081

580,407

Capital and reserves

 

Called up share capital

9

1,000

1,000

Revaluation reserve

412,330

414,305

Retained earnings

220,751

165,102

Shareholders' funds

 

634,081

580,407

 

Aercomp Precision Engineering Limited

(Registration number: 03474807)
Balance Sheet as at 31 December 2024

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 and 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 Profit and Loss Account.

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................
Mr J F Mulqueen
Director

 

Aercomp Precision Engineering Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2024

1,000

414,305

165,102

580,407

Profit for the year

-

-

85,016

85,016

Other comprehensive income

-

(1,975)

2,633

658

Total comprehensive income

-

(1,975)

87,649

85,674

Dividends

-

-

(32,000)

(32,000)

At 31 December 2024

1,000

412,330

220,751

634,081

Share capital
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 January 2023

1,000

416,280

(6,127)

411,153

Profit for the year

-

-

199,596

199,596

Other comprehensive income

-

(1,975)

2,633

658

Total comprehensive income

-

(1,975)

202,229

200,254

Dividends

-

-

(31,000)

(31,000)

At 31 December 2023

1,000

414,305

165,102

580,407

 

Aercomp Precision Engineering Limited

Notes to the 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.

The address of its registered office is:
27 Factory Road
Upton
Poole
Dorset
BH16 5SL
England

These financial statements were authorised for issue by the Board on 2 April 2025.

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.

 

Aercomp Precision Engineering Limited

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

Going concern

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 sales/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.

Government grants

Grants of a revenue nature are recognised in income in the period the related costs are incurred and for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

With the exception of plant and machinery and freehold property, tangible assets are stated in the balance sheet 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.

Plant and machinery and freehold property are stated in the balance sheet at their revalued amounts. Revalued amounts equate to the fair value of the asset at the date revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are carried out periodically so th at the carrying amounts of the asset does not materially differ from its fair value at the balance sheet date.

Transfers are made annually between the revaluation reserve and profit and loss reserves equivalent to the excess depreciation that has been charged in respect of the revalued assets.

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:

 

Aercomp Precision Engineering Limited

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

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

8% on cost

Fixtures and fittings

20% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Aercomp Precision Engineering Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

42,181

41,669

 

Aercomp Precision Engineering Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

690,000

18,750

343,744

1,052,494

Additions

-

1,765

4,046

5,811

At 31 December 2024

690,000

20,515

347,790

1,058,305

Depreciation

At 1 January 2024

13,800

17,273

55,000

86,073

Charge for the year

13,800

443

27,938

42,181

At 31 December 2024

27,600

17,716

82,938

128,254

Carrying amount

At 31 December 2024

662,400

2,799

264,852

930,051

At 31 December 2023

676,200

1,477

288,744

966,421

Revaluation

The fair value of the company's land and buildings was revalued on 3 November 2022 by an independent valuer. The name and qualification of the independent valuer are Hannah Bennett BA(Hons) MSc MRICS.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £396,905 (2023 - £408,072).

The fair value of the company's plant and machinery was revalued on 31 December 2021. An independent valuer was not involved.
Had this class of asset not been measured on a historical cost basis, the carrying amount would have been £nil (2023 - £nil).
 

6

Stocks

2024
£

2023
£

Other inventories

250,284

126,582

7

Debtors

Current

2024
£

2023
£

Trade debtors

100,167

149,746

 

100,167

149,746

 

Aercomp Precision Engineering Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

226,088

233,243

Trade creditors

 

146,472

131,139

Taxation and social security

 

72,040

131,924

Accruals and deferred income

 

5,647

2,849

Other creditors

 

3,765

3,944

 

454,012

503,099

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

155,458

299,250

 

Aercomp Precision Engineering Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 "A" of £1 each

650

650

650

650

Ordinary £1 "B" of £1 each

50

50

50

50

Ordinary £1 "C" of £1 each

100

100

100

100

Ordinary £1 "D" of £1 each

100

100

100

100

Ordinary £1 "E" of £1 each

100

100

100

100

1,000

1,000

1,000

1,000

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(1,975)

-

(1,975)

Other comprehensive income - depreciation

-

2,633

2,633

(1,975)

2,633

658

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

155,458

299,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

146,000

147,702

Finance lease liabilities

-

9,240

Other borrowings

80,088

76,301

226,088

233,243

 

Aercomp Precision Engineering Limited

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

Bank borrowings

Bank loan 1 is denominated in Pounds with a nominal interest rate of 5.656%, and the final instalment is due on 31 August 2028. The carrying amount at year end is £67,323 (2023 - £83,193).

Lloyds bank hold a charge over the freehold Property at 27 Factory Road, Upton, Poole, Dorset BH16 5SL

Bank loan 2 is denominated in Pounds with a nominal interest rate of 6.69%, and the final instalment is due on 31 August 2028. The carrying amount at year end is £53,137 (2023 - £60,957).

Lloyds Bank Commercial Finance Limited hold a debenture dated 31 July 2015 over the assets of the company

Bank Loan 3 is denominated in Pounds with a nominal interest rate of 6.74%, and the final instalment is due on 24 June 2026. The carrying amount at year end is £180,000 (2023 - £300,000).

Other borrowings

Hire Purchase is denominated in Pounds with a nominal interest rate of 5.4%, and the final instalment is due on 7 September 2024. The carrying amount at year end is £Nil (2023 - £9,240).

The hire purchase agreement is secured over specific assets.

 

Aercomp Precision Engineering Limited

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

12

Related party transactions

Key management personnel

One of the directors is also a director of a company that supplies accounting services to the company.

Summary of transactions with key management

During the year, the company paid £51,373 for these services (2023: £32,834). These were arms length transactions.
 

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

74,316

82,689

Contributions paid to money purchase schemes

30,199

7,237

104,515

89,926