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Registration number: 08295755

HD Precision Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

HD Precision Engineering Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

HD Precision Engineering Limited

(Registration number: 08295755)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

526,147

658,088

Current assets

 

Stocks

5

22,056

21,630

Debtors

6

792,211

658,956

Cash at bank and in hand

 

191,754

112,113

 

1,006,021

792,699

Creditors: Amounts falling due within one year

7

(178,849)

(193,367)

Net current assets

 

827,172

599,332

Total assets less current liabilities

 

1,353,319

1,257,420

Creditors: Amounts falling due after more than one year

7

(176,384)

(55,502)

Provisions for liabilities

(64,235)

(64,235)

Net assets

 

1,112,700

1,137,683

Capital and reserves

 

Called up share capital

4

2

Retained earnings

1,112,696

1,137,681

Shareholders' funds

 

1,112,700

1,137,683

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

HD Precision Engineering Limited

(Registration number: 08295755)
Balance Sheet as at 30 November 2024

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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 

Mr E Hunter-Dodds
Director

Mr R Hunter-Dodds
Director

 

HD Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
Unit 2 263 Oilmills Road
Ramsey Mereside
Huntingdon
Cambridgeshire
PE26 2TT

These financial statements were authorised for issue by the Board on 27 June 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.

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.

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.

 

HD Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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 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.

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:

Asset class

Depreciation method and rate

Computer equipment

25% Reducing balance

Plant and machinery

25% Reducing balance

Motor vehicles

25% 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.

 

HD Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

Leases

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.

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.

 

HD Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 15).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

381,626

26,334

953,721

122,419

1,484,100

Additions

16,864

3,436

1,229

-

21,529

Disposals

(1,071)

(2,881)

(27,658)

(12,295)

(43,905)

At 30 November 2024

397,419

26,889

927,292

110,124

1,461,724

Depreciation

At 1 December 2023

118,302

11,283

722,086

51,756

903,427

Charge for the year

78,684

4,398

(34,959)

17,665

65,788

Eliminated on disposal

-

(2,377)

(20,972)

(10,289)

(33,638)

At 30 November 2024

196,986

13,304

666,155

59,132

935,577

Carrying amount

At 30 November 2024

200,433

13,585

261,137

50,992

526,147

At 30 November 2023

263,324

15,051

309,050

70,663

658,088

Included within the net book value of land and buildings above is £200,433 (2023 - £263,323) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Stock materials and consumables

4,780

8,525

Work in progress

17,276

13,105

22,056

21,630

 

HD Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

234,578

345,701

Amounts owed by related parties

370,766

179,562

Prepayments

 

8,491

10,103

Other debtors

 

178,376

123,590

   

792,211

658,956

 

HD Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

81,974

55,161

Trade creditors

 

24,884

67,969

Taxation and social security

 

37,182

62,668

Accruals and deferred income

 

4,516

2,827

Other creditors

 

30,293

4,742

 

178,849

193,367

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

176,384

55,502

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

176,384

55,502

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

3,507

Other borrowings

81,974

51,654

81,974

55,161

 

HD Precision Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £258,358 (2023 - £107,156). The directors have provided joint and several personal gaurantees in respect of the company borrowings from Funding Circle.