REGISTERED NUMBER: 13389789 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GEORGE LEE PRECISION ENGINEERING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Flynn

REGISTERED OFFICE:

Millvale House Selsley Hill

Dudbridge

Stroud

Gloucestershire

GL5 3HF

BUSINESS ADDRESS:

Unit 11

Watery Lane Industrial Estate

Watery Lane

Willenhall

WV13 3SU

REGISTERED NUMBER:

13389789 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Intangible assets

4

4,827

6,827

Property, plant and equipment

5

45,334

61,184

50,161

68,011

CURRENT ASSETS

Inventories

1,300

1,402

Debtors

6

8,611

63,893

Cash at bank and in hand

15,848

16,369

25,759

81,664

CREDITORS

Amounts falling due within one year

7

121,969

194,842

NET CURRENT LIABILITIES

(96,210

)

(113,178

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(46,049

)

(45,167

)

PROVISIONS FOR LIABILITIES

12,654

15,296

NET LIABILITIES

(58,703

)

(60,463

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(58,803

)

(60,563

)

(58,703

)

(60,463

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

R Flynn - Director

1.	STATUTORY INFORMATION

George Lee Precision Engineering Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern

The trade of this company is to be hived up into the parent company post year end and trade will continue within the parent company. This company will be wound up as soon as is practicable following the transfer of trade.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

10,000

AMORTISATION

At 1 January 2024

3,173

Charge for year

2,000

At 31 December 2024

5,173

NET BOOK VALUE

At 31 December 2024

4,827

At 31 December 2023

6,827

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

£

COST

At 1 January 2024

95,504

Additions

5,834

Disposals

(8,250

)

At 31 December 2024

93,088

DEPRECIATION

At 1 January 2024

34,320

Charge for year

16,403

Eliminated on disposal

(2,969

)

At 31 December 2024

47,754

NET BOOK VALUE

At 31 December 2024

45,334

At 31 December 2023

61,184

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

5,462

10,226

Other debtors

2,176

52,758

Prepayments and accrued income

973

909

8,611

63,893

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,366

20,371

Amounts owed to group undertakings

99,362

149,965

Corporation Tax

1,120

20

Social security and other taxes

-

3,895

VAT

2,697

2,348

Other creditors

3,060

-

Directors' loan accounts

9,298

11,476

Accruals and deferred income

3,066

6,767

121,969

194,842

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

L Bennett

Balance outstanding at start of year

(2,802

)

511

Amounts advanced

3,503

-

Amounts repaid

(701

)

(3,313

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(2,802

)

S Lal

Balance outstanding at start of year

(3,257

)

56

Amounts repaid

(312

)

(3,313

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,569

)

(3,257

)

R Flynn

Balance outstanding at start of year

(5,417

)

(3,155

)

Amounts repaid

(312

)

(2,262

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(5,729

)

(5,417

)

No interest is charged on the balances and the loans are repayable on demand.

9.	RELATED PARTY DISCLOSURES

Included within creditors are amounts owed by George Lee Precision Engineering Ltd to Millvale Engineering Limited, the parent company. There are no repayment terms or interest charged on this loan.