Precision Engineers (Pontefract) Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 00682262

Precision Engineers (Pontefract) Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2024

Precision Engineers (Pontefract) Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	5	1,104	1,380
Tangible assets	6	349,971	431,471
Investments	7	32,049	42,062
		----------	----------
		383,124	474,913

Current assets

Stocks		116,314	97,384
Debtors	8	281,258	416,919
Cash at bank and in hand		616,362	747,671
		-------------	-------------
		1,013,934	1,261,974

Creditors: amounts falling due within one year	9	197,523		294,500
		-------------		-------------
Net current assets			816,411		967,474
			-------------		-------------
Total assets less current liabilities			1,199,535		1,442,387

Provisions

Taxation including deferred tax	4,071	22,601
	-------------	-------------
Net assets	1,195,464	1,419,786
	-------------	-------------

Capital and reserves

Called up share capital	94	94
Share premium account	300	300
Reval'n reserve	–	40,019
Capital redemption reserve	1,906	1,906
Profit and loss account	1,193,164	1,377,467
	-------------	-------------
Shareholders funds	1,195,464	1,419,786
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

Precision Engineers (Pontefract) Limited

Statement of Financial Position (continued)

31 December 2024

For the 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 financial statements for the year in question in accordance with section 476 ;

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

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

Mr. R.J. Whittaker
Director

Company registration number: 00682262

Precision Engineers (Pontefract) Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The registered office address is South Baileygate, Pontefract, West Yorkshire, WF8 2JL.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

(b) Going concern

The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

(c) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(d) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

(e) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(f) Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

(g) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Software	-	20% reducing balance

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(h) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(i) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short Leasehold Land and Buildings	-	2% straight line
Plant & Machinery	-	20% reducing balance
Motor Vehicles	-	25% reducing balance

(j) Investment property

Investment property is initially recorded 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 no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

(k) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

(l) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(m) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(n) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

(o) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(p) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).

5. Intangible assets

	Software
	£
Cost
At 1 January 2024 and 31 December 2024	4,312
	-------
Amortisation
At 1 January 2024	2,932
Charge for the year	276
	-------
At 31 December 2024	3,208
	-------
Carrying amount
At 31 December 2024	1,104
	-------
At 31 December 2023	1,380
	-------

6. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost/Valuation
At 1 January 2024	413,963	586,052	28,470	1,028,485
Revaluations	( 64,177)	–	–	( 64,177)
	----------	----------	--------	-------------
At 31 December 2024	349,786	586,052	28,470	964,308
	----------	----------	--------	-------------
Depreciation
At 1 January 2024	49,828	523,240	23,946	597,014
Charge for the year	3,638	12,554	1,131	17,323
	----------	----------	--------	-------------
At 31 December 2024	53,466	535,794	25,077	614,337
	----------	----------	--------	-------------
Carrying amount
At 31 December 2024	296,320	50,258	3,393	349,971
	----------	----------	--------	-------------
At 31 December 2023	364,135	62,812	4,524	431,471
	----------	----------	--------	-------------

Investment property has been valued at market value by the directors who have experience in the location and category of the investment property concerned.

7. Investments

	Listed Investments
	£
Cost/Valuation
At 1 January 2024	42,062
Additions	1,163
Revaluations	( 11,176)
	--------
At 31 December 2024	32,049
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 31 December 2024	32,049
	--------
At 31 December 2023	42,062
	--------

8. Debtors

	2024	2023
	£	£
Trade debtors	255,600	385,355
Other debtors	25,658	31,564
	----------	----------
	281,258	416,919
	----------	----------

9. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	20,759	33,155
Accruals	7,143	7,644
Corporation tax	–	83,291
Social security and other taxes	100,985	116,766
Director loan accounts	68,636	53,644
	----------	----------
	197,523	294,500
	----------	----------

Bank loans are secured by means of a fixed charge over the assets of the company.

10. Analysis of other comprehensive income

	Reval'n reserve	Profit and loss account	Total
	£	£	£
Year ended 31 December 2024
Revaluation of tangible assets	( 64,177)	–	( 64,177)
Reclassification from revaluation reserve to profit and loss account	24,158	40,019	64,177
	--------	--------	--------
	( 40,019)	40,019	–
	--------	--------	--------

Year ended 31 December 2023
Reclassification from revaluation reserve to profit and loss account	( 27,653)	27,653	–
	--------	--------	----

11. Related party transactions

During the year the directors made available loans to the company . The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 68,636 (2023: £53,644).