REGISTERED NUMBER: 07068447 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GOODMAN PRECISION ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M P Goodman

S A Reynolds

REGISTERED OFFICE:

Ground Floor, Baird House

Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

REGISTERED NUMBER:

07068447 (England and Wales)

ACCOUNTANTS:

TC Group

Baird House

Seebeck Place

Knowlhill

Milton Keynes

Buckinghamshire

MK5 8FR

FIXED ASSETS

Tangible assets

4

820,819

823,647

CURRENT ASSETS

Stocks

44,009

24,720

Debtors

5

314,820

435,274

Cash at bank and in hand

302,601

135,300

661,430

595,294

CREDITORS

Amounts falling due within one year

6

346,559

383,007

NET CURRENT ASSETS

314,871

212,287

TOTAL ASSETS LESS CURRENT LIABILITIES

1,135,690

1,035,934

CREDITORS

Amounts falling due after more than one year

7

(198,744

)

(161,330

)

PROVISIONS FOR LIABILITIES

(186,377

)

(140,481

)

NET ASSETS

750,569

734,123

CAPITAL AND RESERVES

Called up share capital

19

19

Share premium

894

894

Retained earnings

749,656

733,210

SHAREHOLDERS' FUNDS

750,569

734,123

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 directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

S A Reynolds - Director

1.	STATUTORY INFORMATION

Goodman Precision Engineering 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.

Turnover

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

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

-

20% on cost

Plant and machinery

-

10% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks 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 Income Statement, 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

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

54,763

2,220,217

12,700

2,287,680

Additions

-

181,792

15,617

197,409

Disposals

-

(76,000

)

-

(76,000

)

At 31 December 2024

54,763

2,326,009

28,317

2,409,089

DEPRECIATION

At 1 January 2024

43,811

1,410,697

9,525

1,464,033

Charge for year

10,952

185,134

4,151

200,237

Eliminated on disposal

-

(76,000

)

-

(76,000

)

At 31 December 2024

54,763

1,519,831

13,676

1,588,270

NET BOOK VALUE

At 31 December 2024

-

806,178

14,641

820,819

At 31 December 2023

10,952

809,520

3,175

823,647

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2024

556,200

Additions

176,121

At 31 December 2024

732,321

DEPRECIATION

At 1 January 2024

165,645

Charge for year

55,620

At 31 December 2024

221,265

NET BOOK VALUE

At 31 December 2024

511,056

At 31 December 2023

390,555

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

260,063

381,641

Other debtors

24,450

24,450

Tax

14,969

14,969

Prepayments

15,338

14,214

314,820

435,274

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

39,850

39,850

Hire purchase contracts

62,591

59,325

Trade creditors

105,374

52,701

Corporation tax

43

14,969

Social security and other taxes

86,181

111,306

Pension

6,133

5,373

VAT

23,168

56,338

Other creditors

1,039

17,039

Directors' current accounts

7

7

Accrued expenses

22,173

26,099

346,559

383,007

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans - 2-5 years

41,545

100,049

Hire purchase contracts

157,199

61,281

198,744

161,330

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

81,395

139,899

Hire purchase contracts

219,790

120,606

301,185

260,505