Company No: 04378564 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	1,442,345		1,774,221
		1,442,345		1,774,221
Current assets
Stocks	4	438,571		417,302
Debtors	5	1,722,394		1,411,428
Cash at bank and in hand		708,100		447,418
		2,869,065		2,276,148
Creditors: amounts falling due within one year	6	( 837,182)		( 861,954)
Net current assets		2,031,883		1,414,194
Total assets less current liabilities		3,474,228		3,188,415
Creditors: amounts falling due after more than one year	7	( 189,792)		( 406,994)
Provision for liabilities		( 240,296)		( 260,204)
Net assets		3,044,140		2,521,217
Capital and reserves
Called-up share capital	8	1,337,111		1,337,111
Profit and loss account		1,707,029		1,184,106
Total shareholder's funds		3,044,140		2,521,217

For the financial year ending 31 March 2026 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of David Paull (CNC) Engineering Limited (registered number: 04378564) were approved and authorised for issue by the Board of Directors on 13 May 2026. They were signed on its behalf by:

Mr M C Legg Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David Paull (CNC) Engineering Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is:
Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom

The principal place of business is:
John Davey Drive
Treleigh Industrial Estate
Redruth
Cornwall
TR16 4AX

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	37		37

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Total
	£		£		£		£
Cost
At 01 April 2025	632,893		4,516,906		6,895		5,156,694
Additions	6,599		6,260		0		12,859
At 31 March 2026	639,492		4,523,166		6,895		5,169,553
Accumulated depreciation
At 01 April 2025	171,727		3,204,069		6,677		3,382,473
Charge for the financial year	12,680		332,001		54		344,735
At 31 March 2026	184,407		3,536,070		6,731		3,727,208
Net book value
At 31 March 2026	455,085		987,096		164		1,442,345
At 31 March 2025	461,166		1,312,837		218		1,774,221

Included within the net book value of tangible fixed assets is £528,872 (2025 - £833,212) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £114,479 (2025 - £68,351).

4. Stocks

	2026		2025
	£		£
Stocks	438,571		417,302

5. Debtors

	2026		2025
	£		£
Trade debtors	1,710,050		1,382,938
Other debtors	12,344		28,490
	1,722,394		1,411,428

6. Creditors: amounts falling due within one year

	2026		2025
	£		£
Bank loans	45,850		50,000
Trade creditors	216,381		319,237
Amounts owed to Parent undertakings	0		200,000
Taxation and social security	383,567		34,318
Obligations under finance leases and hire purchase contracts	168,328		234,344
Other creditors	23,056		24,055
	837,182		861,954

7. Creditors: amounts falling due after more than one year

	2026		2025
	£		£
Bank loans (secured)	0		45,874
Obligations under finance leases and hire purchase contracts	84,792		253,120
Other creditors	105,000		108,000
	189,792		406,994

The company bankers hold a fixed and floating charge over company assets. A charge exists over the company freehold premises.

8. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
1,337,111 Ordinary shares of £ 1.00 each	1,337,111		1,337,111

9. Financial commitments

Commitments

	2026		2025
	£		£
Total future minimum lease payments under non-cancellable operating leases	17,843		5,000

10. Ultimate controlling party

Parent Company:

David Paull Holdings Ltd

Lowin House Tregolls Road Truro TR1 2NA