Laureate Precision Engineering Limited Filleted accounts for Companies House (small and micro)

LAUREATE PRECISION ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10313126

Laureate Precision Engineering Limited

Filleted Unaudited Financial Statements

31 August 2020

Laureate Precision Engineering Limited

Balance Sheet

31 August 2020

	2020	2019
Note	£	£

Fixed assets

Intangible assets	5	1,448	6,248
Tangible assets	6	1,140	7,537
		-------	--------
		2,588	13,785

Current assets

Stocks		32,500	32,400
Debtors	7	331,580	399,910
Cash at bank and in hand		12,403	6,267
		---------	---------
		376,483	438,577

Creditors: amounts falling due within one year	8	310,198	435,350
		---------	---------
Net current assets		66,285	3,227
		--------	--------
Total assets less current liabilities		68,873	17,012

Creditors: amounts falling due after more than one year	9	50,000	–

Provisions	216	1,432
	--------	--------
Net assets	18,657	15,580
	--------	--------

Laureate Precision Engineering Limited

Balance Sheet (continued)

31 August 2020

	2020	2019
Note	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	17,657	14,580
	--------	--------
Shareholder funds	18,657	15,580
	--------	--------

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 statement of income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his 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 26 May 2021 , and are signed on behalf of the board by:

Mr A B Call
Director

Company registration number: 10313126

Laureate Precision Engineering Limited

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10-12 Commercial Road, March, Cambridgeshire, PE15 8QP.

2. Statement of compliance

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

3. Accounting policies

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.

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.

Income 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:

	Goodwill	-	25% straight line

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.

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.

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:

Plant and machinery	-	25% reducing balance
Office equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	25% reducing balance

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.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

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.

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 21 (2019: 22 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 September 2019 and 31 August 2020	20,648
	--------
Amortisation
At 1 September 2019	14,400
Charge for the year	4,800
	--------
At 31 August 2020	19,200
	--------
Carrying amount
At 31 August 2020	1,448
	--------
At 31 August 2019	6,248
	--------

6. Tangible assets

	Plant and machinery	Office equipment	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 September 2019 and 31 August 2020	9,501	18,060	790	25,395	53,746
	-------	--------	----	--------	--------
Depreciation
At 1 September 2019	5,836	16,437	662	23,274	46,209
Charge for the year	2,783	1,623	128	1,863	6,397
	-------	--------	----	--------	--------
At 31 August 2020	8,619	18,060	790	25,137	52,606
	-------	--------	----	--------	--------
Carrying amount
At 31 August 2020	882	–	–	258	1,140
	-------	--------	----	--------	--------
At 31 August 2019	3,665	1,623	128	2,121	7,537
	-------	--------	----	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	134,432	239,703
Other debtors	197,148	160,207
	---------	---------
	331,580	399,910
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	46,764	76,660
Corporation tax	8,039	4,976
Social security and other taxes	189,728	105,595
Other creditors	65,667	248,119
	---------	---------
	310,198	435,350
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	50,000	–
	--------	----