Gluck Precision Engineering Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00645674 (England and Wales)

GLUCK PRECISION ENGINEERING LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R S Gluck

SECRETARY:

J Gluck

REGISTERED OFFICE:

2 Lakeview Stables

Lower St Clere

Kemsing

Sevenoaks

Kent

TN15 6NL

REGISTERED NUMBER:

00645674 (England and Wales)

ACCOUNTANTS:

Lakeview Southern Limited

Chartered Accountants

2 Lakeview Stables

Lower St Clere

Kemsing

Sevenoaks

Kent

TN15 6NL

FIXED ASSETS

Tangible assets

4

45,502

48,573

Investment property

5

963,343

963,343

1,008,845

1,011,916

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

6

6,549

15,099

Cash at bank

221,798

173,654

230,347

190,753

CREDITORS

Amounts falling due within one year

7

15,655

10,497

NET CURRENT ASSETS

214,692

180,256

TOTAL ASSETS LESS CURRENT LIABILITIES

1,223,537

1,192,172

CREDITORS

Amounts falling due after more than one year

8

(37,215

)

-

PROVISIONS FOR LIABILITIES

(30,427

)

(31,011

)

NET ASSETS

1,155,895

1,161,161

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Fair value reserve

9

114,640

114,640

Retained earnings

1,011,255

1,016,521

SHAREHOLDERS' FUNDS

1,155,895

1,161,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 June 2021 and were signed by:

R S Gluck - Director

1.	STATUTORY INFORMATION

Gluck 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.

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 as modified by the revaluation of certain assets.

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.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The properties are initially held at cost but have been revalued to market value by the director.

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

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 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

70,966

Additions

30,274

Disposals

(34,254

)

At 31 December 2020

66,986

DEPRECIATION

At 1 January 2020

22,393

Charge for year

13,673

Eliminated on disposal

(14,582

)

At 31 December 2020

21,484

NET BOOK VALUE

At 31 December 2020

45,502

At 31 December 2019

48,573

5.	INVESTMENT PROPERTY

The properties are initially held at cost but have been revalued to market value by the director at the year end.

Fair value at 31 December 2020 is represented by:

£

Valuation in 2020

963,343

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

3,215

7,376

Other debtors

3,334

7,723

6,549

15,099

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

2,926

-

Hire purchase contracts

5,773

-

Trade creditors

1,226

-

Taxation and social security

125

2,945

Other creditors

5,605

7,552

15,655

10,497

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

28,074

-

Hire purchase contracts

9,141

-

37,215

-

9.

RESERVES

Fair

value

reserve

£

At 1 January 2020

and 31 December 2020

114,640

10.	RELATED PARTY DISCLOSURES