NCL (Precision Engineering) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07669663 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2021

FOR

NCL (PRECISION ENGINEERING) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R D Terry

Mrs K J Millman

REGISTERED OFFICE:

15 Bridge Road

Wellington

Telford

Shropshire

TF1 1EB

REGISTERED NUMBER:

07669663 (England and Wales)

ACCOUNTANTS:

D E Ball & Co Limited

Chartered Accountants

15 Bridge Road

Wellington

Telford

Shropshire

TF1 1EB

FIXED ASSETS

Intangible assets

4

-

4,658

Tangible assets

5

13,026

14,349

13,026

19,007

CURRENT ASSETS

Stocks

19,764

7,652

Debtors

6

145,633

92,906

Cash at bank and in hand

1,003

20,447

166,400

121,005

CREDITORS

Amounts falling due within one year

7

100,419

94,277

NET CURRENT ASSETS

65,981

26,728

TOTAL ASSETS LESS CURRENT LIABILITIES

79,007

45,735

CREDITORS

Amounts falling due after more than one year

8

78,958

30,000

NET ASSETS

49

15,735

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

47

15,733

SHAREHOLDERS' FUNDS

49

15,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2021 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 27th July 2022 and were signed on its behalf by:

Mrs K J Millman - Director

1.	STATUTORY INFORMATION

NCL (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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 cost, 15% on cost and 10% 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.

Pension costs and other post-retirement benefits

The company has made contributions to certain of the employees money purchase pension schemes.These are reflected in the profit and loss account in the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st August 2020

and 31st July 2021

50,820

AMORTISATION

At 1st August 2020

46,162

Charge for year

4,658

At 31st July 2021

50,820

NET BOOK VALUE

At 31st July 2021

-

At 31st July 2020

4,658

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st August 2020

213,017

Additions

1,790

Disposals

(2,197

)

At 31st July 2021

212,610

DEPRECIATION

At 1st August 2020

198,668

Charge for year

3,113

Eliminated on disposal

(2,197

)

At 31st July 2021

199,584

NET BOOK VALUE

At 31st July 2021

13,026

At 31st July 2020

14,349

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Trade debtors

88,346

66,166

Other debtors

57,287

26,740

145,633

92,906

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans and overdrafts

34,720

-

Trade creditors

25,375

6,601

Taxation and social security

30,260

70,898

Other creditors

10,064

16,778

100,419

94,277

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans

78,958

30,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.21

31.7.20

value:

£

£

2

Ordinary

£1

2

2