Markyate Precision Machining Co Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04345982 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

FOR

MARKYATE PRECISION MACHINING CO LIMITED

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D T Bygate

J E Bygate

D M Bygate

SECRETARY:

Mrs H E Bygate

REGISTERED OFFICE:

Sharose Court

1-2 Hicks Road

Markyate

Hertfordshire

AL3 8JH

REGISTERED NUMBER:

04345982 (England and Wales)

ACCOUNTANTS:

F E Hawkes & Co

206 Endeavour House

Wrest Park

Silsoe

Bedfordshire

MK45 4HS

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2022 set out on pages four to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

F E Hawkes & Co

206 Endeavour House

Wrest Park

Silsoe

Bedfordshire

MK45 4HS

29 September 2022

FIXED ASSETS

1,138,428

Tangible assets

5

1,657,239

CURRENT ASSETS

104,814

Stocks

6

128,459

337,154

Debtors

7

411,659

853,501

Cash at bank and in hand

1,070,399

1,295,469

1,610,517

CREDITORS

397,109

Amounts falling due within one year

8

611,157

898,360

NET CURRENT ASSETS

999,360

2,036,788

TOTAL ASSETS LESS CURRENT LIABILITIES

2,656,599

CREDITORS

(9,075

)

Amounts falling due after more than one year

9

(118,900

)

(154,875

)

PROVISIONS FOR LIABILITIES

(274,385

)

1,872,838

NET ASSETS

2,263,314

CAPITAL AND RESERVES

66

Called up share capital

66

268,432

Revaluation reserve

11

268,432

1,604,340

Retained earnings

11

1,994,816

1,872,838

SHAREHOLDERS' FUNDS

2,263,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

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

D T Bygate - Director

1.	STATUTORY INFORMATION

Markyate Precision Machining Co Ltd is a private company, limited by shares, registered in England and Wales.

The company's registered number and registered office address are as follows:

Registered number: 04345982

Registered office: Sharose Court

1-2 Hicks road

Markyate

Hertfordshire

AL3 8JH

The principal activity of the company in the year under review was that of precision machining of components.

The presentation currency of the financial statements is sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

As with most businesses the company continues to be impacted by the Coronavirus (Covid 19).

The Pandemic has,along with the restrictions on the business has had an impact on the company's business operations, customers, suppliers and workforce. The company have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps necessary to protect the future of the business.

Government grants are shown in the accounts on the date they are receivable.

Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

The directors have made key assumptions in the determination of the fair value of a freehold property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the 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

Freehold property

Freehold property was valued in the accounting period ended 31 January 2015. The use of policy of revaluation provides more relevant and reliable information about the value of the property owned by the company. Where the estimated residual value equates or exceeds cost or valuation there will be no depreciable amount and hence no charge.

Stocks and work in progress

Stocks have been valued at the lower of cost and estimated selling price less costs to sell, cost is determined using first in first out method.

In respect of work in progress and finished goods,cost includes a relevant proportion of overheads according to the stage of completion.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 16 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Plant &

Totals

property

machinery

£

£

£

COST

At 1 February 2021

1,701,115

640,000

975,180

Additions

719,244

-

714,309

Disposals

(188,613

)

-

(188,613

)

At 31 January 2022

2,231,746

640,000

1,500,876

DEPRECIATION

At 1 February 2021

562,687

-

525,332

Charge for year

137,832

-

126,469

Eliminated on disposal

(126,012

)

-

(126,012

)

At 31 January 2022

574,507

-

525,789

NET BOOK VALUE

At 31 January 2022

1,657,239

640,000

975,087

At 31 January 2021

1,138,428

640,000

449,848

Office

Motor

Computer

equipment

vehicles

equipment

£

£

£

COST

At 1 February 2021

39,809

18,950

27,176

Additions

3,138

-

1,797

Disposals

-

-

-

At 31 January 2022

42,947

18,950

28,973

DEPRECIATION

At 1 February 2021

26,606

3,553

7,196

Charge for year

3,267

3,849

4,247

Eliminated on disposal

-

-

-

At 31 January 2022

29,873

7,402

11,443

NET BOOK VALUE

At 31 January 2022

13,074

11,548

17,530

At 31 January 2021

13,203

15,397

19,980

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

Plant &

machinery

£

COST

At 1 February 2021

281,961

Additions

263,100

Transfer to ownership

(160,961

)

At 31 January 2022

384,100

DEPRECIATION

At 1 February 2021

115,668

Charge for year

28,658

Transfer to ownership

(61,547

)

At 31 January 2022

82,779

NET BOOK VALUE

At 31 January 2022

301,321

At 31 January 2021

166,293

6.

STOCKS

2022

2021

£

£

Raw materials

79,259

61,614

Work-in-progress

49,200

43,200

128,459

104,814

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

220,636

200,531

Value added tax

180,188

124,559

Prepayments

10,835

12,064

411,659

337,154

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

80,142

29,531

Trade creditors

483,897

254,702

Tax

-

71,214

Social security & other taxes

21,639

13,508

Due to related companies

13,292

13,292

Other creditors & accrued expenses

12,187

14,862

611,157

397,109

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

118,900

9,075

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

199,042

38,606

The hire purchase debts are secured on the company's plant & machinery.

11.

RESERVES

Retained

Revaluation

Totals

earnings

reserve

£

£

£

At 1 February 2021

1,872,772

1,604,340

268,432

Profit for the year

522,476

522,476

-

Dividends

(132,000

)

(132,000

)

-

At 31 January 2022

2,263,248

1,994,816

268,432