Regal Precision Engineers (Colne) Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02098380 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

REGAL PRECISION ENGINEERS (COLNE) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I R Sorbie

S A Kitchen

SECRETARY:

I R Sorbie

REGISTERED OFFICE:

Walton Street Works

Walton Street

Colne

Lancashire

BB8 0EL

REGISTERED NUMBER:

02098380 (England and Wales)

ACCOUNTANTS:

Ainsworths Limited

Chartered Accountants

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

FIXED ASSETS

Tangible assets

4

1,261,426

1,017,573

CURRENT ASSETS

Stocks

577,400

542,150

Debtors

5

1,043,858

515,923

Cash at bank and in hand

85,235

49,190

1,706,493

1,107,263

CREDITORS

Amounts falling due within one year

6

1,019,494

734,520

NET CURRENT ASSETS

686,999

372,743

TOTAL ASSETS LESS CURRENT LIABILITIES

1,948,425

1,390,316

CREDITORS

Amounts falling due after more than one year

7

(614,033

)

(434,408

)

PROVISIONS FOR LIABILITIES

(201,711

)

(151,196

)

NET ASSETS

1,132,681

804,712

CAPITAL AND RESERVES

Called up share capital

15,002

15,002

Retained earnings

1,117,679

789,710

SHAREHOLDERS' FUNDS

1,132,681

804,712

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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 21st June 2023 and were signed on its behalf by:

I R Sorbie - Director

1.	STATUTORY INFORMATION

Regal Precision Engineers (Colne) 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 15% on reducing balance and 2% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Employee benefit trusts

The company has purchased trusts for the benefit of employees and certain of their dependants. Monies held in these trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees’ past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 37 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st April 2022

56,525

3,661,366

258,975

8,995

3,985,861

Additions

-

402,888

5,029

23,245

431,162

At 31st March 2023

56,525

4,064,254

264,004

32,240

4,417,023

DEPRECIATION

At 1st April 2022

39,699

2,735,694

184,603

8,292

2,968,288

Charge for year

1,684

172,478

12,487

660

187,309

At 31st March 2023

41,383

2,908,172

197,090

8,952

3,155,597

NET BOOK VALUE

At 31st March 2023

15,142

1,156,082

66,914

23,288

1,261,426

At 31st March 2022

16,826

925,672

74,372

703

1,017,573

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st April 2022

1,223,347

-

1,223,347

Additions

400,987

23,245

424,232

At 31st March 2023

1,624,334

23,245

1,647,579

DEPRECIATION

At 1st April 2022

625,704

-

625,704

Charge for year

123,019

484

123,503

At 31st March 2023

748,723

484

749,207

NET BOOK VALUE

At 31st March 2023

875,611

22,761

898,372

At 31st March 2022

597,643

-

597,643

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

1,039,422

512,692

Other debtors

4,436

3,231

1,043,858

515,923

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

143,056

112,500

Hire purchase contracts

85,174

104,158

Trade creditors

352,494

276,118

Taxation and social security

197,879

138,092

Other creditors

240,891

103,652

1,019,494

734,520

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

328,473

345,833

Hire purchase contracts

285,560

-

Other creditors

-

88,575

614,033

434,408

31.3.23

31.3.22

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans > 5 years

6,250

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Hire purchase contracts

370,734

104,158

Yorkshire Bank CBILS

152,778

208,333

523,512

312,491

Hire purchase debts are secured against the assets they were used to finance.