NT Precision Limited

NT PRECISION LIMITED - Company Information

2021-12-012022-11-302022-11-30false03874895NT Precision Limited2023-07-2647789iso4217:GBPxbrli:pure038748952021-12-01038748952022-11-30038748952021-12-012022-11-30038748952020-12-01038748952021-11-30038748952020-12-012021-11-3003874895bus:SmallEntities2021-12-012022-11-3003874895bus:AuditExempt-NoAccountantsReport2021-12-012022-11-3003874895bus:FullAccounts2021-12-012022-11-3003874895bus:PrivateLimitedCompanyLtd2021-12-012022-11-3003874895core:WithinOneYear2022-11-3003874895core:AfterOneYear2022-11-3003874895core:WithinOneYear2021-11-3003874895core:AfterOneYear2021-11-3003874895core:ShareCapital2022-11-3003874895core:SharePremium2022-11-3003874895core:RevaluationReserve2022-11-3003874895core:OtherReservesSubtotal2022-11-3003874895core:RetainedEarningsAccumulatedLosses2022-11-3003874895core:ShareCapital2021-11-3003874895core:SharePremium2021-11-3003874895core:RevaluationReserve2021-11-3003874895core:OtherReservesSubtotal2021-11-3003874895core:RetainedEarningsAccumulatedLosses2021-11-3003874895core:LandBuildings2022-11-3003874895core:PlantMachinery2022-11-3003874895core:Vehicles2022-11-3003874895core:FurnitureFittings2022-11-3003874895core:OfficeEquipment2022-11-3003874895core:NetGoodwill2022-11-3003874895core:IntangibleAssetsOtherThanGoodwill2022-11-3003874895core:ListedExchangeTraded2022-11-3003874895core:UnlistedNon-exchangeTraded2022-11-3003874895core:LandBuildings2021-11-3003874895core:PlantMachinery2021-11-3003874895core:Vehicles2021-11-3003874895core:FurnitureFittings2021-11-3003874895core:OfficeEquipment2021-11-3003874895core:NetGoodwill2021-11-3003874895core:IntangibleAssetsOtherThanGoodwill2021-11-3003874895core:ListedExchangeTraded2021-11-3003874895core:UnlistedNon-exchangeTraded2021-11-3003874895core:LandBuildings2021-12-012022-11-3003874895core:PlantMachinery2021-12-012022-11-3003874895core:Vehicles2021-12-012022-11-3003874895core:FurnitureFittings2021-12-012022-11-3003874895core:OfficeEquipment2021-12-012022-11-3003874895core:NetGoodwill2021-12-012022-11-3003874895core:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-3003874895core:ListedExchangeTraded2021-12-012022-11-3003874895core:UnlistedNon-exchangeTraded2021-12-012022-11-3003874895core:MoreThanFiveYears2021-12-012022-11-3003874895core:Non-currentFinancialInstruments2022-11-3003874895core:Non-currentFinancialInstruments2021-11-3003874895dpl:CostSales2021-12-012022-11-3003874895dpl:DistributionCosts2021-12-012022-11-3003874895dpl:AdministrativeExpenses2021-12-012022-11-3003874895core:LandBuildings2021-12-012022-11-3003874895core:PlantMachinery2021-12-012022-11-3003874895core:Vehicles2021-12-012022-11-3003874895core:FurnitureFittings2021-12-012022-11-3003874895core:OfficeEquipment2021-12-012022-11-3003874895core:NetGoodwill2021-12-012022-11-3003874895core:IntangibleAssetsOtherThanGoodwill2021-12-012022-11-3003874895dpl:GroupUndertakings2021-12-012022-11-3003874895dpl:ParticipatingInterests2021-12-012022-11-3003874895dpl:GroupUndertakingscore:ListedExchangeTraded2021-12-012022-11-3003874895core:ListedExchangeTraded2021-12-012022-11-3003874895dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-12-012022-11-3003874895core:UnlistedNon-exchangeTraded2021-12-012022-11-3003874895dpl:CostSales2020-12-012021-11-3003874895dpl:DistributionCosts2020-12-012021-11-3003874895dpl:AdministrativeExpenses2020-12-012021-11-3003874895core:LandBuildings2020-12-012021-11-3003874895core:PlantMachinery2020-12-012021-11-3003874895core:Vehicles2020-12-012021-11-3003874895core:FurnitureFittings2020-12-012021-11-3003874895core:OfficeEquipment2020-12-012021-11-3003874895core:NetGoodwill2020-12-012021-11-3003874895core:IntangibleAssetsOtherThanGoodwill2020-12-012021-11-3003874895dpl:GroupUndertakings2020-12-012021-11-3003874895dpl:ParticipatingInterests2020-12-012021-11-3003874895dpl:GroupUndertakingscore:ListedExchangeTraded2020-12-012021-11-3003874895core:ListedExchangeTraded2020-12-012021-11-3003874895dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2020-12-012021-11-3003874895core:UnlistedNon-exchangeTraded2020-12-012021-11-3003874895core:NetGoodwill2022-11-3003874895core:IntangibleAssetsOtherThanGoodwill2022-11-3003874895core:LandBuildings2022-11-3003874895core:PlantMachinery2022-11-3003874895core:Vehicles2022-11-3003874895core:FurnitureFittings2022-11-3003874895core:OfficeEquipment2022-11-3003874895core:AfterOneYear2022-11-3003874895core:WithinOneYear2022-11-3003874895core:ListedExchangeTraded2022-11-3003874895core:UnlistedNon-exchangeTraded2022-11-3003874895core:ShareCapital2022-11-3003874895core:SharePremium2022-11-3003874895core:RevaluationReserve2022-11-3003874895core:OtherReservesSubtotal2022-11-3003874895core:RetainedEarningsAccumulatedLosses2022-11-3003874895core:NetGoodwill2021-11-3003874895core:IntangibleAssetsOtherThanGoodwill2021-11-3003874895core:LandBuildings2021-11-3003874895core:PlantMachinery2021-11-3003874895core:Vehicles2021-11-3003874895core:FurnitureFittings2021-11-3003874895core:OfficeEquipment2021-11-3003874895core:AfterOneYear2021-11-3003874895core:WithinOneYear2021-11-3003874895core:Liste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Registered Number
03874895
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2022

NT Precision Limited

Company Information
for the year from 1 December 2021 to 30 November 2022


Directors	Alan Ashcroft
	Michael Norris


Registered Address	4 Mason Court
	Gillan Way Penrith 40 Business Park
	Penrith
	CA11 9GR


Place of Business	9 Derwent Mills
	Derwent Mills Commercial Park
	Cockermouth
	CA13 0HT


Registered Number	03874895 (England and Wales)

NT Precision Limited

Statement of Financial Position
30 November 2022

	Notes	2022		2021
		£	£	£	£
Fixed assets
Intangible assets	8		13,101		16,376
Tangible assets	10		30,089		39,440
			43,190		55,816
Current assets
Stocks	12	25,220		21,723
Debtors	13	79,771		68,628
Cash at bank and on hand		113,643		123,699
		218,634		214,050
Creditors amounts falling due within one year	14	(164,379)		(148,012)
Net current assets (liabilities)			54,255		66,038
Total assets less current liabilities			97,445		121,854
Creditors amounts falling due after one year	15		(41,667)		(53,068)
Provisions for liabilities	17		(5,717)		(7,494)
Net assets			50,061		61,292
Capital and reserves
Called up share capital			350		350
Profit and loss account			49,711		60,942
Shareholders' funds			50,061		61,292

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.

The financial statements were approved and authorised for issue by the Board of Directors on 26 July 2023, and are signed on its behalf by:

Alan Ashcroft
Director

Michael Norris
Director

Registered Company No. 03874895

NT Precision Limited

Notes to the Financial Statements
for the year ended 30 November 2022

1.	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Compliance with applicable reporting framework
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	Basis of measurement used in financial statements
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

4.	Accounting policies

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	10
	Fixtures and fittings	4
	Vehicles	4
	Office Equipment	4

	Intangible assets policy
	Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Intangible assets policy

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

	Stocks policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Taxation policy
	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 policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Government grants and other government assistance policy

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

	Leases policy
	Assets held under finance leases and hire purchase contracts which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Leases policy

Assets held under finance leases and hire purchase contracts which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Valuation of financial instruments policy
	The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Valuation of financial instruments policy

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in notes. Prepayments are not financial instruments.

Cash at bank – is classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in notes. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

5.	Critical estimates and judgements
	The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

Critical estimates and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There are no judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

6.	Sources of estimation uncertainty
	Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

7.	Employee information


		2022		2021
	Average number of employees during the year	12		12

8.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 December 21	32,751	32,751
At 30 November 22	32,751	32,751
Amortisation and impairment
At 01 December 21	16,375	16,375
Charge for year	3,275	3,275
At 30 November 22	19,650	19,650
Net book value
At 30 November 22	13,101	13,101
At 30 November 21	16,376	16,376

9.	Useful life of intangible asset
	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 - 10% 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.

10.	Property, plant and equipment

	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 December 21	211,724	5,500	14,003	1,883	233,110
At 30 November 22	211,724	5,500	14,003	1,883	233,110
Depreciation and impairment
At 01 December 21	173,587	5,500	12,700	1,883	193,670
Charge for year	9,070	-	281	-	9,351
At 30 November 22	182,657	5,500	12,981	1,883	203,021
Net book value
At 30 November 22	29,067	-	1,022	-	30,089
At 30 November 21	38,137	-	1,303	-	39,440


	National Westminster Bank PLC hold a fixed and floating charge over the undertaking of all property and assets present and future for the company. The charge was created on 2 January 2003.

11.	Provisions for impairment of tangible 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.

12.	Stocks

	2022	2021
	£	£
Work in progress	25,220	21,723
Total	25,220	21,723

13.	Debtors

	2022	2021
	£	£
Trade debtors / trade receivables	77,188	66,045
Prepayments and accrued income	2,583	2,583
Total	79,771	68,628


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

14.	Creditors within one year

	2022	2021
	£	£
Trade creditors / trade payables	39,470	24,440
Taxation and social security	58,234	34,028
Finance lease and HP contracts	3,068	9,204
Other creditors	19,389	15,728
Accrued liabilities and deferred income	44,218	64,612
Total	164,379	148,012


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

15.	Creditors after one year

	2022	2021
	£	£
Bank borrowings and overdrafts	41,667	50,000
Other creditors	-	3,068
Total	41,667	53,068

16.	Finance lease and HP contracts after one year

		2022		2021
		£		£
	Finance lease and HP contracts	-		3,068

17.	Provisions for liabilities
	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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

17.

Provisions for liabilities

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.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

	2022	2021
	£	£
Net deferred tax liability (asset)	5,717	7,494
Total	5,717	7,494