Medley Precision Engineers Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04099311 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2023

for

Medley Precision Engineers Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J I Medley

SECRETARY:

Mrs C Medley

REGISTERED OFFICE:

20 Hamilton Way

Oakham Business Park

Mansfield

Nottinghamshire

NG18 5BU

REGISTERED NUMBER:

04099311 (England and Wales)

ACCOUNTANTS:

Bostockwhite Limited

Cabourn House

Station Street

Bingham

Nottinghamshire

NG13 8AQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,378,559

1,142,272

1,378,559

1,142,272

CURRENT ASSETS

Stocks

27,000

27,000

Debtors

6

580,200

537,441

Cash at bank and in hand

438,774

408,863

1,045,974

973,304

CREDITORS

Amounts falling due within one year

7

536,310

470,484

NET CURRENT ASSETS

509,664

502,820

TOTAL ASSETS LESS CURRENT LIABILITIES

1,888,223

1,645,092

CREDITORS

Amounts falling due after more than one year

8

(413,666

)

(352,083

)

PROVISIONS FOR LIABILITIES

(274,344

)

(165,808

)

NET ASSETS

1,200,213

1,127,201

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

1,190,213

1,117,201

SHAREHOLDERS' FUNDS

1,200,213

1,127,201

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 31 January 2024 and were signed by:

J I Medley - Director

1.	STATUTORY INFORMATION

Medley Precision Engineers 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil 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

-

33% on cost, 25% on reducing balance, 20% on cost and 15% 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.

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 27 (2022 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2022

and 30 September 2023

200,000

AMORTISATION

At 1 October 2022

and 30 September 2023

200,000

NET BOOK VALUE

At 30 September 2023

-

At 30 September 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2022

2,052,566

Additions

423,434

Disposals

(349,844

)

At 30 September 2023

2,126,156

DEPRECIATION

At 1 October 2022

910,294

Charge for year

95,797

Eliminated on disposal

(258,494

)

At 30 September 2023

747,597

NET BOOK VALUE

At 30 September 2023

1,378,559

At 30 September 2022

1,142,272

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

522,520

483,478

Other debtors

57,680

53,963

580,200

537,441

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans and overdrafts

-

16,331

Hire purchase contracts

209,515

140,806

Trade creditors

106,141

105,467

Taxation and social security

88,533

38,168

Other creditors

132,121

169,712

536,310

470,484

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.23

30.9.22

£

£

Hire purchase contracts

413,666

352,083

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.23

30.9.22

£

£

Hire purchase contracts

623,181

492,889

Items on hire purchase are secured against they assets to which they relate.