D&G PRECISION ENGINEERING LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC212568 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 November 2021

for

D&G PRECISION ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

6

DIRECTOR:

S GRIFFIN

REGISTERED OFFICE:

1-3 HAGMILL ROAD

COATBRIDGE

NORTH LANARKSHIRE

ML5 4XD

REGISTERED NUMBER:

SC212568 (Scotland)

ACCOUNTANTS:

Gordon Ferguson & Co Ltd

Upper Floor

Comac House

2 Coddington Crescent

Eurocentral

Lanarkshire

ML1 4YF

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

132,058

76,449

132,058

76,449

CURRENT ASSETS

Stocks

33,929

38,090

Debtors

6

217,543

189,338

Cash at bank and in hand

12,115

41,401

263,587

268,829

CREDITORS

Amounts falling due within one year

7

210,896

207,077

NET CURRENT ASSETS

52,691

61,752

TOTAL ASSETS LESS CURRENT LIABILITIES

184,749

138,201

CREDITORS

Amounts falling due after more than one year

8

115,103

86,994

NET ASSETS

69,646

51,207

CAPITAL AND RESERVES

Called up share capital

60,099

60,099

Retained earnings

9,547

(8,892

)

SHAREHOLDERS' FUNDS

69,646

51,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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 14 June 2022 and were signed by:

S GRIFFIN - Director

1.	STATUTORY INFORMATION

D&G PRECISION ENGINEERING LIMITED is a private company, limited by shares , registered in Scotland. 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.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Development costs are being amortised evenly over their estimated useful life of nil years.

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

-

33% on cost and 25% on reducing balance

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.

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 16 (2020 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 December 2020

and 30 November 2021

38,555

AMORTISATION

At 1 December 2020

and 30 November 2021

38,555

NET BOOK VALUE

At 30 November 2021

-

At 30 November 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2020

466,252

Additions

93,506

Disposals

(24,700

)

At 30 November 2021

535,058

DEPRECIATION

At 1 December 2020

389,803

Charge for year

35,260

Eliminated on disposal

(22,063

)

At 30 November 2021

403,000

NET BOOK VALUE

At 30 November 2021

132,058

At 30 November 2020

76,449

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

Plant and

machinery

etc

£

COST

At 1 December 2020

45,414

Additions

66,006

At 30 November 2021

111,420

DEPRECIATION

At 1 December 2020

19,869

Charge for year

16,012

At 30 November 2021

35,881

NET BOOK VALUE

At 30 November 2021

75,539

At 30 November 2020

25,545

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.21

30.11.20

£

£

Trade debtors

209,975

180,899

Other debtors

7,568

8,439

217,543

189,338

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.21

30.11.20

£

£

Bank loans and overdrafts

12,000

5,000

Hire purchase contracts

30,447

21,524

Trade creditors

29,352

28,359

Taxation and social security

51,843

85,082

Other creditors

87,254

67,112

210,896

207,077

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.21

30.11.20

£

£

Bank loans

47,000

55,000

Hire purchase contracts

68,103

24,775

Other creditors

-

7,219

115,103

86,994

The following reproduces the text of the report prepared for the director 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 Director 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 30 November 2021 set out on pages three to eight 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.

Gordon Ferguson & Co Ltd

Upper Floor

Comac House

2 Coddington Crescent

Eurocentral

Lanarkshire

ML1 4YF

20 June 2022