NT Precision Limited Filleted accounts for Companies House (small and micro)

NT PRECISION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03874895

NT Precision Limited

Filleted Unaudited Financial Statements

30 November 2018

NT Precision Limited

Statement of Financial Position

30 November 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	26,201	29,476
Tangible assets	6	95,720	68,992
		-----------	---------
		121,921	98,468

Current assets

Stocks		24,684	31,049
Debtors	7	112,311	64,543
Cash at bank and in hand		59,732	52,716
		-----------	-----------
		196,727	148,308

Creditors: amounts falling due within one year	8	( 179,850)		( 98,269)
		-----------		-----------
Net current assets			16,877	50,039
			-----------	-----------
Total assets less current liabilities			138,798	148,507

Creditors: amounts falling due after more than one year	9	( 32,078)	( 18,000)
		-----------	-----------
Net assets		106,720	130,507
		-----------	-----------

Capital and reserves

Called up share capital	350	350
Profit and loss account	106,370	130,157
	-----------	-----------
Shareholders funds	106,720	130,507
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NT Precision Limited

Statement of Financial Position (continued)

30 November 2018

These financial statements were approved by the board of directors and authorised for issue on 22 May 2019 , and are signed on behalf of the board by:

M Norris	A Ashcroft
Director	Director

Company registration number: 03874895

NT Precision Limited

Notes to the Financial Statements

Year ended 30 November 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Mason Court, Gillan Way, Penrith 40 Business Park, Penrith, Cumbria. CA11 9GR. The principal place of business is Unit 3A, Derwent Mills Commercial Park, Cockermouth, Cumbria, CA13 0HT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

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 The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: None. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The 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 are as follows: None.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

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.

Amortisation

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	10% straight line
Fixtures & fittings	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2017: 12 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 December 2017 and 30 November 2018	32,751
	---------
Amortisation
At 1 December 2017	3,275
Charge for the year	3,275
	---------
At 30 November 2018	6,550
	---------
Carrying amount
At 30 November 2018	26,201
	---------
At 30 November 2017	29,476
	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 December 2017	166,819	14,003	4,950	1,883	187,655
Additions	44,905	–	5,500	–	50,405
Disposals	–	–	( 4,950)	–	( 4,950)
	-----------	---------	--------	--------	-----------
At 30 November 2018	211,724	14,003	5,500	1,883	233,110
	-----------	---------	--------	--------	-----------
Depreciation
At 1 December 2017	101,495	11,539	3,746	1,883	118,663
Charge for the year	20,783	315	1,375	–	22,473
Disposals	–	–	( 3,746)	–	( 3,746)
	-----------	---------	--------	--------	-----------
At 30 November 2018	122,278	11,854	1,375	1,883	137,390
	-----------	---------	--------	--------	-----------
Carrying amount
At 30 November 2018	89,446	2,149	4,125	–	95,720
	-----------	---------	--------	--------	-----------
At 30 November 2017	65,324	2,464	1,204	–	68,992
	-----------	---------	--------	--------	-----------

7. Debtors

	2018	2017
	£	£
Trade debtors	111,811	56,690
Other debtors	500	7,853
	-----------	---------
	112,311	64,543
	-----------	---------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	6,000	–
Trade creditors	61,919	27,241
Social security and other taxes	27,025	15,861
Other creditors	84,906	55,167
	-----------	---------
	179,850	98,269
	-----------	---------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	6,000	18,000
Other creditors	26,078	–
	---------	---------
	32,078	18,000
	---------	---------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	9,600	9,600
	--------	--------

11. Directors' advances, credits and guarantees

The directors were not advanced any amounts during the period.

12. Related party transactions

At the year end the company owed £10,441 (2017: £10,922) to the directors by way of interest free loans. These loans are included in other creditors. No transaction with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS102 Section 1A.