PRESSCO_PRECISION_ENGINEE - Accounts

PRESSCO PRECISION ENGINEERING LIMITED - Company Information

Print Friendly Version

Company Registration No. 3797321 (England and Wales)

PRESSCO PRECISION ENGINEERING LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2014

PRESSCO PRECISION ENGINEERING LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

PRESSCO PRECISION ENGINEERING LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

289,738

297,365

Current assets

Stocks

58,500

69,532

Debtors

190,018

231,883

Cash at bank and in hand

91,462

78,497

339,980

379,912

Creditors: amounts falling due within one year

(197,442)

(229,835)

Net current assets

142,538

150,077

Total assets less current liabilities

432,276

447,442

Creditors: amounts falling due after more than one year

(24,998)

(60,368)

Provisions for liabilities

(35,522)

(32,349)

371,756

354,725

Capital and reserves

Called up share capital

Profit and loss account

371,754

354,723

Shareholders' funds

371,756

354,725

PRESSCO PRECISION ENGINEERING LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 JUNE 2014

- 2 -

For the financial year ended 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 6 October 2014

G A K Edmondson

Director

Company Registration No. 3797321

PRESSCO PRECISION ENGINEERING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Turnover

Turnover represents the total invoice value, excluding value added tax, of goods sold and services rendered during the year.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% - 33.33% reducing balance

Fixtures, fittings & equipment

Straight line over 3 years

Motor vehicles

25% reducing balance

1.4

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Deferred taxation

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

PRESSCO PRECISION ENGINEERING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2014

- 4 -

Fixed assets

Tangible assets

Cost

At 1 July 2013

756,799

Additions

37,205

At 30 June 2014

794,004

Depreciation

At 1 July 2013

459,435

Charge for the year

44,831

At 30 June 2014

504,266

Net book value

At 30 June 2014

289,738

At 30 June 2013

297,365

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary shares of £1 each

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Director's loan account

395

51,000

51,479

(84)

395

51,000

51,479

(84)