AMF Precision Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06772385 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

AMF PRECISION ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr S Kirkman

Ms S Edge

REGISTERED OFFICE:

Unit 5 Power Station

Thermal Road

Bromborough

Wirral

CH62 4YB

REGISTERED NUMBER:

06772385 (England and Wales)

ACCOUNTANTS:

Christian Douglass Accountants Limited

Chartered Accountants

2 Jordan Street

Knott Mill

Manchester

M15 4PY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,078,074

996,136

1,078,074

996,136

CURRENT ASSETS

Stocks

6

677,697

673,186

Debtors

7

1,742,497

1,998,045

Cash at bank

33,589

280,814

2,453,783

2,952,045

CREDITORS

Amounts falling due within one year

8

1,727,993

2,096,759

NET CURRENT ASSETS

725,790

855,286

TOTAL ASSETS LESS CURRENT LIABILITIES

1,803,864

1,851,422

CREDITORS

Amounts falling due after more than one year

9

(518,144

)

(615,385

)

PROVISIONS FOR LIABILITIES

(93,289

)

(77,267

)

NET ASSETS

1,192,431

1,158,770

CAPITAL AND RESERVES

Called up share capital

667

667

Capital redemption reserve

333

333

Retained earnings

1,191,431

1,157,770

SHAREHOLDERS' FUNDS

1,192,431

1,158,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 31 October 2019 and were signed on its behalf by:

Ms S Edge - Director

1.	STATUTORY INFORMATION

AMF Precision Engineering Limited is a private company, limited by shares, registered in England and Wales.

The company's registered number is 06772385 and its registered office address is at Unit 5 Power Station,

Thermal Road, Bromborough, Wirral, CH62 4YB.

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 represents the amount derived from ordinary activities and is stated after trade discounts and excluding

value added tax. The company's right to income arises at the point of despatch in line with contract terms.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, has been amortised

evenly over its estimated useful life of five years. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Over the period of the lease

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on cost

Office equipment

-

20% on cost

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.

Foreign currencies

Assets and liabilities of the company in foreign currencies are translated into sterling at the rates of exchange

ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving as the

operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2018 - 46 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

221,734

AMORTISATION

At 1 April 2018

and 31 March 2019

221,734

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Office

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

-

2,037,578

14,624

61,124

2,113,326

Additions

267,665

157,454

-

9,114

434,233

At 31 March 2019

267,665

2,195,032

14,624

70,238

2,547,559

DEPRECIATION

At 1 April 2018

-

1,068,484

6,703

42,003

1,117,190

Charge for year

16,950

325,486

3,655

6,204

352,295

At 31 March 2019

16,950

1,393,970

10,358

48,207

1,469,485

NET BOOK VALUE

At 31 March 2019

250,715

801,062

4,266

22,031

1,078,074

At 31 March 2018

-

969,094

7,921

19,121

996,136

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

Plant and

machinery

£

COST

At 1 April 2018

1,092,055

Additions

76,000

Transfer to ownership

(195,000

)

Reclassification/transfer

262,500

At 31 March 2019

1,235,555

DEPRECIATION

At 1 April 2018

574,315

Charge for year

258,178

Transfer to ownership

(195,000

)

At 31 March 2019

637,493

NET BOOK VALUE

At 31 March 2019

598,062

At 31 March 2018

517,740

6.

STOCKS

31.3.19

31.3.18

£

£

Stocks

319,556

334,463

Work-in-progress

358,141

338,723

677,697

673,186

7.

DEBTORS

31.3.19

31.3.18

£

£

Amounts falling due within one year:

Trade debtors

1,632,793

1,831,989

Other debtors

98,658

59,794

1,731,451

1,891,783

Amounts falling due after more than one year:

Other debtors

11,046

106,262

Aggregate amounts

1,742,497

1,998,045

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

124,973

120,308

Hire purchase contracts (see note 10)

219,334

181,241

Trade creditors

927,687

1,098,741

Taxation and social security

186,133

288,286

Other creditors

269,866

408,183

1,727,993

2,096,759

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans

176,826

299,898

Hire purchase contracts (see note 10)

335,833

298,624

Other creditors

5,485

16,863

518,144

615,385

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.19

31.3.18

£

£

Net obligations repayable:

Within one year

219,334

181,241

Between one and five years

335,833

298,624

555,167

479,865

Non-cancellable operating

leases

31.3.19

31.3.18

£

£

Within one year

245,302

194,182

Between one and five years

754,001

666,273

In more than five years

1,350,000

1,500,000

2,349,303

2,360,455

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank loans

301,799

420,206

Hire purchase contracts

555,167

479,865

Invoice discounting

99,345

-

956,311

900,071

The bank loan and invoice discounting facility are secured, in favour of the company's bankers, by way of fixed

and floating charges over the company's assets.

Hire purchase contracts are secured on the assets concerned.