WECS Precision Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05114474 (England and Wales)

WECS Precision Limited

Unaudited Financial Statements for the Year Ended 31 March 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N J Pooles

SECRETARY:

Mrs A A Pooles

REGISTERED OFFICE:

Blenheim Road

Longmead Industrial Estate

Epsom

Surrey

KT19 9BE

REGISTERED NUMBER:

05114474 (England and Wales)

ACCOUNTANTS:

Langdon West Williams PLC

Curzon House 2nd Floor

24 High Street

Banstead

Surrey

SM7 2LJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

443,188

493,941

443,188

493,941

CURRENT ASSETS

Stocks

12,350

10,700

Debtors

6

367,862

222,609

Cash at bank and in hand

610,611

688,022

990,823

921,331

CREDITORS

Amounts falling due within one year

7

398,859

349,389

NET CURRENT ASSETS

591,964

571,942

TOTAL ASSETS LESS CURRENT LIABILITIES

1,035,152

1,065,883

CREDITORS

Amounts falling due after more than one year

8

-

(928

)

PROVISIONS FOR LIABILITIES

(75,550

)

(83,293

)

NET ASSETS

959,602

981,662

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

958,602

980,662

SHAREHOLDERS' FUNDS

959,602

981,662

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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 6 December 2019 and were signed by:

N J Pooles - Director

1.	STATUTORY INFORMATION

WECS Precision Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 1, the director is required

to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on historical

experience and knowledge of the business and other factors that are considered to be relevant. Actual results

may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that period,

or in the period of the revision and future period if the revision affects both current and future periods.

The key areas are summarised below:

Depreciation

The company exercises judgement to determine useful lives and residual values of tangible fixed assets. The

assets are depreciated down to their estimated residual values over their estimated useful lives.

Provision for trade debtors

Provisions have been made for potential trade debtors which will not be collected. This provision is an

estimate based on the group's understanding, knowledge and historic trends.

Stock

Provisions are made where necessary to ensure that stock is stated at the lower of cost and net realisable

value. This provision is an estimate based on the company's understanding of its future needs, knowledge and

historic trends.

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 2005, is being amortised evenly over its estimated useful life of ten 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

-

10% on cost and 5% on reducing balance

Motor vehicles

-

25% on cost

Computer equipment

-

33% 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.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at the

settlement value with the exception of bank loans which are subsequently measured at amortised cost using

the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 18 (2018 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

388,385

AMORTISATION

At 1 April 2018

and 31 March 2019

388,385

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

977,893

19,897

7,500

15,641

1,020,931

Additions

15,552

-

-

-

15,552

At 31 March 2019

993,445

19,897

7,500

15,641

1,036,483

DEPRECIATION

At 1 April 2018

491,121

16,059

7,500

12,310

526,990

Charge for year

64,726

448

-

1,131

66,305

At 31 March 2019

555,847

16,507

7,500

13,441

593,295

NET BOOK VALUE

At 31 March 2019

437,598

3,390

-

2,200

443,188

At 31 March 2018

486,772

3,838

-

3,331

493,941

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

219,568

182,514

Other debtors

148,294

40,095

367,862

222,609

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

138,520

141,995

Taxation and social security

150,080

77,707

Other creditors

110,259

129,687

398,859

349,389

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

-

928

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

42,750

57,000

Between one and five years

-

42,750

42,750

99,750

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

N J Pooles

Balance outstanding at start of year

-

-

Amounts advanced

79,976

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

79,976

-

11.	ULTIMATE CONTROLLING PARTY