Precision Motion (Cofil) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02227822 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2019

FOR

PRECISION MOTION (COFIL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S A Smith

Mrs K L Smith

SECRETARY:

Mrs K L Smith

REGISTERED OFFICE:

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

REGISTERED NUMBER:

02227822 (England and Wales)

ACCOUNTANTS:

Whitehead & Howarth

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

BANKERS:

Barclays Bank Plc

38 Fishergate

Preston

Lancashire

PR1 2DD

FIXED ASSETS

Tangible assets

4

44,373

54,686

Investments

5

301,687

274,176

346,060

328,862

CURRENT ASSETS

Stocks

3,810

15,691

Debtors

6

66,231

53,180

Cash at bank

573,212

642,890

643,253

711,761

CREDITORS

Amounts falling due within one year

7

56,780

90,003

NET CURRENT ASSETS

586,473

621,758

TOTAL ASSETS LESS CURRENT LIABILITIES

932,533

950,620

PROVISIONS FOR LIABILITIES

8

11,319

4,843

NET ASSETS

921,214

945,777

CAPITAL AND RESERVES

Called up share capital

40,001

40,001

Retained earnings

881,213

905,776

921,214

945,777

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 12th March 2020 and were signed on its behalf by:

Mr S A Smith - Director

1.	STATUTORY INFORMATION

Precision Motion (Cofil) 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.

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.

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 etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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.

Investments

Investments in bonds held with financial institutions are initially recognized at cost and revalued to reflect market

value at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2019

87,016

Additions

717

At 31st December 2019

87,733

DEPRECIATION

At 1st January 2019

32,330

Charge for year

11,030

At 31st December 2019

43,360

NET BOOK VALUE

At 31st December 2019

44,373

At 31st December 2018

54,686

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31/12/19

31/12/18

£

£

Investment bond

301,687

274,176

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

£

£

Trade debtors

65,021

51,963

Other debtors

1,210

1,217

66,231

53,180

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/19

31/12/18

£

£

Trade creditors

20,358

43,872

Taxation and social security

32,519

42,719

Other creditors

3,903

3,412

56,780

90,003

8.	PROVISIONS FOR LIABILITIES

31/12/19

31/12/18

£

£

Deferred tax

11,319

4,843

Deferred

tax

£

Balance at 1st January 2019

4,843

Charge to Income Statement during year

6,476

Balance at 31st December 2019

11,319

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr S A Smith.