C.N.C. Machining Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06532865 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

C.N.C. MACHINING SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs K M Parker

C A Byrne

J Parker

Mrs C E Byrne

SECRETARY:

Mrs K M Parker

REGISTERED OFFICE:

85/87 High Street West

Glossop

Derbyshire

SK13 8AZ

REGISTERED NUMBER:

06532865 (England and Wales)

ACCOUNTANTS:

Crossfields

Chartered Accountants

85/87 High Street West

Glossop

Derbyshire

SK13 8AZ

FIXED ASSETS

Tangible assets

4

223,172

195,063

CURRENT ASSETS

Stocks

70,461

22,856

Debtors

5

387,800

652,304

Cash at bank

322,340

82,874

780,601

758,034

CREDITORS

Amounts falling due within one year

6

289,027

362,516

NET CURRENT ASSETS

491,574

395,518

TOTAL ASSETS LESS CURRENT LIABILITIES

714,746

590,581

CREDITORS

Amounts falling due after more than one year

7

(30,724

)

-

PROVISIONS FOR LIABILITIES

9

(39,956

)

(34,079

)

NET ASSETS

644,066

556,502

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

644,062

556,498

SHAREHOLDERS' FUNDS

644,066

556,502

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 7 July 2020 and were signed on its behalf by:

C A Byrne - Director

1.	STATUTORY INFORMATION

C.N.C. Machining Solutions 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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

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

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 11 (2018 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2019

616,278

54,846

3,700

674,824

Additions

68,700

-

-

68,700

At 31 December 2019

684,978

54,846

3,700

743,524

DEPRECIATION

At 1 January 2019

431,987

45,084

2,690

479,761

Charge for year

37,949

2,440

202

40,591

At 31 December 2019

469,936

47,524

2,892

520,352

NET BOOK VALUE

At 31 December 2019

215,042

7,322

808

223,172

At 31 December 2018

184,291

9,762

1,010

195,063

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

378,161

642,674

Other debtors

9,639

9,630

387,800

652,304

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

16,030

-

Trade creditors

138,443

218,324

Taxation and social security

113,489

130,477

Other creditors

21,065

13,715

289,027

362,516

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts (see note 8)

30,724

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2019

2018

£

£

Gross obligations repayable:

Within one year

17,172

-

Between one and five years

32,913

-

50,085

-

Finance charges repayable:

Within one year

1,142

-

Between one and five years

2,189

-

3,331

-

Net obligations repayable:

Within one year

16,030

-

Between one and five years

30,724

-

46,754

-

Non-cancellable operating

leases

2019

2018

£

£

Within one year

21,632

10,816

Between one and five years

10,816

-

32,448

10,816

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

39,956

34,079

Deferred

Deferred

tax

tax

£

£

Balance at 1 January 2019

34,079

40,269

Accelerated capital allowances

5,877

(6,190

)

Balance at 31 December 2019

39,956

34,079

All deferred taxation relates to capital allowances.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year dividends were paid to directors as follows :-

J Parker - £60000

K Parker - £60000

C A Byrne - £60000

C E Byrne - £60000