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

REGISTERED NUMBER: 07669663 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2019

FOR

NCL (PRECISION ENGINEERING) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R D Terry

Mrs K J Millman

REGISTERED OFFICE:

15 Bridge Road

Wellington

Telford

Shropshire

TF1 1EB

REGISTERED NUMBER:

07669663 (England and Wales)

ACCOUNTANTS:

D E Ball & Co Limited

Chartered Accountants

15 Bridge Road

Wellington

Telford

Shropshire

TF1 1EB

FIXED ASSETS

Intangible assets

4

9,740

14,822

Tangible assets

5

12,809

17,958

22,549

32,780

CURRENT ASSETS

Stocks

18,751

8,945

Debtors

6

111,050

97,020

Cash at bank and in hand

3,084

2,921

132,885

108,886

CREDITORS

Amounts falling due within one year

7

121,629

107,393

NET CURRENT ASSETS

11,256

1,493

TOTAL ASSETS LESS CURRENT LIABILITIES

33,805

34,273

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

33,803

34,271

SHAREHOLDERS' FUNDS

33,805

34,273

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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 and authorised for issue on 14th July 2020 and were signed on its behalf by:

Mrs K J Millman - Director

1.	STATUTORY INFORMATION

NCL (Precision Engineering) 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, 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 etc

-

25% on cost, 15% on cost and 10% 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.

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 has made contributions to certain of the employees money purchase pension schemes.These are

reflected in the profit and loss account in the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st August 2018

and 31st July 2019

50,820

AMORTISATION

At 1st August 2018

35,998

Charge for year

5,082

At 31st July 2019

41,080

NET BOOK VALUE

At 31st July 2019

9,740

At 31st July 2018

14,822

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st August 2018

208,312

Additions

2,522

Disposals

(800

)

At 31st July 2019

210,034

DEPRECIATION

At 1st August 2018

190,354

Charge for year

7,565

Eliminated on disposal

(694

)

At 31st July 2019

197,225

NET BOOK VALUE

At 31st July 2019

12,809

At 31st July 2018

17,958

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Trade debtors

91,195

69,524

Other debtors

19,855

27,496

111,050

97,020

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

£

£

Bank loans and overdrafts

17,759

18,492

Trade creditors

5,549

4,705

Taxation and social security

90,009

74,018

Other creditors

8,312

10,178

121,629

107,393

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.19

31.7.18

value:

£

£

2

Ordinary

£1

2

2