Automatic Precision Turning (Leicester) Limited Filleted accounts for Companies House (small and micro)

AUTOMATIC PRECISION TURNING (LEICESTER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00976903

Automatic Precision Turning (Leicester) Limited

Filleted Unaudited Financial Statements

31 March 2020

Automatic Precision Turning (Leicester) Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		486,886	575,366

Current assets

Stocks		170,930	156,314
Debtors	6	512,621	313,465
Cash at bank and in hand		14	10,699
		---------	---------
		683,565	480,478

Creditors: amounts falling due within one year	7	534,117		381,225
		---------		---------
Net current assets			149,448	99,253
			---------	---------
Total assets less current liabilities			636,334	674,619

Creditors: amounts falling due after more than one year	8		187,308	260,544

Provisions

Taxation including deferred tax	42,975	36,093
	---------	---------
Net assets	406,051	377,982
	---------	---------

Automatic Precision Turning (Leicester) Limited

Statement of Financial Position (continued)

31 March 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	405,051	376,982
	---------	---------
Shareholders funds	406,051	377,982
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 8 July 2020 , and are signed on behalf of the board by:

Mr D J Bailey

Director

Company registration number: 00976903

Automatic Precision Turning (Leicester) Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rawdon House, Rawdon Terrace, Ashby de la Zouch, Leicestershire, LE65 2GN. The business operates from Rookery Lane, Groby, Leicester LE6 0GL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Factory improvements	-	2% straight line
Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Computer Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2019: 24 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2019	19,948	3,127,287	103,107	50,775	142,522	3,443,639
Additions	–	8,100	1,116	16,269	12,109	37,594
Disposals	–	–	–	( 13,867)	–	( 13,867)
	--------	------------	---------	--------	---------	------------
At 31 Mar 2020	19,948	3,135,387	104,223	53,177	154,631	3,467,366
	--------	------------	---------	--------	---------	------------
Depreciation
At 1 Apr 2019	7,857	2,612,093	101,547	21,351	125,425	2,868,273
Charge for the year	399	104,659	669	11,051	7,475	124,253
Disposals	–	–	–	( 12,046)	–	( 12,046)
	--------	------------	---------	--------	---------	------------
At 31 Mar 2020	8,256	2,716,752	102,216	20,356	132,900	2,980,480
	--------	------------	---------	--------	---------	------------
Carrying amount
At 31 Mar 2020	11,692	418,635	2,007	32,821	21,731	486,886
	--------	------------	---------	--------	---------	------------
At 31 Mar 2019	12,091	515,194	1,560	29,424	17,097	575,366
	--------	------------	---------	--------	---------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 March 2020	232,135	20,935	253,070
	---------	--------	---------
At 31 March 2019	290,169	27,913	318,082
	---------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	337,081	295,892
Other debtors	175,540	17,573
	---------	---------
	512,621	313,465
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	35,634	–
Trade creditors	178,041	134,320
Social security and other taxes	80,607	79,493
Other creditors	239,835	167,412
	---------	---------
	534,117	381,225
	---------	---------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	187,308	260,544
	---------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2020	2019
	£	£
Not later than 1 year	11,074	14,085
Later than 1 year and not later than 5 years	4,041	14,782
	--------	--------
	15,115	28,867
	--------	--------