Precision Engineering Services (Buxton) - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07193131 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st March 2020

for

Precision Engineering Services (Buxton)

Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G B Barlow

Mrs P Barlow

C Barlow

REGISTERED OFFICE:

Farriers Croft

Wormhill

Buxton

Derbyshire

SK17 8SL

REGISTERED NUMBER:

07193131 (England and Wales)

ACCOUNTANTS:

Laytons

Chartered Accountants

6 Manchester Road

Buxton

Derbyshire

SK17 6SB

FIXED ASSETS

Tangible assets

4

125,542

75,036

CURRENT ASSETS

Stocks

850

820

Debtors

12,637

16,701

Cash at bank

25,407

38,067

38,894

55,588

CREDITORS

Amounts falling due within one year

69,304

67,915

NET CURRENT LIABILITIES

(30,410

)

(12,327

)

TOTAL ASSETS LESS CURRENT LIABILITIES

95,132

62,709

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

95,129

62,706

SHAREHOLDERS' FUNDS

95,132

62,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 8th December 2020 and were signed on its behalf by:

C Barlow - Director

1.	STATUTORY INFORMATION

Precision Engineering Services (Buxton) Ltd 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2019

175,383

Additions

64,116

Disposals

(9,415

)

At 31st March 2020

230,084

DEPRECIATION

At 1st April 2019

100,347

Charge for year

9,638

Eliminated on disposal

(5,443

)

At 31st March 2020

104,542

NET BOOK VALUE

At 31st March 2020

125,542

At 31st March 2019

75,036

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Totals

£

COST

At 1st April 2019

and 31st March 2020

9,415

DEPRECIATION

At 1st April 2019

and 31st March 2020

2,354

NET BOOK VALUE

At 31st March 2020

7,061

At 31st March 2019

7,061

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year ended 31st March 2020, the company owed £24,769 (2019: £28,218) to the director C Barlow. The loan is interest free and repayable on demand.

At the year ended 31st March 2020, the company owed £16,145 (2019: £23,568) to the directors G & P Barlow. The loan is interest free and repayable on demand.