Newcastle Tool & Gauge Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01405496 (England and Wales)

Abbreviated Accounts

for the Year Ended 31 March 2015

for

Newcastle Tool & Gauge Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

B Bates

J Graham

C Sampy

SECRETARY:

J Graham

REGISTERED OFFICE:

1 Queens Court

Earlsway

Team Valley Trading Estate

GATESHEAD

Tyne and Wear

NE11 0BP

REGISTERED NUMBER:

01405496 (England and Wales)

ACCOUNTANTS:

Clive Owen LLP

Chartered Accountants

140 Coniscliffe Road

DARLINGTON

Co Durham

DL3 7RT

FIXED ASSETS

Tangible assets

2

1,153,691

1,151,613

CURRENT ASSETS

Stocks

112,459

96,896

Debtors

3

1,699,423

1,955,766

Cash at bank and in hand

583,505

355,110

2,395,387

2,407,772

CREDITORS

Amounts falling due within one year

4

819,934

860,739

NET CURRENT ASSETS

1,575,453

1,547,033

TOTAL ASSETS LESS CURRENT LIABILITIES

2,729,144

2,698,646

CREDITORS

Amounts falling due after more than one year

4

-

(54,061

)

PROVISIONS FOR LIABILITIES

(160,883

)

(167,268

)

NET ASSETS

2,568,261

2,477,317

CAPITAL AND RESERVES

Called up share capital

5

10,000

10,000

Capital redemption reserve

1,200

1,200

Profit and loss account

2,557,061

2,466,117

SHAREHOLDERS' FUNDS

2,568,261

2,477,317

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8 June 2015 and were signed on its behalf by:

B Bates - Director

J Graham - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represented net invoiced sales of goods and services, excluding value added tax.

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.

Short leasehold

-

over period of the lease

Plant and machinery

-

at varying rates on cost and at variable rates on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Office equipment

-

25% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

Grants receivable

Capital based grants are credited to the profit and loss account over the expected useful life of the asset. Revenue

based grants are credited to the profit and loss account in the period to which they relate.

Invoice financing

The invoice financing creditor represents amounts received in respect of financed debts. There is full recourse to

the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet.

Interest and other charges relating to invoice financing are recognised in the profit and loss account over the

relevant period.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

3,163,720

Additions

181,003

Disposals

(180,016

)

At 31 March 2015

3,164,707

DEPRECIATION

At 1 April 2014

2,012,107

Charge for year

172,426

Eliminated on disposal

(173,517

)

At 31 March 2015

2,011,016

NET BOOK VALUE

At 31 March 2015

1,153,691

At 31 March 2014

1,151,613

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 801,719 (2014 - £ 751,719 )

4.

CREDITORS

Creditors include an amount of £ 51,728 (2014 - £ 134,182 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

7,590

Ordinary 'A'

£1

7,590

7,590

1,200

Ordinary 'B'

£1

1,200

1,200

1,200

Ordinary 'C'

£1

1,200

1,200

10

Ordinary 'D'

£1

10

10

10,000

10,000

All classes of share rank equally in all respects, but are different classes of share.

'The holders of Ordinary 'C' shares shall not be entitled by reason of their holding such shares to receive notice

of, attend or vote at any general meeting of the company.'

6.	ULTIMATE PARENT COMPANY

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2015 and

31 March 2014:

2015

2014

£

£

J Graham

Balance outstanding at start of year

55,000

-

Amounts advanced

-

55,000

Amounts repaid

(55,000

)

-

Balance outstanding at end of year

-

55,000

C Sampy

Balance outstanding at start of year

20,000

-

Amounts advanced

-

20,000

Amounts repaid

(20,000

)

-

Balance outstanding at end of year

-

20,000