Cheshire Seals and Components Limited - Period Ending 2015-09-30

Registration number: 07280790

Cheshire Seals and Components Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2015
 

Susan Ellison
Chartered Accountant
30 Whitchurch Close
Padgate
Warrington
Cheshire
WA1 4JZ

Cheshire Seals and Components Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cheshire Seals and Components Limited
for the Year Ended 30 September 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cheshire Seals and Components Limited for the year ended 30 September 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Cheshire Seals and Components Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Cheshire Seals and Components Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cheshire Seals and Components Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cheshire Seals and Components Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cheshire Seals and Components Limited. You consider that Cheshire Seals and Components Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cheshire Seals and Components Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

 
 
 
  Susan Ellison
  Chartered Accountant
  30 Whitchurch Close
  Padgate
  Warrington
  Cheshire
  WA1 4JZ

2 December 2015

Page 1

Cheshire Seals and Components Limited
(Registration number: 07280790)
Abbreviated Balance Sheet at 30 September 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					200,043			157,304
Current assets
Stocks					29,976			52,426
Debtors					134,383			95,417
Cash at bank and in hand					70,607			6,859
					234,966			154,702
Creditors: Amounts falling due within one year					(275,513)			(228,553)
Net current liabilities					(40,547)			(73,851)
Total assets less current liabilities					159,496			83,453
Creditors: Amounts falling due after more than one year					(73,612)			(62,569)
Provisions for liabilities					(19,093)			(9,853)
Net assets					66,791			11,031
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					66,789			11,029
Shareholders' funds					66,791			11,031

For the year ending 30 September 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 2 December 2015 and signed on its behalf by:

 Mr David Kennedy
 Director

 Mr Paul Leonard Wallace
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Cheshire Seals and Components Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods and services in the ordinary nature of the business. Turnover is recognised when goods are delivered to the customers. urnover is shown net of value added tax.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Depreciation

Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write each asset down to its estimated residual value over its expected useful life. The rates or periods generally applicable are:

Asset class	Depreciation method and rate
Leasehold Property	20% straight line
Plant & Machinery	10% to 33% straight line

Stock

Stocks and work in progress are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made 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 where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 3

Cheshire Seals and Components Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2014		236,965			236,965
Additions		79,558			79,558
At 30 September 2015		316,523			316,523
Depreciation
At 1 October 2014		79,661			79,661
Charge for the year		36,819			36,819
At 30 September 2015		116,480			116,480
Net book value
At 30 September 2015		200,043			200,043
At 30 September 2014		157,304			157,304

Page 4

Cheshire Seals and Components Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each		2			2			2			2

Related party transactions

Control

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Page 5