BW Precision Engineering Ltd - Period Ending 2015-03-31

Registration number: 06994300

BW Precision Engineering Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

KRW Accountants Ltd
Chartered Accountants & Tax Advisers
The Mill
Pury Hill Business Park
Alderton Road
Towcester
Northants
NN12 7LS

BW Precision Engineering Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

BW Precision Engineering Ltd
(Registration number: 06994300)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					334,484			272,005
Current assets
Stocks					38,704			-
Debtors					22,385			16,000
Cash at bank and in hand					17,250			22,315
					78,339			38,315
Creditors: Amounts falling due within one year					(273,241)			(231,210)
Net current liabilities					(194,902)			(192,895)
Total assets less current liabilities					139,582			79,110
Creditors: Amounts falling due after more than one year					(124,143)			(51,890)
Net assets					15,439			27,220
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					15,339			27,120
Shareholders' funds					15,439			27,220

For the year ending 31 March 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 .

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

BW Precision Engineering Ltd
(Registration number: 06994300)
Abbreviated Balance Sheet at 31 March 2015
......... continued

Approved by the Board on 22 December 2015 and signed on its behalf by:

.........................................
Mr Benjamin Neil Warren
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

BW Precision Engineering Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 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).

Going concern

The financial statements have been prepared on a going concern basis. The company is reliant on the Directors who have pledged their continued support to the company.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% on cost
Fixtures and fittings	25% on cost
Motor vehicles	25% reducing balance
Computer equipment	33% on cost

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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 the shorter of the lease term and 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.

Page 3

BW Precision Engineering Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		357,524			357,524
Additions		115,859			115,859
Disposals		(10,000)			(10,000)
At 31 March 2015		463,383			463,383
Depreciation
At 1 April 2014		85,519			85,519
Charge for the year		47,380			47,380
Eliminated on disposals		(4,000)			(4,000)
At 31 March 2015		128,899			128,899
Net book value
At 31 March 2015		334,484			334,484
At 31 March 2014		272,005			272,005

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4