Quality & Precision Ltd - Period Ending 2015-03-31

Registration number: 07789467

Quality & Precision Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Quality & Precision Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Quality & Precision Ltd
(Registration number: 07789467)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					4,197			5,807
Current assets
Debtors					1,303			1,883
Cash at bank and in hand					1,438			511
					2,741			2,394
Creditors: Amounts falling due within one year					(6,403)			(6,446)
Net current liabilities					(3,662)			(4,052)
Net assets					535			1,755
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					534			1,754
Shareholders' funds					535			1,755

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

Quality & Precision Ltd
(Registration number: 07789467)
Abbreviated Balance Sheet at 31 March 2015
......... continued

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 director acknowledges his 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 director on 31 December 2015

.........................................
Mr Marc Ellis
Director

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

Quality & Precision 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).

Turnover

Turnover represents the total gross invoice value of sales made during the year and derives from the provision of goods falling within the company's ordinary activities

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures, fittings and equipment	25% reducing balance
Motor vehicles	25% reducing balance
Office equipment	33% straight line

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.

Page 3

Quality & Precision Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		10,570			10,570
At 31 March 2015		10,570			10,570
Depreciation
At 1 April 2014		4,763			4,763
Charge for the year		1,610			1,610
At 31 March 2015		6,373			6,373
Net book value
At 31 March 2015		4,197			4,197
At 31 March 2014		5,807			5,807

3	Share capital

Allotted, called up and fully paid shares

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

4	Going concern

The director has reviewed the twelve months ahead and considered the company's financial position and notes no material uncertainties that may cast significant doubt about the ability of it to continue as a going concern.

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