Quality Component Engineering Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 03654531 (England and Wales)

Abbreviated Unaudited Accounts

For The Year Ended 31 October 2015

for

Quality Component Engineering Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H M Drake

T J Russell

SECRETARY:

H M Drake

REGISTERED OFFICE:

Harscombe House

1 Darklake View

Estover

Plymouth

Devon

PL6 7TL

REGISTERED NUMBER:

03654531 (England and Wales)

ACCOUNTANTS:

Bromhead

Harscombe House

1 Darklake View

Plymouth

Devon

PL6 7TL

FIXED ASSETS

Tangible assets

2

168,642

136,882

CURRENT ASSETS

Stocks

31,209

19,303

Debtors

143,897

134,642

Cash at bank

18,873

53,348

193,979

207,293

CREDITORS

Amounts falling due within one year

211,359

177,798

NET CURRENT (LIABILITIES)/ASSETS

(17,380

)

29,495

TOTAL ASSETS LESS CURRENT LIABILITIES

151,262

166,377

CREDITORS

Amounts falling due after more than one year

(58,425

)

(46,543

)

PROVISIONS FOR LIABILITIES

(30,272

)

(23,161

)

NET ASSETS

62,565

96,673

CAPITAL AND RESERVES

Called up share capital

3

30

30

Profit and loss account

62,535

96,643

SHAREHOLDERS' FUNDS

62,565

96,673

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 15 February 2016 and were signed on its behalf by:

H M Drake - Director

T J Russell - 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 represents net invoiced sales of goods, 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.

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2014

587,140

Additions

58,266

At 31 October 2015

645,406

DEPRECIATION

At 1 November 2014

450,258

Charge for year

26,506

At 31 October 2015

476,764

NET BOOK VALUE

At 31 October 2015

168,642

At 31 October 2014

136,882

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid :

Number :

Class :

Nominal

31.10.12

31.10.11

Value :

£

£

11

Ordinary 'A'

£1

11

11

11

Ordinary 'B'

£1

11

11

2

Ordinary 'C'

£1

2

2

2

Ordinary 'D'

£1

2

2

2

Ordinary 'E'

£1

2

2

2

Ordinary 'F'

£1

2

2

30

30

===

===

4.	GOING CONCERN

Whilst the balance sheet reflects net current liabilities, the main balance within current liabilities is a loan from

the directors which will not be withdrawn until cash flows permit. The directors are happy that the company is a

going concern and will continue to fully support the company.