Abbreviated Company Accounts - PRESSED METAL PRODUCTS LIMITED

PRESSED METAL PRODUCTS LIMITED - Company Information

00705910 PRESSED METAL PRODUCTS LIMITED 2013-12-31 false 2013-01-01 2013-12-31 true 00705910 2013-01-01 2013-12-31 00705910 2013-12-31 00705910 2012-12-31 00705910 uk-gaap-cd-bus:Director1 2013-01-01 2013-12-31 00705910 uk-gaap-cd-bus:Director2 2013-01-01 2013-12-31 uk-gaap-cd-bus:Director3 2013-01-01 2013-12-31 uk-gaap-cd-bus:Director3 2013-12-31 uk-gaap-cd-bus:Director3 2012-12-31 iso4217:GBP shares

Registered Number 00705910

PRESSED METAL PRODUCTS LIMITED

Abbreviated Accounts

31 December 2013

PRESSED METAL PRODUCTS LIMITED Registered Number 00705910

Abbreviated Balance Sheet as at 31 December 2013

	Notes	2013	2012
		£	£
Fixed assets
Intangible assets	2	120,068	88,420
		120,068	88,420
Current assets
Stocks		132,235	130,629
Debtors		218,956	176,375
Cash at bank and in hand		7,862	30,374
		359,053	337,378
Creditors: amounts falling due within one year		(118,407)	(114,873)
Net current assets (liabilities)		240,646	222,505
Total assets less current liabilities		360,714	310,925
Provisions for liabilities		(10,800)	(12,300)
Total net assets (liabilities)		349,914	298,625
Capital and reserves
Called up share capital		35,000	35,000
Revaluation reserve		43,761	-
Profit and loss account		271,153	263,625
Shareholders' funds		349,914	298,625

For the year ending 31 December 2013 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 17 September 2014

And signed on their behalf by:
R A HENWORTH, Director

PRESSED METAL PRODUCTS LIMITED Registered Number 00705910

Notes to the Abbreviated Accounts for the period ended 31 December 2013

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008, with the exception of tangible fixed assets which were revalued by the director on 31st December 2013.

Turnover policy
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Tangible assets depreciation policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Plant and Machinery:Rates betrween 15% to 20% on the reducing balance, and 25% on cost or revaluation, according to the class of asset.
Motor vehicles:25% on the reducing balance of cost or revaluation.

Valuation information and policy
Stock is valued at the lower of cost and net realisable value. Raw materials and consumables are valued at purchase price, work in progress and finished goods are valued at cost plus a proportion of appropriate overheads.

Other accounting policies
Deferred Taxation
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax is not recognised when assets are revalued unless, by the balance sheet date, the company has entered into a binding agreement to sell the assets and has recognised the gains and losses expected to arise on sale, or where assets have been sold and it is expected that the taxable gain will be rolled over into a replacement asset.
Leasing and hire purchase commitments
"Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations 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.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term."

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2Intangible fixed assets

	£
Cost
At 1 January 2013	603,901
Additions	6,985
Disposals	-
Revaluations	(464,986)
Transfers	-
At 31 December 2013	145,900
Amortisation
At 1 January 2013	515,481
Charge for the year	19,098
On disposals	(508,747)
At 31 December 2013	25,832
Net book values
At 31 December 2013	120,068
At 31 December 2012	88,420

Tangible fixed assets were revalued by the director on 31st December 2013.

3Transactions with directors

Name of director receiving advance or credit:	R A Henworth
Description of the transaction:	Loan
Balance at 1 January 2013:	£ 3,337
Advances or credits made:	-
Advances or credits repaid:	£ 1,147
Balance at 31 December 2013:	£ 2,190