Hymec Precision Engineering Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 08384551 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2015

for

Hymec Precision Engineering Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

F K Williams

REGISTERED OFFICE:

67 Westow Street

Upper Norwood

London

SE19 3RW

REGISTERED NUMBER:

08384551 (England and Wales)

ACCOUNTANTS:

Thornton Springer LLP

Chartered Accountants

67 Westow Street

Upper Norwood

London

SE19 3RW

FIXED ASSETS

Intangible assets

2

10,667

14,667

Tangible assets

3

249,948

292,065

260,615

306,732

CURRENT ASSETS

Stocks

6,722

6,390

Debtors

265,943

215,533

Cash at bank and in hand

5,819

19,544

278,484

241,467

CREDITORS

Amounts falling due within one year

(444,759

)

(337,589

)

NET CURRENT LIABILITIES

(166,275

)

(96,122

)

TOTAL ASSETS LESS CURRENT LIABILITIES

94,340

210,610

CREDITORS

Amounts falling due after more than one year

(80,332

)

(126,692

)

PROVISIONS FOR LIABILITIES

(27,218

)

(30,000

)

NET (LIABILITIES)/ASSETS

(13,210

)

53,918

CAPITAL AND RESERVES

Called up share capital

4

150

150

Profit and loss account

(13,360

)

53,768

SHAREHOLDERS' FUNDS

(13,210

)

53,918

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 23 March 2016 and were signed by:

F K Williams - 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. Sales are recognised once the goods have been

manufactured and sent to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

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

-

15% on reducing balance

Fixtures and fittings

-

20% on cost

Stocks

Stocks 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.

Work in progress is valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No

element of profit is included in the valuation of work in progress.

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, or a right to pay less, tax in the future have occurred at

the balance sheet date.

This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable

profits from which the future reversal of the underlying timing differences can be deducted.

Timing differences are differences arising between the Company's taxable profits and its results as stated in the financial

statements, which are capable of reversal in one or more subsequent periods.

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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

and 30 June 2015

20,000

AMORTISATION

At 1 July 2014

5,333

Amortisation for year

4,000

At 30 June 2015

9,333

NET BOOK VALUE

At 30 June 2015

10,667

At 30 June 2014

14,667

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2014

348,048

Additions

5,113

At 30 June 2015

353,161

DEPRECIATION

At 1 July 2014

55,983

Charge for year

47,230

At 30 June 2015

103,213

NET BOOK VALUE

At 30 June 2015

249,948

At 30 June 2014

292,065

4.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2014

Value

£

50

Ordinary A

£1

50

50

Ordinary B

£1

50

10

Ordinary C

£1

10

10

Ordinary D

£1

10

10

Ordinary E

£1

10

10

Ordinary F

£1

10

10

Ordinary G

£1

10

150

The Ordinary A and Ordinary B shares all have full rights, and all other share types have attached to them dividend rights

only.

5.	ULTIMATE PARENT COMPANY

Hymec Global Holdings Limited is regarded by the director as being the company's ultimate parent company.