Pro Machine Tools Ltd - Period Ending 2015-10-31

Registration number: 03278527

Pro Machine Tools Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2015
 

Pro Machine Tools Ltd
(Registration number: 03278527)
Abbreviated Balance Sheet at 31 October 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					4,352			5,860
Current assets
Stocks					79,912			78,770
Debtors					44,870			21,309
Cash at bank and in hand					115,093			116,102
					239,875			216,181
Creditors: Amounts falling due within one year					(79,207)			(54,089)
Net current assets					160,668			162,092
Total assets less current liabilities					165,020			167,952
Provisions for liabilities					(870)			(1,172)
Net assets					164,150			166,780
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					164,148			166,778
Shareholders' funds					164,150			166,780

For the year ending 31 October 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 18 April 2016

.........................................
B M Tate
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Pro Machine Tools Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 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 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	25% Reducing Balance
Vehicles	25% Reducing Balance
Office Equipment	33% Reducing Balance

Stock

Stock 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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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 2

Pro Machine Tools Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2014		53,690			53,690
At 31 October 2015		53,690			53,690
Depreciation
At 1 November 2014		47,830			47,830
Charge for the year		1,508			1,508
At 31 October 2015		49,338			49,338
Net book value
At 31 October 2015		4,352			4,352
At 31 October 2014		5,860			5,860

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

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