AFC_PRECISION_ENGINEERING - Accounts

A F C PRECISION ENGINEERING LIMITED - Company Information

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Company Registration No. 01837889 (England and Wales)

AFC PRECISION ENGINEERING LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2015

AFC PRECISION ENGINEERING LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

AFC PRECISION ENGINEERING LIMITED

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AFC PRECISION ENGINEERING LIMITED FOR THE YEAR ENDED 31 AUGUST 2015

- 1 -

The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AFC Precision Engineering Limited for the year ended 31 August 2015 which comprise and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of AFC Precision Engineering Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of AFC Precision Engineering Limited and state those matters that we have agreed to state to the Board of Directors of AFC Precision Engineering Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AFC Precision Engineering Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that AFC Precision Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of AFC Precision Engineering Limited. You consider that AFC Precision Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of AFC Precision Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

9 May 2016

Ellacotts LLP

Countrywide House

Chartered Accountants

23 West Bar

Banbury

Oxfordshire

England

OX16 9SA

AFC PRECISION ENGINEERING LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2015

- 2 -

2015

2014

Notes

Fixed assets

Tangible assets

179,897

95,489

Current assets

Stocks

4,222

4,308

Debtors

163,356

210,938

Cash at bank and in hand

27,090

70,276

194,668

285,522

Creditors: amounts falling due within one year

(146,541)

(194,151)

Net current assets

48,127

91,371

Total assets less current liabilities

228,024

186,860

Creditors: amounts falling due after more than one year

(69,933)

(37,800)

158,091

149,060

Capital and reserves

Called up share capital

6,000

Profit and loss account

152,091

143,060

Shareholders' funds

158,091

149,060

For the financial year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 9 May 2016

Mr F M Hauser

Director

Company Registration No. 01837889

AFC PRECISION ENGINEERING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold Property

4% straight-line

Plant and machinery

16.6% straight-line

Motor vehicles

25% straight-line

Fixed assets

Tangible assets

Cost

At 1 September 2014

432,635

Additions

135,053

At 31 August 2015

567,688

Depreciation

At 1 September 2014

337,146

Charge for the year

50,645

At 31 August 2015

387,791

Net book value

At 31 August 2015

179,897

At 31 August 2014

95,489

AFC PRECISION ENGINEERING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2015

- 4 -

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £36,200 (2014: £16,200)

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £69,933 (2014: £37,800).

Share capital

2015

2014

Allotted, called up and fully paid

6,000 ordinary shares of £1 each

6,000