AUTOMATIC PRECISION TURNING (LEICESTER) LIMITED Small abbreviated accounts

AUTOMATIC PRECISION TURNING (LEICESTER) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 00976903

AUTOMATIC PRECISION TURNING (LEICESTER) LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED

31 March 2016

JOHNSON MURKETT & HURST

Chartered Accountants

Rawdon House

Rawdon Terrace

Ashby de la Zouch

Leicestershire

LE65 2GN

AUTOMATIC PRECISION TURNING (LEICESTER) LIMITED

ABBREVIATED BALANCE SHEET

31 March 2016

	2016	2015
Note	£	£	£
FIXED ASSETS	2
Tangible assets		513,461	640,234
		---------	---------

CURRENT ASSETS

Stocks	133,148	100,967
Debtors	307,867	271,984
Cash at bank and in hand	282	295
	---------	---------
	441,297	373,246
CREDITORS: Amounts falling due within one year	486,125	419,605
	---------	---------

NET CURRENT LIABILITIES	( 44,828)	( 46,359)
	---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES	468,633	593,875

CREDITORS: Amounts falling due after more than one year		111,867	223,518

PROVISIONS FOR LIABILITIES	43,718	56,082
	---------	---------
	313,048	314,275
	---------	---------

CAPITAL AND RESERVES

Called up equity share capital	3		1,000	1,000
Profit and loss account		312,048	313,275
		---------	---------
SHAREHOLDERS' FUNDS		313,048	314,275
		---------	---------

For the year ended 31 March 2016 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 accounts for the year in question in accordance with section 476; and

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

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 26 May 2016 , and are signed on their behalf by:

Mr D J Bailey Director

Company Registration Number: 00976903

AUTOMATIC PRECISION TURNING (LEICESTER) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31 MARCH 2016

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the invoiced amount of goods sold and services provided, net of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset over the useful economic life of that asset as follows:

Factory Improvements-2% straight line

Plant & Machinery-20% reducing balance

Fixtures & Fittings-25% reducing balance

Motor Vehicles-25% reducing balance

Computer Equipment-25% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Hire purchase agreements

Hire purchase contracts are accounted for by capitalising the cost of the asset at the inception of the contract, and accounting for the future value of payments, net of interest, under the hire purchase contract as a liability. Payments under the hire contract comprise interest and capital, the interest portion being charged as an expense in arriving at the profit for the year, and the capital portion reducing the liability under the hire purchase contract.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Two directors are accruing benefits under money purchase schemes (2015 - one).

Deferred taxation

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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:

Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

2. FIXED ASSETS

	Tangible Assets
	£

COST

At 1 April 2015	3,415,414
Additions	3,390
	------------
At 31 March 2016	3,418,804
	------------

DEPRECIATION

At 1 April 2015	2,775,180
Charge for year	130,163
	------------
At 31 March 2016	2,905,343
	------------

NET BOOK VALUE

At 31 March 2016	513,461
	---------

At 31 March 2015	640,234
	---------

3. SHARE CAPITAL

Allotted, called up and fully paid:

2016	2015
No	£	No	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------