G-Mec Fabrication Limited - Period Ending 2016-03-31

Registration number: 05402177

G-Mec Fabrication Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Graham Jones LLP
The South Street Centre
16-20 South Street
Hythe
Southampton
SO45 6EB

G-Mec Fabrication Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
G-Mec Fabrication Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G-Mec Fabrication Limited for the year ended 31 March 2016 set out on pages 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of G-Mec Fabrication Limited, as a body, in accordance with the terms of our engagement letterdated 10 July 2006. Our work has been undertaken solely to prepare for your approval the accounts of G-Mec Fabrication Limited and state those matters that we have agreed to state to them, 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 G-Mec Fabrication Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that G-Mec Fabrication Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of G-Mec Fabrication Limited. You consider that G-Mec Fabrication 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 accounts of G-Mec Fabrication 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 accounts.

......................................

Graham Jones LLP
The South Street Centre
16-20 South Street
Hythe
Southampton
SO45 6EB

8 July 2016

Page 1

G-Mec Fabrication Limited
(Registration number: 05402177)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					78,645			13,654
Current assets
Stocks					500			4,250
Debtors					54,358			52,328
Cash at bank and in hand					20,941			23,321
					75,799			79,899
Creditors: Amounts falling due within one year					(73,810)			(71,744)
Net current assets					1,989			8,155
Total assets less current liabilities					80,634			21,809
Creditors: Amounts falling due after more than one year					(41,203)			-
Provisions for liabilities					(1,030)			(1,593)
Net assets					38,401			20,216
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					38,301			20,116
Shareholders' funds					38,401			20,216

For the year ending 31 March 2016 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 8 July 2016 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

G-Mec Fabrication Limited
(Registration number: 05402177)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
Mark David Biddlecombe
Director

.........................................
Vanetta Tracey Biddlecombe
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

G-Mec Fabrication Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

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	20% staright line basis or over term of the lease
Motor vehicles	25% straight line basis
Office equipment	25% straight line basis

Stock

Stocks comprise raw materials and 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. Cost is determined using the FIFO basis.

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.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation 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. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 4

G-Mec Fabrication Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		109,287			109,287
Additions		70,000			70,000
Disposals		(29,000)			(29,000)
At 31 March 2016		150,287			150,287
Depreciation
At 1 April 2015		95,633			95,633
Charge for the year		5,009			5,009
Eliminated on disposals		(29,000)			(29,000)
At 31 March 2016		71,642			71,642
Net book value
At 31 March 2016		78,645			78,645
At 31 March 2015		13,654			13,654

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 5