Victory Machine Tools Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 04987673 (England and Wales)

VICTORY MACHINE TOOLS LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

R B L Blackburn

SECRETARY:

Mrs D A Blackburn

REGISTERED OFFICE:

3a Wingate Road

Gosport

Hampshire

PO12 4DR

REGISTERED NUMBER:

04987673 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Tangible assets

2

217,539

215,731

Investments

3

16,636

16,636

234,175

232,367

CURRENT ASSETS

Stocks

500

500

Debtors

181,357

138,238

Cash at bank

76,109

49,584

257,966

188,322

CREDITORS

Amounts falling due within one year

4

62,398

59,246

NET CURRENT ASSETS

195,568

129,076

TOTAL ASSETS LESS CURRENT LIABILITIES

429,743

361,443

CREDITORS

Amounts falling due after more than one year

4

(119,172

)

(126,771

)

PROVISIONS FOR LIABILITIES

(2,799

)

(1,752

)

NET ASSETS

307,772

232,920

CAPITAL AND RESERVES

Called up share capital

5

200

200

Profit and loss account

307,572

232,720

SHAREHOLDERS' FUNDS

307,772

232,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 13 September 2016 and were signed by:

R B L Blackburn - 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 January 2015).

Turnover

Turnover represents net sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

244,470

Additions

9,084

Disposals

(1,510

)

At 31 March 2016

252,044

DEPRECIATION

At 1 April 2015

28,739

Charge for year

7,276

Eliminated on disposal

(1,510

)

At 31 March 2016

34,505

NET BOOK VALUE

At 31 March 2016

217,539

At 31 March 2015

215,731

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2015

and 31 March 2016

16,636

NET BOOK VALUE

At 31 March 2016

16,636

At 31 March 2015

16,636

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Airport Precision Engineering Limited

Nature of business: Mechanical engineering

%

Class of shares:

holding

Ordinary

100.00

2016

2015

£

£

Aggregate capital and reserves

98,118

100,966

Profit for the year

47,152

78,202

4.

CREDITORS

Creditors include an amount of £ 127,257 (2015 - £ 134,856 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

85,332

92,931

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

200

Ordinary A

£1

200

200

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £43,350 (2015 - £30,498) were paid to the director .

R B L Blackburn

Director

2016

2015

£

£

Amount due from related party at the balance sheet date

95,151

84,922

Mrs D A Blackburn

Company secretary and wife of the director

During the year, dividends of £41,650 (2015: £29,302) were issued to Mrs D A Blackburn.

Airport Precision Engineering Ltd

Wholly owned subsidiary

During the year, the company incurred recharged expenses of £48,843 (2015: £20,024) from its

subsidiary.

The company also recharged expenses of £21,600 (2015: £15,600) to its subsidiary.

Dividends of £50,000 (2015: £50,000) were received from the subsidiary.

2016

2015

£

£

Amount due from/(to) related party at the balance sheet date

18,180

(8,354

)