MKB Precision Engineering Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 08100767 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

FOR

MKB PRECISION ENGINEERING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K Barnard

M Barnard

REGISTERED OFFICE:

Unit 8

Zone D

Chelmsford Road Industrial Estate

Great Dunmow

Essex

CM6 1HD

REGISTERED NUMBER:

08100767 (England and Wales)

ACCOUNTANTS:

Baker Chapman & Bussey

Chartered Accountants

3 North Hill

Colchester

Essex

CO1 1DZ

FIXED ASSETS

Tangible assets

4

53,897

65,377

CURRENT ASSETS

Stocks

6,127

5,054

Debtors

5

28,021

32,746

Cash at bank

75,253

35,493

109,401

73,293

CREDITORS

Amounts falling due within one year

6

71,791

49,780

NET CURRENT ASSETS

37,610

23,513

TOTAL ASSETS LESS CURRENT LIABILITIES

91,507

88,890

CREDITORS

Amounts falling due after more than one year

7

(18,078

)

(30,138

)

PROVISIONS FOR LIABILITIES

(8,149

)

(9,867

)

NET ASSETS

65,280

48,885

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

65,278

48,883

SHAREHOLDERS' FUNDS

65,280

48,885

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 12 November 2016 and were signed on its behalf by:

K Barnard - Director

1.	STATUTORY INFORMATION

MKB Precision Engineering Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Sales are recognised when the goods are delivered to the customer.

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2015

95,709

347

337

96,393

Additions

2,905

-

1,511

4,416

Disposals

-

-

(42

)

(42

)

At 31 August 2016

98,614

347

1,806

100,767

DEPRECIATION

At 1 September 2015

30,506

173

337

31,016

Charge for year

15,323

69

504

15,896

Eliminated on disposal

-

-

(42

)

(42

)

At 31 August 2016

45,829

242

799

46,870

NET BOOK VALUE

At 31 August 2016

52,785

105

1,007

53,897

At 31 August 2015

65,203

174

-

65,377

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

26,202

30,930

Prepayments

1,819

1,816

28,021

32,746

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts

12,059

12,059

Trade creditors

7,069

4,071

Tax

15,934

5,145

VAT

10,998

8,246

Directors' current accounts

24,868

18,959

Accrued expenses

863

1,300

71,791

49,780

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

18,078

30,138