Adnet Precision Engineering Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 05094023 (England and Wales)

Abbreviated Accounts

for the Year Ended 30 April 2016

for

Adnet Precision Engineering Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A K Day

SECRETARY:

J E Day

REGISTERED OFFICE:

Unit B1 Nexus Court

Hurricane Road

Gloucester Business Park, Brockworth

GLOUCESTER

GL3 4AG

REGISTERED NUMBER:

05094023 (England and Wales)

ACCOUNTANTS:

GCSD Accountants Limited

Chartered Accountants

701 Stonehouse Park

Sperry Way

Stonehouse

Gloucestershire

GL10 3UT

FIXED ASSETS

Intangible assets

2

21,600

24,300

Tangible assets

3

111,985

143,674

133,585

167,974

CURRENT ASSETS

Stocks

39,475

50,676

Debtors

84,149

99,964

Cash at bank and in hand

49,623

38,961

173,247

189,601

CREDITORS

Amounts falling due within one year

132,475

129,960

NET CURRENT ASSETS

40,772

59,641

TOTAL ASSETS LESS CURRENT LIABILITIES

174,357

227,615

CREDITORS

Amounts falling due after more than one year

(68,600

)

(92,573

)

PROVISIONS FOR LIABILITIES

(18,482

)

(23,960

)

NET ASSETS

87,275

111,082

CAPITAL AND RESERVES

Called up share capital

4

10

10

Profit and loss account

87,265

111,072

SHAREHOLDERS' FUNDS

87,275

111,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 31 August 2016 and were signed by:

A K Day - 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 invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

54,000

AMORTISATION

At 1 May 2015

29,700

Amortisation for year

2,700

At 30 April 2016

32,400

NET BOOK VALUE

At 30 April 2016

21,600

At 30 April 2015

24,300

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

435,312

Additions

5,640

At 30 April 2016

440,952

DEPRECIATION

At 1 May 2015

291,638

Charge for year

37,329

At 30 April 2016

328,967

NET BOOK VALUE

At 30 April 2016

111,985

At 30 April 2015

143,674

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

10

Ordinary shares

1

10

10