Regal Precision Engineers (Colne) Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 02098380 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2016

FOR

REGAL PRECISION ENGINEERS (COLNE) LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

I R Sorbie

R Kitchen

S A Kitchen

S P Lee

SECRETARY:

I R Sorbie

REGISTERED OFFICE:

Walton Street Works

Walton Street

Colne

Lancashire

BB8 0EL

REGISTERED NUMBER:

02098380 (England and Wales)

ACCOUNTANTS:

Ainsworths Limited

Chartered Accountants

Charter House

Stansfield Street

Nelson

Lancashire

BB9 9XY

FIXED ASSETS

Tangible assets

2

805,511

726,983

CURRENT ASSETS

Stocks

282,293

253,118

Debtors

490,710

539,600

Cash at bank and in hand

41,889

63,226

814,892

855,944

CREDITORS

Amounts falling due within one year

3

469,090

421,528

NET CURRENT ASSETS

345,802

434,416

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,151,313

1,161,399

CREDITORS

Amounts falling due after more than one
year

3

(112,053

)

(46,636

)

PROVISIONS FOR LIABILITIES

(54,071

)

(44,984

)

ACCRUALS AND DEFERRED INCOME

(41,199

)

(18,895

)

NET ASSETS

943,990

1,050,884

CAPITAL AND RESERVES

Called up share capital

4

15,002

Profit and loss account

928,988

1,035,882

SHAREHOLDERS' FUNDS

943,990

1,050,884

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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 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 Board of Directors on 27th October 2016 and were signed on its behalf
by:

I R Sorbie - 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

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.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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.

Employee benefit trusts

The company has purchased trusts for the benefit of employees and certain of their dependants. Monies held in

these trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of

the trust, they are accounted for as assets and liabilities of the company until the earlier of the date that an

allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust

vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees’ past services to the

business and the company can obtain no future economic benefit from those monies, such monies, whether in the

trust or accrued for by the company are charged to the profit and loss account in the period to

which they relate.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value

and depreciated over their expected useful lives. The interest element of leasing payments represents a constant

proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the

lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and

loss account on a straight line basis over the lease term.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2015

2,545,722

Additions

189,606

At 31st March 2016

2,735,328

DEPRECIATION

At 1st April 2015

1,818,739

Charge for year

111,078

At 31st March 2016

1,929,817

NET BOOK VALUE

At 31st March 2016

805,511

At 31st March 2015

726,983

3.

CREDITORS

Creditors include an amount of £ 187,298 (31.3.15 - £ 140,632 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

7,500

Ordinary A

£1

7,500

Ordinary B

£1

7,500

1

Ordinary C

£1

1

Ordinary D

£1

1

15,002

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2016 and

31st March 2015:

31.3.16

31.3.15

£

R Kitchen

Balance outstanding at start of year

15,000

30,000

Amounts advanced

-

15,000

Amounts repaid

(15,000

)

(30,000

)

Balance outstanding at end of year

-

15,000

Director's loans are unsecured, interest free and are repayable on demand.