Abbreviated Company Accounts - OLNEY PRECISION LIMITED

OLNEY PRECISION LIMITED - Company Information

01200471 OLNEY PRECISION LIMITED 2016-03-31 false 2015-04-01 2016-03-31 true 01200471 2015-04-01 2016-03-31 01200471 2016-03-31 01200471 2015-03-31 01200471 uk-gaap-cd-bus:Director1 2015-04-01 2016-03-31 01200471 uk-gaap-cd-bus:Director2 2015-04-01 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-04-01 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2016-03-31 uk-gaap-cd-bus:OrdinaryShareClass1 2015-03-31 iso4217:GBP shares

Registered Number 01200471

OLNEY PRECISION LIMITED

Abbreviated Accounts

31 March 2016

OLNEY PRECISION LIMITED Registered Number 01200471

Abbreviated Balance Sheet as at 31 March 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	188,224	244,313
		188,224	244,313
Current assets
Stocks		115,975	150,100
Debtors		62,603	116,423
Cash at bank and in hand		140,781	189,055
		319,359	455,578
Creditors: amounts falling due within one year	3	(126,914)	(217,961)
Net current assets (liabilities)		192,445	237,617
Total assets less current liabilities		380,669	481,930
Creditors: amounts falling due after more than one year	3	-	(36,299)
Total net assets (liabilities)		380,669	445,631
Capital and reserves
Called up share capital	4	1,500	1,500
Profit and loss account		379,169	444,131
Shareholders' funds		380,669	445,631

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 9 August 2016

And signed on their behalf by:
I H Fields, Director

OLNEY PRECISION LIMITED Registered Number 01200471

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company's financial statements are prepared on a going concern basis.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery - 20% reducing balance
Computer equipment - 25% reducing balance
Motor vehicles - 25% reducing balance

Valuation information and policy
Stock
Stock and work in progress is valued at the lower of cost or net realisable value.

2Tangible fixed assets

	£
Cost
At 1 April 2015	1,997,594
Additions	-
Disposals	(78,529)
Revaluations	-
Transfers	-
At 31 March 2016	1,919,065
Depreciation
At 1 April 2015	1,753,281
Charge for the year	49,628
On disposals	(72,068)
At 31 March 2016	1,730,841
Net book values
At 31 March 2016	188,224
At 31 March 2015	244,313

3Creditors

	2016 £	2015 £
Secured Debts	37,519	100,621

4Called Up Share Capital
Allotted, called up and fully paid:

	2016 £	2015 £
1,500 Ordinary shares of £1 each	1,500	1,500