BAILEY_&_WADE_ENGINEERING - Accounts

BAILEY & WADE ENGINEERING CO LIMITED - Company Information

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Company Registration No. 01200891 (England and Wales)

BAILEY & WADE ENGINEERING CO LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

BAILEY & WADE ENGINEERING CO LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

BAILEY & WADE ENGINEERING CO LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

141,593

519,068

Current assets

Stocks

53,752

47,961

Debtors

98,791

80,614

Cash at bank and in hand

30,590

239,605

183,133

368,180

Creditors: amounts falling due within one year

(174,952)

(653,956)

Net current assets/(liabilities)

8,181

(285,776)

Total assets less current liabilities

149,774

233,292

Provisions for liabilities

(12,379)

(71,547)

137,395

161,745

Capital and reserves

Called up share capital

25,100

Profit and loss account

112,295

136,645

Shareholders' funds

137,395

161,745

For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 22 November 2016

Dr A. S. C. Wade

Director

Company Registration No. 01200891

BAILEY & WADE ENGINEERING CO LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 2 -

Accounting policies

1.1

Accounting convention

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

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

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

1.4

Tangible fixed assets and depreciation

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:

Leasehold property alterations

10% on cost

Plant and machinery

10% on reducing balance

Fixtures, fittings & equipment

15% on reducing balance

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock and work in progress

Stock 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.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

BAILEY & WADE ENGINEERING CO LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 September 2015

950,764

Additions

67,272

Disposals

(751,518)

At 31 August 2016

266,518

Depreciation

At 1 September 2015

431,696

On disposals

(353,685)

Charge for the year

46,914

At 31 August 2016

124,925

Net book value

At 31 August 2016

141,593

At 31 August 2015

519,068

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £9,285 (2015 - £11,285).

Share capital

2016

2015

Allotted, called up and fully paid

25,000 Ordinary of £1 each

25,000

100 Ordinary 'A' of £1 each

100

25,100

Ultimate parent company

The company is controlled by the parent company, Ernest Engineering Limited who own 100% of the voting share capital.