Precision Motion (Cofil) Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 02227822 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2016

FOR

PRECISION MOTION (COFIL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr S A Smith

SECRETARY:

Mrs K L Smith

REGISTERED OFFICE:

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

REGISTERED NUMBER:

02227822 (England and Wales)

ACCOUNTANTS:

Whitehead & Howarth

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

BANKERS:

Barclays Bank Plc

38 Fishergate

Preston

Lancashire

PR1 2DD

SOLICITORS:

Vincents Solicitors

72 Liverpool Road

Penwortham

Preston

Lancashire

PR1 0DQ

FIXED ASSETS

Tangible assets

4

32,491

39,993

CURRENT ASSETS

Stocks

19,242

16,137

Debtors: amounts falling due within one year

5

179,331

147,929

Cash at bank

938,753

819,355

1,137,326

983,421

CREDITORS

Amounts falling due within one year

6

282,329

217,985

NET CURRENT ASSETS

854,997

765,436

TOTAL ASSETS LESS CURRENT LIABILITIES

887,488

805,429

PROVISIONS FOR LIABILITIES

3,245

4,463

NET ASSETS

884,243

800,966

CAPITAL AND RESERVES

Called up share capital

40,001

40,001

Retained earnings

844,242

760,965

SHAREHOLDERS' FUNDS

884,243

800,966

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 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 director on 28th February 2017 and were signed by:

Mr S A Smith - Director

1.	STATUTORY INFORMATION

Precision Motion (Cofil) 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

The turnover shown in the profit and loss account represents the value of all goods sold and services provided

during the year, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the

point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the

product and service have been transfered to the customer.

Tangible fixed assets and depreciation

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

Fixtures, fittings & equipment

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Office equipment

-

25% on reducing balance

Tangible fixed assets are initially recorded at historic cost and stated in the balance sheet at their net book value,

being the amount of capital expenditure less accumulated depreciation.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Motor

Office

& equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1st January 2016

4,657

46,536

5,414

56,607

Additions

-

-

1,023

1,023

Disposals

-

-

(1,242

)

(1,242

)

At 31st December 2016

4,657

46,536

5,195

56,388

DEPRECIATION

At 1st January 2016

976

11,569

4,069

16,614

Charge for year

552

6,993

462

8,007

Eliminated on disposal

-

-

(724

)

(724

)

At 31st December 2016

1,528

18,562

3,807

23,897

NET BOOK VALUE

At 31st December 2016

3,129

27,974

1,388

32,491

At 31st December 2015

3,681

34,967

1,345

39,993

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Trade debtors

178,464

146,899

Prepayments and accrued income

867

1,030

179,331

147,929

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/16

31/12/15

£

£

Trade creditors

197,108

128,157

Tax

33,022

54,205

Social security and other taxes

134

134

VAT

49,577

33,241

Accruals and deferred income

2,488

2,248

282,329

217,985

7.	ULTIMATE CONTROLLING PARTY

Mr SA Smith is the sole director of the Company and together with Mrs KL Smith owns 100% of the share

capital.