Pro-Tech Precision Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 00647721 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2016

FOR

PRO-TECH PRECISION LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

K D Buckman

K Wise

SECRETARY:

K D Buckman

REGISTERED OFFICE:

125 High Street

Odiham

Hook

Hampshire

RG29 1LA

REGISTERED NUMBER:

00647721 (England and Wales)

ACCOUNTANTS:

Goddard & Co

Chartered Accountants

125 High Street

Odiham

Hook

Hampshire

RG29 1LA

FIXED ASSETS

Tangible assets

2

91,132

108,236

CURRENT ASSETS

Stocks

104,343

205,321

Debtors

335,908

330,798

Cash at bank and in hand

67,538

69,950

507,789

606,069

CREDITORS

Amounts falling due within one year

3

195,762

363,012

NET CURRENT ASSETS

312,027

243,057

TOTAL ASSETS LESS CURRENT
LIABILITIES

403,159

351,293

PROVISIONS FOR LIABILITIES

8,534

9,871

NET ASSETS

394,625

341,422

CAPITAL AND RESERVES

Called up share capital

4

2,763

Capital redemption reserve

3,241

Profit and loss account

388,621

335,418

SHAREHOLDERS' FUNDS

394,625

341,422

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 20 March 2017 and were signed on its behalf by:

K D Buckman - Director

K Wise - 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.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% 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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Debt factoring

The company may draw a certain amount of finance on presentation of its sales invoices to its factors, but the

risk of default remains with the company. Trade debtors and amounts advanced by factors are therefore shown

separately under the heading of current assets and current liabilities.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

578,051

Additions

12,364

At 30 June 2016

590,415

DEPRECIATION

At 1 July 2015

469,815

Charge for year

29,468

At 30 June 2016

499,283

NET BOOK VALUE

At 30 June 2016

91,132

At 30 June 2015

108,236

3.

CREDITORS

Creditors include an amount of £ 15,260 (2015 - £ 159,190 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2,760

Ordinary

£1

2,760

1

Ordinary "A"

£1

1

Ordinary "C"

£1

1

Ordinary "D"

£1

1

2,763

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2016 and

30 June 2015:

2016

2015

£

K Wise

Balance outstanding at start of year

25,050

21,500

Amounts advanced

964

3,950

Amounts repaid

(3,543

)

(400

)

Balance outstanding at end of year

22,471

25,050

The loan to Mr Wise is included in other debtors (see note 5). It carries interest at a rate of 4% per annum.

The company paid rent of £84,000 (2015 - £84,000) to Mr K D Buckman during the year. The amount due at 30

June 2016 was £nil (2015 - £nil).

6.	RELATED PARTY DISCLOSURES

During the year the company paid dividends to Mr K D Buckman of £65,329 (2015 - £54,853) and K Wise of

£36,900 [2015- £nil]