R & D Machinery Ltd - Period Ending 2016-09-30

Registration number: 05885514

R & D Machinery Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2016
 

Condy Mathias
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

R & D Machinery Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

R & D Machinery Ltd
(Registration number: 05885514)
Abbreviated Balance Sheet at 30 September 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			214,918			189,641
Current assets
Stocks					833,823			457,837
Debtors					712,953			541,480
Cash at bank and in hand					78			32,339
					1,546,854			1,031,656
Creditors: Amounts falling due within one year					(1,533,729)			(1,042,162)
Net current assets/(liabilities)					13,125			(10,506)
Total assets less current liabilities					228,043			179,135
Creditors: Amounts falling due after more than one year					(49,864)			(53,393)
Provisions for liabilities					(36,660)			(23,758)
Net assets					141,519			101,984
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					141,517			101,982
Shareholders' funds					141,519			101,984

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

R & D Machinery Ltd
(Registration number: 05885514)
Abbreviated Balance Sheet at 30 September 2016
......... continued

For the year ending 30 September 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 director acknowledges his 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 director on 16 March 2017

 Mr Paul Mark Deeble
 Company secretary and director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

R & D Machinery Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

At the year end, the company's balance sheet shows net current liabilities of £12,566 (2015: £10,506). Accordingly, the director has had to consider the basis upon which the the accounts have been prepared and determine whether a going concern basis remains appropriate.

The financial statements have been prepared on a going concern basis as the director has reviewed the position for twelve months from the date the accounts were approved and in his opinion the company will reverse the net current liabilities in the next accounting period.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	10% straight line
Plant and equipment	25% reducing balance
Motor vehicles	25% reducing balance or over the term of the lease
Fixtures and fittings	20% reducing balance
Hire fleet	25% reducing balance or over the term of the lease
Computer equipment	3 years straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

R & D Machinery Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

Assets obtained under hire purchase contracts or finance leases are capitalised on 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 charge to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 October 2015		476,254			476,254
Additions		127,581			127,581
Disposals		(106,674)			(106,674)
At 30 September 2016		497,161			497,161
Depreciation
At 1 October 2015		286,613			286,613
Charge for the year		75,999			75,999
Eliminated on disposals		(80,369)			(80,369)
At 30 September 2016		282,243			282,243
Net book value
At 30 September 2016		214,918			214,918
At 30 September 2015		189,641			189,641

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

Page 4

R & D Machinery Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 September 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		37,731			32,473
Amounts falling due after more than one year		49,864			53,393
Total secured creditors		87,595			85,866

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Odrinary Shares of £1 each		2			2			2			2

Page 5