Standard Engineering Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03731414 (England and Wales)

STANDARD ENGINEERING LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

6

DIRECTORS:

I R M Holliday

K Malyon

SECRETARY:

I R M Holliday

REGISTERED OFFICE:

10 Garrard Way

Telford Way South

Kettering

Northamptonshire

NN16 8TD

REGISTERED NUMBER:

03731414 (England and Wales)

ACCOUNTANTS:

Haines Watts (SEM) Limited

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

FIXED ASSETS

Intangible assets

2

-

-

Tangible assets

3

45,492

55,535

45,492

55,535

CURRENT ASSETS

Stocks

156,433

132,502

Debtors

894,933

768,949

Cash at bank and in hand

6,858

18,437

1,058,224

919,888

CREDITORS

Amounts falling due within one year

4

294,901

256,109

NET CURRENT ASSETS

763,323

663,779

TOTAL ASSETS LESS CURRENT LIABILITIES

808,815

719,314

CREDITORS

Amounts falling due after more than one year

(15,483

)

(12,591

)

PROVISIONS FOR LIABILITIES

-

(1,504

)

NET ASSETS

793,332

705,219

CAPITAL AND RESERVES

Called up share capital

5

50,000

50,000

Capital redemption reserve

25,000

25,000

Profit and loss account

718,332

630,219

SHAREHOLDERS' FUNDS

793,332

705,219

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 27 March 2017 and were signed on its behalf by:

I R M Holliday - 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the

useful economic life of that asset.

Goodwill is amortised over 20 years in equal annual instalments on cost.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

25% on cost and 20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

and 31 July 2016

2,841

AMORTISATION

At 1 August 2015

and 31 July 2016

2,841

NET BOOK VALUE

At 31 July 2016

-

At 31 July 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

210,838

Additions

17,750

Disposals

(13,800

)

At 31 July 2016

214,788

DEPRECIATION

At 1 August 2015

155,303

Charge for year

25,724

Eliminated on disposal

(11,731

)

At 31 July 2016

169,296

NET BOOK VALUE

At 31 July 2016

45,492

At 31 July 2015

55,535

4.

CREDITORS

Creditors include an amount of £ 34,025 (2015 - £ 3,003 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

50,000

Ordinary

£1

50,000

50,000

6.	ULTIMATE PARENT COMPANY

7.	ULTIMATE CONTROLLING PARTY