Precision Engineering Technologies Ltd - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 04324144 (England and Wales)

PRECISION ENGINEERING TECHNOLOGIES

LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Certified Accountants' Report

5

DIRECTOR:

P J Coates

SECRETARY:

A Coates

REGISTERED OFFICE:

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

REGISTERED NUMBER:

04324144 (England and Wales)

ACCOUNTANTS:

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

FIXED ASSETS

Tangible assets

2

1,127

2,437

CURRENT ASSETS

Stocks

250

250

Debtors

83,118

58,823

Cash at bank

150

3,480

83,518

62,553

CREDITORS

Amounts falling due within one year

78,286

58,895

NET CURRENT ASSETS

5,232

3,658

TOTAL ASSETS LESS CURRENT LIABILITIES

6,359

6,095

PROVISIONS FOR LIABILITIES

75

303

NET ASSETS

6,284

5,792

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

6,184

5,692

SHAREHOLDERS' FUNDS

6,284

5,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 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 director on 5 November 2014 and were signed by:

P J Coates - 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 April 2008).

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

50% on cost

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

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

19,935

DEPRECIATION

At 1 April 2013

17,498

Charge for year

1,310

At 31 March 2014

18,808

NET BOOK VALUE

At 31 March 2014

1,127

At 31 March 2013

2,437

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/14

31/3/13

value:

£

£

100

Ordinary

£1

100

100

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages

two to four) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Precision Engineering Technologies Limited for the year ended 31 March 2014 which

comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical

and other professional requirements which are detailed at http://rulebook.accaglobal.com.

This report is made solely to the director of Precision Engineering Technologies Limited in accordance with our

terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements

of Precision Engineering Technologies Limited and state those matters that we have agreed to state to the

director of Precision Engineering Technologies Limited in this report in accordance with the requirements of the

Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the

fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and

its director for our work or for this report.

It is your duty to ensure that Precision Engineering Technologies Limited has kept adequate accounting records

and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial

position and profit of Precision Engineering Technologies Limited. You consider that Precision Engineering

Technologies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Precision Engineering

Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting

records or information and explanations you have given to us and we do not, therefore, express any opinion on

the statutory financial statements.

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

5 November 2014