Precision Engineering Technologies Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04324144 (England and Wales)

PRECISION ENGINEERING TECHNOLOGIES

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

4

947

625

CURRENT ASSETS

Debtors

5

49,749

47,434

Cash at bank

19,891

1,952

69,640

49,386

CREDITORS

Amounts falling due within one year

6

58,996

49,115

NET CURRENT ASSETS

10,644

271

TOTAL ASSETS LESS CURRENT LIABILITIES

11,591

896

PROVISIONS FOR LIABILITIES

101

24

NET ASSETS

11,490

872

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

11,390

772

SHAREHOLDERS' FUNDS

11,490

872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 Profit and loss account has not been delivered.

The financial statements were approved by the director on 9 December 2017 and were signed by:

P J Coates - Director

1.	STATUTORY INFORMATION

Precision Engineering Technologies 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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss

account, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Holiday pay accrual

The liability is recognised when an employee has provided service in exchange for benefits to be paid

in the future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2016

1,870

1,362

16,953

20,185

Additions

110

-

642

752

At 31 March 2017

1,980

1,362

17,595

20,937

DEPRECIATION

At 1 April 2016

1,516

1,091

16,953

19,560

Charge for year

69

40

321

430

At 31 March 2017

1,585

1,131

17,274

19,990

NET BOOK VALUE

At 31 March 2017

395

231

321

947

At 31 March 2016

354

271

-

625

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade debtors

23,063

14,571

Other debtors

26,686

32,863

49,749

47,434

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/17

31/3/16

£

£

Trade creditors

19,599

22,958

Taxation and social security

13,694

5,673

Other creditors

25,703

20,484

58,996

49,115

The Director's loan is not subject to any formal loan agreement and is therefore repayable on demand.

There is no set date for repayment and no interest is charged.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/3/17

31/3/16

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 April 2016

772

Profit for the year

25,618

Dividends

(15,000

)

At 31 March 2017

11,390

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £15,000 were paid to the director .

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P J Coates.

11.	FIRST YEAR ADOPTION

This is the first set of accounts prepared under Financial Reporting Standard 102 (FRS 102).

There were no transitional adjustments required upon transition to FRS 102.

The company has taken advantage of exemptions available to small entities under FRS 102 Section

1A.