Precision Motion (Cofil) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02227822 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

PRECISION MOTION (COFIL) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S A Smith

SECRETARY:

Mrs K L Smith

REGISTERED OFFICE:

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

REGISTERED NUMBER:

02227822 (England and Wales)

ACCOUNTANTS:

Whitehead & Howarth

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

BANKERS:

Barclays Bank Plc

38 Fishergate

Preston

Lancashire

PR1 2DD

FIXED ASSETS

Tangible assets

4

68,634

32,491

Investments

5

289,341

264,065

357,975

296,556

CURRENT ASSETS

Stocks

11,104

19,242

Debtors

6

169,894

179,331

Cash at bank

693,184

674,688

874,182

873,261

CREDITORS

Amounts falling due within one year

7

229,874

282,329

NET CURRENT ASSETS

644,308

590,932

TOTAL ASSETS LESS CURRENT LIABILITIES

1,002,283

887,488

PROVISIONS FOR LIABILITIES

8

14,767

3,245

NET ASSETS

987,516

884,243

CAPITAL AND RESERVES

Called up share capital

40,001

40,001

Retained earnings

947,515

844,242

987,516

884,243

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the director on 13 February 2018 and were signed by:

S A Smith - Director

1.	STATUTORY INFORMATION

Precision Motion (Cofil) 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 etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Investments

Investments in bonds held with financial institutions are initially recognized at cost and revalued to reflect market

value at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2016 - 2 ).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

56,388

Additions

80,968

Disposals

(45,887

)

At 31 December 2017

91,469

DEPRECIATION

At 1 January 2017

23,897

Charge for year

17,154

Eliminated on disposal

(18,216

)

At 31 December 2017

22,835

NET BOOK VALUE

At 31 December 2017

68,634

At 31 December 2016

32,491

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

31.12.17

31.12.16

£

£

Investment bond

289,341

264,065

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

169,284

178,464

Other debtors

610

867

169,894

179,331

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

161,554

197,108

Taxation and social security

64,608

82,733

Other creditors

3,712

2,488

229,874

282,329

8.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

14,767

3,245

Deferred

tax

£

Balance at 1 January 2017

3,245

Provided during year

11,522

Balance at 31 December 2017

14,767

9.	ULTIMATE CONTROLLING PARTY

The controlling party is S A Smith.