N.A.B. Precision Tooling Ltd - Accounts to registrar (filleted) - small 17.3
N.A.B. Precision Tooling Ltd - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| N.A.B. PRECISION TOOLING LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2017 |
| N.A.B. PRECISION TOOLING LTD (REGISTERED NUMBER: 00849127) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 31 May 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 | to | 6 |
| N.A.B. PRECISION TOOLING LTD |
| COMPANY INFORMATION |
| For The Year Ended 31 May 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 42 High Street |
| Flitwick |
| Bedfordshire |
| MK45 1DU |
| N.A.B. PRECISION TOOLING LTD (REGISTERED NUMBER: 00849127) |
| BALANCE SHEET |
| 31 May 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| N.A.B. PRECISION TOOLING LTD (REGISTERED NUMBER: 00849127) |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 31 May 2017 |
| 1. | STATUTORY INFORMATION |
| N.A.B. Precision Tooling Ltd is a |
| 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 |
| First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
| These financial statements for the year ended 31 May 2017 are the first that are prepared in accordance with |
| FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date |
| of transition to FRS 102 Section 1A is 1 June 2015. |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| 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. |
| N.A.B. PRECISION TOOLING LTD (REGISTERED NUMBER: 00849127) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 May 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 profit or loss over the relevant period. The capital |
| element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 June 2016 |
| Additions |
| At 31 May 2017 |
| DEPRECIATION |
| At 1 June 2016 |
| Charge for year |
| At 31 May 2017 |
| NET BOOK VALUE |
| At 31 May 2017 |
| At 31 May 2016 |
| N.A.B. PRECISION TOOLING LTD (REGISTERED NUMBER: 00849127) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 May 2017 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 June 2016 |
| Additions |
| At 31 May 2017 |
| DEPRECIATION |
| At 1 June 2016 |
| Charge for year |
| At 31 May 2017 |
| NET BOOK VALUE |
| At 31 May 2017 |
| At 31 May 2016 |
| 5. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Tax |
| Prepayments |
| Included in trade debtors are amounts subject to invoice discounting £140,503 (2016 £107,691). |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Invoice discounting | 86,181 | 120,790 |
| Social security and other taxes |
| Wages & salaries control | - | 5,659 |
| VAT | 43,350 | 33,522 |
| Directors' current accounts | 114,150 | 110,287 |
| Accrued expenses |
| N.A.B. PRECISION TOOLING LTD (REGISTERED NUMBER: 00849127) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 31 May 2017 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts | 221,676 | 173,618 |
| Invoice discounting | 86,181 | 120,790 |
| The invoice discounting account is secured against trade debtors. Hire purchase agreements are secured |
| against the assets to which they relate. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 7,500 | 7,500 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The directors operate a current account. As at 31 May 2017 there was a balance of £114,150 owed to them |
| (2016 £110,287 credit). No interest is charged on balances outstanding. |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is N A Blackwell. |