R.P. Precision Tools Limited - Period Ending 2017-08-31
R.P. Precision Tools Limited - Period Ending 2017-08-31
Registration number:
for the Year Ended
R.P. Precision Tools Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
R.P. Precision Tools Limited
(Registration number: 02807194)
Balance Sheet as at 31 August 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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R G Pearce
Director
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R.P. Precision Tools Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Upper Knightsbridge Barn
Newbury Road
Headley
Thatcham
Berkshire
RG19 8LA
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the hiring out of plant and equipment to customers in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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R.P. Precision Tools Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Asset class |
Depreciation method and rate |
Plant and machinery |
25% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for the hiring out of plant and equipment in the ordinary course of business.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 September 2016 |
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At 31 August 2017 |
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Depreciation |
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At 1 September 2016 |
- |
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At 31 August 2017 |
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Carrying amount |
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At 31 August 2017 |
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- |
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At 31 August 2016 |
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Included within the net book value of land and buildings above is £342,940 (2016 - £342,940) in respect of freehold land and buildings.
Debtors |
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R.P. Precision Tools Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
2017 |
2016 |
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Trade debtors |
- |
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- |
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Creditors |
Creditors: amounts falling due within one year
2017 |
2016 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Other transactions with directors |
R G Pearce (director) had a loan with the company. At the balance sheet date the amount due to R G Pearce was £34,891 (2016: £24,705).
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