R.A.B. Precision Engineering Ltd - Limited company accounts 17.3

REGISTERED NUMBER: 07647181 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 June 2017

for

R.A.B. Precision Engineering Ltd

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

R A Bates

Mrs M L Woodward

SECRETARY:

REGISTERED OFFICE:

Unit 2A

Roman Bank

Bourne

Lincolnshire

PE10 9LQ

REGISTERED NUMBER:

07647181 (England and Wales)

ACCOUNTANTS:

Clifton and Co

5 Ash Grove

Bourne

Lincolnshire

PE10 9SG

The directors present their report with the financial statements of the company for the year ended 30 June 2017.

INCORPORATION

The company was incorporated on 25 May 2011 and commenced trading on 1 July 2013.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Engineering

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2016 to the date of this

report.

R A Bates

Mrs M L Woodward

Both the directors, being eligible, offer themselves for election at the forthcoming first Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to

small companies.

ON BEHALF OF THE BOARD:

R A Bates - Director

6 March 2018

TURNOVER

236,107

Cost of sales

69,909

GROSS PROFIT

166,198

Distribution costs

60,050

Administrative expenses

40,334

100,384

OPERATING PROFIT

4

65,814

Interest receivable and similar income

163

65,977

Interest payable and similar expenses

950

PROFIT BEFORE TAXATION

65,027

Tax on profit

12,065

PROFIT FOR THE FINANCIAL YEAR

52,962

FIXED ASSETS

Tangible assets

5

81,571

CURRENT ASSETS

Stocks

2,955

Debtors

6

58,462

Cash at bank

67,203

128,620

CREDITORS

Amounts falling due within one year

7

55,509

NET CURRENT ASSETS

73,111

TOTAL ASSETS LESS CURRENT
LIABILITIES

154,682

PROVISIONS FOR LIABILITIES

8

15,164

NET ASSETS

139,518

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

139,418

SHAREHOLDERS' FUNDS

139,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 6 March 2018 and were signed on its behalf
by:

R A Bates - Director

1.	STATUTORY INFORMATION

R.A.B. Precision Engineering Ltd 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

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 4 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

£

Depreciation - owned assets

13,146

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

COST

At 1 July 2016

115,100

1,406

2,523

119,029

Additions

190

-

43

233

At 30 June 2017

115,290

1,406

2,566

119,262

DEPRECIATION

At 1 July 2016

22,897

890

758

24,545

Charge for year

12,683

129

334

13,146

At 30 June 2017

35,580

1,019

1,092

37,691

NET BOOK VALUE

At 30 June 2017

79,710

387

1,474

81,571

At 30 June 2016

92,203

516

1,765

94,484

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

57,548

Other debtors

914

58,462

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

13,547

Taxation and social security

24,842

Other creditors

17,120

55,509

8.	PROVISIONS FOR LIABILITIES

£

Deferred tax

Accelerated capital allowances

15,164

Deferred

tax

£

Utilised during year

(3,304

)

Balance at 30 June 2017

(3,304

)