Machine Tool Engineers (E.K.) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC048839 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2017

for

Machine Tool Engineers (E.K.) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs A Alexander

C S Muir

J Muir

Mrs V H Muir

J Muir

SECRETARY:

J Muir

REGISTERED OFFICE:

South Avenue

Blantyre Industrial Estate

BLANTYRE

G72 0XB

REGISTERED NUMBER:

SC048839 (Scotland)

ACCOUNTANTS:

RAEBURN ALLISON & CO

CHARTERED ACCOUNTANTS

13/15 STRATHMORE HOUSE

TOWN CENTRE

EAST KILBRIDE

GLASGOW

G74 1LF

FIXED ASSETS

Tangible assets

4

676,570

714,245

CURRENT ASSETS

Stocks

91,867

93,939

Debtors

5

260,147

319,277

Investments

6

103,354

97,194

Cash at bank and in hand

227,084

195,876

682,452

706,286

CREDITORS

Amounts falling due within one year

7

188,100

219,328

NET CURRENT ASSETS

494,352

486,958

TOTAL ASSETS LESS CURRENT LIABILITIES

1,170,922

1,201,203

CREDITORS

Amounts falling due after more than one year

8

(28,925

)

(21,706

)

PROVISIONS FOR LIABILITIES

9

(30,991

)

(32,076

)

NET ASSETS

1,111,006

1,147,421

CAPITAL AND RESERVES

Called up share capital

10

32,000

32,000

Capital redemption reserve

11

8,000

8,000

Retained earnings

11

1,071,006

1,107,421

SHAREHOLDERS' FUNDS

1,111,006

1,147,421

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 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 Board of Directors on 21 February 2018 and were signed on its behalf by:

J Muir - Director

1.	STATUTORY INFORMATION

Machine Tool Engineers (E.K.) Limited is a private company, limited by shares , registered in Scotland. 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 represents invoiced sales, excluding value added tax, after adjusting for work in progress movement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks have been valued at the lower of cost or net realisable value. Work in progress has been valued at cost

plus attributable overheads.

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.

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 19 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 October 2016

687,287

1,245,738

121,743

2,054,768

Additions

-

-

43,575

43,575

Disposals

-

-

(30,914

)

(30,914

)

At 30 September 2017

687,287

1,245,738

134,404

2,067,429

DEPRECIATION

At 1 October 2016

298,790

955,564

86,169

1,340,523

Charge for year

13,752

43,642

18,430

75,824

Eliminated on disposal

-

-

(25,488

)

(25,488

)

At 30 September 2017

312,542

999,206

79,111

1,390,859

NET BOOK VALUE

At 30 September 2017

374,745

246,532

55,293

676,570

At 30 September 2016

388,497

290,174

35,574

714,245

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 October 2016

19,610

31,000

50,610

Additions

-

43,575

43,575

At 30 September 2017

19,610

74,575

94,185

DEPRECIATION

At 1 October 2016

2,942

7,750

10,692

Charge for year

2,500

16,707

19,207

At 30 September 2017

5,442

24,457

29,899

NET BOOK VALUE

At 30 September 2017

14,168

50,118

64,286

At 30 September 2016

16,668

23,250

39,918

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

260,786

296,162

Bad Debt Provision

(5,484

)

(5,484

)

Other debtors

-

25,819

Prepayments and accrued income

4,845

2,780

260,147

319,277

6.	CURRENT ASSET INVESTMENTS

The company has invested funds in Halifax corporate bond funds.

The directors value this investment at the balance sheet date at £160000.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts

26,196

15,096

Trade creditors

37,885

67,922

Tax

3,990

13,103

Social security and other taxes

10,662

-

VAT

63,878

55,304

Other creditors

2,597

7,582

Directors' current accounts

14,104

17,652

Accrued expenses

28,788

42,669

188,100

219,328

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts

28,925

21,706

9.	PROVISIONS FOR LIABILITIES

30.9.17

30.9.16

£

£

Deferred tax

30,991

32,076

Deferred

tax

£

Balance at 1 October 2016

32,076

Provided during year

(1,085

)

Balance at 30 September 2017

30,991

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

32,000

Ordinary

£1

32,000

32,000

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 October 2016

1,107,421

8,000

1,115,421

Profit for the year

91,585

91,585

Dividends

(128,000

)

(128,000

)

At 30 September 2017

1,071,006

8,000

1,079,006

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £128,000 (2016 - £92,800) were paid to the directors .

13.	ULTIMATE CONTROLLING PARTY

Throughout the year the company was under the control of its directors.