Drury Precision Engineering Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03243640 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

DRURY PRECISION ENGINEERING LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D R Rack

Mr C Vines

Mr N Cooper

REGISTERED OFFICE:

Beechings Way

Station Road

Alford

Lincolnshire

LN13 9JE

BUSINESS ADDRESS:

Beechings Way

Station Road

Alford

Lincolnshire

LN13 9JE

REGISTERED NUMBER:

03243640 (England and Wales)

ACCOUNTANTS:

Blow Abbott Limited

36 High Street

Cleethorpes

North East Lincs

DN35 8JN

FIXED ASSETS

Tangible assets

4

1,099,415

953,638

CURRENT ASSETS

Stocks

1,193,044

789,728

Debtors

5

224,970

210,839

Cash at bank and in hand

1,080,605

810,598

2,498,619

1,811,165

CREDITORS

Amounts falling due within one year

6

629,355

611,127

NET CURRENT ASSETS

1,869,264

1,200,038

TOTAL ASSETS LESS CURRENT LIABILITIES

2,968,679

2,153,676

PROVISIONS FOR LIABILITIES

162,178

144,845

NET ASSETS

2,806,501

2,008,831

CAPITAL AND RESERVES

Called up share capital

51

51

Capital redemption reserve

49

49

Retained earnings

2,806,401

2,008,731

SHAREHOLDERS' FUNDS

2,806,501

2,008,831

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 7 June 2018 and were signed on its behalf by:

Mr C Vines - Director

Mr D R Rack - Director

Mr N Cooper - Director

1.	STATUTORY INFORMATION

Drury 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 etc

-

25% on cost, 25% 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

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 25 .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2016

64,681

1,463,119

317,323

51,494

1,896,617

Additions

-

228,345

12,500

76,044

316,889

At 30 September 2017

64,681

1,691,464

329,823

127,538

2,213,506

DEPRECIATION

At 1 October 2016

5,929

687,554

240,887

8,609

942,979

Charge for year

5,875

136,850

12,721

15,666

171,112

At 30 September 2017

11,804

824,404

253,608

24,275

1,114,091

NET BOOK VALUE

At 30 September 2017

52,877

867,060

76,215

103,263

1,099,415

At 30 September 2016

58,752

775,565

76,436

42,885

953,638

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

160,098

151,818

Other debtors

64,872

59,021

224,970

210,839

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

156,045

242,905

Tax

175,310

101,794

Social security and other taxes

29,431

19,802

VAT

-

2,158

Other creditors

253,564

226,687

Credit card

6,025

3,103

Accrued expenses

8,980

14,678

629,355

611,127

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

On 6th April 2014 the company purchased 49 ordinary £1 shares from Mr R Drury for consideration of

£700,000.

At 30th September 2017 Mr D Rack owed the company £9,000 (2016: £nil). Interest is not payable on loans.

8.	RELATED PARTY DISCLOSURES

During the year contributions in respect of rent amounting to £10,624 (2016:£10,624) were paid to Mr R Drury

and Miss S Drury.

During the year contributions in respect of rent amounting to £39,750 (2016:£39,750) were paid to Drury

Precision Sheet Metal Pension Scheme in which the directors are beneficiaries.

These transactions were carried out under normal commercial business terms.

9.	ULTIMATE CONTROLLING PARTY

The employee benefit trust is the ultimate controlling party.