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

REGISTERED NUMBER: SC408269 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 September 2017

for

Cardan Precision Engineering Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J McFall

SECRETARY:

REGISTERED OFFICE:

Unit 2, Block 3

West Avenue

Blantyre Industrial Estate

Blantyre

Glasgow

G72 0UL

REGISTERED NUMBER:

SC408269 (Scotland)

ACCOUNTANTS:

Gordon Ferguson Consulting Ltd

Upper Floor

Comac House

2 Coddington Crescent

Eurocentral

Lanarkshire

ML1 4YF

FIXED ASSETS

Tangible assets

4

558,573

272,109

CURRENT ASSETS

Stocks

137,060

27,950

Debtors

5

220,653

243,533

Cash at bank and in hand

113,252

27,158

470,965

298,641

CREDITORS

Amounts falling due within one year

6

287,652

187,797

NET CURRENT ASSETS

183,313

110,844

TOTAL ASSETS LESS CURRENT LIABILITIES

741,886

382,953

CREDITORS

Amounts falling due after more than one year

7

(279,855

)

(100,479

)

PROVISIONS FOR LIABILITIES

(53,510

)

(25,325

)

NET ASSETS

408,521

257,149

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

408,419

257,047

SHAREHOLDERS' FUNDS

408,521

257,149

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 director acknowledges his 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 director on 27 April 2018 and were signed by:

J McFall - Director

1.	STATUTORY INFORMATION

Cardan Precision Engineering Ltd. 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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Government grants

Government grants are credited to income in the period they are received after all conditions relating to such

grants have been satisfied.

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.

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 16 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2016

101,778

354,521

456,299

Additions

80,364

269,057

349,421

At 30 September 2017

182,142

623,578

805,720

DEPRECIATION

At 1 October 2016

-

184,190

184,190

Charge for year

-

62,957

62,957

At 30 September 2017

-

247,147

247,147

NET BOOK VALUE

At 30 September 2017

182,142

376,431

558,573

At 30 September 2016

101,778

170,331

272,109

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

Plant and

machinery

etc

£

COST

At 1 October 2016

313,990

Additions

205,650

Transfer to ownership

(134,050

)

At 30 September 2017

385,590

DEPRECIATION

At 1 October 2016

162,335

Charge for year

41,987

Transfer to ownership

(88,782

)

At 30 September 2017

115,540

NET BOOK VALUE

At 30 September 2017

270,050

At 30 September 2016

151,655

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

209,175

234,380

Other debtors

11,478

9,153

220,653

243,533

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans and overdrafts

22,530

3,885

Hire purchase contracts

64,194

48,014

Trade creditors

137,786

66,568

Taxation and social security

58,445

56,878

Other creditors

4,697

12,452

287,652

187,797

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans

122,243

70,695

Hire purchase contracts

157,612

29,784

279,855

100,479

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

91,786

53,728

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Bank loans

144,773

74,580

The Royal Bank of Scotland plc holds a Bond and Floating Charge over all the assets of the company.

In addition they also hold a standard security over the properties at Units 2 and 3A, Block 3,

West Avenue, Blantyre Industrial Estate, Blantyre, Glasgow. G72 OUL.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £35,000 (2016 - £41,000) were paid to the director .

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J McFall.