NCL (Precision Engineering) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07669663 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2017

FOR

NCL (PRECISION ENGINEERING) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R D Terry

Mrs K J Millman

REGISTERED OFFICE:

15 Bridge Road

Wellington

Telford

Shropshire

TF1 1EB

REGISTERED NUMBER:

07669663 (England and Wales)

ACCOUNTANTS:

D E Ball & Co Limited

Chartered Accountants

15 Bridge Road

Wellington

Telford

Shropshire

TF1 1EB

FIXED ASSETS

Intangible assets

4

19,904

24,986

Tangible assets

5

37,420

63,935

57,324

88,921

CURRENT ASSETS

Stocks

10,851

9,867

Debtors

6

104,904

124,409

Cash at bank and in hand

2,473

2,201

118,228

136,477

CREDITORS

Amounts falling due within one year

7

105,062

118,443

NET CURRENT ASSETS

13,166

18,034

TOTAL ASSETS LESS CURRENT LIABILITIES

70,490

106,955

PROVISIONS FOR LIABILITIES

8

1,600

5,800

NET ASSETS

68,890

101,155

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

68,888

101,153

SHAREHOLDERS' FUNDS

68,890

101,155

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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 31st July 2018 and were signed on its behalf by:

Mrs K J Millman - Director

1.	STATUTORY INFORMATION

NCL (Precision Engineering) Limited 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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 cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

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.

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 10 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st August 2016

and 31st July 2017

50,820

AMORTISATION

At 1st August 2016

25,834

Amortisation for year

5,082

At 31st July 2017

30,916

NET BOOK VALUE

At 31st July 2017

19,904

At 31st July 2016

24,986

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st August 2016

203,885

Additions

3,551

Disposals

(570

)

At 31st July 2017

206,866

DEPRECIATION

At 1st August 2016

139,950

Charge for year

29,795

Eliminated on disposal

(299

)

At 31st July 2017

169,446

NET BOOK VALUE

At 31st July 2017

37,420

At 31st July 2016

63,935

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

67,344

115,001

Other debtors

37,560

9,408

104,904

124,409

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Bank loans and overdrafts

5,453

2,933

Trade creditors

23,358

21,286

Taxation and social security

46,595

39,261

Other creditors

29,656

54,963

105,062

118,443

8.	PROVISIONS FOR LIABILITIES

31.7.17

31.7.16

£

£

Deferred tax

1,600

5,800

Deferred

tax

£

Balance at 1st August 2016

5,800

Credit to Income Statement during year

(4,200

)

Balance at 31st July 2017

1,600

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.17

31.7.16

value:

£

£

2

Ordinary

£1

2

2

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st July 2017 and

31st July 2016:

31.7.17

31.7.16

£

£

Mrs K J Millman

Balance outstanding at start of year

-

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

25,830

-

Directors loans have been cleared since the year end.