Micro Technology Ltd - Limited company accounts 16.3

REGISTERED NUMBER: 04863743 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Micro Technology Ltd

Page

Company Information

1

Report of the Director

2

Chartered Accountants' Report

3

Income Statement

4

Balance Sheet

5

Notes to the Financial Statements

7

DIRECTOR:

G E Sly

REGISTERED OFFICE:

8 Old Forge Court

Colchester Road

Elmstead Market

Colchester

Essex

CO7 7EA

REGISTERED NUMBER:

04863743 (England and Wales)

ACCOUNTANTS:

Howlett's Chartered Accountants

Unit 8 Old Forge Court

Colchester Road

Elmstead Market

Colchester

Essex

CO7 7EA

The director presents his report with the financial statements of the company for the year ended 31 December 2017.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of audiology services.

DIRECTOR

G E Sly held office during the whole of the period from 1 January 2017 to the date of this report.

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:

G E Sly - Director

17 September 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Micro Technology Ltd for the year ended 31 December 2017 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Micro Technology Ltd in accordance with the terms of our engagement letter dated 6 May 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Micro Technology Ltd and state those matters that we have agreed to state to the director of Micro Technology Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Micro Technology Ltd director for our work or for this report.

It is your duty to ensure that Micro Technology Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Micro Technology Ltd. You consider that Micro Technology Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Micro Technology Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Howlett's Chartered Accountants

Unit 8 Old Forge Court

Colchester Road

Elmstead Market

Colchester

Essex

CO7 7EA

17 September 2018

TURNOVER

261,878

91,542

Cost of sales

133,073

50,654

GROSS PROFIT

128,805

40,888

Administrative expenses

56,404

14,520

OPERATING PROFIT

4

72,401

26,368

Interest receivable and similar income

1

1

PROFIT BEFORE TAXATION

72,402

26,369

Tax on profit

13,107

5,653

PROFIT FOR THE FINANCIAL YEAR

59,295

20,716

FIXED ASSETS

Tangible assets

5

11,565

10,707

CURRENT ASSETS

Stocks

2,701

6,496

Debtors

6

10,348

8,216

Cash at bank

25,197

16,893

38,246

31,605

CREDITORS

Amounts falling due within one year

7

19,421

11,553

NET CURRENT ASSETS

18,825

20,052

TOTAL ASSETS LESS CURRENT LIABILITIES

30,390

30,759

CREDITORS

Amounts falling due after more than one year

8

(6,100

)

(7,900

)

PROVISIONS FOR LIABILITIES

(1,477

)

(2,141

)

NET ASSETS

22,813

20,718

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

22,811

20,716

SHAREHOLDERS' FUNDS

22,813

20,718

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 17 September 2018 and were signed by:

G E Sly - Director

1.	STATUTORY INFORMATION

Micro Technology 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

-

20% 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 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.9.15

Year Ended

to

31.12.17

31.12.16

£

£

Depreciation - owned assets

2,745

1,049

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

11,756

Additions

3,603

At 31 December 2017

15,359

DEPRECIATION

At 1 January 2017

1,049

Charge for year

2,745

At 31 December 2017

3,794

NET BOOK VALUE

At 31 December 2017

11,565

At 31 December 2016

10,707

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

8,873

4,095

Other debtors

1,475

4,121

10,348

8,216

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

4,454

5,793

Taxation and social security

13,772

3,512

Other creditors

1,195

2,248

19,421

11,553

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Other creditors

6,100

7,900

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2017 and the

period ended 31 December 2016:

31.12.17

31.12.16

£

£

G E Sly

Balance outstanding at start of year

(1,498

)

-

Amounts advanced

90,151

19,942

Amounts repaid

(88,678

)

(21,440

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(25

)

(1,498

)