Technova Precision Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02485706 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

TECHNOVA PRECISION LTD.

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K Elsmore

Mrs C Elsmore

W Elsmore

SECRETARY:

Mrs C Elsmore

REGISTERED OFFICE:

Unit 8a Paragon Way

Bayton Road Industrial Estate

Exhall

Coventry

West Midlands

CV7 9QS

REGISTERED NUMBER:

02485706 (England and Wales)

FIXED ASSETS

Tangible assets

4

529,515

535,444

CURRENT ASSETS

Stocks

82,595

76,605

Debtors

303,556

394,316

Cash at bank and in hand

395,856

361,098

782,007

832,019

CREDITORS

Amounts falling due within one year

1,241,450

1,299,257

NET CURRENT LIABILITIES

(459,443

)

(467,238

)

TOTAL ASSETS LESS CURRENT LIABILITIES

70,072

68,206

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

69,972

68,106

SHAREHOLDERS' FUNDS

70,072

68,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 19 October 2018 and were signed on its behalf by:

K Elsmore - Director

1.	STATUTORY INFORMATION

Technova Precision 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

Compliance with accounting standards

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.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting

policies adopted in the financial statements are set out below and have remained unchanged from the previous

year.

Net current liabilities at the year end amounted to £459,443. Included in current liabilities is £747,352 owed to

the directors. The directors have undertaken to only draw on these funds if it does not have an adverse effect on

the company's ability to trade. The directors therefore believe that the going concern basis of accounts

preparation is appropriate.

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal

course of business. Revenue is recognised in respect of service contracts when the company obtains the right to

consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

20% on reducing balance

Furniture and equipment

-

25% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

It is company policy to maintain its freehold property to a high standard with the cost of repairs and maintenance

being charged to the profit and loss account. No depreciation is therefore charged on freehold property as in the

opinion of the directors, any amounts involved would be insignificant. The consumption of these assets over their

useful economic lives is considered to be negligible and the directors believe that a depreciation rate of 0% is

therefore appropriate.

Stocks

Stocks and work in progress 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 13 (2017 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2017

801,875

Additions

70,012

Disposals

(76,115

)

At 30 June 2018

795,772

DEPRECIATION

At 1 July 2017

266,431

Charge for year

48,787

Eliminated on disposal

(48,961

)

At 30 June 2018

266,257

NET BOOK VALUE

At 30 June 2018

529,515

At 30 June 2017

535,444

5.	SECURED DEBTS

There is a legal charge over Unit 8A Paragon Way, Bayton Road by way of a secure charge in favour of National

Westmister Bank PLC.