S.L. Precision Engineers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02642479 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st August 2018

for

S.L. Precision Engineers Limited

Trading as

SL Plastics

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr S L Leaver

REGISTERED OFFICE:

Stanhope House

10 Stephenson Way

Thetford

Norfolk

IP24 3RD

REGISTERED NUMBER:

02642479 (England and Wales)

ACCOUNTANTS:

TWR Accountants

The Old Registrars

57a High Street

Brandon

Suffolk

IP27 0AU

FIXED ASSETS

Tangible assets

4

159,650

166,968

CURRENT ASSETS

Stocks

120,864

38,186

Debtors

5

304,979

174,946

Cash at bank

98,470

161,125

524,313

374,257

CREDITORS

Amounts falling due within one year

6

335,185

282,308

NET CURRENT ASSETS

189,128

91,949

TOTAL ASSETS LESS CURRENT LIABILITIES

348,778

258,917

CREDITORS

Amounts falling due after more than one year

7

(1,033

)

(23,897

)

PROVISIONS FOR LIABILITIES

(28,702

)

(29,734

)

NET ASSETS

319,043

205,286

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

318,943

205,186

SHAREHOLDERS' FUNDS

319,043

205,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2018 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 20th December 2018 and were signed by:

Mr S L Leaver - Director

1.	STATUTORY INFORMATION

S.L. Precision Engineers 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.

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

-

25% on reducing balance

Motor vehicles

-

25% 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 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.

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

lease.

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 17 (2017 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st September 2017

312,344

11,920

324,264

Additions

16,015

11,500

27,515

Disposals

(11,572

)

(2,700

)

(14,272

)

At 31st August 2018

316,787

20,720

337,507

DEPRECIATION

At 1st September 2017

150,461

6,835

157,296

Charge for year

26,130

3,858

29,988

Eliminated on disposal

(7,879

)

(1,548

)

(9,427

)

At 31st August 2018

168,712

9,145

177,857

NET BOOK VALUE

At 31st August 2018

148,075

11,575

159,650

At 31st August 2017

161,883

5,085

166,968

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

Plant and

machinery

£

COST

At 1st September 2017

and 31st August 2018

104,100

DEPRECIATION

At 1st September 2017

27,739

Charge for year

11,454

At 31st August 2018

39,193

NET BOOK VALUE

At 31st August 2018

64,907

At 31st August 2017

76,361

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

304,499

174,946

Prepayments

480

-

304,979

174,946

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

22,864

36,952

Trade creditors

193,558

166,841

Tax

50,607

23,851

Social security and other taxes

8,157

6,601

VAT

58,135

45,531

Other creditors

1,780

1,750

Directors' current accounts

84

782

335,185

282,308

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

1,033

23,897

8.	ULTIMATE CONTROLLING PARTY