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

REGISTERED NUMBER: 06229823 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 April 2018

for

TML PRECISION ENGINEERING LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

N R Dyer

A H J Yates

SECRETARY:

N R Dyer

REGISTERED OFFICE:

Brunel House

Potash Lane

Hethel

Norwich

Norfolk

NR14 8EY

REGISTERED NUMBER:

06229823 (England and Wales)

ACCOUNTANTS:

A Bayton Limited

Chartered Certified Accountants

7 Sheridan Close

Drayton

Norwich

NR8 6RW

The directors present their report with the financial statements of the company for the year ended 30 April 2018.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2017 to the date of

this report.

N R Dyer

A H J Yates

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:

N R Dyer - Director

14 January 2019

FIXED ASSETS

Tangible assets

4

523,399

591,046

CURRENT ASSETS

Stocks

146,520

145,000

Debtors

5

209,086

196,355

Cash at bank

2,459

19,742

358,065

361,097

CREDITORS

Amounts falling due within one year

6

347,020

283,028

NET CURRENT ASSETS

11,045

78,069

TOTAL ASSETS LESS CURRENT LIABILITIES

534,444

669,115

CREDITORS

Amounts falling due after more than one year

7

(100,310

)

(189,322

)

PROVISIONS FOR LIABILITIES

(1,973

)

(1,973

)

NET ASSETS

432,161

477,820

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

9,990

9,990

Retained earnings

421,971

467,630

SHAREHOLDERS' FUNDS

432,161

477,820

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

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

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 14 January 2019 and were signed on its behalf by:

N R Dyer - Director

1.	STATUTORY INFORMATION

TML 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.

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

-

33% on cost and 20% on cost

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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

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 22 (2017 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2017

1,283,381

Additions

6,728

Disposals

(3,200

)

At 30 April 2018

1,286,909

DEPRECIATION

At 1 May 2017

692,335

Charge for year

74,375

Eliminated on disposal

(3,200

)

At 30 April 2018

763,510

NET BOOK VALUE

At 30 April 2018

523,399

At 30 April 2017

591,046

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases

are as follows:

Plant and

machinery

etc

£

COST

At 1 May 2017

and 30 April 2018

1,107,166

DEPRECIATION

At 1 May 2017

558,397

Charge for year

61,171

At 30 April 2018

619,568

NET BOOK VALUE

At 30 April 2018

487,598

At 30 April 2017

548,769

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

207,236

191,970

Other debtors

1,850

4,385

209,086

196,355

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

17,838

-

Hire purchase contracts and finance leases

89,215

123,395

Trade creditors

162,842

111,260

Taxation and social security

33,210

7,281

Other creditors

43,915

41,092

347,020

283,028

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts and finance leases

61,513

150,728

Other creditors

38,797

38,594

100,310

189,322

8.	ULTIMATE CONTROLLING PARTY

The company was controlled in this year and the preceding year by Mr N R Dyer, a Director of the

company.