PALMBOURNE ENGINEERING LIMITED
Company Registration No. 01361043 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
PALMBOURNE ENGINEERING LIMITED
COMPANY INFORMATION
Director
Mr F R Goode
Secretary
Mr D R Goode
Company number
01361043
Registered office
Castle House
Castle Business Park
St Albans Road
Stafford
Staffordshire
ST16 3DR
Accountants
Dyke Yaxley Limited
8 Hollinswood Court
Stafford Park 1
Telford
Shropshire
TF3 3DE
PALMBOURNE ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PALMBOURNE ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,013,658
2,013,668
Current assets
Debtors
4
139,895
158,126
Cash at bank and in hand
37,156
36,668
177,051
194,794
Creditors: amounts falling due within one year
5
(21,392)
(24,866)
Net current assets
155,659
169,928
Total assets less current liabilities
2,169,317
2,183,596
Provisions for liabilities
(39,871)
(53,846)
Net assets
2,129,446
2,129,750
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
1,113,576
1,113,576
Profit and loss reserves
1,015,770
1,016,074
Total equity
2,129,446
2,129,750
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 13 December 2017
Mr F R Goode
Director
Company Registration No. 01361043
PALMBOURNE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Palmbourne Engineering Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Castle House, Castle Business Park, St Albans Road, Stafford, Staffordshire, ST16 3DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Palmbourne Engineering Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
none provided
Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
10% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
PALMBOURNE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
PALMBOURNE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 3).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
2,000,000
170,923
2,170,923
Additions
-
1,510
1,510
At 31 March 2017
2,000,000
172,433
2,172,433
Depreciation and impairment
At 1 April 2016
-
157,255
157,255
Depreciation charged in the year
-
1,520
1,520
At 31 March 2017
-
158,775
158,775
Carrying amount
At 31 March 2017
2,000,000
13,658
2,013,658
At 31 March 2016
2,000,000
13,668
2,013,668
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
1
Other debtors
139,895
158,125
139,895
158,126
PALMBOURNE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
529
379
Corporation tax
14,183
13,863
Other taxation and social security
340
4,947
Other creditors
6,340
5,677
21,392
24,866
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
7
Revaluation reserve
2017
2016
£
£
At beginning and end of year
1,113,576
1,113,576
8
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1,316,079
1,301,916
Adjustments arising from transition to FRS 102:
Revaluation of property
1
878,946
878,946
Deferred tax on revaluation
2
(57,864)
(51,112)
Equity reported under FRS 102
2,137,161
2,129,750
PALMBOURNE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
8
Reconciliations on adoption of FRS 102
(Continued)
- 6 -
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
54,237
Adjustments arising from transition to FRS 102:
Revaluation of property
1
-
Deferred tax on revaluation
2
6,752
Profit reported under FRS 102
60,989
Notes to reconciliations on adoption of FRS 102