|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2016 |
|
for |
|
Crewe Precision Engineering Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 December 2016 |
|
for |
|
Crewe Precision Engineering Limited |
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 31 December 2016 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 4 |
|
Crewe Precision Engineering Limited |
|
Company Information |
for the year ended 31 December 2016 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Datum House |
Electra Way |
Crewe |
Cheshire |
CW1 6ZF |
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Statement of Financial Position |
31 December 2016 |
|
2016 | 2015 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 7 |
|
|
Debtors | 8 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) |
|
( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 12 |
|
( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Capital redemption reserve |
|
|
Retained earnings | ( |
) | 29,436 |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Statement of Financial Position - continued |
31 December 2016 |
|
|
|
|
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
|
|
|
|
|
|
|
|
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Notes to the Financial Statements |
for the year ended 31 December 2016 |
|
1. | STATUTORY INFORMATION |
|
Crewe Precision Engineering Limited ('The Company') is primarily engaged in precision engineering and |
toolmaking. |
|
The company is a private company limited by shares and is incorporated in England and Wales. The address of |
the principal place of business and of the registered office is Tricketts Lane, Willaston, Nantwich, Cheshire, |
CW5 6PY. The registered number can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Summary of significant accounting policies |
|
|
The principle accounting policies applied in the preparation of these financial statements are set out below. |
|
These policies have been consistently applied to all years presented, unless otherwise stated. |
|
Basis of preparation |
The financial statements are prepared on the going concern basis under the historical cost convention and comply |
with the United Kingdom Accounting Standards and Companies Act 2006. |
|
Going concern |
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going |
concern have been identified by the director. |
|
On this basis the director considers it appropriate to prepare the financial statements on the going concern basis. |
|
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. |
|
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership |
have transferred to them. |
|
Tangible fixed assets |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
|
3. | ACCOUNTING POLICIES - continued |
|
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 statement of financial position date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
|
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
|
|
|
|
Disposals | ( |
) |
|
|
( |
) |
At 31 December 2016 |
|
|
|
|
DEPRECIATION |
At 1 January 2016 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal | ( |
) |
|
|
( |
) |
At 31 December 2016 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2016 |
|
|
|
|
At 31 December 2015 |
|
|
|
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2016 |
|
Disposals | ( |
) |
At 31 December 2016 |
|
NET BOOK VALUE |
At 31 December 2016 |
|
At 31 December 2015 |
|
|
7. | STOCKS |
2016 | 2015 |
as restated |
£ | £ |
Stocks |
|
|
Work-in-progress |
|
|
|
|
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
|
8. | DEBTORS |
2016 | 2015 |
as restated |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
|
Amounts falling due after more than one year: |
Deferred tax asset | 5,056 | - |
|
Aggregate amounts |
|
|
|
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. |
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
as restated |
£ | £ |
Bank loans and overdrafts (see note 10) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
VAT | 26,481 | 1,602 |
Other creditors |
|
|
Director's current account | 3,849 | 14,308 |
Accrued expenses |
|
|
|
|
|
Amounts owed to group undertakings were unsecured, interest free and repayable on demand. |
|
10. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2016 | 2015 |
as restated |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
|
11. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2016 | 2015 |
as restated |
£ | £ |
Bank overdraft |
|
|
|
The bank overdraft is secured by a debenture over the company's assets and a personal guarantee given by the |
director. |
|
12. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
as restated |
£ | £ |
Deferred tax | - | 536 |
|
Deferred |
tax |
£ |
Balance at 1 January 2016 |
|
Credit to income statement for |
year | (536 | ) |
Balance at 31 December 2016 |
|
|
13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
During the year interest of £381 (2015: £425) has been incurred by the company in respect of the director's loan. |
At 31 December 2016, £274 (2015: £425) remains unpaid and is included with accruals: amounts falling due |
within one year. |
|
14. | RELATED PARTY DISCLOSURES |
|
Transactions with related parties during the year were as follows: |
|
Group undertakings: |
|
2016 | 2015 |
£ | £ |
Sale of tangible fixed assets at market value consideration | 119,000 | - |
|
Balances outstanding at the end of the reporting period with group undertakings are all disclosed separately |
within debtors: amounts falling due within one year. |
|
15. | ULTIMATE PARENT COMPANY |
|
Crewe Engineering Group Holdings Limited is the ultimate parent undertaking, a company incorporated and |
operating in the United Kingdom. |
|
Copies of the financial statements of Crewe Engineering Group Holdings Limited can be obtained from the |
Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ. |
Crewe Precision Engineering Limited (Registered number: 01820948) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
|
16. | TRANSITION TO FRS 102 (SECTION 1A) |
|
The company has adopted FRS 102 (Section 1A) for the year ended 31 December 2016. No restatement of the |
comparative prior year amounts has been required. |