|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
|
FOR |
|
MJB PRECISION ENGINEERING LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
|
FOR |
|
MJB PRECISION ENGINEERING LIMITED |
MJB PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03183899) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Balance sheet | 1 |
|
Notes to the financial statements | 2 |
|
MJB PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03183899) |
|
BALANCE SHEET |
31 MARCH 2017 |
|
2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
|
|
|
Current assets |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
Creditors |
Amounts falling due within one year | 6 |
|
|
Net current assets |
|
|
Total assets less current liabilities |
|
|
|
Creditors |
Amounts falling due after more than one year | 7 | ( |
) |
|
|
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
|
|
|
Capital and reserves |
Called up share capital | 11 |
|
|
Retained earnings |
|
|
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. |
|
|
|
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
|
|
|
|
|
|
|
MJB PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03183899) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
1. | Statutory information |
|
MJB Precision Engineering Limited is a private company, limited by shares, registered in England and Wales. The company's |
registered number is 03183899. The registered office and business address is 9 North Dorset Business Park, Sturminster |
Newton, Dorset, DT10 2GA. |
|
2. | Accounting policies |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents invoiced sales of goods, excluding Value Added Tax. |
|
Tangible fixed assets |
|
Improvements to leasehold | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
|
Stocks |
Stock and Work In Progress are valued at the lower of cost and net realisable value. |
|
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or |
past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that |
have been enacted or substantively enacted by the balance sheet date. |
|
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of |
current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing |
differences are differences between taxable profits and total comprehensive income as stated in the financial statements |
that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are |
recognised in the financial statements. 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. |
|
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet |
date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible |
fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
|
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. |
MJB PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03183899) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
2. | Accounting policies - continued |
|
Employer-financed retirement benefit scheme (efrbs) |
The company has established Trusts for the benefit of employees and persons connected with them. Monies held in these |
Trusts are held by independent trustees and managed at their discretion. The Trustees are empowered to provide both |
retirement and other employee benefits. |
|
Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the Trust, |
they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of Trust funds |
to employees in respect of past services is declared and the date that assets of the Trust vest in identified individuals. |
|
Where monies held in a Trust are determined by the company on the basis of employees' past services to the business and |
the company can obtain no future economic benefit from those monies, such monies, whether in the Trust or accrued for |
by the company are charged to the profit and loss account in the period to which they relate. |
|
Where monies held in a Trust are determined by the company on the basis of employees' past services to the business and |
are payable after completion of the employment, such monies are charged to the profit and loss account in the period |
during which services are rendered by employees. |
|
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the |
contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract |
that evidences a residual interest in the assets of the company, after deducting all liabilities. |
|
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any |
losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
|
3. | Employees and directors |
|
The average number of employees during the year was
|
|
4. | Tangible fixed assets |
Improvements | Fixtures |
to | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 April 2016 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) | ( |
) |
|
( |
) |
At 31 March 2017 |
|
|
|
|
|
Depreciation |
At 1 April 2016 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
|
( |
) |
At 31 March 2017 |
|
|
|
|
|
Net book value |
At 31 March 2017 |
|
|
|
|
|
At 31 March 2016 |
|
|
|
|
|
|
The net book value of tangible fixed assets includes £116,250 (2016: £325,879) in respect of assets held under finance |
leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £38,750 (2016: £108,626) |
for the year. |
MJB PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03183899) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
5. | Debtors |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
Amounts falling due after more than one year: |
Tax and National insurance | 357,508 | - |
|
Aggregate amounts |
|
|
|
6. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 8) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 88,642 | 45,934 |
Other creditors |
|
|
Wages control | 4,561 | 3,745 |
Directors' current accounts | 105,210 | 1,634 |
Accruals and deferred income |
|
|
|
|
|
7. | Creditors: amounts falling due after more than one year |
2017 | 2016 |
£ | £ |
Hire purchase contracts (see note 8) |
|
|
|
8. | Leasing agreements |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
|
|
MJB PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03183899) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
9. | Secured debts |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Hire purchase contracts | 93,505 | 67,441 |
|
Hire purchase agreements are secured on the assets to which they relate. |
|
10. | Provisions for liabilities |
2017 | 2016 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Deferred tax | 1,974 | - |
114,314 | 112,340 |
|
Deferred |
tax |
£ |
Balance at 1 April 2016 |
|
Charge to Statement of comprehensive income during year |
|
Balance at 31 March 2017 |
|
|
11. | Called up share capital |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
"A" Ordinary | £1 | 100 | 100 |
|
"B"Ordinary | £1 | 1 | 1 |
|
"C" Ordinary | £1 | 10 | 10 |
|
"D" Ordinary | £1 | 10 | 10 |
121 | 121 |
|
12. | Contingent liabilities |
|
The Company has appointed assets to an Employer financed retirement benefit scheme (EFRBS). |
|
Consistent with other companies that have used EFRBS as part of tax effective remuneration planning, HM Revenue & |
Customs has opened an enquiry and demanded, under retrospective powers given to HM Revenue & Customs on 17 July |
2014, advance payments of the protective determinations, prior to the matter being concluded. |
|
There remains one protective determination as yet neither determined or assessed by HMRC. |
|
13. | Ultimate controlling party |
|
The ultimate controlling party is Mr M Bevan by virtue of his 100% ownership of the voting share capital. |
MJB PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03183899) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
|
14. | Taxation and employer financed retirement benefit scheme (efrbs) |
|
The Company has appointed assets to an Employer financed retirement benefit scheme (EFRBS). |
|
Consistent with other companies that have used EFRBS as part of tax effective remuneration planning, HM Revenue & |
Customs has opened an enquiry and further protective determinations are expected to be received. |
|
A protective determination was received in the sum of £128,126 and paid in the year to 31 March 2017. |
This amount was demanded under retrospective powers given to HM Revenue & Customs on 17 July 2014 and is an |
advance payment of the protective determination, prior to the matter being concluded. |
|
Although the company is required to pay this amount to HMRC whilst the enquiry into the disputed tax is ongoing, the |
company is firmly of the view that this additional tax is not due and will continue to argue their case and believe that the |
payment, which was made on 12 November 2016 under the new legislation, will be returned in full to the company once |
the enquiry has been satisfactorily brought to a conclusion. |
|
Therefore, due to the "advanced" nature of this demand this payment is included in debtors as recoverable over one year. |
|
In respect of a protective determination, received prior to the year end in the sum of £229,382, this remains unpaid and is |
included within both debtors and creditors. |
|
There remains one liability as yet neither determined or assessed by HMRC and comment has been made in this regard in |
the contingent liability note. |