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Unaudited Financial Statements For The Year Ended 31st March 2016 |
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CNC Machine Tools Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements For The Year Ended 31st March 2016 |
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for |
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CNC Machine Tools Limited |
CNC Machine Tools Limited (Registered number: 04088102) |
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Contents of the Financial Statements |
For The Year Ended 31st March 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CNC Machine Tools Limited |
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Company Information |
For The Year Ended 31st March 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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CNC Machine Tools Limited (Registered number: 04088102) |
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Balance Sheet |
31st March 2016 |
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31/3/16 | 31/3/15 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Stocks | 4 |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
CNC Machine Tools Limited (Registered number: 04088102) |
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Balance Sheet - continued |
31st March 2016 |
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The financial statements were approved by the director on
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CNC Machine Tools Limited (Registered number: 04088102) |
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Notes to the Financial Statements |
For The Year Ended 31st March 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Goodwill |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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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. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed |
at the balance sheet date. |
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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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Going concern |
These financial statements have been prepared on the going concern basis. The Director considers |
this basis to be appropriate but has not assessed a period in excess of 12 months from the date of |
approving the accounts. |
CNC Machine Tools Limited (Registered number: 04088102) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st March 2016 |
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2. | INTANGIBLE FIXED ASSETS |
Development |
Goodwill | costs | Totals |
£ | £ | £ |
COST |
At 1st April 2015 |
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Additions |
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At 31st March 2016 |
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AMORTISATION |
At 1st April 2015 |
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Amortisation for year |
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At 31st March 2016 |
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NET BOOK VALUE |
At 31st March 2016 |
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At 31st March 2015 |
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3. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st April 2015 |
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Additions |
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At 31st March 2016 |
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DEPRECIATION |
At 1st April 2015 |
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Charge for year |
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At 31st March 2016 |
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NET BOOK VALUE |
At 31st March 2016 |
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At 31st March 2015 |
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CNC Machine Tools Limited (Registered number: 04088102) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st March 2016 |
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3. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts or finance leases |
are as follows: |
Plant and |
machinery |
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COST |
At 1st April 2015 |
and 31st March 2016 |
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DEPRECIATION |
At 1st April 2015 |
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Charge for year |
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At 31st March 2016 |
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NET BOOK VALUE |
At 31st March 2016 |
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At 31st March 2015 |
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4. | STOCKS |
31/3/16 | 31/3/15 |
£ | £ |
Stocks |
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Work-in-progress |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Trade debtors | 209,040 | 283,875 |
Other debtors | 2,143,673 | 1,982,801 |
Tax | 93,012 | - |
Prepayments | 25,915 | 7,364 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT |
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Other creditors |
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Factoring account | 150,637 | 154,705 |
Accrued expenses | 30,676 | 170,483 |
Deferred income |
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CNC Machine Tools Limited (Registered number: 04088102) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st March 2016 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31/3/16 | 31/3/15 |
£ | £ |
Directors' loan account | 266,757 | 283,469 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31/3/16 | 31/3/15 |
£ | £ |
Factoring account | 150,637 | 154,705 |
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Bibby Financial Services Ltd provides a factoring facility to the company and as such operates a |
debenture over the assets of the company. |
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9. | PROVISIONS FOR LIABILITIES |
31/3/16 | 31/3/15 |
£ | £ |
Deferred tax |
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Deferred |
tax |
£ |
Balance at 1st April 2015 |
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Movement in the year | (1,331 | ) |
Balance at 31st March 2016 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/16 | 31/3/15 |
value: | £ | £ |
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Ordinary A | £1 |
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Ordinary B | £1 |
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101 | 101 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1st April 2015 |
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Profit for the year |
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At 31st March 2016 |
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CNC Machine Tools Limited (Registered number: 04088102) |
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Notes to the Financial Statements - continued |
For The Year Ended 31st March 2016 |
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12. | PENSION COMMITMENTS |
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The company operates a defined contributions pension scheme. The assets of the scheme are held |
separately from those of the company in an independently administered fund. The pension cost |
charge represents contributions payable by the company to the fund and amounted to £NIL (2015 |
- £NIL). Contributions totalling £1,254 (2015 - £1,254) were payable to the fund at the balance |
sheets date and are included in Other creditors. |
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13. | ULTIMATE PARENT COMPANY |
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During the period under review, the company was under the ultimate control of CNC Service |
Solutions Ltd, a company incorporated in England and Wales. |
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14. | RELATED PARTY DISCLOSURES |
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The Director Mr E I Clapham & former Director Mr P J Lee jointly own premises which the company |
uses. A market rate of rent of £50,000 (2015 - £50,000) was invoiced to the company during the |
period under review. |
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The Director Mr E I Clapham has provided a personal guarantee of £100,000 to Bibby Financial |
Services Ltd in support of the company's factoring facility. |
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During the year the company traded with BSP Engineering Services (UK) Ltd, a company in which |
one of the Directors, Mr E I Clapham, is also a Director. Sales to BSP Engineering Services (UK) Ltd |
totalled £136,216 (2015 - £122,348) while purchases from the company totalled £6,749 (2015 - |
£19,014). At the Balance Sheet date the company owed £91,973 to BSP Engineering Services (UK) |
Ltd and this amount is included in Other creditors. At 31st March 2015 the company was owed |
£29,732 and this amount was included in Other debtors. |
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In the previous year the company also traded with Westway Engineering Services Ltd, another |
company in which Mr E I Clapham was a Director. Sales to Westway Engineering Services Ltd |
totalled £12,585 . At the Balance Sheet date the company was owed £Nil by Westway Engineering |
Services Ltd. |
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All transactions took place under normal commercial terms. All amounts outstanding are |
unsecured, interest free and repayable on demand. |