For the year ended 31 October 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 04919278
Neal Machinery Limited
For the year ended 31 October 2016
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
Neal Machinery Limited
Accountants' Report
For the year ended 31 October 2016
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the
|
accounts of Neal Machinery Limited for the year ended
31
October
2016
which comprise the Profit and Loss
|
Account
,
Statement of Recognised Gains and Losses
,
the Balance Sheet and the related notes from the
|
company
'
s accounting records and from information and explanations you have given us
.
|
As a practising firm of the Association of Chartered Certified Accountants
,
we are subject to its ethical and
|
other professional requirements which are detailed at http
://
rulebook
.
accaglobal
.
com
.
|
This report is made solely to the Board of Directors of Neal Machinery Limited
,
as a body
,
in accordance with
|
the terms of our engagement letter dated
20
March
2003
.
Our work has been undertaken solely to prepare for
|
your approval the accounts of Neal Machinery Limited and state those matters that we have agreed to state to
|
the Board of Directors of Neal Machinery Limited
,
as a body
,
in this respect in accordance with the
|
requirements of the Association of Chartered Certified Accountants and as detailed at
|
http
://
www
.
accaglobal
.
com
/
factsheet
163
.
To the fullest extent permitted by law
,
we do not accept or assume
|
responsibility to anyone other than Neal Machinery Limited and its Board of Directors as a body for our work or
|
for this report
.
|
It is your duty to ensure that Neal Machinery Limited has kept adequate accounting records and to prepare
|
statutory accounts that give a true and fair view of the assets
,
liabilities
,
financial position and profit of Neal
|
Machinery Limited
.
You consider that Neal Machinery Limited is exempt from the statutory audit requirement
|
for the year
.
|
We have not been instructed to carry out an audit or a review of the accounts of Neal Machinery Limited
.
For
|
this reason
,
we have not verified the accuracy or completeness of the accounting records or information and
|
explanations you have given to us and we do not
,
therefore
,
express any opinion on the statutory accounts
.
|
Duffy Regan & Co
Chartered Certified Accountants
9, Malvern Road
Worcester
Worcestershire
WR2 4LE
14 July 2017
1 of 4
Notes to the Abbreviated Financial Statements
|
Neal Machinery Limited
For the year ended 31 October 2016
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
|
The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
|
The company operates a defined contribution pension scheme for the benefit of its directors
/
and employees
.
|
Contributions payable are charged to the profit and loss account in the period in which they are payable
.
|
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of
|
exchange ruling at the balance sheet date
.
Transactions in foreign currencies are recorded at the rate ruling at
|
the date of the transaction
.
All foreign exchange differences are included to the profit and loss account
.
|
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
|
Proposed dividends are only included as liabilities in the financial statements when their payment has been
|
approved by the shareholders prior to the balance sheet date
.
|
3 of 4
Notes to the Abbreviated Financial Statements
|
Neal Machinery Limited
For the year ended 31 October 2016
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Computer Equipment
Fixtures and Fittings
7,604
7,604
5,454
538
Charge for year
5,992
1,612
2,150
Allotted called up and fully paid
|
2016
2015
100
Class A shares of £
1
.
00
each
|
100
100
100
100
4 of 4