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Unaudited Financial Statements |
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For The Year Ended 30 September 2019 |
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C & W Precision Components Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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For The Year Ended 30 September 2019 |
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for |
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C & W Precision Components Ltd |
C & W Precision Components Ltd (Registered number: 07377637) |
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Contents of the Financial Statements |
For The Year Ended 30 September 2019 |
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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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C & W Precision Components Ltd |
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Company Information |
For The Year Ended 30 September 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
C & W Precision Components Ltd (Registered number: 07377637) |
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Balance Sheet |
30 September 2019 |
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30.9.19 | 30.9.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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12,356 |
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CURRENT ASSETS |
Stocks |
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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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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 29,863 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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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. |
C & W Precision Components Ltd (Registered number: 07377637) |
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Balance Sheet - continued |
30 September 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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C & W Precision Components Ltd (Registered number: 07377637) |
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Notes to the Financial Statements |
For The Year Ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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C & W Precision Components Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the |
company. Monetary amounts in these financial statements are rounded to the nearest £. |
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Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods |
manufactured 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. |
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Revenue from the sale of manufactured goods is recognised when the significant risks and |
rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), |
the amount of revenue can be measured reliably, it is probable that the economic benefits |
associated with the transaction will flow to the entity and the costs incurred or to be incurred in |
respect of the transaction can be measured reliably. |
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Tangible fixed assets |
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Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
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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: |
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Plant and machinery 25% Reducing Balance |
Fixtures, fittings & equipment 25% Reducing Balance |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete |
and slow moving items. |
C & W Precision Components Ltd (Registered number: 07377637) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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 statement of financial position 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. |
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Basic financial assets |
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Basic financial assets, which include trade and other receivables and cash and bank balances, |
are measured at transaction price including transaction costs and are subsequently carried at |
amortised cost using the effective interest method unless the arrangement constitutes a financing |
transaction, where the transaction is measured at the present value of the future receipts |
discounted at a market rate of interest. |
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Derecognition of financial assets |
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Financial assets are derecognised only when the contractual rights to the cash flows from the |
asset expire, or when it transfers the financial asset and substantially all the risks and rewards of |
ownership to another entity. |
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Classification of financial liabilities |
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Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the company after deducting all of its liabilities. |
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Basic financial liabilities |
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Basic financial liabilities, including trade and other payables that are classified as debt, are |
recognised at transaction price unless the arrangement constitutes a financing transaction, where |
the debt instrument is measured at the present value of the future payments discounted at a |
market rate of interest. Debt instruments are subsequently carried at amortised cost, using the |
effective interest rate method. |
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Trade payables are obligations to pay for goods or services that have been acquired in the |
ordinary course of business from suppliers. Accounts payable are classified as current liabilities if |
payment is due within one year or less. If not, they are presented as non-current liabilities. Trade |
payables are recognised at transaction price and subsequently measured at amortised cost using |
the effective interest method. |
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Derecognition of financial liabilities |
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Financial liabilities are derecognised when, and only when, the company's obligations are |
discharged, cancelled, or they expire. |
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C & W Precision Components Ltd (Registered number: 07377637) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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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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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. |
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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. |
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Hire purchase and leasing commitments |
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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 October 2018 |
and 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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C & W Precision Components Ltd (Registered number: 07377637) |
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Notes to the Financial Statements - continued |
For The Year Ended 30 September 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.19 | 30.9.18 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 8,788 | 8,642 |
Directors' current accounts | 7,428 | 7,428 |
Accruals and deferred income |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.19 | 30.9.18 |
value: | £ | £ |
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Ordinary A | £1 | 49 | 49 |
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Ordinary B | £1 | 49 | 49 |
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Ordinary C | £1 | 2 | 2 |
100 | 100 |