Company Registration No. 08642648 (England and Wales)
Allied Precision Tooling Limited
Unaudited accounts
for the year ended 31 December 2019
Allied Precision Tooling Limited
Unaudited accounts
Contents
Allied Precision Tooling Limited
Company Information
for the year ended 31 December 2019
Directors
Mr O W Hanson
Mrs S D Hanson
Company Number
08642648 (England and Wales)
Registered Office
Unit 20 Crelake Industrial Estate
Pixon Lane
Tavistock
Devon
PL19 9AZ
England
Accountants
Swift Accounting
Lower Barton
Lamerton
Tavistock
Devon
PL19 8RR
Allied Precision Tooling Limited
Statement of financial position
as at
31 December 2019
Tangible assets
109,146
126,082
Inventories
122,059
100,337
Cash at bank and in hand
389
11,330
Creditors: amounts falling due within one year
(206,424)
(266,889)
Net current assets
151,804
91,519
Total assets less current liabilities
260,950
217,601
Creditors: amounts falling due after more than one year
(75,094)
(7,893)
Provisions for liabilities
Deferred tax
(19,565)
(22,526)
Net assets
166,291
187,182
Called up share capital
510
1,000
Capital redemption reserve
490
-
Profit and loss account
165,291
186,182
Shareholders' funds
166,291
187,182
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2020 and were signed on its behalf by
Mr O W Hanson
Director
Company Registration No. 08642648
Allied Precision Tooling Limited
Notes to the Accounts
for the year ended 31 December 2019
Allied Precision Tooling Limited is a private company, limited by shares, registered in England and Wales, registration number 08642648. The registered office is Unit 20 Crelake Industrial Estate, Pixon Lane, Tavistock, Devon, PL19 9AZ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover represents amounts that are received or receivable in respect of the sale of goods and provision of services in the ordinary course of business. Turnover is shown net of value added tax, returns and discounts.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
20% reducing balance
Fixtures & fittings
15% reducing balance
Stock and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date stocks are assessed for impairment. If stocks are impaired the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Allied Precision Tooling Limited
Notes to the Accounts
for the year ended 31 December 2019
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Expenditure on research and development is written off in the year in which it is incurred.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2019
235,169
2,000
18,061
255,230
Additions
2,363
-
-
2,363
At 31 December 2019
237,532
2,000
18,061
257,593
At 1 January 2019
118,494
1,399
9,255
129,148
Charge for the year
17,857
120
1,322
19,299
At 31 December 2019
136,351
1,519
10,577
148,447
At 31 December 2019
101,181
481
7,484
109,146
At 31 December 2018
116,675
601
8,806
126,082
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
31,685
80,532
Raw materials
5,000
5,000
Work in progress
117,059
95,337
Allied Precision Tooling Limited
Notes to the Accounts
for the year ended 31 December 2019
Trade debtors
226,387
173,904
Accrued income and prepayments
5,195
68,523
Other debtors
4,198
4,314
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
36,260
-
Obligations under finance leases and hire purchase contracts
7,895
12,915
Trade creditors
34,401
85,432
Taxes and social security
34,589
30,686
Other creditors
64,215
99,651
Loans from directors
13,576
3,438
Deferred income
4,526
26,460
Included with other creditors is an amount of £63,805 (2018 - £99,651) in relation to Debt Factoring. Security on this is provided by the book debts to which they relate.
8
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
-
7,893
9
Share capital
2019
2018
Allotted, called up and fully paid:
- Ordinary shares - redeemed in 2019 of £1 each
-
490
510 Ordinary shares - still in issue at 31/12/19 of £1 each
510
510
10
Operating lease commitments
2019
2018
At 31 December 2019 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
24,588
24,588
11
Average number of employees
During the year the average number of employees was 10 (2018: 10).