Year Ended
Registration number:
Allied Precision Tooling Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Allied Precision Tooling Limited
Balance Sheet
31 December 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
Allied Precision Tooling Limited
Balance Sheet
31 December 2018
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 08642648
Page 2 |
Allied Precision Tooling Limited
Notes to the Financial Statements
Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
Unit 18-20
Crelake Industrial Estate
Pixon Lane
Tavistock
PL19 9AZ
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
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.
Tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 3 |
Allied Precision Tooling Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance basis |
Fixtures and fittings |
15% reducing balance basis |
Motor vehicles |
20% reducing balance basis |
Office equipment |
15% reducing balance basis |
Stocks
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 4 |
Allied Precision Tooling Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Page 5 |
Allied Precision Tooling Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Stocks |
2018 |
2017 |
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Raw materials and consumables |
5,000 |
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Work in progress |
95,337 |
44,143 |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Page 6 |
Allied Precision Tooling Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Accrued expenses |
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Other creditors |
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Loans and borrowings |
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Social security and other taxes |
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Corporation tax |
20,068 |
7,168 |
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Deferred income |
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- |
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Due after one year |
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Loans and borrowings |
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Secured creditors
Included within other creditors is an amount of £99,651 (2017 - £104,161) in relation to Debt Factoring. Security on this is provided by the Book Debts to which they relate.
Loans and borrowings |
2018 |
2017 |
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Loans and borrowings due after one year |
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Finance lease liabilities |
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2018 |
2017 |
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Current loans and borrowings |
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Finance lease liabilities |
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Secured loans and borrowings
Security on Finance Leases is provided on the assets to which they relate.
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