Registered Number NI068450
CALEDON PRECISION ENGINEERING LTD
Abbreviated Accounts
31 March 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||
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 (liabilities) |
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( |
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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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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Leasehold property - Straight line over the life of the lease
Plant and machinery - 25% reducing balance
Fixtures, fittings and equipment - 25% reducing balance
Motor vehicles - 25% reducing balance
Office equipment - 25% straight line
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Other accounting policies
The company has availed of the exemption in FRS 1 from the requirement to produce a cash flow statement because it is classed as a small company.
Leasing and Hire Purchase
Tangible fixed assets held under Leasing and Hire Purchase arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the balance sheet at their cost or valuation. less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the profit and loss account.
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of identifiable net assets when they were required. Purchased goodwill is capitalised in the balance sheet and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit and loss on sale of the business.
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measure on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date.
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account when received.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Transactions, during the year, which are denominated in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. The resulting exchange differences are dealt with in the profit and loss account.
£ | |
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Cost | |
At 1 April 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2015 |
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Amortisation | |
At 1 April 2014 |
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Charge for the year |
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On disposals |
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At 31 March 2015 |
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Net book values | |
At 31 March 2015 | 305,351 |
At 31 March 2014 | 407,136 |
£ | |
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Cost | |
At 1 April 2014 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2015 |
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Depreciation | |
At 1 April 2014 |
|
Charge for the year |
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On disposals |
( |
At 31 March 2015 |
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Net book values | |
At 31 March 2015 | 940,146 |
At 31 March 2014 | 695,059 |