|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
NORTHSIDE PRECISION TOOLING LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
NORTHSIDE PRECISION TOOLING LIMITED |
NORTHSIDE PRECISION TOOLING LIMITED (REGISTERED NUMBER: SC145904) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 4 |
|
NORTHSIDE PRECISION TOOLING LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
BUSINESS ADDRESS: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
4d Auchingramont Road |
Hamilton |
ML3 6JT |
|
|
|
BANKERS: |
|
Glasgow Parkhead Branch |
1304 Duke Street |
Glasgow |
G31 5PZ |
NORTHSIDE PRECISION TOOLING LIMITED (REGISTERED NUMBER: SC145904) |
|
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
|
31.3.19 | 31.3.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
|
|
Tangible assets | 4 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Fair value reserve | 7 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
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. |
NORTHSIDE PRECISION TOOLING LIMITED (REGISTERED NUMBER: SC145904) |
|
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2019 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
|
|
|
|
|
|
|
|
NORTHSIDE PRECISION TOOLING LIMITED (REGISTERED NUMBER: SC145904) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
1. | STATUTORY INFORMATION |
|
Northside Precision Tooling Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
|
Rendering of services |
Turnover from the rendering of services, namely the provision of precision engineering, is recognised by |
reference to the stage of completion of the service at the statement of financial position date. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
|
Intellectual property is being amortised evenly over its estimated useful life of fifty years. |
|
Tangible fixed assets |
|
Property improvements | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
|
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, |
the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in the income statement. |
|
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate |
of its recoverable amount, but not in excess of the amount that would have been determined had no impairment |
loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the |
income statement. |
|
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
NORTHSIDE PRECISION TOOLING LIMITED (REGISTERED NUMBER: SC145904) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
Basic financial instruments are recognised as follows: |
|
(i) Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method less any impairment. |
|
(ii) Cash and cash equivalents |
Cash and cash equivalents include cash at bank and in hand. |
|
Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in |
liabilities on the statement of financial position. |
|
(iii) Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, |
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost |
using the effective interest method. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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 statement of financial position date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
|
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. |
|
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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period |
of the lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the income statement in the period to which they relate. |
|
Provisions for liabilities |
The company recognises a provision for annual leave accrued by employees as a result of services rendered in |
the current period, and which employees are entitled to carry forward and use within the next 12 months. The |
provision is measured at the salary cost payable for the period of absence. |
NORTHSIDE PRECISION TOOLING LIMITED (REGISTERED NUMBER: SC145904) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
3. | INTANGIBLE FIXED ASSETS |
Intellectual |
property |
£ |
COST OR VALUATION |
At 1 April 2018 |
|
Revaluations |
|
At 31 March 2019 |
|
AMORTISATION |
At 1 April 2018 |
|
Amortisation for year |
|
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
Cost or valuation at 31 March 2019 is represented by: |
|
Intellectual |
property |
£ |
Valuation in 2016 | 171,573 |
Valuation in 2019 | 253,957 |
Cost | 90,051 |
515,581 |
|
If Intellectual property had not been revalued it would have been included at the following historical cost: |
|
31.3.19 | 31.3.18 |
£ | £ |
Cost | 90,051 | 90,051 |
Aggregate amortisation | (5,287 | ) | (3,486 | ) |
|
Intellectual property was valued on an open market basis on 31 March 2019 by the directors . |
NORTHSIDE PRECISION TOOLING LIMITED (REGISTERED NUMBER: SC145904) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Property | Plant and | and |
improvements | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
|
|
|
|
Additions |
|
|
|
|
At 31 March 2019 |
|
|
|
|
DEPRECIATION |
At 1 April 2018 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 March 2019 |
|
|
|
|
NET BOOK VALUE |
At 31 March 2019 |
|
|
|
|
At 31 March 2018 |
|
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
VAT |
|
|
Prepaid charges |
|
|
|
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.19 | 31.3.18 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
P.A.Y.E. and N.I.C. |
|
|
Accrued charges |
|
|
|
|
|
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2018 |
|
Gain on revaluation | 253,957 |
Deferred taxation | (22 | ) |
|
At 31 March 2019 |
|