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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
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ABBEY PRECISION LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019 |
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FOR |
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ABBEY PRECISION LIMITED |
ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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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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ABBEY PRECISION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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71 High Street |
Gt Barford |
Bedford |
Bedfordshire |
MK44 3LF |
ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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BALANCE SHEET |
30 JUNE 2019 |
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30.6.19 | 30.6.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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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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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium | 11 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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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. |
ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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BALANCE SHEET - continued |
30 JUNE 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
by: |
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ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2019 |
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1. | STATUTORY INFORMATION |
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Abbey Precision Limited is a
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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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Turnover |
Turnover represents net invoiced work done, excluding value added tax, as adjusted by stock and work in |
progress. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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 profit or loss in the period to which they relate. |
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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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ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 July 2018 |
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Additions |
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Disposals |
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At 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2018 |
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Additions |
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Disposals |
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At 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 July 2018 |
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Additions |
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At 30 June 2019 |
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DEPRECIATION |
At 1 July 2018 |
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Charge for year |
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At 30 June 2019 |
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NET BOOK VALUE |
At 30 June 2019 |
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At 30 June 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Trade debtors |
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Corporation tax recoverable |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Tax |
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Group relief payable | - | 5,085 |
Social security and other taxes |
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VAT | 84,293 | 104,680 |
Loan from Pope & Meads Limited | 100,000 | 50,000 |
Accrued expenses |
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ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.6.19 | 30.6.18 |
£ | £ |
Hire purchase contracts |
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Loan from Pope & Meads Limited |
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Loan from Spicer Consulting Limited | 790,000 | 590,000 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.19 | 30.6.18 |
£ | £ |
Hire purchase contracts | 1,233,357 | 561,321 |
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All Hire Purchase liabilities are secured over the assets financed. |
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9. | PROVISIONS FOR LIABILITIES |
30.6.19 | 30.6.18 |
£ | £ |
Deferred tax | 191,780 | 104,338 |
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Deferred |
tax |
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Balance at 1 July 2018 |
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Accelerated capital allowances | 87,442 |
Balance at 30 June 2019 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.19 | 30.6.18 |
value: | £ | £ |
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Ordinary | £1 | 13,040 | 13,040 |
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11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 July 2018 |
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771,580 |
Profit for the year |
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Dividends | ( |
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At 30 June 2019 |
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1,172,944 |
ABBEY PRECISION LIMITED (REGISTERED NUMBER: 01879235) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2019 |
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12. | RELATED PARTY DISCLOSURES |
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During the year the company supplied goods and services at arms length to Pope & Meads Limited in the sum of |
£11,327 (excluding VAT) (2018 : £36,022) of which £40 (2018 : £15,067) was outstanding at the balance sheet |
date. |
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Pope & Meads Limited also supplied goods and services to the company at arms length in the sum of £50,525 |
(excluding VAT) (2018 : £45,311) of which £Nil (2018 : £12,769) was outstanding at the balance sheet date. |
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The Directors and shareholders of Pope & Meads Limited are similar to those of Spicer Consulting Limited. |
During the year the company supplied goods and services at arms length to Spicer Consulting Limited in the sum |
of £11,677 (excluding VAT) (2018 : £Nil) of which £Nil (2018 : £Nil) was outstanding at the balance sheet |
date. |
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Spicer Consulting Limited also supplied goods and services to the company at arms length in the sum of £1,140 |
(excluding VAT) (2018 : £Nil) of which £Nil (2018 : £Nil) was outstanding at the balance sheet date. |