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REGISTERED NUMBER:
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LEAD PRECISION MACHINE TOOLS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
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REGISTERED NUMBER:
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LEAD PRECISION MACHINE TOOLS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2018 |
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LEAD PRECISION MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04545932) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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LEAD PRECISION MACHINE TOOLS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2018 |
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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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Chartered Accountants |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
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BANKERS: |
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PO Box 299 |
Birmingham |
B1 3PF |
LEAD PRECISION MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04545932) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2018 |
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2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 3 |
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CURRENT ASSETS |
Inventories |
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Debtors | 4 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
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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
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LEAD PRECISION MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04545932) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2018 |
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1. | STATUTORY INFORMATION |
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Lead Precision Machine Tools Limited is a private company, limited by shares, registered in England and Wales. |
The company's registered number is 04545932. The registered office is Calamine House, Calamine Street, |
Macclesfield, Cheshire, SK11 7HU. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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At the balance sheet date the company had net assets of £112,695 (2017: £128,656). The company has reported |
a loss for the year and has a higher number of forward orders at the year end to those at the same point in the |
prior year. The directors expect trade to improve further going forward. As such, the directors believe that the |
going concern basis of preparation is appropriate. |
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Revenue |
Revenue comprises the aggregate of the fair value of the sale of machines, commission on machines, machine |
parts and services provided, net of value-added tax. Revenue is recognised as follows:- |
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Sale of machines and parts |
Sale of machines and parts are recognised when the company has delivered products to the customer, the |
customer has accepted the products and collectability of the related receivables is fairly stated. |
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Sale of services |
Service revenues are recognised as those services are provided to customers. |
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Commission receivable |
Commission receivable is recognised when the supplier, for whom the company acts as an agent, has delivered |
products to its customer and the customer has accepted the products. |
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Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to |
write off the cost of tangible fixed assets over their expected useful lives as follows: |
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Fixtures and fittings - 15% on reducing balance |
Computer equipment - 16.66% on cost |
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Inventories |
Inventories 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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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment.If objective evidence of impairment is found, an impairment loss is recognised |
in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, |
being the transaction price less any amounts settled. |
LEAD PRECISION MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04545932) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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Foreign currencies |
Monetary assets and liabilities in a foreign currency are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Leasing commitments |
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and |
depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance |
charges, are included in creditors. |
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Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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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. |
LEAD PRECISION MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04545932) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Critical accounting estimates and judgements |
In the application of the company's accounting policies, the directors are required to make estimates and |
judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ |
from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which |
the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying |
amount of assets and liabilities are outlined below: |
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Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements |
in calculating an appropriate depreciation charge. |
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Making judgement based on historical experience on the level of provision required for impairment of |
inventories. Further information received after the balance sheet date may impact on the level of provision |
required. |
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3. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1 July 2017 |
and 30 June 2018 |
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DEPRECIATION |
At 1 July 2017 |
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Charge for year |
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At 30 June 2018 |
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NET BOOK VALUE |
At 30 June 2018 |
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At 30 June 2017 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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LEAD PRECISION MACHINE TOOLS LIMITED (REGISTERED NUMBER: 04545932) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2018 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Invoice discounting advance | 35,539 | 58,415 |
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The invoice discounting advance is secured on trade debtors to the value of £50,808 (2017: £77,557). |
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The bank overdraft facility is secured by a fixed and floating charge over the assets of the company. |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 June 2018 and |
30 June 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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During the year the directors withdrew a total of £13,104 (2017: £13,630). There have been no advances which |
individually were considered material and no individual advances exceeding £10,000. This balance is |
unsecured, interest free, and repayable on demand. |