Company Registration No. 05970543 (England and Wales)
B & A PRECISION ENGINEERING LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
B & A PRECISION ENGINEERING LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
B & A PRECISION ENGINEERING LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF B & A PRECISION ENGINEERING LTD FOR THE YEAR ENDED 31 JULY 2015
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of B & A Precision Engineering Ltd for the year ended 31 July 2015 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of B & A Precision Engineering Ltd, as a body, in accordance with the terms of our engagement letter dated 3 April 2007. Our work has been undertaken solely to prepare for your approval the financial statements of B & A Precision Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of B & A Precision Engineering Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than B & A Precision Engineering Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that B & A Precision Engineering Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of B & A Precision Engineering Ltd. You consider that B & A Precision Engineering Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of B & A Precision Engineering Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore and Smalley LLP
Chartered Accountants
Fylde House
Skyways Commercial Campus
Amy Johnson Way
Blackpool
FY4 3RS
24 March 2016
B & A PRECISION ENGINEERING LTD
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2015
31 July 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
480,125
400,749
Current assets
Stocks
22,000
25,000
Debtors
260,744
267,465
Cash at bank and in hand
130,909
24,930
413,653
317,395
Creditors: amounts falling due within one year
(263,961)
(236,939)
Net current assets
149,692
80,456
Total assets less current liabilities
629,817
481,205
Creditors: amounts falling due after more than one year
(46,018)
(11,788)
Provisions for liabilities
(86,162)
(65,889)
497,637
403,528
Capital and reserves
Called up share capital
3
100
1
Profit and loss account
497,537
403,527
Shareholders' funds
497,637
403,528
B & A PRECISION ENGINEERING LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2015
31 July 2015
- 3 -
For the financial year ended 31 July 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 24 March 2016
Mr M Robinson
Director
Company Registration No. 05970543
B & A PRECISION ENGINEERING LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
- 4 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% reducing balance
Computer equipment
20% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.6
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
B & A PRECISION ENGINEERING LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2014
659,933
Additions
167,925
At 31 July 2015
827,858
Depreciation
At 1 August 2014
259,184
Charge for the year
88,549
At 31 July 2015
347,733
Net book value
At 31 July 2015
480,125
At 31 July 2014
400,749
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
80 Ordinary A £1 shares of £1 each
80
1
10 Ordinary B £1 shares of £1 each
10
-
5 Ordinary C £1 shares of £1 each
5
-
5 Ordinary D £1 shares of £1 each
5
-
100
1
2015-07-31
2014-08-01
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