North Engineering Works Limited
|
For the year ended 31 August 2015
Unaudited Abbreviated Report and Financial Statements
Scotland
Registered Number: SC084215
North Engineering Works Limited
For the year ended 31 August 2015
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
North Engineering Works Limited
Accountants' Report
For the year ended 31 August 2015
As described in the balance sheet you are responsible for the preparation of the financial statements for the year ended
31
August
2015
and
|
you consider that the company is exempt from an audit under the Companies Act
2006
.
In accordance with your instructions
,
we have compiled
|
these unaudited financial statements in order to assist you to fulfil your statutory responsibilities
,
from the accounting records and information
|
and explanations supplied to us
.
|
Han & Co Accountants
61 Scott Street
Dundee
DD2 2BA
26 April 2016
1 of 4
Abbreviated Balance Sheet
|
North Engineering Works Limited
2015
2014
2
73,657
88,721
3
310,006
334,926
383,663
423,647
58,937
93,805
404,875
334,981
201,644
46,995
630,430
510,807
Creditors
:
amounts falling due within one year
|
(255,013)
(253,009)
255,794
377,421
Net current assets
Total assets less current liabilities
|
761,084
679,441
761,084
Net assets
679,441
100
4
100
760,984
679,341
761,084
679,441
Shareholders funds
For the year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
|
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
|
2) The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
|
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Date approved by the board: 26 April 2016
|
Signed on behalf of the board of directors
|
2 of 4
Notes to the Abbreviated Financial Statements
|
North Engineering Works Limited
For the year ended 31 August 2015
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the shareholders prior to
|
the balance sheet date
.
|
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
|
Acquired goodwill is stated at cost less amortisation
.
Amortisation is calculated on a straight line basis over the estimated expected useful economic
|
life of the goodwill of
15
years
.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Land and Buildings
Plant and Machinery
Motor Vehicles
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Debtors include amounts recoverable on long term contracts which are stated at the net sales value of the work done after provision for contingencies and any anticipated future losses on contracts, less amounts received as progress payments on account. Any excess progress payments are included in creditors as payments on account.
|
3 of 4
Notes to the Abbreviated Financial Statements
|
North Engineering Works Limited
For the year ended 31 August 2015
2
Intangible fixed assets
|
225,964
225,964
137,243
15,064
Charge for year
152,307
73,657
88,721
718,518
8,500
727,018
383,592
33,420
Charge for year
417,012
310,006
334,926
Allotted called up and fully paid
|
2015
2014
100
Ordinary shares of £
1
.
00
each
|
100
100
100
100
4 of 4