REGISTERED NUMBER: SC193344 (Scotland)

Financial Statements For The Year Ended 31 May 2017

for

A B T Machine Tools & Tooling Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D G Ross

SECRETARY:

Mrs P Ross

REGISTERED OFFICE:

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REGISTERED NUMBER:

SC193344 (Scotland)

ACCOUNTANTS:

Robb Ferguson

Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

288,639

329,091

CURRENT ASSETS

Stocks

533,421

579,027

Debtors

865,309

965,236

Cash at bank and in hand

16,296

107,344

1,415,026

1,651,607

CREDITORS

Amounts falling due within one year

1,270,222

1,447,631

NET CURRENT ASSETS

144,804

203,976

TOTAL ASSETS LESS CURRENT LIABILITIES

433,443

533,067

CREDITORS

Amounts falling due after more than one year

(38,104

)

(76,474

)

PROVISIONS FOR LIABILITIES

(12,198

)

(19,862

)

NET ASSETS

383,141

436,731

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

368,141

421,731

SHAREHOLDERS' FUNDS

383,141

436,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 27 February 2018 and were signed by:

D G Ross - Director

1.	STATUTORY INFORMATION

A B T Machine Tools & Tooling Limited is a private company, limited by shares , registered in Scotland. The

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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the

goods are physically delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant & machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Basic financial instruments are recognised at cost.

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 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.

Current or deferred taxation assets and liabilities are not discounted.

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

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.

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.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2016

683,564

Additions

49,027

Disposals

(54,146

)

At 31 May 2017

678,445

DEPRECIATION

At 1 June 2016

354,473

Charge for year

69,638

Eliminated on disposal

(34,305

)

At 31 May 2017

389,806

NET BOOK VALUE

At 31 May 2017

288,639

At 31 May 2016

329,091

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 June 2016

129,131

Additions

49,027

Transfer to ownership

(78,303

)

At 31 May 2017

99,855

DEPRECIATION

At 1 June 2016

62,113

Charge for year

18,426

Transfer to ownership

(48,221

)

At 31 May 2017

32,318

NET BOOK VALUE

At 31 May 2017

67,537

At 31 May 2016

67,018

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

25,595

19,875

Between one and five years

38,104

27,671

63,699

47,546

Non-cancellable

operating leases

2017

2016

£

£

Within one year

10,286

11,840

Between one and five years

8,877

19,163

19,163

31,003

6.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other creditors

326,042

442,688

The Royal Bank of Scotland Commercial Services Limited holds security over all property and assets present

and future of the company including uncalled capital.

7.	RELATED PARTY DISCLOSURES

D G Ross

The director of the company.

2017

2016

£

£

Amount due to related party at the balance sheet date

7,407

48,803

8.	FIRST YEAR ADOPTION

The company has adopted Section 1A "Small Entities" of Financial Reporting Standard 102 for the first time on

1 June 2016. No prior year figures required re-stating to comply with this standard.