Caseware UK (AP4) 2016.0.181 2016.0.181 2017-04-302017-04-30false2016-05-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueManufacture and supply of specialist engineering components. 05441706 2016-05-01 2017-04-30 05441706 2017-04-30 05441706 2016-04-30 05441706 c:Director1 2016-05-01 2017-04-30 05441706 c:Director2 2016-05-01 2017-04-30 05441706 d:PlantMachinery 2016-05-01 2017-04-30 05441706 d:PlantMachinery 2017-04-30 05441706 d:PlantMachinery 2016-04-30 05441706 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-05-01 2017-04-30 05441706 d:FurnitureFittings 2016-05-01 2017-04-30 05441706 d:FurnitureFittings 2017-04-30 05441706 d:FurnitureFittings 2016-04-30 05441706 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-05-01 2017-04-30 05441706 d:OwnedOrFreeholdAssets 2016-05-01 2017-04-30 05441706 d:Goodwill 2016-05-01 2017-04-30 05441706 d:Goodwill 2017-04-30 05441706 d:Goodwill 2016-04-30 05441706 d:CurrentFinancialInstruments 2017-04-30 05441706 d:CurrentFinancialInstruments 2016-04-30 05441706 d:Non-currentFinancialInstruments 2017-04-30 05441706 d:Non-currentFinancialInstruments 2016-04-30 05441706 d:CurrentFinancialInstruments d:WithinOneYear 2017-04-30 05441706 d:CurrentFinancialInstruments d:WithinOneYear 2016-04-30 05441706 d:ShareCapital 2017-04-30 05441706 d:ShareCapital 2016-04-30 05441706 d:RetainedEarningsAccumulatedLosses 2017-04-30 05441706 d:RetainedEarningsAccumulatedLosses 2016-04-30 05441706 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-04-30 05441706 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2016-04-30 05441706 d:AcceleratedTaxDepreciationDeferredTax 2017-04-30 05441706 c:FRS102 2016-05-01 2017-04-30 05441706 c:AuditExempt-NoAccountantsReport 2016-05-01 2017-04-30 05441706 c:FullAccounts 2016-05-01 2017-04-30 05441706 c:PrivateLimitedCompanyLtd 2016-05-01 2017-04-30 iso4217:GBP

Registered number: 05441706










ABBEY PRECISION ENGINEERING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2017

 
ABBEY PRECISION ENGINEERING LIMITED
REGISTERED NUMBER: 05441706

BALANCE SHEET
AS AT 30 APRIL 2017

2017
2016
Note
£
£

Fixed assets
  

Tangible assets
 4 
89,046
138,455

Investments
 5 
2
2

  
89,048
138,457

Current assets
  

Stocks
 6 
41,761
29,158

Debtors: amounts falling due within one year
 7 
127,975
98,264

Cash at bank and in hand
 8 
40,178
75,152

  
209,914
202,574

Creditors: amounts falling due within one year
 9 
(125,135)
(114,007)

Net current assets
  
 
 
84,779
 
 
88,567

Total assets less current liabilities
  
173,827
227,024

Provisions for liabilities
  

Deferred tax
 11 
(16,081)
(25,584)

  
 
 
(16,081)
 
 
(25,584)

Net assets
  
157,746
201,440


Capital and reserves
  

Called up share capital 
  
4
4

Profit and loss account
  
157,742
201,436

  
157,746
201,440


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

 
Page 1

 
ABBEY PRECISION ENGINEERING LIMITED
REGISTERED NUMBER: 05441706
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2017


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 January 2018.



Mr P K Jarrett
Mrs J Jarrett
Director
Director
Page 2

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

1.


General information

Abbey Precision Engineering is a private company limited by shares and incorporated in England. The address of the registered office is Victoria Court, 17-21 Ashford Road, Maidstone, Kent, ME14 5FA.                           
The principal activity of the company is the manufacture and supply of specialist engineering components.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line
Fixtures and fittings
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

 
2.11

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.15

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 6

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Intangible assets




Goodwill

£



Cost


At 1 May 2016
50,000



At 30 April 2017

50,000



Amortisation


At 1 May 2016
50,000



At 30 April 2017

50,000



Net book value



At 30 April 2017
-



At 30 April 2016
-

Page 7

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 May 2016
417,393
14,121
431,514


Additions
-
600
600



At 30 April 2017

417,393
14,721
432,114



Depreciation


At 1 May 2016
279,975
13,084
293,059


Charge for the year on owned assets
49,696
313
50,009



At 30 April 2017

329,671
13,397
343,068



Net book value



At 30 April 2017
87,722
1,324
89,046



At 30 April 2016
137,418
1,037
138,455


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2016
2



At 30 April 2017

2






Net book value



At 30 April 2017
2



At 30 April 2016
2

Page 8

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

6.


Stocks

2017
2016
£
£

Work in progress (goods to be sold)
19,761
8,158

Finished goods and goods for resale
22,000
21,000

41,761
29,158



7.


Debtors

2017
2016
£
£


Trade debtors
127,748
98,057

Prepayments and accrued income
227
207

127,975
98,264



8.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
40,178
75,152

Less: bank overdrafts
(6,509)
(5,331)

33,669
69,821



9.


Creditors: Amounts falling due within one year

2017
2016
£
£

Bank overdrafts
6,509
5,331

Bank loans
-
9,157

Trade creditors
25,381
16,576

Amounts owed to group undertakings
37,865
18,771

Corporation tax
14,753
20,719

Other taxation and social security
15,800
21,899

Other creditors
865
877

Accruals and deferred income
23,962
20,677

125,135
114,007


Page 9

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

10.


Financial instruments

2017
2016
£
£

Financial assets


Financial assets measured at fair value through profit or loss
40,178
75,152

40,178
75,152





Financial assets measured at fair value through profit or loss comprise...


11.


Deferred taxation



2017


£






At beginning of year
(25,584)


Charged to profit or loss
9,503



At end of year
(16,081)

The provision for deferred taxation is made up as follows:

2017
£


Accelerated capital allowances
(16,081)

(16,081)


12.


Pension commitments

The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the Company in an independently administered fund.  The pension cost charge represents contributions payable by the company to the fund and amounted to £112 (2016: £nil).  

Page 10

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

13.


Related party transactions

Rent amounting to £38,500 (2016: £38,500) was paid to P & J Jarrett in respect of the Sunderland House premises.
During the year the company advanced the directors £103,513 (2016: £133,177) and were repaid £103,500 (2016: £132,300). As at 30 April 2017 the company owed the directors £865 (2016: £877).
The following transactions with group undertakings and directors of the company are included within the accounts, all of which are on normal commerical terms.
During the year sales of £4,250 (2016: £9,600) and purchases of £NIL (2016: NIL) were made to APE Harrison Billet Ltd a wholly owned subsidiary of the company.
As at 30 April 2017 Abbey Precision Engineering Ltd owed £37,864 (2016: £18,771) to APE Harrison Billet Ltd as an inter company loan and was owed by APE Harrison Billet £9,000 in trade debtors.


14.


Controlling party

The company is under the joint control of Mr P K Jarrett and Mrs J Jarrett, directors of the company.

Page 11

 
ABBEY PRECISION ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

15.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 
Page 12