FY Private Limited Company Company accounts 2017-05-03 2017-05-03 false true false false false false false false false false false false true 2015-10-01 true xbrli:pure xbrli:shares iso4217:GBP 06381054 2015-10-01 2016-09-30 06381054 2016-09-30 06381054 2015-09-30 06381054 2014-10-01 2015-09-30 06381054 2015-09-30 06381054 uk-bus:OrdinaryShareClass1 2015-10-01 2016-09-30 06381054 uk-bus:OrdinaryShareClass2 2015-10-01 2016-09-30 06381054 uk-bus:Director1 2015-10-01 2016-09-30 06381054 uk-gaap:AllSubsidiaries 2015-10-01 2016-09-30 06381054 uk-bus:OrdinaryShareClass1 2016-09-30 06381054 uk-bus:OrdinaryShareClass1 2015-09-30 06381054 uk-bus:OrdinaryShareClass2 2016-09-30 06381054 uk-bus:OrdinaryShareClass2 2015-09-30 06381054 uk-lang:English 2015-10-01 2016-09-30 06381054 uk-curr:PoundSterling 2015-10-01 2016-09-30
COMPANY REGISTRATION NUMBER 06381054
A G PRECISION LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
30 September 2016
A G PRECISION LIMITED
ABBREVIATED BALANCE SHEET
30 September 2016
2016
2015
Note
£
£
£
FIXED ASSETS
2
Intangible assets
13,680
14,400
Tangible assets
30,840
38,499
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--------
44,520
52,899
--------
--------
CURRENT ASSETS
Stocks
1,300
1,300
Debtors
57,345
60,601
--------
--------
58,645
61,901
CREDITORS: Amounts falling due within one year
55,888
64,476
--------
--------
NET CURRENT ASSETS/(LIABILITIES)
2,757
( 2,575)
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--------
TOTAL ASSETS LESS CURRENT LIABILITIES
47,277
50,324
CREDITORS: Amounts falling due after more than one year
3,000
12,000
PROVISIONS FOR LIABILITIES
5,465
6,842
--------
--------
38,812
31,482
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--------
CAPITAL AND RESERVES
Called up equity share capital
4
3
3
Revaluation reserve
2,192
650
Profit and loss account
36,617
30,829
--------
--------
SHAREHOLDERS' FUNDS
38,812
31,482
--------
--------
For the year ended 30th September 2016 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 accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on 27 April 2017 , and are signed on their behalf by:
Mr A G Smee Director
Company Registration Number: 06381054
A G PRECISION LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 30TH SEPTEMBER 2016
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain fixed assets, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill - 25 years straight line
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant & Machinery - 25% Reducing balance
Furniture & Fixtures - 25% Reducing balance
Computer Equipment - 33.3% Reducing balance
Tools & Equipment - 25% Reducing balance
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
During the year the company made contributions into Mr J A Smee's personal pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions actually paid during the year.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
2. FIXED ASSETS
Intangible Assets
Tangible Assets
Total
£
£
£
COST OR VALUATION
At 1st October 2015
18,000
88,193
106,193
Additions
2,768
2,768
--------
--------
---------
At 30th September 2016
18,000
90,961
108,961
--------
--------
---------
DEPRECIATION
At 1st October 2015
3,600
49,694
53,294
Charge for year
720
10,427
11,147
-------
--------
--------
At 30th September 2016
4,320
60,121
64,441
-------
--------
--------
NET BOOK VALUE
At 30th September 2016
13,680
30,840
44,520
--------
--------
--------
At 30th September 2015
14,400
38,499
52,899
--------
--------
--------
3. TRANSACTIONS WITH DIRECTORS
During the year Mr A G Smee and Mr J A Smee were issued net dividends of £14,469 (2015:£16,192) and £9,045 (2015:£9,276) respectively.
4. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
2
2
2
2
Ordinary 'B' shares of £ 1 each
1
1
1
1
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----
----
----
3
3
3
3
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----
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Ordinary 'A' shares with full voting rights and full participation in income and capital distributions. Ordinary 'B' shares entitled to dividend payments only.