JRE Precision Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07050741 (England and Wales)

JRE PRECISION LIMITED

TRADING AS

PRESREG VALVES

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

Chartered Certified Accountants' Report

8

DIRECTOR:

J R Evans

REGISTERED OFFICE:

Arlington House

Priorfields

Ashby-De-La-Zouch

Leicestershire

LE65 1EA

REGISTERED NUMBER:

07050741 (England and Wales)

ACCOUNTANTS:

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

FIXED ASSETS

Intangible assets

4

164,508

185,071

Tangible assets

5

145,468

126,511

309,976

311,582

CURRENT ASSETS

Stocks

68,935

53,508

Debtors

6

178,274

244,482

Cash at bank and in hand

102,092

29,901

349,301

327,891

CREDITORS

Amounts falling due within one year

7

238,561

220,252

NET CURRENT ASSETS

110,740

107,639

TOTAL ASSETS LESS CURRENT LIABILITIES

420,716

419,221

CREDITORS

Amounts falling due after more than one year

8

(209,414

)

(261,353

)

PROVISIONS FOR LIABILITIES

(24,012

)

(18,591

)

ACCRUALS AND DEFERRED INCOME

(8,535

)

(9,072

)

NET ASSETS

178,755

130,205

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

178,655

130,105

SHAREHOLDERS' FUNDS

178,755

130,205

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 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.

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

The financial statements were approved and authorised for issue by the director on 20 February 2019 and were signed by:

J R Evans - Director

1.	STATUTORY INFORMATION

JRE Precision Limited is a private company, limited by shares , registered in England and Wales. 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 (£).

The main trading address of the company is 18 Bakewell Road, Loughborough, Leicestershire, LE11 5QY.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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.

Plant and machinery

-

20% on cost and Straight line over 20 years

Fixtures and fittings

-

10% on cost

Stocks

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

moving items.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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 25 (2017 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

205,635

AMORTISATION

At 1 November 2017

20,564

Charge for year

20,563

At 31 October 2018

41,127

NET BOOK VALUE

At 31 October 2018

164,508

At 31 October 2017

185,071

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2017

207,699

7,216

1

8,028

222,944

Additions

50,146

-

4,700

-

54,846

Disposals

(395

)

-

-

-

(395

)

At 31 October 2018

257,450

7,216

4,701

8,028

277,395

DEPRECIATION

At 1 November 2017

92,409

1,050

-

2,974

96,433

Charge for year

32,916

721

627

1,554

35,818

Eliminated on disposal

(324

)

-

-

-

(324

)

At 31 October 2018

125,001

1,771

627

4,528

131,927

NET BOOK VALUE

At 31 October 2018

132,449

5,445

4,074

3,500

145,468

At 31 October 2017

115,290

6,166

1

5,054

126,511

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as

follows:

Plant and

machinery

£

COST

At 1 November 2017

121,190

Additions

33,840

At 31 October 2018

155,030

DEPRECIATION

At 1 November 2017

50,915

Charge for year

15,786

At 31 October 2018

66,701

NET BOOK VALUE

At 31 October 2018

88,329

At 31 October 2017

70,275

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

168,117

202,086

Other debtors

10,157

42,396

178,274

244,482

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts and finance leases

18,738

16,547

Trade creditors

71,426

53,824

Amounts owed to group undertakings

40,175

51,709

Taxation and social security

95,528

83,061

Other creditors

12,694

15,111

238,561

220,252

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts and finance leases

34,414

31,353

Other creditors

175,000

230,000

209,414

261,353

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts and finance leases

53,152

47,900

Hire purchase contracts and finance leases are secured against the assets that are being financed.

10.	CAPITAL COMMITMENTS

2018

2017

£

£

Contracted but not provided for in the

financial statements

-

40,608

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of JRE Precision Limited for the year ended 31 October 2018 which comprise the Income

Statement, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of JRE Precision Limited in accordance with the terms of our engagement letter dated 26 July 2013. Our work has been undertaken solely to prepare for your approval the financial statements of JRE Precision Limited and state those matters that we have agreed to state to the director of JRE Precision Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that JRE Precision Limited 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 JRE Precision Limited. You consider that JRE Precision Limited 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 JRE Precision Limited. 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.

Essex Abel Ltd

4 Bank Court

Weldon Road

Loughborough

Leicestershire

LE11 5RF

26 February 2019