JME Precision Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06581299 (England and Wales)

JME PRECISION ENGINEERING LIMITED

Unaudited Financial Statements

for the Year Ended 30 June 2019

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

M J Sliwa

Mrs J M Sliwa

REGISTERED OFFICE:

86L Blackpole Trading Estate West

WORCESTER

Worcs.

WR3 8TJ

BUSINESS ADDRESS:

Unit 86 L

Blackpole Trading Estate West

Blackpole

WORCESTER

Worcestershire

WR3 8TJ

REGISTERED NUMBER:

06581299 (England and Wales)

ACCOUNTANTS:

Haines Watts Worcester Limited

Chartered Accountants

Suite 1A

Shire Business Park

Wainwright Road

Worcester

WR4 9FA

The following reproduces the text of the report prepared for the directors 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 Directors 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 JME Precision Engineering Limited for the year ended 30 June 2019 which comprise the

Income Statement, Other Comprehensive Income, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of JME Precision Engineering Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of JME Precision Engineering Limited and state those matters that we have agreed to state to the Board of Directors of JME Precision Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JME Precision Engineering Limited and its Board of Directors, as a body, for our work or for this report.

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

Haines Watts Worcester Limited

Chartered Accountants

Suite 1A

Shire Business Park

Wainwright Road

Worcester

WR4 9FA

15 October 2019

FIXED ASSETS

Tangible assets

4

17,240

20,359

CURRENT ASSETS

Stocks

5

2,775

2,555

Debtors

6

32,123

36,299

Cash at bank

53,513

33,878

88,411

72,732

CREDITORS

Amounts falling due within one year

7

(22,934

)

(31,461

)

NET CURRENT ASSETS

65,477

41,271

TOTAL ASSETS LESS CURRENT LIABILITIES

82,717

61,630

CREDITORS

Amounts falling due after more than one year

8

(10,000

)

(10,000

)

PROVISIONS FOR LIABILITIES

9

(3,344

)

(2,968

)

NET ASSETS

69,373

48,662

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

69,273

48,562

SHAREHOLDERS' FUNDS

69,373

48,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 15 October 2019 and were signed on its behalf by:

M J Sliwa - Director

1.	STATUTORY INFORMATION

JME Precision Engineering 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold

-

20% on cost

Plant and machinery

-

20% and 10% on cost

Computer equipment

-

33% on 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 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.

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.

Stocks and service contracts

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

moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Service contracts are accounted for under the stage of completion method and included at the contract value.

Going concern

The financial statements have been prepared on a going concern basis and no material uncertainties exist that

impact on the company's ability to trade.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 July 2018

4,847

165,399

4,799

175,045

Additions

-

-

1,545

1,545

At 30 June 2019

4,847

165,399

6,344

176,590

DEPRECIATION

At 1 July 2018

4,844

145,714

4,128

154,686

Charge for year

-

3,812

852

4,664

At 30 June 2019

4,844

149,526

4,980

159,350

NET BOOK VALUE

At 30 June 2019

3

15,873

1,364

17,240

At 30 June 2018

3

19,685

671

20,359

5.

STOCKS

2019

2018

£

£

Stocks

2,775

2,555

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

28,739

31,629

Amounts due under contract not

yet invoiced

1,290

1,450

Prepayments

2,094

3,220

32,123

36,299

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

690

590

Corporation tax

10,228

14,163

Social security and other taxes

537

852

Pension creditor

55

-

VAT

9,262

13,944

Directors' current accounts

712

712

Accrued expenses

1,450

1,200

22,934

31,461

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Directors' loan account

10,000

10,000

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

3,344

2,968

Deferred

tax

£

Balance at 1 July 2018

2,968

Movement

376

Balance at 30 June 2019

3,344

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 July 2018

48,562

Profit for the year

40,711

Dividends

(20,000

)

At 30 June 2019

69,273