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

REGISTERED NUMBER: SC262713 (Scotland)

Unaudited Financial Statements for the Year Ended 31 January 2020

for

CP Precision Engineering Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

P B Davidson

SECRETARY:

Mrs F Davidson

REGISTERED OFFICE:

Tayvallich

36 Wilson Road

Banchory

Aberdeenshire

AB31 5UY

REGISTERED NUMBER:

SC262713 (Scotland)

ACCOUNTANTS:

The Grant Considine Partnership

Chartered Accountants

46 High Street

Banchory

Aberdeenshire

AB31 5SR

FIXED ASSETS

Tangible assets

5

27,243

38,269

CURRENT ASSETS

Stocks

1,950

2,460

Debtors

6

46,944

64,661

Cash at bank

21,112

503

70,006

67,624

CREDITORS

Amounts falling due within one year

7

42,358

55,696

NET CURRENT ASSETS

27,648

11,928

TOTAL ASSETS LESS CURRENT LIABILITIES

54,891

50,197

PROVISIONS FOR LIABILITIES

2,319

3,787

NET ASSETS

52,572

46,410

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

52,570

46,408

SHAREHOLDERS' FUNDS

52,572

46,410

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 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 director and authorised for issue on 31 October 2020 and were signed by:

P B Davidson - Director

1.	STATUTORY INFORMATION

CP Precision Engineering 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services rendered during the year, exclusive of VAT and trade discounts.

Tangible fixed assets

Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life.

Plant and Machinery- at varying rates between 10% and 20% on cost

Computer Equipment 33% on cost

Inventories

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

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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 statement of financial position date.

Deferred tax

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pensions

The company pays contributions to a third party pension provider on behalf of its employees and director. The payments are charged to the profit and loss account in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2019

233,280

Additions

3,774

Disposals

(470

)

At 31 January 2020

236,584

DEPRECIATION

At 1 February 2019

195,011

Charge for year

14,709

Eliminated on disposal

(379

)

At 31 January 2020

209,341

NET BOOK VALUE

At 31 January 2020

27,243

At 31 January 2019

38,269

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

41,503

53,016

Other debtors

5,441

11,645

46,944

64,661

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

3,694

Trade creditors

5,754

12,531

Taxation and social security

14,349

9,597

Other creditors

22,255

29,874

42,358

55,696

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Between one and five years

20,000

40,000

9.	SECURED DEBTS

Bank overdrafts are secured by a bond and floating charge over the assets of the company and by a first ranking standard security over assets.