Gray Precision Engineering Limited - Limited company - abbreviated - 11.9
Gray Precision Engineering Limited - Limited company - abbreviated - 11.9
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts for the Year Ended 31 May 2015 |
| for |
| Gray Precision Engineering Limited |
| Gray Precision Engineering Limited (Registered number: SC231828) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 May 2015 |
| Page |
| Abbreviated Balance Sheet | 1 |
| Notes to the Abbreviated Accounts | 3 |
| Gray Precision Engineering Limited (Registered number: SC231828) |
| Abbreviated Balance Sheet |
| 31 May 2015 |
| 31.5.15 | 31.5.14 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 2 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 3 |
| Profit and loss account |
| SHAREHOLDERS' FUNDS |
| 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. |
| Gray Precision Engineering Limited (Registered number: SC231828) |
| Abbreviated Balance Sheet - continued |
| 31 May 2015 |
| The financial statements were approved by the director on |
| Gray Precision Engineering Limited (Registered number: SC231828) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 May 2015 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under applicable law and United Kingdom Accounting Standards (United |
| Kingdom Generally Accepted Accounting Practice) and in accordance with the Financial Reporting Standard for Smaller |
| Entities (effective April 2008). |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance with the Financial |
| Reporting Standard for Smaller Entities (effective April 2008). |
| Exemption from preparing a cash flow statement |
| Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small |
| company. |
| Turnover |
| Turnover represents net invoiced sales of goods and services in respect of precision engineering, excluding value added tax. |
| Sales are recognised at the point at which the company has delivered the goods to the customer, or the service is complete. |
| Tangible fixed assets and depreciation |
| Tenants Improvements | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of |
| acquisition. |
| Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful |
| economic life of that asset as follows: |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
| items. Cost is represented by purchase price. |
| Deferred tax |
| 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 that result in an obligation to pay more or a right to pay less tax in the future have occurred by |
| the balance sheet date with certain limited exceptions. |
| Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the |
| timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet |
| date. |
| Gray Precision Engineering Limited (Registered number: SC231828) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 May 2015 |
| 2. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 June 2014 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2015 |
| DEPRECIATION |
| At 1 June 2014 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2015 |
| NET BOOK VALUE |
| At 31 May 2015 |
| At 31 May 2014 |
| 3. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.15 | 31.5.14 |
| value: | £ | £ |
| Ordinary | £1 |