Chiviott (Machine Tools) Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 01292861 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 28th February 2014

for

Chiviott (Machine Tools) Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P R Elliott

S P Elliott

Mrs A M Elliott

REGISTERED OFFICE:

93 Aldwick Road

Bognor Regis

West Sussex

PO21 2NW

REGISTERED NUMBER:

01292861 (England and Wales)

ACCOUNTANTS:

Matthews Hanton Limited

93 Aldwick Road

Bognor Regis

West Sussex

PO21 2NW

FIXED ASSETS

Tangible assets

2

477,103

480,709

CURRENT ASSETS

Stocks

112,214

189,042

Debtors

120,773

139,288

Cash in hand

879

168

233,866

328,498

CREDITORS

Amounts falling due within one year

3

464,983

554,734

NET CURRENT LIABILITIES

(231,117

)

(226,236

)

TOTAL ASSETS LESS CURRENT LIABILITIES

245,986

254,473

CREDITORS

Amounts falling due after more than one year

3

(169,648

)

(190,706

)

PROVISIONS FOR LIABILITIES

(2,619

)

(2,986

)

NET ASSETS

73,719

60,781

CAPITAL AND RESERVES

Called up share capital

4

2,000

2,000

Profit and loss account

71,719

58,781

SHAREHOLDERS' FUNDS

73,719

60,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10th July 2014 and were signed on its behalf by:

P R Elliott - Director

1.	ACCOUNTING POLICIES

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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance and 10% on reducing balance

Stocks

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

moving items.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st March 2013

and 28th February 2014

607,338

DEPRECIATION

At 1st March 2013

126,629

Charge for year

3,606

At 28th February 2014

130,235

NET BOOK VALUE

At 28th February 2014

477,103

At 28th February 2013

480,709

3.

CREDITORS

Creditors include an amount of £ 193,017 (2013 - £ 214,075 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2,000

Ordinary

£1

2,000

2,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the directors £222,102 (2013: £249,770) being the balance on the directors

loan account.