E.D.C.M. Precision Wire Erosion Limited - Period Ending 2016-05-31

E.D.C.M. PRECISION WIRE EROSION LIMITED - Company Information

Registration number: 01719021

E.D.C.M. Precision Wire Erosion Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2016

Makinson & Co.
Chartered Accountants
1 Hill Street
Lydney
Glos
GL15 5HB

E.D.C.M. Precision Wire Erosion Limited

Contents

Abbreviated Balance Sheet	1 to 2
Notes to the Abbreviated Accounts	3 to 6

E.D.C.M. Precision Wire Erosion Limited

(Registration number: 01719021)
Abbreviated Balance Sheet as at 31 May 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	2	287,907	292,162
Investments	2	1	1
		287,908	292,163
Current assets
Stocks		19,588	8,356
Debtors		130,425	165,361
Investments		101,574	101,574
Cash at bank and in hand		347,845	334,540
		599,432	609,831
Creditors: Amounts falling due within one year		(44,879)	(93,030)
Net current assets		554,553	516,801
Total assets less current liabilities		842,461	808,964
Provisions for liabilities		(48,735)	(51,881)
Net assets		793,726	757,083
Capital and reserves
Called up share capital	3	33	33
Capital redemption reserve		67	67
Profit and loss account		793,626	756,983
Shareholders funds		793,726	757,083

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

E.D.C.M. Precision Wire Erosion Limited

(Registration number: 01719021)
Abbreviated Balance Sheet as at 31 May 2016

For the year ending 31 May 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the director on 24 October 2016

.........................................
Mr S P Rudge
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

E.D.C.M. Precision Wire Erosion Limited

Notes to the Abbreviated Accounts

Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Similar Entities (effective April 2008).

Turnover

Turnover represents the net invoiced sales of goods, excluding VAT.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Asset class	Depreciation method and rate
Leasehold properties	Straight line over the life of the lease
Other tangible fixed assets	10-25% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Current asset investments

Current asset investments are at the lower of cost and net realisable value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Page 3

E.D.C.M. Precision Wire Erosion Limited

Notes to the Abbreviated Accounts

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 have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date

Foreign currency

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Pensions

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

Page 4

E.D.C.M. Precision Wire Erosion Limited

Notes to the Abbreviated Accounts

Fixed assets

	Tangible assets £	Investments £	Total £
Cost
At 1 June 2015	766,678	1	766,679
Additions	32,573	-	32,573
At 31 May 2016	799,251	1	799,252
Depreciation
At 1 June 2015	474,516	-	474,516
Charge for the year	36,828	-	36,828
At 31 May 2016	511,344	-	511,344
Net book value
At 31 May 2016	287,907	1	287,908
At 31 May 2015	292,162	1	292,163

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
E.D.C.M. Engineering Limited		£1 Ordinary	50%	Sub-contract engineering services

The profit for the financial period of E.D.C.M. Engineering Limited was £20,089 and the aggregate amount of capital and reserves at the end of the period was £17,769.

Page 5

E.D.C.M. Precision Wire Erosion Limited

Notes to the Abbreviated Accounts

Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	33	33	33	33

Related party transactions

Transactions with directors

2016	At 1 June 2015 £	Advances to directors £	Repayments by director £	Other payments made to company by director £	At 31 May 2016 £
Mr S P Rudge
Loan	-	3,183	-	-	3,183

Control

The director is the controlling party by virtue of his controlling shareholding in the company.

Page 6