Micron Precision (Brixworth) Engineering - Abbreviated accounts 16.3

REGISTERED NUMBER: 02870074 (England and Wales)

ABBREVIATED ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2016

FOR

MICRON PRECISION (BRIXWORTH) ENGINEERING

LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M C Stevens

S J Stevens

E J Stevens

SECRETARY:

S J Stevens

REGISTERED OFFICE:

Unit B

Saxon Fields

Old Harborough Road

Brixworth

Northamptonshire

NN6 9BX

REGISTERED NUMBER:

02870074 (England and Wales)

ACCOUNTANTS:

DNG Dove Naish

Chartered Accountants

Eagle House

28 Billing Road

Northampton

NN1 5AJ

BANKERS:

HSBC Bank Plc

22 Abington Street

Northampton

NN1 2AN

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

388,762

513,708

388,762

513,708

CURRENT ASSETS

Stocks

67,855

106,351

Debtors

599,130

498,812

Cash at bank

216,721

272,993

883,706

878,156

CREDITORS

Amounts falling due within one year

4

625,104

733,608

NET CURRENT ASSETS

258,602

144,548

TOTAL ASSETS LESS CURRENT
LIABILITIES

647,364

658,256

CREDITORS

Amounts falling due after more than one
year

4

(27,982

)

(71,409

)

PROVISIONS FOR LIABILITIES

(53,287

)

(68,160

)

NET ASSETS

566,095

518,687

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

565,995

518,587

SHAREHOLDERS' FUNDS

566,095

518,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 10 November 2016 and were signed on
its behalf by:

M C Stevens - Director

S J Stevens - Director

E J Stevens - 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 January 2015).

Turnover

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

Goodwill

Goodwill is subject to annual impairment review and consequent carrying value is amortised by equal

annual amounts over the remaining useful economic life of the asset.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures, fittings and equipment

-

25% on cost and 15% on cost

Motor vehicles

-

25% on cost

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 taxation is provided in full in respect of taxation deferred by timing differences between the

treatment of certain items for taxation and accounting purposes. The deferred tax balance has not

been discounted.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases are charged against income on a straight line basis.

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.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

30,000

AMORTISATION

At 1 September 2015

and 31 August 2016

30,000

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

1,368,221

Additions

51,450

Disposals

(57,625

)

At 31 August 2016

1,362,046

DEPRECIATION

At 1 September 2015

854,513

Charge for year

137,979

Eliminated on disposal

(19,208

)

At 31 August 2016

973,284

NET BOOK VALUE

At 31 August 2016

388,762

At 31 August 2015

513,708

4.

CREDITORS

Creditors include an amount of £ 259,867 (2015 - £ 459,622 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

6.	TRANSACTIONS WITH DIRECTORS

Included within other creditors are amounts due to the directors as follows:

M C Stevens - £29,550 (2015: £29,340)

S J Stevens - £28,161 (2015: £27,951)

E J Stevens - £14,020 (2015: £14,020)

The loans are unsecured, interest free and have no fixed terms of repayment.