Moray Precast Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC176648 (Scotland)

Moray Precast Limited

Abbreviated Accounts For The Year Ended 23 December 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

N P Sampson

SECRETARY:

H Sampson

REGISTERED OFFICE:

17/19 Ashgrove Cottages

Ashgrove Road

Elgin

Moray

IV30 1UU

REGISTERED NUMBER:

SC176648 (Scotland)

ACCOUNTANTS:

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

FIXED ASSETS

Tangible assets

2

58,974

72,106

CURRENT ASSETS

Stocks

23,200

22,291

Debtors

59,154

54,671

Cash at bank

61,655

-

144,009

76,962

CREDITORS

Amounts falling due within one year

53,706

61,060

NET CURRENT ASSETS

90,303

15,902

TOTAL ASSETS LESS CURRENT
LIABILITIES

149,277

88,008

CREDITORS

Amounts falling due after more than one
year

(13,852

)

(25,517

)

PROVISIONS FOR LIABILITIES

(7,546

)

(8,414

)

NET ASSETS

127,879

54,077

CAPITAL AND RESERVES

Called up share capital

3

2,000

Capital redemption reserve

5,000

Profit and loss account

120,879

47,077

SHAREHOLDERS' FUNDS

127,879

54,077

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 23 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 23 December 2016 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 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 director on 24 April 2017 and were signed by:

N P Sampson - 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.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done

in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and

contracts for on-going services is recognised by reference to the stage of completion.

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.

Land and buildings

-

4% on cost

Equipment

-

25% on cost and 25% 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

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.

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 24 December 2015

209,933

Additions

7,223

Disposals

(15,000

)

At 23 December 2016

202,156

DEPRECIATION

At 24 December 2015

137,827

Charge for year

15,195

Eliminated on disposal

(9,840

)

At 23 December 2016

143,182

NET BOOK VALUE

At 23 December 2016

58,974

At 23 December 2015

72,106

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

23.12.16

23.12.15

value:

£

1,500

Ordinary 'A' Class

£1

1,500

500

Ordinary 'B' Class

£1

500

2,000

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Moray Precast Limited for the year ended 23 December 2016 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Moray Precast Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Moray Precast Limited and state those matters that we have agreed to state to the director of Moray Precast Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Moray Precast Limited director for our work or for this report.

It is your duty to ensure that Moray Precast Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Moray Precast Limited. You consider that Moray Precast Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Moray Precast Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Long Partnership

Park House Centre

South Street

Elgin

IV30 1JB

24 April 2017