Genesis Precision Engineering Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04157973 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

Genesis Precision Engineering Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTOR:

P R Barlow

SECRETARY:

P R Barlow

REGISTERED OFFICE:

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

REGISTERED NUMBER:

04157973 (England and Wales)

ACCOUNTANTS:

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

FIXED ASSETS

Tangible assets

2

201,723

284,291

CURRENT ASSETS

Stocks

13,628

12,178

Debtors

171,985

235,021

Cash at bank and in hand

26,373

7,650

211,986

254,849

CREDITORS

Amounts falling due within one year

3

207,689

408,137

NET CURRENT ASSETS/(LIABILITIES)

4,297

(153,288

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

206,020

131,003

CREDITORS

Amounts falling due after more than one
year

(95,046

)

(41,572

)

PROVISIONS FOR LIABILITIES

(36,416

)

(41,104

)

NET ASSETS

74,558

48,327

CAPITAL AND RESERVES

Called up share capital

4

120

Profit and loss account

74,438

48,207

SHAREHOLDERS' FUNDS

74,558

48,327

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 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 17 May 2017 and were signed by:

P R Barlow - 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.

Revenue is recognised when goods are completed and delivered to the customer.

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.

Improvements to property

-

10% on cost

Plant and machinery

-

50% on reducing balance, 33% on reducing balance and 25% on reducing balance

Fixtures, fittings & office equipment

-

25% on cost and 20% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stock and work in progress is valued at the lower of cost and net realisable value. Cost includes all direct

expenditure only.

Deferred tax

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

balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that

it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

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 1 September 2015

741,060

Additions

125,900

Disposals

(218,431

)

At 31 August 2016

648,529

DEPRECIATION

At 1 September 2015

456,769

Charge for year

144,408

Eliminated on disposal

(154,371

)

At 31 August 2016

446,806

NET BOOK VALUE

At 31 August 2016

201,723

At 31 August 2015

284,291

3.

CREDITORS

Creditors include an amount of £ 0 (31.8.15 - £ 180,315 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

40

"A" Ordinary

£1

40

"B" Ordinary

£1

40

"C" Ordinary

£1

40

120

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 Genesis Precision Engineering Limited for the year ended 31 August 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 Genesis Precision Engineering Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Genesis Precision Engineering Limited and state those matters that we have agreed to state to the director of Genesis Precision Engineering 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 Genesis Precision Engineering Limited director for our work or for this report.

It is your duty to ensure that Genesis Precision Engineering 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 Genesis Precision Engineering Limited. You consider that Genesis Precision Engineering 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 Genesis Precision Engineering 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.

Lanham and Company Limited

Chartered Accountants

9 Great Chesterford Court

London Road

Great Chesterford

Essex

CB10 1PF

17 May 2017