Micron Precision (Brixworth) Engineering - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02870074 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

FOR

MICRON PRECISION (BRIXWORTH) ENGINEERING

LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

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

4

-

-

Tangible assets

5

400,990

388,762

400,990

388,762

CURRENT ASSETS

Stocks

147,988

67,855

Debtors

6

660,893

599,130

Cash at bank and in hand

317,214

216,721

1,126,095

883,706

CREDITORS

Amounts falling due within one year

7

846,399

625,104

NET CURRENT ASSETS

279,696

258,602

TOTAL ASSETS LESS CURRENT LIABILITIES

680,686

647,364

CREDITORS

Amounts falling due after more than one year

8

(43,999

)

(27,982

)

PROVISIONS FOR LIABILITIES

(56,374

)

(53,287

)

NET ASSETS

580,313

566,095

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

580,213

565,995

SHAREHOLDERS' FUNDS

580,313

566,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 November 2017 and were signed on its behalf by:

M C Stevens - Director

S J Stevens - Director

E J Stevens - Director

1.	STATUTORY INFORMATION

Micron Precision (Brixworth) Engineering Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on

the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102 (1A). Refer

to the notes for an explanation of the transition

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Goodwill

Goodwill is fully amortised.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

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 profit or loss 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 profit or loss in the period to which they relate.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term

deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the statement of

comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a

similar debt instrument, those financial instruments are classed as financial liabilities. Financial

liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to

financial liabilities are included in the profit and loss account. Finance costs are calculated so as to

produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a

financial liability then this is classed as an equity instrument. Dividends and distributions relating to

equity instruments are debited direct to equity.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2016 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

and 31 August 2017

30,000

AMORTISATION

At 1 September 2016

and 31 August 2017

30,000

NET BOOK VALUE

At 31 August 2017

-

At 31 August 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

and

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

COST

At 1 September 2016

1,163,747

139,609

58,690

1,362,046

Additions

190,900

-

-

190,900

At 31 August 2017

1,354,647

139,609

58,690

1,552,946

DEPRECIATION

At 1 September 2016

844,751

93,087

35,446

973,284

Charge for year

151,492

16,669

10,511

178,672

At 31 August 2017

996,243

109,756

45,957

1,151,956

NET BOOK VALUE

At 31 August 2017

358,404

29,853

12,733

400,990

At 31 August 2016

318,996

46,522

23,244

388,762

The net book value of tangible fixed assets includes £ 299,602 (2016 - £ 191,600 ) in respect of assets

held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

652,083

535,870

Other debtors

2,802

57,270

Prepayments and accrued income

6,008

5,990

660,893

599,130

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

96,096

49,284

Trade creditors

157,960

193,622

Tax

26,420

57,021

Social security and other taxes

20,064

15,859

VAT

64,815

53,955

Other creditors

408,293

182,632

Directors' current accounts

72,151

71,731

Accruals and deferred income

600

1,000

846,399

625,104

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

43,999

27,982

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

96,096

49,284

Between one and five years

43,999

27,982

140,095

77,266

Non-cancellable

operating leases

2017

2016

£

£

Within one year

76,968

75,408

Between one and five years

236,832

236,832

In more than five years

128,284

187,492

442,084

499,732

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

140,095

77,266

Factoring

408,293

182,601

548,388

259,867

Net obligations under hire purchase contracts are secured on assets concerned.

Factorising finance is secured by a charge over the company's trade debtors

11.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been produced under FRS 102 (1A). There

have been no adjustments to the reported profit for the year or the opening and closing shareholders'

funds as a result of the transition.