Precision Products (Portsmouth) Limited 31/12/2017 iXBRL

Precision Products (Portsmouth) Limited 31/12/2017 iXBRL


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Company registration number: 03916238
Precision Products (Portsmouth) Limited
Unaudited filleted financial statements
31 December 2017
Precision Products (Portsmouth) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Precision Products (Portsmouth) Limited
Directors and other information
Directors Mr B Dent
Mr H Booth
Secretary S Dent
Company number 03916238
Registered office Unit 2A, Alexandria Park
1 Penner Road
Havant
Hants
PO9 1QY
Business address Unit 2a & 2d Alexandria Park
Penner Road
Havant
Hants
PO9 1QY
Accountants David Bailey
28 Landport Terrace
Portsmouth
Hampshire
PO1 2RG
Precision Products (Portsmouth) Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 708,653 717,805
_______ _______
708,653 717,805
Current assets
Stocks 138,302 61,323
Debtors 6 322,266 284,451
Cash at bank and in hand 184,798 160,574
_______ _______
645,366 506,348
Creditors: amounts falling due
within one year 7 ( 446,056) ( 427,994)
_______ _______
Net current assets 199,310 78,354
_______ _______
Total assets less current liabilities 907,963 796,159
Creditors: amounts falling due
after more than one year 8 ( 105,416) ( 164,029)
Provisions for liabilities ( 22,869) ( 25,603)
_______ _______
Net assets 779,678 606,527
_______ _______
Capital and reserves
Called up share capital 4 4
Profit and loss account 779,674 606,523
_______ _______
Shareholders funds 779,678 606,527
_______ _______
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 April 2018 , and are signed on behalf of the board by:
Mr H Booth
Director
Company registration number: 03916238
Precision Products (Portsmouth) Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 2A, Alexandria Park, 1 Penner Road, Havant, Hants, PO9 1QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services rendered, stated net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Straight line over the lease term.
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted bas
Financial instruments
Financial instruments are classified by the Directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised costs using the effective interest method. The only advanced instruments recognised by the company are derivatives being interest rate swaps and forward foreign exchange contracts. Derivate financial instruments are initially recorded at cost and thereafter at fair value with charges recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.
Defined contribution plans
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
4. Staff costs
The average number of persons employed by the company during the year amounted to 29 (2016: 24 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2017 580,088 369,699 16,116 965,903
Additions 5,910 15,007 1,553 22,470
_______ _______ _______ _______
At 31 December 2017 585,998 384,706 17,669 988,373
_______ _______ _______ _______
Depreciation
At 1 January 2017 856 238,741 8,502 248,099
Charge for the year 594 29,194 1,833 31,621
_______ _______ _______ _______
At 31 December 2017 1,450 267,935 10,335 279,720
_______ _______ _______ _______
Carrying amount
At 31 December 2017 584,548 116,771 7,334 708,653
_______ _______ _______ _______
At 31 December 2016 579,232 130,958 7,614 717,804
_______ _______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 319,066 281,128
Other debtors 3,200 3,323
_______ _______
322,266 284,451
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 6,840 9,636
Trade creditors 95,385 105,544
Corporation tax 42,208 15,305
Social security and other taxes 74,660 55,081
Other creditors 226,963 242,428
_______ _______
446,056 427,994
_______ _______
8. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans and overdrafts 105,416 155,722
Other creditors - 8,307
_______ _______
105,416 164,029
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 76,016 (2016 £ 102,931 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The Bank Loan was advanced in 2016 to buy Long Leasehold Premises, and is secured by a mortgage debenture and first legal charge on the premises and over the assets of the Company.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B Dent ( 104,646) - - ( 104,646)
Mr H Booth ( 106,360) ( 241) - ( 106,601)
_______ _______ _______ _______
( 211,006) ( 241) - ( 211,247)
_______ _______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B Dent ( 269) ( 104,377) - ( 104,646)
Mr H Booth ( 11,914) ( 104,446) 10,000 ( 106,360)
_______ _______ _______ _______
( 12,183) ( 208,823) 10,000 ( 211,006)
_______ _______ _______ _______
During 2016 both the Director, Mr H Booth and his wife Mrs K Booth lent the Company £104,500. This is an interest bearing loan the whole of which remains outstanding at the year end. In addition to this the Director B Dent and his wife Mrs S Dent also lent the Company £104,500 during 2016. This is an interest bearing loan the whole of which is outstanding at the year end.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2017 2016
£ £
Mr & Mrs Dent - 4,000
Mr & Mrs Booth - 4,000
_______ _______
During 2016 the Company paid rent of £4,000 for the use of the commericial property owned jointly by the shareholders Mr & Mrs Dent and Mr & Mrs Booth, on an arms length basis.
11. Controlling party
The Issued Shares of the Company are beneficially controlled equally by the two Directors.