REGISTERED NUMBER: |
Stonegate Precision Tooling Limited |
Unaudited Financial Statements for the Year Ended 31st December 2016 |
REGISTERED NUMBER: |
Stonegate Precision Tooling Limited |
Unaudited Financial Statements for the Year Ended 31st December 2016 |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Contents of the Financial Statements |
for the year ended 31st December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Stonegate Precision Tooling Limited |
Company Information |
for the year ended 31st December 2016 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Balance Sheet |
31st December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Balance Sheet - continued |
31st December 2016 |
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 behalf by: |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Notes to the Financial Statements |
for the year ended 31st December 2016 |
1. | STATUTORY INFORMATION |
Stonegate Precision Tooling Limited is a |
and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company adopted FRS 102 1A in the current year and an explanation of how transition to FRS |
102 1A has affected the reported financial position and performance is given in the notes to these |
financial statements. |
The significant accounting policies applied in the presentation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
Preparation of consolidated financial statements |
The financial statements contain information about Stonegate Precision Tooling Limited as an |
individual company and do not contain consolidated financial information as the parent of a group. The |
company has taken the option under Section 398 of the Companies Act 2006 not to prepare |
consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are stated 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 stock to its |
present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made |
for damaged, obsolete and slow-moving stock where appropriate. |
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 balance sheet date. |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2016 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
Leases |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
over the period of the lease. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at |
each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's |
cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is |
carried at a revalued amount where the impairment loss is a revaluation decrease. |
Debtors and creditors receivable/payable within one year |
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 profit and loss |
account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less |
impairment. If an arrangement constitute a financing transaction it is measured at present value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2016 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2016 |
Additions |
Disposals | ( |
) |
At 31st December 2016 |
DEPRECIATION |
At 1st January 2016 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st December 2016 |
NET BOOK VALUE |
At 31st December 2016 |
At 31st December 2015 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2016 |
Additions |
At 31st December 2016 |
NET BOOK VALUE |
At 31st December 2016 |
At 31st December 2015 |
The company's investments at the Balance Sheet date comprised a 75% (2015: 100%) holding in |
Clarity VM Limited. The principal activity of Clarity VM Limited is innovative print solutions. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2016 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
A Ordinary shares | £1 | 760 | 760 |
B Ordinary shares | £1 | 200 | 200 |
C Ordinary shares | £1 | 40 | 40 |
1,000 | 1,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1st January 2016 |
Profit for the year |
Dividends | ( |
) |
At 31st December 2016 |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £217,467 (2015 - £223,401) were paid to the directors . |
Within debtors are amounts owed from entities over which the entity has control of £10,940 (2015 |
£Nil). |
Within other creditors are amounts owed to other related parties of £343,412 (2015 £121,533). |
Stonegate Precision Tooling Limited (Registered number: 07876144) |
Notes to the Financial Statements - continued |
for the year ended 31st December 2016 |
12. | FIRST YEAR ADOPTION |
The company has adopted FRS 102 for the first time in the year ended 31 December 2016. |
The effect of transition from previous financial reporting framework to FRS 102 is outlined below. |
a) Changes in accounting policies |
There were no changes to the accounting policies as a result of transition to FRS 102. |
b) Reconciliation of equity shareholders' funds |
There were no adjustments to previously reported equity shareholders' funds at the date of transition to |
FRS 102. |
c) Reconciliation of comparative period profit or loss |
There were no adjustments to previously reported profit or loss in the comparative year |