INDUSTRIAL CALIBRATION LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31ST MAY 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

C A Beech

B M Beech

SECRETARY:

B M Beech

REGISTERED OFFICE:

Calibration House

Sunbeam Road

Woburn Road Industrial Estate

Kempston

Bedfordshire

MK42 7BZ

REGISTERED NUMBER:

02257654 (England and Wales)

ACCOUNTANTS:

Russells

20 Riverview Way

Kempston

Bedford

Bedfordshire

MK42 7BB

FIXED ASSETS

Tangible assets

2

86,664

87,309

CURRENT ASSETS

Stocks

16,730

23,216

Debtors

214,643

222,853

Cash at bank

34,971

14,207

266,344

260,276

CREDITORS

Amounts falling due within one year

127,757

121,505

NET CURRENT ASSETS

138,587

138,771

TOTAL ASSETS LESS CURRENT LIABILITIES

225,251

226,080

CREDITORS

Amounts falling due after more than one year

(6,224

)

(11,646

)

PROVISIONS FOR LIABILITIES

(15,097

)

(14,235

)

NET ASSETS

203,930

200,199

CAPITAL AND RESERVES

Called up share capital

3

200

200

Profit and loss account

203,730

199,999

SHAREHOLDERS' FUNDS

203,930

200,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2014 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 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 Board of Directors on 26th February 2015 and were signed on its behalf by:

C A Beech - 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 April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

-

10% on reducing balance

Fixtures and fittings

-

at variable rates on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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.

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.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 1st June 2013

428,890

Additions

17,826

Disposals

(10,950

)

At 31st May 2014

435,766

DEPRECIATION

At 1st June 2013

341,581

Charge for year

15,874

Eliminated on disposal

(8,353

)

At 31st May 2014

349,102

NET BOOK VALUE

At 31st May 2014

86,664

At 31st May 2013

87,309

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/5/14

31/5/13

value:

£

£

200

Ordinary

£1

200

200

4.	RELATED PARTY DISCLOSURES

Rent was paid to the Industrial Calibration Pension SSAS in respect of the premises occupied by the company in

the year amounting to £80,150 (2013 - £59,113). The rent is considered to be at a market rent.

Dividends were paid to the Directors amounting to £34,000 (2013 - £20,000) during the year.

5.	ULTIMATE CONTROLLING PARTY