REGISTERED NUMBER: |
Abbreviated Unaudited Accounts |
for the Period 1 April 2015 to 30 June 2016 |
for |
Colmet Precision Limited |
REGISTERED NUMBER: |
Abbreviated Unaudited Accounts |
for the Period 1 April 2015 to 30 June 2016 |
for |
Colmet Precision Limited |
Colmet Precision Limited (Registered number: 03259096) |
Contents of the Abbreviated Accounts |
for the period 1 April 2015 to 30 June 2016 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 4 |
Colmet Precision Limited |
Company Information |
for the period 1 April 2015 to 30 June 2016 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Colmet Precision Limited (Registered number: 03259096) |
Abbreviated Balance Sheet |
30 June 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 3 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
3 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 4 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
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. |
Colmet Precision Limited (Registered number: 03259096) |
Abbreviated Balance Sheet - continued |
30 June 2016 |
The financial statements were approved by the director on |
Colmet Precision Limited (Registered number: 03259096) |
Notes to the Abbreviated Accounts |
for the period 1 April 2015 to 30 June 2016 |
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, except in respect of service |
contracts where turnover is recognised when the company obtains the right to consideration. |
Tangible fixed assets |
Plant and machinery etc | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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. |
Going concern |
In summer 2014 the company moved premises following a decision to invest in new equipment. Changes in the |
market in which the company operated meant significant investment was required to enable it to access new |
revenue streams and customers. As a result the company has maintained turnover in the current financial period |
despite a significant reduction in revenue from the services it previously offered. The company has also |
improved gross margins and now has the capacity to grow without any increase to its current cost base. Earnings |
before interest, taxation and depreciation have increased from £38,476 (year to March 2015) to £148,268 (15 |
months to 30 June 2016) however turnover needs to increase to fund the costs of financing the expansion. The |
company is in the process of securing a contract which would enable it to exceed its target turnover for 2016/17 |
and the director is of the opinion the financial statements should be prepared on a going concern basis. |
Colmet Precision Limited (Registered number: 03259096) |
Notes to the Abbreviated Accounts - continued |
for the period 1 April 2015 to 30 June 2016 |
2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
Additions |
Disposals | ( |
) |
At 30 June 2016 |
DEPRECIATION |
At 1 April 2015 |
Charge for period |
Eliminated on disposal | ( |
) |
At 30 June 2016 |
NET BOOK VALUE |
At 30 June 2016 |
At 31 March 2015 |
3. | CREDITORS |
Creditors include an amount of £ |
4. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 |