Specialized Fabrications Limited
Specialized Fabrications Limited
Financial Statements
For The Year Ended 31 May 2018
ACCOUNTING SERVICES
FCMA
Field View
Peach Grove
Palestine, Andover
Hants
SP11 7EP
Specialized Fabrications Limited
Financial Statements
For The Year Ended 31 May 2018
Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Specialized Fabrications Limited
Balance Sheet
As at
31 May 2018
Balance Sheet
Registered number:
3374710
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 13 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 681,845 | 643,105 | |||
Page 1
Specialized Fabrications Limited
Balance Sheet (continued)
As at
31 May 2018
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Specialized Fabrications Limited
Notes to the Financial Statements
For The Year Ended 31 May 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average Number of Employees
Average number of employees during the year, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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Page 3
Specialized Fabrications Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2018
7.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | £ | |
| Cost | |||||
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| Additions |
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| Depreciation | |||||
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| Provided during the period |
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| Net Book Value | |||||
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8.
Stocks
| 2018 | 2017 | ||
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| £ | £ | ||
| Stock - materials |
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9.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts recoverable on contracts |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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Page 4
Specialized Fabrications Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2018
10.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts | - |
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| Other taxes and social security |
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| Other creditors |
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| Accruals and deferred income |
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11.
Creditors: Amounts Falling Due After More Than One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Directors loan account |
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12.
Obligations Under Finance Leases and Hire Purchase
| 2018 | 2017 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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14.
General Information
Specialized Fabrications Limited Registered number 3374710 is a limited by shares company incorporated in England & Wales. The Registered Office is Unit 4B, Heritage Business Park, Gosport , Hants, PO12 4BG.
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