Threeway Pressings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03112335 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

THREEWAY PRESSINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R W Perry

P M Stanley

REGISTERED OFFICE:

3 Malthouse Road

Tipton

West Midlands

DY4 9AE

REGISTERED NUMBER:

03112335 (England and Wales)

ACCOUNTANTS:

Crowe U.K. LLP

Chartered Accountants

Black Country House

Rounds Green Road

Oldbury

West Midlands

B69 2DG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

172,966

195,768

Investments

6

20,877

20,877

193,843

216,645

CURRENT ASSETS

Stocks

215,356

182,087

Debtors

7

959,344

823,992

1,174,700

1,006,079

CREDITORS

Amounts falling due within one year

8

978,561

864,687

NET CURRENT ASSETS

196,139

141,392

TOTAL ASSETS LESS CURRENT LIABILITIES

389,982

358,037

CREDITORS

Amounts falling due after more than one year

9

6,748

3,770

NET ASSETS

383,234

354,267

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

383,134

354,167

SHAREHOLDERS' FUNDS

383,234

354,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 19 April 2019 and were signed on its behalf by:

R W Perry - Director

1.	STATUTORY INFORMATION

Threeway Pressings Limited is a private company, limited by shares , registered in England

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair

value of the identifiable assets and liabilities. It is amortised to the Profit and loss account

over its estimated economic life.

Amortisation is provided at the following rates:

Goodwill - 10 years

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

at varying rates on cost

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks 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.

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.

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.

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 profit or loss in the period to which they relate.

Grants

Government grants relating to tangible fixed assets are treated as deferred income and

released to the Profit and loss account over the expected useful lives of the assets

concerned. Other grants are credited to the Profit and loss account as the related

expenditure is incurred.

Investments

Investments held as fixed assets are shown at cost less provision for impairment.

Operating leases

Rentals under operating leases are charged to the Profit and loss account on a straight line

basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised

on a straight line basis over the period until the date the rent is expected to be adjusted to

the prevailing market rate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2017 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2017

and 31 October 2018

5,000

AMORTISATION

At 1 November 2017

and 31 October 2018

5,000

NET BOOK VALUE

At 31 October 2018

-

At 31 October 2017

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 November 2017

178,366

674,894

853,260

Additions

-

500

500

At 31 October 2018

178,366

675,394

853,760

DEPRECIATION

At 1 November 2017

41,161

616,331

657,492

Charge for year

382

22,920

23,302

At 31 October 2018

41,543

639,251

680,794

NET BOOK VALUE

At 31 October 2018

136,823

36,143

172,966

At 31 October 2017

137,205

58,563

195,768

6.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST

At 1 November 2017

and 31 October 2018

20,877

NET BOOK VALUE

At 31 October 2018

20,877

At 31 October 2017

20,877

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

624,338

549,076

Amounts owed by related undertakings

235,372

212,112

Other debtors

77,976

44,876

Deferred tax asset

21,658

17,928

959,344

823,992

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

72,347

78,430

Hire purchase contracts

4,889

10,902

Trade creditors

341,112

307,455

Amounts owed to group undertakings

59

-

Amounts owed to participating interests

42,774

-

Social security and other taxes

36,308

55,186

Other creditors

481,072

412,714

978,561

864,687

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

3,770

Other creditors

6,748

-

6,748

3,770

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

53,319

78,430

Bank loans

19,028

-

Factoring

448,717

358,846

521,064

437,276

11.	DEFERRED TAX

£

Balance at 1 November 2017

(17,928

)

Deferred tax on losses

(3,730

)

Balance at 31 October 2018

(21,658

)

12.	ULTIMATE CONTROLLING PARTY