Clyde Fasteners Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC042783 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

CLYDE FASTENERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J L Boyd

G C Russell

SECRETARY:

J L Boyd

REGISTERED OFFICE:

5 Hawbank Road

East Kilbride

G74 5ET

REGISTERED NUMBER:

SC042783 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

4

12,338

-

CURRENT ASSETS

Stocks

379,398

244,859

Debtors

5

582,627

451,991

Cash at bank

33

3,096

962,058

699,946

CREDITORS

Amounts falling due within one year

6

682,542

577,768

NET CURRENT ASSETS

279,516

122,178

TOTAL ASSETS LESS CURRENT LIABILITIES

291,854

122,178

PROVISIONS FOR LIABILITIES

9

83

22,500

NET ASSETS

291,771

99,678

CAPITAL AND RESERVES

Called up share capital

10

41,900

41,900

Retained earnings

249,871

57,778

SHAREHOLDERS' FUNDS

291,771

99,678

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 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 26 April 2019 and were signed on its behalf by:

G C Russell - Director

J L Boyd - Director

1.	STATUTORY INFORMATION

Clyde Fasteners Limited is a private company, limited by shares , registered in Scotland. The company's registered number

and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the year, less returns received,

at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its

contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to

the customer.

Tangible fixed assets

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

Plant and machinery

-

20% reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present

location and condition. Cost includes material and direct labour costs together with an appropriate proportion of

production overheads.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

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

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.

Hire purchase and leasing commitments

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor,

are charged against profits on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and

are depreciated in accordance with the above depreciation policies.

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable

are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the

finance element, which is charged to the Income Statement on a straight line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2017 - 40 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

13,968

At 31 December 2018

13,968

DEPRECIATION

Charge for year

1,630

At 31 December 2018

1,630

NET BOOK VALUE

At 31 December 2018

12,338

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

582,627

415,991

Other debtors

-

36,000

582,627

451,991

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

360,635

284,756

Amounts owed to group undertakings

-

43,200

Taxation and social security

194,539

83,710

Other creditors

127,368

166,102

682,542

577,768

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

78,000

78,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Other creditors

117,408

156,346

The above amounts are secured by way of a floating charge.

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

83

-

Legal claim

-

22,500

83

22,500

Deferred

Legal

tax

claim

£

£

Balance at 1 January 2018

-

22,500

Charge/(credit) to Income Statement during year

83

(22,500

)

Balance at 31 December 2018

83

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

41,900

Ordinary

£1

41,900

41,900

11.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

12.	ULTIMATE CONTROLLING PARTY

The Company was under the control of its directors throughout the current and previous year by virtue of their interest in

the ordinary share capital of its ultimate parent company, Clyde Fasteners (Holdings) Limited. No individual has overall

control.