Coday Sheet Metal Fab (GY) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01324817 (England and Wales)

Coday Sheet Metal Fabrications (Great

Yarmouth) Limited

Unaudited financial statements

For the year ended

31st October 2018

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

8

Director:

S J Rossage

Secretary:

S J Rossage

Registered office:

Unit E Salmon Road

Great Yarmouth

Norfolk

NR30 3QS

Registered number:

01324817 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

170 High Street

Gorleston

Great Yarmouth

Norfolk

NR31 6RG

Fixed assets

Tangible assets

5

233,361

233,685

Current assets

Stocks

11,500

8,000

Debtors

6

98,426

88,833

Cash at bank and in hand

97,780

87,986

207,706

184,819

Creditors

Amounts falling due within one year

7

137,834

126,661

Net current assets

69,872

58,158

Total assets less current liabilities

303,233

291,843

Creditors

Amounts falling due after more than one year

8

(44,179

)

(60,402

)

Provisions for liabilities

(33,515

)

(36,052

)

Net assets

225,539

195,389

Capital and reserves

Called up share capital

9

12,000

12,000

Retained earnings

213,539

183,389

Shareholders' funds

225,539

195,389

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 director on 27th June 2019 and were signed by:

S J Rossage - Director

1.	Statutory information

Coday Sheet Metal Fabrications (Great Yarmouth) 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.

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

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed asset

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.

Long leasehold

-

over the lease term

Improvements to property

-

2% on cost

Plant and machinery

-

15% on reducing balance, Straight line over 15 years and Straight line over 3 years

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

15% on reducing balance

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs

in bringing stocks to their present location and condition.

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.

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 profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

Grants received

Grants received towards the cost of fixed assets are treated as deferred income and released to the profit

and loss account over the useful life of the asset concerned.

4.	Employees and directors

The average number of employees during the year was 9 (2017 - 8 ) .

5.	Tangible fixed assets

Improvements

Long

to

Plant and

leasehold

property

machinery

£

£

£

Cost

At 1st November 2017

52,029

-

318,091

Additions

-

14,293

8,348

Disposals

-

-

(7,528

)

At 31st October 2018

52,029

14,293

318,911

Depreciation

At 1st November 2017

8,093

-

140,378

Charge for year

1,156

108

17,316

Eliminated on disposal

-

-

(4,884

)

At 31st October 2018

9,249

108

152,810

Net book value

At 31st October 2018

42,780

14,185

166,101

At 31st October 2017

43,936

-

177,713

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

Cost

At 1st November 2017

11,668

16,795

8,402

406,985

Additions

294

-

-

22,935

Disposals

(163

)

-

-

(7,691

)

At 31st October 2018

11,799

16,795

8,402

422,229

Depreciation

At 1st November 2017

8,093

15,541

1,195

173,300

Charge for year

559

313

1,081

20,533

Eliminated on disposal

(81

)

-

-

(4,965

)

At 31st October 2018

8,571

15,854

2,276

188,868

Net book value

At 31st October 2018

3,228

941

6,126

233,361

At 31st October 2017

3,575

1,254

7,207

233,685

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

Cost

At 1st November 2017

164,015

Additions

7,800

Transfer to ownership

(25,345

)

At 31st October 2018

146,470

Depreciation

At 1st November 2017

21,359

Charge for year

12,529

Transfer to ownership

(14,099

)

At 31st October 2018

19,789

Net book value

At 31st October 2018

126,681

At 31st October 2017

142,656

6.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

97,896

88,251

Other debtors

530

582

98,426

88,833

7.

Creditors: amounts falling due within one year

2018

2017

£

£

Hire purchase contracts

22,604

24,203

Trade creditors

36,108

30,892

Taxation and social security

35,447

26,765

Other creditors

43,675

44,801

137,834

126,661

8.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Hire purchase contracts

44,179

60,402

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

12,000

Ordinary

£1

12,000

12,000

10.	Director's advances, credits and guarantees

On 15.09.2015 by way of a Debenture the company agreed to provide security for a loan taken out by Mr S

Rossage director of the company with Retail Money Market Limited t/a Ratesetter. The company provided a

fixed and floating charge over all of it's assets in respect of all the Secured Obligations under the agreement.

11.	Deferred income

Included in other creditors is £39,867 received from the New Anglia Local Enterprise Partnership Growing

Business Fund towards the cost of a new cutting machine. This was installed in October 2016. The grant is

being released to profit and loss over the expected useful life of the machine being 15 years which has

commenced in the year ended 31 October 2017.