Willsden Steel Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02053948 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2018

FOR

WILLSDEN STEEL LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

R J Mustill

G R Binns

REGISTERED OFFICE:

Unit 1

Airfield Business Park

Elvington

York

North Yorkshire

YO41 4AU

REGISTERED NUMBER:

02053948 (England and Wales)

ACCOUNTANT:

CGA

Chartered Certified Accountants

3 & 4 Park Court

Riccall Road

Escrick

York

North Yorkshire

YO19 6ED

FIXED ASSETS

Tangible assets

4

44,729

55,508

CURRENT ASSETS

Stocks

210,895

349,923

Debtors

5

401,038

419,035

Cash at bank and in hand

146,893

164,734

758,826

933,692

CREDITORS

Amounts falling due within one year

6

355,055

534,839

NET CURRENT ASSETS

403,771

398,853

TOTAL ASSETS LESS CURRENT LIABILITIES

448,500

454,361

PROVISIONS FOR LIABILITIES

8,499

10,547

NET ASSETS

440,001

443,814

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Retained earnings

425,001

428,814

SHAREHOLDERS' FUNDS

440,001

443,814

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 1st April 2019 and were signed on its behalf by:

R J Mustill - Director

G R Binns - Director

1.	STATUTORY INFORMATION

Willsden Steel 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. 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 and represents amounts

receivable for goods supplied and services rendered stated net of discounts and of Value Added Tax.

Income is recognised when the have been delivered to customers such that the risks and rewards of ownership

have transferred to them.

Tangible fixed assets

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

Short leasehold

-

Over term of lease

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

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

slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st January 2018

9,610

55,477

69,894

2,255

137,236

Additions

-

-

-

533

533

Disposals

-

(5,750

)

-

-

(5,750

)

At 31st December 2018

9,610

49,727

69,894

2,788

132,019

DEPRECIATION

At 1st January 2018

9,610

42,790

28,709

619

81,728

Charge for year

-

2,512

8,237

434

11,183

Eliminated on disposal

-

(5,621

)

-

-

(5,621

)

At 31st December 2018

9,610

39,681

36,946

1,053

87,290

NET BOOK VALUE

At 31st December 2018

-

10,046

32,948

1,735

44,729

At 31st December 2017

-

12,687

41,185

1,636

55,508

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

370,216

376,981

Other debtors

30,822

42,054

401,038

419,035

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

263,719

485,503

Taxation and social security

87,839

46,355

Other creditors

3,497

2,981

355,055

534,839

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

R Mustill

During the year under review the director made transactions with the company.

The company made advances totalling £nil (2017 - £30,000) and this was offset by credits totalling £5,000 (2017

- £nil).

At the year end, the amount owed by the director to the company was £5,000 (2017 - £10,000) and this is

included within other debtors.

G Binns

During the year under review the director made transactions with the company.

The company made advances totalling £nil (2017 - £30,000) and this was offset by credits totalling £5,000 (2017

- £nil).

At the year end, the amount owed by the director to the company was £5,000 (2017 - £10,000) and this is

included within other debtors.

The loans above are unsecured, interest free and repayable on demand.

There are no conditions attached to advances to the directors, however, the directors must ensure that this is not

detrimental to the company.