Temple Mill Fabrications Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04297069 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

TEMPLE MILL FABRICATIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S J Mills

J J Wright

E Wright

REGISTERED OFFICE:

2 Blacksmith Way

Shirebrook

Mansfield

Nottinghamshire

NG20 8FR

REGISTERED NUMBER:

04297069 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,229,582

1,256,262

CURRENT ASSETS

Stocks

1,800

1,800

Debtors

5

738,796

447,843

Cash at bank

7,521

112,278

748,117

561,921

CREDITORS

Amounts falling due within one year

6

421,841

354,588

NET CURRENT ASSETS

326,276

207,333

TOTAL ASSETS LESS CURRENT LIABILITIES

1,555,858

1,463,595

CREDITORS

Amounts falling due after more than one year

7

(588,414

)

(466,087

)

PROVISIONS FOR LIABILITIES

(54,751

)

(58,526

)

NET ASSETS

912,693

938,982

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

9

346,280

346,280

Retained earnings

566,411

592,700

912,693

938,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 9 April 2019 and were signed on its behalf by:

E Wright - Director

J J Wright - Director

S J Mills - Director

1.	STATUTORY INFORMATION

Temple Mill Fabrications 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 as modified by the revaluation of certain assets.

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 assets

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.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on reducing balance

Government grants

Grants received towards the capital cost of fixed assets are recognised in the profit and loss account over the life of the

asset, in line with the depreciation policy.

Grants received towards revenue expenditure are recognised when the expenditure has been incurred.

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 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.

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 34 (2017 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 October 2017

1,280,203

263,869

1,544,072

Additions

-

14,390

14,390

At 30 September 2018

1,280,203

278,259

1,558,462

DEPRECIATION

At 1 October 2017

76,315

211,495

287,810

Charge for year

25,604

15,466

41,070

At 30 September 2018

101,919

226,961

328,880

NET BOOK VALUE

At 30 September 2018

1,178,284

51,298

1,229,582

At 30 September 2017

1,203,888

52,374

1,256,262

Cost or valuation at 30 September 2018 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2008

183,324

-

183,324

Valuation in 2015

107,176

-

107,176

Cost

989,703

278,259

1,267,962

1,280,203

278,259

1,558,462

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2018

2017

£

£

Cost

989,702

989,702

Aggregate depreciation

181,478

181,478

Value of land in freehold land and buildings

808,224

808,224

Freehold land and buildings were valued on an open market basis on 23 April 2015 by Innes England .

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

Plant and

machinery

etc

£

COST OR VALUATION

At 1 October 2017

40,324

Additions

7,400

At 30 September 2018

47,724

DEPRECIATION

At 1 October 2017

22,339

Charge for year

5,267

At 30 September 2018

27,606

NET BOOK VALUE

At 30 September 2018

20,118

At 30 September 2017

17,985

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

357,107

332,996

Other debtors

381,689

114,847

738,796

447,843

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

91,581

41,580

Hire purchase contracts

7,131

6,741

Trade creditors

129,033

116,856

Taxation and social security

168,232

167,076

Other creditors

25,864

22,335

421,841

354,588

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

519,150

380,575

Hire purchase contracts

4,033

4,434

Other creditors

65,231

81,078

588,414

466,087

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

145,837

196,622

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

610,731

422,155

The bank loans are secured by a debenture by Temple Mill Engineering Limited, a company in which the directors have

a controlling interest, and by personal guarantees given by the directors of the company.

9.

RESERVES

Revaluation

reserve

£

At 1 October 2017

and 30 September 2018

346,280

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2018 and

30 September 2017:

2018

2017

£

£

E Wright

Balance outstanding at start of year

31,822

14,015

Amounts advanced

62,507

32,807

Amounts repaid

(32,000

)

(15,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

62,329

31,822

J J Wright

Balance outstanding at start of year

23,579

5,388

Amounts advanced

67,439

70,199

Amounts repaid

(34,000

)

(52,008

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

57,018

23,579

S J Mills

Balance outstanding at start of year

26,250

629

Amounts advanced

45,186

57,813

Amounts repaid

(26,500

)

(32,192

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

44,936

26,250

11.	RELATED PARTY DISCLOSURES

Temple Mill Engineering Limited

A company controlled by Mr E Wright, director

During the year Temple Mill Fabrications Limited has supplied and purchased labour and steel at normal commercial

rates from Temple Mill Engineering Limited, a company in which the directors have a controlling shareholding.

During the year Temple Mill Fabrications Limited has purchased goods and labour and been recharged for expenses to

the value of £75,147 (2017: £48,920) and sold goods and labour to the value of £471,182 (2017: £792,249) to Temple

Mill Engineering Limited.

Due to the trading activity between the two companies at the year end Temple Mill Engineering Limited owe £98,137

(2017: £209,067) to Temple Mill Fabrications Limited, and Temple Mill Fabrications Limited owe £13,135 (2017:

£7,675) to Temple Mill Engineering Limited.

There are inter-company loans between the two companies; included in other debtors at the year end is a balance due

from Temple Mill Engineering Limited amounting to £205,085 (2017: £22,535).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is J J Wright and E Wright.