A1 Steel Buildings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05520322 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018

FOR

A1 STEEL BUILDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D Bierton

SECRETARY:

Mrs J Bierton

REGISTERED OFFICE:

Old Station Yard

Egmanton Road

Tuxford

Nottinghamshire

NG22 0NR

REGISTERED NUMBER:

05520322 (England and Wales)

FIXED ASSETS

Tangible assets

5

265,848

266,465

CURRENT ASSETS

Stocks

63,000

76,640

Debtors

6

3,918

12,494

Cash at bank and in hand

53,342

7,581

120,260

96,715

CREDITORS

Amounts falling due within one year

7

72,250

82,157

NET CURRENT ASSETS

48,010

14,558

TOTAL ASSETS LESS CURRENT LIABILITIES

313,858

281,023

CREDITORS

Amounts falling due after more than one year

8

(179,228

)

(186,186

)

PROVISIONS FOR LIABILITIES

(4,720

)

(3,510

)

NET ASSETS

129,910

91,327

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

129,810

91,227

SHAREHOLDERS' FUNDS

129,910

91,327

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 29 April 2019 and were signed by:

D Bierton - Director

1.	STATUTORY INFORMATION

A1 Steel Buildings 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 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.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified

within these accounting policies.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

No significant judgements have had to be made by the directors in preparing these financial statements.

REVENUE

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and

the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or

receivable in respect od sales of steel buildings and associated works, excluding discounts, rebates, value added

tax and other sales taxes.

The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- The Company has transferred the significant risks and rewards of ownership to the buyer;

- The Company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- The amount of turnover can be measured reliably;

- It is probable that the Company will receive the consideration due under the transaction; and

- The costs incurred or to be incurred in respect of the transaction can be measured reliably.

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any

accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the

asset to the location and condition necessary for it to be capable of operating in the manner intended by

management.

Depreciation is charged so as to allocate the cost of assets less their estimated residual value over their estimated

useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Freehold property - 2%

Plant and machinery - 20%

Fixtures and fittings - 10%

Computer equipment - 10%

Motor vehicles - 25%

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing thee proceeds with the carrying amount and are

recognised in the Statement of income and retained earnings.

STOCK AND WORK IN PROGRESS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to

complete and sell. Cost is based on the cost of purchase of each respective building held. Materials cost is based

on the cost of purchase using the first in, first out basis. Work in progress and finished goods are stated at cost

price and include labour. Costs include all direct costs in bringing the stock or work in progress to its present

condition. Losses on building sales are recognised as soon as they are identified.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in

profit or loss.

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.

OPERATING LEASES

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease

term.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 August 2017

275,000

65,411

5,910

27,490

373,811

Additions

-

-

-

29,440

29,440

Disposals

-

-

-

(13,700

)

(13,700

)

At 31 July 2018

275,000

65,411

5,910

43,230

389,551

DEPRECIATION

At 1 August 2017

33,000

57,401

3,690

13,255

107,346

Charge for year

5,500

2,195

477

8,185

16,357

At 31 July 2018

38,500

59,596

4,167

21,440

123,703

NET BOOK VALUE

At 31 July 2018

236,500

5,815

1,743

21,790

265,848

At 31 July 2017

242,000

8,010

2,220

14,235

266,465

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

1,305

Other debtors

3,918

11,189

3,918

12,494

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

6,877

20,385

Trade creditors

11,452

19,624

Taxation and social security

18,169

15,271

Other creditors

35,752

26,877

72,250

82,157

Included in other creditors is an amount owing to the director of £18,551 (2017 - £6,089).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

179,228

186,186

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

146,965

157,850

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

14,192

Bank loans

186,105

192,379

186,105

206,571

The bank loans and overdraft are secured by a first charge over the freehold property and a debenture over the

remaining assets of the company.

10.	CONTROLLING PARTY

The controlling party is D Bierton.