South Yorkshire Ducting Supplies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02671387 (England and Wales)

Financial Statements for the Year Ended 31 December 2018

for

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Reynolds

REGISTERED OFFICE:

80 Burton Road

Sheffield

South Yorkshire

S3 8BX

REGISTERED NUMBER:

02671387 (England and Wales)

ACCOUNTANTS:

S Burgess & Co Ltd

11 Slayleigh Avenue

Sheffield

South Yorkshire

S10 3RA

FIXED ASSETS

Tangible assets

4

134,899

146,324

CURRENT ASSETS

Stocks

369,030

321,708

Debtors

5

553,934

457,809

Cash at bank and in hand

16,255

27,058

939,219

806,575

CREDITORS

Amounts falling due within one year

6

733,581

621,578

NET CURRENT ASSETS

205,638

184,997

TOTAL ASSETS LESS CURRENT LIABILITIES

340,537

331,321

CREDITORS

Amounts falling due after more than one year

7

(71,882

)

(20,906

)

PROVISIONS FOR LIABILITIES

(23,702

)

(25,536

)

PENSION LIABILITY

10

(143,000

)

(152,000

)

NET ASSETS

101,953

132,879

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

101,951

132,877

SHAREHOLDER FUNDS

101,953

132,879

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 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 applicable to companies subject to the small companies regime.

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 20 September 2019 and were signed by:

J Reynolds - Director

1.	STATUTORY INFORMATION

South Yorkshire Ducting Supplies 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 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.

The significant accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover comprises the invoiced value of the supply of coiled ductwork and ancillary products,

excluding valued added tax. Turnover is recognised on delivery to the customer.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks, which comprise coiled ductwork, steel coil, and ancillary products, are valued at purchase

cost. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete

and slow-moving stock where appropriate.

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.

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

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 the profit and loss account as incurred.

Pension costs and other post-retirement benefits

The company operates both a defined contribution pension scheme, and a defined benefit pension

scheme.

Contributions payable to the company's defined contribution pension scheme are charged to profit or

loss in the period to which they relate

For the defined benefit pension scheme, the liability recorded in the balance sheet is the present value

of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis

by independent actuaries. Actuarial gains and losses are recognised in full in the period in which they

occur and are shown in Other Comprehensive Income. Current and past service costs, along with

settlements or curtailments, are charged to the Income statement. Interest on pension plan liabilities

are recognised within finance expenses.

Debtors and creditors due within one year

Debtors and creditors with no stated interest rate, which are due within one year, are stated at the

transaction price. Any losses arising from impairment are recognised in the statement of

comprehensive income within administrative expenses.

Impairment

At each balance sheet date, assets are reviewed to determine whether there is any indication that any

of the individual assets have suffered an impairment. If such indication exists, the recoverable amount

of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount.

Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the

statement of comprehensive income.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a

result of a past event, and it is probable that an outflow of economic benefits will be required to settle

the obligation and a reliable estimate can be made. Provisions are measured at the present value of the

expenditures expected to be required to settle the obligation, taking into account the risks and

uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2017 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

286,421

10,833

28,750

22,559

348,563

Additions

15,683

4,182

-

-

19,865

At 31 December 2018

302,104

15,015

28,750

22,559

368,428

DEPRECIATION

At 1 January 2018

173,634

5,659

1,796

21,150

202,239

Charge for year

23,294

1,871

5,773

352

31,290

At 31 December 2018

196,928

7,530

7,569

21,502

233,529

NET BOOK VALUE

At 31 December 2018

105,176

7,485

21,181

1,057

134,899

At 31 December 2017

112,787

5,174

26,954

1,409

146,324

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2018

and 31 December 2018

100,732

28,750

129,482

DEPRECIATION

At 1 January 2018

3,375

1,796

5,171

Charge for year

19,471

5,773

25,244

At 31 December 2018

22,846

7,569

30,415

NET BOOK VALUE

At 31 December 2018

77,886

21,181

99,067

At 31 December 2017

97,357

26,954

124,311

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

506,073

441,680

Other debtors

5,204

2,722

Directors' current accounts

41,700

-

Prepayments

957

13,407

553,934

457,809

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts (see note 8)

23,994

7,441

Trade creditors

331,200

299,820

Corporation tax

21,529

11,140

Social security and other taxes

6,894

12,828

VAT

47,958

28,817

Other creditors

3,943

1,714

RBS invoice discounting

287,187

249,579

Accruals & deferred income

10,876

10,239

733,581

621,578

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.18

31.12.17

£

£

Hire purchase contracts (see note 8)

71,882

20,906

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.18

31.12.17

£

£

Net obligations repayable:

Within one year

23,994

7,441

Between one and five years

71,882

20,906

95,876

28,347

Non-cancellable

operating leases

31.12.18

31.12.17

£

£

Within one year

50,830

50,830

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

4

Ordinary

10p

-

-

16

A Ordinary

10p

2

2

2

2

10.	EMPLOYEE BENEFIT OBLIGATIONS

The company has agreed to fund a defined benefit pension scheme in respect of key employees. The

most recent actuarial valuation of the obligations of £143,000 (2017 £152,000) was on 31 December

2018. During the year the expense incurred was £4,000 (2017 £152,000).

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

31.12.18

31.12.17

£

£

Present value of funded obligations

-

-

Fair value of plan assets

-

-

-

-

Present value of unfunded obligations

(143,000

)

(152,000

)

Deficit

(143,000

)

(152,000

)

Net liability

(143,000

)

(152,000

)

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

31.12.18

31.12.17

£

£

Current service cost

-

-

Net interest from net defined benefit asset/liability

4,000

2,000

Past service cost

-

-

4,000

2,000

Actual return on plan assets

-

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

31.12.18

31.12.17

£

£

Opening defined benefit obligation

152,000

-

Current service cost

-

150,000

Interest cost

4,000

2,000

Actuarial losses/(gains)

(13,000

)

-

143,000

152,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

31.12.18

31.12.17

£

£

-

-

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

31.12.18

31.12.17

£

£

Actuarial gains/(losses)

13,000

-

13,000

-

The major categories of scheme assets as amounts of total scheme assets are as follows:

31.12.18

31.12.17

£

£

-

-

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.18

31.12.17

Discount rate

2.80%

2.50%

Inflation RPI

3.10%

3.10%

Inflation CPI

2.00%

2.00%

Pre and post retirement mortality - S2PA tables with improvements in the CMI 2017 model and a long

term rate of improvement of 1.25%

Defined contribution scheme

There were no amounts owing to the defined contribution pension scheme at the year end.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the director's current account of J Reynolds became overdrawn in the total sum of

£41,700. The director's current account first became overdrawn in October 2018 in the sum of

£13,260. Subsequent drawings were made so that at the 31 December 2018 the total amount

overdrawn was £41,700. This amount was repaid via a dividend in January 2019. Interest has been

charged by the company on the director's overdrawn balance between October 2018 and January

2019.