Shaw Sheet Metal (Rugby) Limited 31/07/2019 iXBRL

Shaw Sheet Metal (Rugby) Limited 31/07/2019 iXBRL

SHAW SHEET METAL (RUGBY) LIMITED - Company Information

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Company registration number: 2589661
SHAW SHEET METAL (RUGBY) LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 July 2019
Kilworth Accountancy Limited
Oak Tree House
North Road
South Kilworth
Lutterworth
Leicestershire
LE17 6DU
SHAW SHEET METAL (RUGBY) LIMITED
CONTENTS
Statement of financial position
Notes to the financial statements
SHAW SHEET METAL (RUGBY) LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 764,037 826,039
Investments 6 4,624 -
_______ _______
768,661 826,039
Current assets
Stocks 7 196,015 65,023
Debtors 8 1,383,841 1,407,277
Cash at bank and in hand 489 14
_______ _______
1,580,345 1,472,314
Creditors: amounts falling due
within one year 9 ( 843,930) ( 1,006,200)
_______ _______
Net current assets 736,415 466,114
_______ _______
Total assets less current liabilities 1,505,076 1,292,153
Creditors: amounts falling due
after more than one year 10 ( 209,933) ( 116,820)
Provisions for liabilities ( 124,223) ( 134,350)
_______ _______
Net assets 1,170,920 1,040,983
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,170,918 1,040,981
_______ _______
Shareholders funds 1,170,920 1,040,983
_______ _______
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 December 2019 , and are signed on behalf of the board by:
PJR Shaw
Director
Company registration number: 2589661
SHAW SHEET METAL (RUGBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the Registered Office is Deep Meadow, 137 London Road, Stretton on Dunsmore, Warkwickshire, CV23 9JB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland 'and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% reducing balance basis
Fittings fixtures and equipment - 25% reducing balance basis
Motor vehicles - 25% reducing balance basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Average number of employees
The average number of persons employed by the company during the year amounted to 20 (2018: 21 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2018 2,458,028 26,764 105,581 2,590,373
Additions 66,503 7,600 80,956 155,059
_______ _______ _______ _______
At 31 July 2019 2,524,531 34,364 186,537 2,745,432
_______ _______ _______ _______
Depreciation
At 1 August 2018 1,687,692 19,225 57,417 1,764,334
Charge for the year 198,145 4,736 14,180 217,061
_______ _______ _______ _______
At 31 July 2019 1,885,837 23,961 71,597 1,981,395
_______ _______ _______ _______
Carrying amount
At 31 July 2019 638,694 10,403 114,940 764,037
_______ _______ _______ _______
At 31 July 2018 770,336 7,539 48,164 826,039
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 August 2018 - -
Additions 4,624 4,624
_______ _______
At 31 July 2019 4,624 4,624
_______ _______
Impairment
At 1 August 2018 and 31 July 2019 - -
_______ _______
Carrying amount
At 31 July 2019 4,624 4,624
_______ _______
At 31 July 2018 - -
_______ _______
7. Stocks
2019 2018
£ £
Raw materials 178,400 41,200
Work in progress 17,615 23,823
_______ _______
196,015 65,023
_______ _______
8. Debtors
2019 2018
£ £
Trade debtors 475,075 560,389
Other debtors 908,766 846,888
_______ _______
1,383,841 1,407,277
_______ _______
9. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 128,006 228,565
Trade creditors 251,124 384,870
Corporation tax 205,751 150,285
Social security and other taxes 84,151 16,834
Other creditors 174,898 225,646
_______ _______
843,930 1,006,200
_______ _______
The company has given security in respect of the bank overdraft.
10. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 209,933 116,820
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward Advances to the director Amounts repaid Balance carried forward
£ £ £ £
PJR Shaw 727,199 546,136 ( 641,995) 631,340
_______ _______ _______ _______