Metal Fabrication Company (Cardiff) Ltd - Accounts to registrar (filleted) - small 18.2
Metal Fabrication Company (Cardiff) Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| METAL FABRICATION COMPANY (CARDIFF) LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| METAL FABRICATION COMPANY (CARDIFF) LTD (REGISTERED NUMBER: 00552565) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| METAL FABRICATION COMPANY (CARDIFF) LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Elfed House |
| Oak Tree Court |
| Cardiff Gate Business Park |
| CARDIFF |
| County of Cardiff |
| CF23 8RS |
| METAL FABRICATION COMPANY (CARDIFF) LTD (REGISTERED NUMBER: 00552565) |
| BALANCE SHEET |
| 31 AUGUST 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Revaluation reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved for issue by the Board of Directors and authorised for issue on and were signed on its behalf by: |
| METAL FABRICATION COMPANY (CARDIFF) LTD (REGISTERED NUMBER: 00552565) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 1. | STATUTORY INFORMATION |
| Metal Fabrication Company (Cardiff) 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 company's functional and presentational currency in the financial statements is Sterling (£), rounded to the |
| nearest pound. |
| The significant accounting policies applied in the presentation of these financial statements are set out below. |
| These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company has early adopted the 'Triennial review 2017 amendments'. |
| There have been no material departures from Financial Reporting Standard 102 1A. |
| Turnover |
| Turnover represents amounts billed and billable in respect of the manufacture and supply of metal products |
| during the year, excluding value added tax. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life. |
| Land and buildings | - 40 yrs straight line on revalued amounts |
| Plant and machinery etc. | - 12.5% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Tangible fixed assets are stated at cost less accumulated depreciation apart from land and buildings. Cost |
| includes costs directly attributable to making the asset capable of operating as intended.Freehold property |
| within tangible fixed assets are stated at fair value. Gains are recognised in the profit and loss account. |
| Stocks and work in progress |
| Stock and work in progress have been valued at the lower of cost and estimated selling price less costs to sell. |
| In respect of work in progress, cost includes a relevant proportion of overheads. |
| Taxation |
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and |
| is calculated using the tax rates and laws that have been enacted or substantively enacted at 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. |
| Leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| METAL FABRICATION COMPANY (CARDIFF) LTD (REGISTERED NUMBER: 00552565) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Employee benefits |
| When employees have rendered service to the company, short-term employee benefits to which the employees |
| are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| Non-derivative financial instruments |
| Basic financial instruments are recognised at amortised cost. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold |
| land and | Plant and | Motor |
| buildings | machinery | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2018 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2019 |
| DEPRECIATION |
| At 1 September 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2019 |
| NET BOOK VALUE |
| At 31 August 2019 |
| At 31 August 2018 |
| The freehold property is stated at a 2011 valuation of £750,000.The directors who do not have formal valuation |
| qualifications do not believe that the fair value of the freehold property is materially different to the carrying value |
| in the accounts. |
| If the freehold property was carried under the cost model, the carrying value would be £358,270. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Corporation tax |
| Prepayments |
| METAL FABRICATION COMPANY (CARDIFF) LTD (REGISTERED NUMBER: 00552565) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 50,272 | 98,820 |
| Pension creditor | 6,843 | 3,461 |
| Net Wages | 9,053 | 8,503 |
| Deferred income |
| Accrued expenses |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary shares | £1 | 474 | 474 |
| 8. | OTHER FINANCIAL COMMITMENTS |
| The total amount of commitments is £4,562 (2018: £9,012) in respect of operating leases. |