Schwer Fittings Limited
Schwer Fittings Limited
Registered number: 2885060
Financial Statements
For The Year Ended
31 December 2019
Schwer Fittings Limited
Financial Statements
For The Year Ended
31 December 2019
Financial Statements
Contents | |
Page | |
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Statement of Financial Position | 1—2 |
Notes to the Financial Statements | 3—7 |
Schwer Fittings Limited
Statement of Financial Position
As at
31 December 2019
Statement of Financial Position
Registered number:
2885060
2019 | 2018 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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Investments | 5 |
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CURRENT ASSETS | |||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital |
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Income Statement |
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SHAREHOLDERS' FUNDS | 3,231,947 | 2,944,953 | |||
Page 1
Schwer Fittings Limited
Statement of Financial Position (continued)
As at
31 December 2019
Directors' responsibilities:
-
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Schwer Fittings Limited
Notes to the Financial Statements
For The Year Ended
31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold |
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Plant & Machinery |
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Motor Vehicles |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Schwer Fittings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
1.6.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Including directors, the average number of employees over the year was 17 (2018: 18)
Page 4
Schwer Fittings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
4.
Tangible Assets
Land & Property | ||||
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Leasehold | Plant & Machinery | Motor Vehicles | Total | |
£ | £ | £ | £ | |
Cost | ||||
As at
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Additions |
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Disposals |
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As at
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Depreciation | ||||
As at
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Provided during the period |
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Disposals |
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As at
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Net Book Value | ||||
As at
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As at
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5.
Investments
Unlisted | |
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£ | |
Cost | |
As at
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100 |
As at
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100 |
Provision | |
As at
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As at
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Net Book Value | |
As at
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100 |
As at
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100 |
This represents the cost of 100% of the ordinary share capital of Triloc Limited, a company incorporated in England and Wales. Triloc Limited has been dormant since September 2013. The net assets of the company are £100.
Page 5
Schwer Fittings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
6.
Debtors
2019 | 2018 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors |
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Amounts owed by group undertakings |
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Due after more than one year | |||
Amounts owed by group undertakings |
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7.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 | ||
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£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Amounts owed to group undertakings |
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8.
Deferred Taxation
2019 | 2018 | ||
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£ | £ | ||
Accelerated capital allowances |
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Page 6
Schwer Fittings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
9.
Related Party Transactions
Schwer Fittings Limited has transactions at open market value with other group companies.
In the year ended
31 December 2019
:
- The sales to group companies were £522,353 ( 2018 - £488,389)
- The purchase from group companies were £1,323,844 ( 2018 - £1,468,929 )
The outstanding balances at
31 December 2019
were:
- Amounts owed by group companies were £168,339 ( 2018 - £215,169 )
- Amounts owed to group companies were £121,468 ( 2018 - £70,306 )
10.
Ultimate Parent Undertaking and Controlling Party
Schwer Fittings GmbH
is incorporated in Germany.
The company's immediate and ultimate parent undertaking is
Schwer Fittings GmbH
.
Copies of the group accounts may be obtained from the secretary,
Hans - Schwer - Plattz1: D-78588 Denkingen
.
The ultimate controlling party is
B Schwer
who controls
Schwer Fittings GmbH
.
11.
Audit Information
The auditors report on the account of Schwer Fittings Limited for the year ended 31 December 2019 was unqualified
The auditor's report was signed by
Kevin Begley
(Senior Statutory Auditor)
for and on behalf of
Walker Begley Limited - Warrington, Chartered Accountants and
, Statutory Auditor
12.
General Information
Schwer Fittings Limited
is a private company, limited by shares; Registered number
2885060
The Company is incorporated in England & Wales.
The registered office is Unit 20, Wharf Employment Area, Howley Warrington, Cheshire, WA1 2HT.
Page 7