Galvanised Sheets & Coil Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01035162 (England and Wales)

GALVANISED SHEETS & COIL LIMITED

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Report of the Director

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTOR:

D W Broadhurst

REGISTERED OFFICE:

Doris Road

Bordesley Green

Birmingham

West Midlands

B9 4SJ

REGISTERED NUMBER:

01035162 (England and Wales)

AUDITORS:

Sephton & Company LLP

Chartered Certified Accountants

Statutory Auditors

Marston House

5 Elmdon Lane

Marston Green

Solihull

West Midlands

B37 7DL

The director presents his report with the financial statements of the company for the year ended 31 December 2019.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

D W Broadhurst held office during the whole of the period from 1 January 2019 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with

applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director

has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve

the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and

of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a

director in order to make himself aware of any relevant audit information and to establish that the company's auditors are

aware of that information.

AUDITORS

The auditors, Sephton & Company LLP, will be proposed for re-appointment at the forthcoming Annual General

Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

D W Broadhurst - Director

22 September 2020

FIXED ASSETS

Tangible assets

4

62,879

162,593

CURRENT ASSETS

Stocks

1,567,554

2,365,448

Debtors

5

2,671,197

3,136,632

Cash at bank and in hand

2,621,651

1,704,470

6,860,402

7,206,550

CREDITORS

Amounts falling due within one year

6

1,078,973

1,429,943

NET CURRENT ASSETS

5,781,429

5,776,607

TOTAL ASSETS LESS CURRENT LIABILITIES

5,844,308

5,939,200

PROVISIONS FOR LIABILITIES

1,381

18,841

NET ASSETS

5,842,927

5,920,359

CAPITAL AND RESERVES

Called up share capital

51

51

Capital redemption reserve

49

49

Retained earnings

5,842,827

5,920,259

SHAREHOLDERS' FUNDS

5,842,927

5,920,359

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 and authorised for issue on 22 September 2020 and were signed by:

D W Broadhurst - Director

1.	STATUTORY INFORMATION

Galvanised Sheets & Coil 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.	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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2018 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

562,258

55,879

335,934

30,606

984,677

Disposals

-

-

(101,750

)

-

(101,750

)

At 31 December 2019

562,258

55,879

234,184

30,606

882,927

DEPRECIATION

At 1 January 2019

528,025

52,986

210,467

30,606

822,084

Charge for year

5,114

422

10,428

-

15,964

Eliminated on disposal

-

-

(18,000

)

-

(18,000

)

At 31 December 2019

533,139

53,408

202,895

30,606

820,048

NET BOOK VALUE

At 31 December 2019

29,119

2,471

31,289

-

62,879

At 31 December 2018

34,233

2,893

125,467

-

162,593

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

2,357,024

3,064,095

Other debtors

314,173

72,537

2,671,197

3,136,632

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

850,276

1,080,475

Taxation and social security

155,133

228,897

Other creditors

73,564

120,571

1,078,973

1,429,943

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

4,630

4,630

Between one and five years

768

5,402

5,398

10,032

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Douglas Connell (Senior Statutory Auditor)

for and on behalf of Sephton & Company LLP

9.	POST BALANCE SHEET EVENTS

On the 18 June 2020 the Company completed a buy back of ordinary shares, this has impacted on the

distributable reserves.