Clyde Fasteners Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC042783 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

CLYDE FASTENERS LIMITED

Page

Company information

1

Abbreviated balance sheet

2

Notes to the abbreviated accounts

4

DIRECTORS:

J L Boyd

G C Russell

SECRETARY:

J L Boyd

REGISTERED OFFICE:

5 Hawbank Road

East Kilbride

G74 5ET

REGISTERED NUMBER:

SC042783 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

2

319,105

227,438

CURRENT ASSETS

Stocks

268,255

305,186

Debtors

669,751

679,893

Cash at bank

157,965

94,668

1,095,971

1,079,747

CREDITORS

Amounts falling due within one year

3

649,697

617,794

NET CURRENT ASSETS

446,274

461,953

TOTAL ASSETS LESS CURRENT LIABILITIES

765,379

689,391

CREDITORS

Amounts falling due after more than one year

3

(62,880

)

-

PROVISIONS FOR LIABILITIES

(36,161

)

(25,000

)

NET ASSETS

666,338

664,391

CAPITAL AND RESERVES

Called up share capital

4

41,900

41,900

Profit and loss account

624,438

622,491

SHAREHOLDERS' FUNDS

666,338

664,391

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 13 April 2015 and were signed on its behalf by:

G C Russell - Director

J L Boyd - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

The Company has adopted the Financial Reporting Standard for Smaller Entities (effective April 2008) and is consequently

exempt from the requirement to include a cash flow statement in the financial statements.

Turnover

The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns

received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled

its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred

to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the useful

economic life of that asset as follows:

Plant and machinery - 20% reducing balance

Motor vehicles - 20% reducing balance

Stocks

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

items.

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present

location and condition. Cost includes material and direct labour costs together with an appropriate proportion of

production overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to

pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax

assets and liabilities recognised have not been discounted.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the

transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities

are translated at year end exchange rates or, where appropriate, at rate of exchange fixed under the terms of relevant

transaction. The resulting exchange rate differences are charges to the profit and loss account.

Operating lease agreements

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor,

are charged against profits on a straight line basis over the period of the lease.

Pensions

The Company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit

and loss account.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

If a financial instrument contains both an equity and a liability element, then the liability element is first established with

any residual value being disclosed within equity shareholders' funds. The liability element is the present value of the future

payments guaranteed to be made to the holders of the financial instrument.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and credited to the profit and loss

account over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue expenditure are credited to the profit and loss account in the period to which

they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2014

1,100,782

Additions

146,898

At 31 December 2014

1,247,680

DEPRECIATION

At 1 January 2014

873,344

Charge for year

55,231

At 31 December 2014

928,575

NET BOOK VALUE

At 31 December 2014

319,105

At 31 December 2013

227,438

3.

CREDITORS

Creditors include an amount of £ 101,760 (2013 - £ 1,061 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

41,900

Ordinary

£1

41,900

41,900

5.	ULTIMATE PARENT COMPANY

Clyde Fasteners (Holdings)Limited is regarded by the directors as being the Company's ultimate parent company.