Aberdeen Sheet Metal Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC464761 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Aberdeen Sheet Metal Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D B Gribble

Mr A Robertson

REGISTERED OFFICE:

Johnstone House 52-54 Rose Street

Aberdeen

AB10 1HA

REGISTERED NUMBER:

SC464761 (Scotland)

ACCOUNTANTS:

SBP

Accountants

42 Queens Road

Aberdeen

AB15 4YE

FIXED ASSETS

Tangible assets

4

83,882

109,944

CURRENT ASSETS

Stocks

7,500

4,500

Debtors

5

320,179

300,402

Cash at bank and in hand

15,472

18,243

343,151

323,145

CREDITORS

Amounts falling due within one year

6

234,071

262,019

NET CURRENT ASSETS

109,080

61,126

TOTAL ASSETS LESS CURRENT LIABILITIES

192,962

171,070

CREDITORS

Amounts falling due after more than one year

7

(33,877

)

(50,524

)

PROVISIONS FOR LIABILITIES

(6,753

)

(12,292

)

NET ASSETS

152,332

108,254

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

199,975

199,975

Retained earnings

(47,743

)

(91,821

)

152,332

108,254

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2020 and were signed on its behalf by:

Mr A Robertson - Director

1.	STATUTORY INFORMATION

Aberdeen Sheet Metal Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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

-

20% on cost

Fixtures and fittings

-

25% on cost and 25% on reducing balance

Motor vehicles

-

25% on cost and 25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2019

90,916

2,008

83,053

2,508

178,485

Additions

435

-

-

-

435

At 31 March 2020

91,351

2,008

83,053

2,508

178,920

DEPRECIATION

At 1 April 2019

51,560

1,400

13,575

2,006

68,541

Charge for year

8,542

411

17,369

175

26,497

At 31 March 2020

60,102

1,811

30,944

2,181

95,038

NET BOOK VALUE

At 31 March 2020

31,249

197

52,109

327

83,882

At 31 March 2019

39,356

608

69,478

502

109,944

Leased assets

Included within the net book value of tangible fixed assets is £78,455 (2019 - £108,179) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £23,651 (2019 - £9,638).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

228,370

207,404

Other debtors

91,809

92,998

320,179

300,402

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

16,646

17,906

Trade creditors

74,592

104,282

Taxation and social security

68,952

57,148

Other creditors

73,881

82,683

234,071

262,019

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

33,877

50,524

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

Mr D B Gribble

Balance outstanding at start of year

21,165

21,165

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,165

21,165

Mr A Robertson

Balance outstanding at start of year

28,236

25,236

Amounts advanced

-

3,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

28,236

28,236

9.	RELATED PARTY DISCLOSURES

During the year the company was charged £3,311 for accountancy services by ASM Services Aberdeen Ltd, a company controlled by the wife of the director A Robertson.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.