CLIFTON_STEEL_LIMITED - Accounts

CLIFTON STEEL LIMITED - Company Information

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Company Registration No. 01179413 (England and Wales)

CLIFTON STEEL LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

CLIFTON STEEL LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

CLIFTON STEEL LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

501,938

616,318

Current assets

Stocks

346,673

401,444

Debtors

514,251

752,620

Cash at bank and in hand

1,540

50,099

862,464

1,204,163

Creditors: amounts falling due within one year

(819,570)

(1,325,748)

Net current assets/(liabilities)

42,894

(121,585)

Total assets less current liabilities

544,832

494,733

Creditors: amounts falling due after more than one year

(331,250)

(206,250)

Accruals and deferred income

(135,378)

(165,462)

78,204

123,021

Capital and reserves

Called up share capital

10,260

Share premium account

12,220

Revaluation reserve

123,832

Profit and loss account

(68,108)

(23,291)

Shareholders' funds

78,204

123,021

CLIFTON STEEL LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2014

- 2 -

For the financial year ended 30 September 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 11 June 2015

Mr K J Shafi

Director

Company Registration No. 01179413

CLIFTON STEEL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

equal instalments over the period of the lease

Plant and machinery

7.5% - 15% per annum on straight line basis

Fixtures, fittings & equipment

20% per annum on straight line basis

Motor vehicles

25% per annum on straight line basis

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

CLIFTON STEEL LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2014

- 4 -

Fixed assets

Tangible assets

Cost or valuation

At 1 October 2013

2,629,884

Additions

4,975

Disposals

(76,857)

At 30 September 2014

2,558,002

Depreciation

At 1 October 2013

2,013,565

On disposals

(74,551)

Charge for the year

117,050

At 30 September 2014

2,056,064

Net book value

At 30 September 2014

501,938

At 30 September 2013

616,318

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £258,478 (2013 - £373,030).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £131,250 (2013 - £206,250).

Share capital

2014

2013

Allotted, called up and fully paid

10,260 Ordinary of £1 each

10,260