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

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Report of the Director

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

D W Broadhurst

REGISTERED OFFICE:

Doris Road

Bordesley Green

Birmingham

West Midlands

B9 4SJ

REGISTERED NUMBER:

01035162 (England and Wales)

ACCOUNTANTS:

Sephton & Company LLP

Chartered Certified Accountants

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 2020.

DIRECTOR

D W Broadhurst held office during the whole of the period from 1 January 2020 to the date of this report.

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

20 May 2021

FIXED ASSETS

Tangible assets

4

50,194

62,879

CURRENT ASSETS

Stocks

2,110,856

1,567,554

Debtors

5

3,687,932

2,671,197

Cash at bank and in hand

793,245

2,621,651

6,592,033

6,860,402

CREDITORS

Amounts falling due within one year

6

2,341,333

1,078,973

NET CURRENT ASSETS

4,250,700

5,781,429

TOTAL ASSETS LESS CURRENT LIABILITIES

4,300,894

5,844,308

PROVISIONS FOR LIABILITIES

-

1,381

NET ASSETS

4,300,894

5,842,927

CAPITAL AND RESERVES

Called up share capital

34

51

Capital redemption reserve

8

66

49

Retained earnings

8

4,300,794

5,842,827

SHAREHOLDERS' FUNDS

4,300,894

5,842,927

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 May 2021 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.

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.

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

562,258

55,879

234,184

30,606

882,927

Additions

-

-

-

440

440

Disposals

-

-

(43,334

)

-

(43,334

)

At 31 December 2020

562,258

55,879

190,850

31,046

840,033

DEPRECIATION

At 1 January 2020

533,139

53,408

202,895

30,606

820,048

Charge for year

4,347

360

7,657

110

12,474

Eliminated on disposal

-

-

(42,683

)

-

(42,683

)

At 31 December 2020

537,486

53,768

167,869

30,716

789,839

NET BOOK VALUE

At 31 December 2020

24,772

2,111

22,981

330

50,194

At 31 December 2019

29,119

2,471

31,289

-

62,879

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

3,330,830

2,357,024

Other debtors

357,102

314,173

3,687,932

2,671,197

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1,467,923

850,276

Taxation and social security

122,969

155,133

Other creditors

750,441

73,564

2,341,333

1,078,973

7.	LEASING AGREEMENTS

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

2020

2019

£

£

Within one year

768

4,630

Between one and five years

-

768

768

5,398

8.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2020

5,842,827

49

5,842,876

Profit for the year

85,467

85,467

Dividends

(120,000

)

(120,000

)

Purchase of own shares

(1,507,500

)

17

(1,507,483

)

At 31 December 2020

4,300,794

66

4,300,860

9.	RELATED PARTY DISCLOSURES

During the year the Company bought and cancelled 17 ordinary £1 shares.

During the year the Company borrowed £680,000 from European Steel Sheets Limited, a company with common Directors. No interest is payable on the loan.