X-Met Finishing Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC431768 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

X-MET FINISHING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

C J McClymont

S A Neville

J G Duncan

SECRETARY:

C J McClymont

REGISTERED OFFICE:

Unit 106/107 Howden Avenue

Newhouse Industrial Estate

Motherwell

Lanarkshire

ML1 5RX

REGISTERED NUMBER:

SC431768 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

SOLICITORS:

Brechin Tindal Oatts LLP

48 St Vincent Street

Glasgow

G2 5HS

CURRENT ASSETS

Stocks

40,945

40,445

Debtors

309,668

256,353

Cash at bank and in hand

2,973

15,525

353,586

312,323

CREDITORS

Amounts falling due within one year

2

332,358

292,060

NET CURRENT ASSETS

21,228

20,263

TOTAL ASSETS LESS CURRENT LIABILITIES

21,228

20,263

CAPITAL AND RESERVES

Called up share capital

3

2

2

Profit and loss account

21,226

20,261

SHAREHOLDERS' FUNDS

21,228

20,263

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 7 September 2015 and were signed on its behalf by:

C J McClymont - Director

J G Duncan - Director

S A Neville - 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 and services delivered 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.

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.

Work in progress

Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal

level of activity.

For long term contracts, profit is recognised by reference to the stage of completion of each contract where there is

reasonable certainty that the contract will be profitable. Where the outcome of the contract cannot be established with

reasonable certainty, no profit is recognised. Foreseeable losses are provided for in full at the point at which the loss is

anticipated.

Where amounts invoiced exceed the value of work done, the excess is accounted for as payments received on account and

is included within creditors. Where the value of work done exceeds the amounts invoiced, the excess is accounted for as

amounts recoverable on contracts and is included within debtors.

Leasing 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.

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 the profit and loss account in the period to which they relate.

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.

2.

CREDITORS

Creditors include an amount of £ 151,790 (2013 - £ 132,881 ) for which security has been given.

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

2

Ordinary

£1

2

2

4.	ULTIMATE PARENT COMPANY

X-Met (Scotland) Holdings Limited is regarded by the directors as being the Company's ultimate parent company.