Universal Steel Profiles Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06965474 (England and Wales)

UNIVERSAL STEEL PROFILES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

Page

Company Information

1

Chartered Accountants' Report

2

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr. S.G. Harding

Mrs S L O'Grady

REGISTERED OFFICE:

Office 8, Amspray Business Centre

Worcester Road

Kidderminster

Worcestershire

DY10 1HY

REGISTERED NUMBER:

06965474 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Universal Steel Profiles Limited for the year ended 31 December 2015 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Universal Steel Profiles Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Universal Steel Profiles Limited and state those matters that we have agreed to state to the Board of Directors of Universal Steel Profiles Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Universal Steel Profiles Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Universal Steel Profiles Limited. You consider that Universal Steel Profiles Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Universal Steel Profiles Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

2 July 2016

FIXED ASSETS

Tangible assets

2

170,912

167,500

CURRENT ASSETS

Stocks

-

242,368

Debtors

1,616,857

1,719,878

Cash at bank

165,444

249,295

1,782,301

2,211,541

CREDITORS

Amounts falling due within one year

1,871,702

2,190,418

NET CURRENT (LIABILITIES)/ASSETS

(89,401

)

21,123

TOTAL ASSETS LESS CURRENT
LIABILITIES

81,511

188,623

PROVISIONS FOR LIABILITIES

3,101

10,657

NET ASSETS

78,410

177,966

CAPITAL AND RESERVES

Called up share capital

3

100

Profit and loss account

78,310

177,866

SHAREHOLDERS' FUNDS

78,410

177,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 2 July 2016 and were signed on its behalf by:

Mrs S L O'Grady - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention.

Financial reporting standard number 1

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

Turnover

Turnover represents net sales of goods and services, excluding value added tax

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

Stocks

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

moving items.

Deferred tax

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

date.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

175,000

Additions

33,000

At 31 December 2015

208,000

DEPRECIATION

At 1 January 2015

7,500

Charge for year

29,588

At 31 December 2015

37,088

NET BOOK VALUE

At 31 December 2015

170,912

At 31 December 2014

167,500

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

100

Ordinary

£1

100

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2015 and

31 December 2014:

2015

2014

£

Mr. S.G. Harding

Balance outstanding at start of year

45

Amounts repaid

-

Balance outstanding at end of year

45

Mrs S L O'Grady

Balance outstanding at start of year

45

-

Amounts advanced

-

45

Amounts repaid

-

Balance outstanding at end of year

45