Pedley Steels Limited - Accounts to registrar - small 16.1.1

REGISTERED NUMBER: 03523891 (England and Wales)

PEDLEY STEELS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr R.J. Pedley

Mrs S.A. Pedley

SECRETARY:

Mrs S.A. Pedley

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

REGISTERED NUMBER:

03523891 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

BANKERS:

National Westminster Bank Plc

103 Colmore Row

Birmingham

B3 3NR

The following reproduces the text of the report prepared for the directors and members in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

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

statements of Pedley Steels Limited for the year ended 30 June 2016 which comprise the Statement of Comprehensive

Income, Statement of Financial Position, Statement of Changes in Equity 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 Pedley Steels 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 Pedley Steels Limited and state those matters that we have agreed to state to the Board of Directors of Pedley Steels 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 Pedley Steels 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 profit of Pedley Steels Limited. You consider that Pedley Steels 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 Pedley Steels 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

13 September 2016

FIXED ASSETS

Tangible assets

2

1,205

1,607

CURRENT ASSETS

Stocks

326,013

287,645

Debtors

3

754,151

722,478

Cash at bank and in hand

35,455

38,726

1,115,619

1,048,849

CREDITORS

Amounts falling due within one year

4

705,587

701,433

NET CURRENT ASSETS

410,032

347,416

TOTAL ASSETS LESS CURRENT LIABILITIES

411,237

349,023

CAPITAL AND RESERVES

Called up share capital

6

1,000

1,000

Retained earnings

7

410,237

348,023

SHAREHOLDERS' FUNDS

411,237

349,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 13 September 2016 and were signed on its behalf by:

Mr R.J. Pedley - Director

1.	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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as

permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover represents net sales of goods/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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% 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 statement

of financial position date.

2.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 July 2015

and 30 June 2016

2,075

6,966

9,041

DEPRECIATION

At 1 July 2015

1,842

5,592

7,434

Charge for year

59

343

402

At 30 June 2016

1,901

5,935

7,836

NET BOOK VALUE

At 30 June 2016

174

1,031

1,205

At 30 June 2015

233

1,374

1,607

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

753,775

721,724

Other debtors

376

754

754,151

722,478

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade creditors

400,023

421,396

Taxation and social security

96,854

56,401

Other creditors

208,710

223,636

705,587

701,433

5.	DEFERRED TAX

£

Balance at 1 July 2015

(754

)

Charge to Statement of Comprehensive Income during year

378

Balance at 30 June 2016

(376

)

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1,000

Ordinary Shares

£1

1,000

1,000

7.

RESERVES

Retained

earnings

£

At 1 July 2015

348,023

Profit for the year

147,215

Dividends

(85,001

)

At 30 June 2016

410,237

8.

CONTROL

Control of the company is exercised by the board of directors by virtue of their shareholdings. No one individual is

able to exercise sole control.

9.	FIRST YEAR ADOPTION

No adjustments to the values included in the financial statements were required on transition to Financial Reporting

Standard 102 "The FInancial Reporting Standard applicable in the UK and Republic of Ireland".