PSW_METALS_LIMITED - Accounts

PSW METALS LIMITED - Company Information

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Company Registration No. 05385606 (England and Wales)

PSW METALS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

PSW METALS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

PSW METALS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

33,886

41,232

Current assets

Stocks

1,420,824

1,295,727

Debtors

808,434

606,794

Cash at bank and in hand

409,613

341,858

2,638,871

2,244,379

Creditors: amounts falling due within one year

(331,044)

(296,816)

Net current assets

2,307,827

1,947,563

Total assets less current liabilities

2,341,713

1,988,795

Provisions for liabilities

(6,300)

(8,000)

2,335,413

1,980,795

Capital and reserves

Called up share capital

Profit and loss account

2,335,412

1,980,794

Shareholders' funds

2,335,413

1,980,795

For the financial year ended 30 September 2016 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 16 February 2017

Mr P S Watkins

Director

Company Registration No. 05385606

PSW METALS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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. Sales to refiners are recognized when the result of the refining of the material is determined. Sales to other customers are recognised on the date of despatch of the material to the customer.

1.4

Tangible fixed assets and depreciation

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

Plant and machinery

25% reducing balance

1.5

Stock

Stock is valued at the lower of cost and net realisable value.

1.6

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

PSW METALS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 October 2015

155,994

Additions

3,950

At 30 September 2016

159,944

Depreciation

At 1 October 2015

114,762

Charge for the year

11,296

At 30 September 2016

126,058

Net book value

At 30 September 2016

33,886

At 30 September 2015

41,232

Debtors

Debtors include an amount of £4,663 (2015 - £4,663) which is due after more than one year.

Share capital

2016

2015

Allotted, called up and fully paid

1 Ordinary of £1 each

Ultimate parent company

The ultimate parent company is PSW England Limited, a company registered in England and Wales

Included in debtors are unsecured interest-free amounts payable on demand to PSW Metals Limited by directors at 30 September 2016 of £80,032 [2015-£54,839] owed by Mr P S Watkins and £1,470 [2015-£1,470] owed by Ms J Brooks.