Metal Fabrication Company (Cardiff) Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 00552565 (England and Wales)

METAL FABRICATION COMPANY (CARDIFF) LTD

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTOR:

R V Porter

SECRETARY:

G C Mayze

REGISTERED OFFICE:

East Moors Road

Cardiff

CF24 5EE

REGISTERED NUMBER:

00552565 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

2

960,987

999,950

CURRENT ASSETS

Stocks

73,480

123,903

Debtors

416,047

554,002

Cash at bank and in hand

1,573,931

1,203,866

2,063,458

1,881,771

CREDITORS

Amounts falling due within one year

(453,019

)

(446,167

)

NET CURRENT ASSETS

1,610,439

1,435,604

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,571,426

2,435,554

PROVISIONS FOR LIABILITIES

(32,788

)

(37,521

)

NET ASSETS

2,538,638

2,398,033

CAPITAL AND RESERVES

Called up share capital

3

2,000

Revaluation reserve

401,106

Profit and loss account

2,135,532

1,994,927

SHAREHOLDERS' FUNDS

2,538,638

2,398,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 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 for issue by the director on 8 March 2017 and were signed by:

R V Porter - 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 January 2015).

The following accounting policies have been applied consistently in dealing with items which are considered

material in relation to the company's financial statements.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and 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.

Land and buildings

40 yrs straight line on revalued amounts

Plant and machinery etc

25% on reducing balance and 12.5% on reducing balance

The carrying value of tangible assets are reviewed annually for impairment in periods if events or changes in

circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and

is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet

date.

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

balance sheet date where transactions or events have occurred at that date that will result in an obligation to

pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences

between the

company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in

which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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.

Government grants

Capital grants received and receivable and treated as deferred income and amortised to the profit and loss

account annually over the useful economic life of the asset to which it realtes. Revenue grants are credited to

the profit and loss account when received.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

1,457,001

Additions

30,771

Disposals

(50,363

)

At 31 August 2016

1,437,409

DEPRECIATION

At 1 September 2015

457,051

Charge for year

53,188

Eliminated on disposal

(33,817

)

At 31 August 2016

476,422

NET BOOK VALUE

At 31 August 2016

960,987

At 31 August 2015

999,950

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2,000

Ordinary Shares

£1

2,000