Temple Mill Fabrications Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04297069

Abbreviated Unaudited Accounts For The Year Ended 30 September 2016

for

Temple Mill Fabrications Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

E Wright

J J Wright

S J Mills

R M Johnson

REGISTERED OFFICE:

12-14 Percy Street

Rotherham

South Yorkshire

S65 1ED

REGISTERED NUMBER:

04297069

ACCOUNTANTS:

Andertons Liversidge & Co

Chartered Accountants

12-14 Percy Street

Rotherham

South Yorkshire

S65 1ED

BANKERS:

Lloyds Bank

1-3 Church Street

Mansfield

Nottinghamshire

NG18 1AF

FIXED ASSETS

Tangible assets

2

1,287,243

1,284,019

CURRENT ASSETS

Stocks

1,800

6,800

Debtors

393,754

295,756

Cash at bank

127,666

131

523,220

302,687

CREDITORS

Amounts falling due within one year

3

391,037

511,984

NET CURRENT ASSETS/(LIABILITIES)

132,183

(209,297

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,419,426

1,074,722

CREDITORS

Amounts falling due after more than one year

3

(530,314

)

(377,153

)

PROVISIONS FOR LIABILITIES

(11,403

)

(7,551

)

NET ASSETS

877,709

690,018

CAPITAL AND RESERVES

Called up share capital

4

2

2

Revaluation reserve

401,475

407,285

Profit and loss account

476,232

282,731

SHAREHOLDERS' FUNDS

877,709

690,018

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 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 5 May 2017 and were signed on its behalf by:

E Wright - Director

J J Wright - Director

S J Mills - Director

R M Johnson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents the net value of work performed, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost or valuation

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

Straight line over the life of the lease

Stocks

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

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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

Grants received towards the capital cost of fixed assets are recognised in the profit and loss account over the life

of the asset, in line with the depreciation policy.

Grants received towards revenue expenditure are recognised when the expenditure has been incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 October 2015

1,482,072

Additions

49,767

At 30 September 2016

1,531,839

DEPRECIATION

At 1 October 2015

198,053

Charge for year

46,543

At 30 September 2016

244,596

NET BOOK VALUE

At 30 September 2016

1,287,243

At 30 September 2015

1,284,019

3.

CREDITORS

Creditors include an amount of £ 462,155 (2015 - £ 284,453 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

307,251

149,570

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary

£1

2

2

5.	RELATED PARTY DISCLOSURES

During the year, total dividends of £25,000 were paid to the directors .

Temple Mill Engineering Limited

During this year Temple Mill Fabrications Limited has supplied and purchased labour and steel at normal

commercial rates from Temple Mill Engineering Limited, a company controlled by Mr E Wright, a director of

this company.

During the year, Temple Mill Fabrications Limited has purchased goods and labour and been recharged for

expenses to the value of £75,997 (2015 £67,671) and sold goods and labour to the value of £533,254 (2015

£889,147), to Temple Mill Engineering Limited.

They have also charged Temple Mill Engineering £48,000 in respect of management charges (2015 £48,000).

Due to the trading activity between the two companies, at 30 September 2016, Temple Mill Engineering Limited

owe £53,030 (2015 £80,365) to Temple Mill Fabrications Limited, and Temple Mill Fabrications Limited owe

£19,186 (2015 £13,693) to Temple Mill Engineering Limited.

There are also intercompany loans between the two companies, and at the 30 September 2016 Temple Mill

Engineering owed Temple Mill Fabrications £23,265, this is included in other debtors. At the end of the prior

year Temple Mill Fabrications owed Temple Mill Engineering Limited £146,129 and this is included in

creditors.

E Wright

During the year the company provided a facility to Mr E Wright, a company director. During the year he

withdrew £37,182 (2015 £50,877) and made repayments of £48,000 (2015 £54,775). Included in this is interest

paid to the company inline with HMRC requirements of £908 (2015 £1,068).

2016

2015

£

£

Amount due from related party at the balance sheet date

14,015

24,833

J J Wright

During the year the company provided a facility to Mr J Wright, a director of the company. During the year he

withdrew £42,365 (2015 £35,856) and made repayments of £33,489 (2015 £50,987). Included in this is interest

paid to the company inline with HMRC requirements of £245 (2015 £167).

2016

2015

£

£

Amount due from/(to) related party at the balance sheet date

5,388

(3,488

)

S J Mills

During the year the company provided a facility to Mr S Mills a director of the company. During the year he

withdrew £37,142 (2015 £38,286) and made repayments of £36,859 (2015 £40,909). Included in this is interest

paid to the company inline with HMRC requirements of £281 (2015 £nil).

2016

2015

£

£

Amount due from related party at the balance sheet date

629

346

6.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr E Wright, a director of the company.