Parkrow Alloys Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03831886

PARKROW ALLOYS LIMITED

Abbreviated Unaudited Accounts for the Year Ended 30 September 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

DIRECTOR:

M W Baker

SECRETARY:

Mrs S Baker

REGISTERED OFFICE:

Millfields Road

Ettingshall

Wolverhampton

West Midlands

WV4 6JQ

REGISTERED NUMBER:

03831886

ACCOUNTANTS:

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

FIXED ASSETS

Tangible assets

2

452,897

464,884

CURRENT ASSETS

Stocks

239,180

201,460

Debtors

558,059

700,918

Cash at bank and in hand

8,621

46,701

805,860

949,079

CREDITORS

Amounts falling due within one year

3

697,725

826,953

NET CURRENT ASSETS

108,135

122,126

TOTAL ASSETS LESS CURRENT
LIABILITIES

561,032

587,010

CREDITORS

Amounts falling due after more than one
year

3

(189,002

)

(205,041

)

PROVISIONS FOR LIABILITIES

(2,785

)

(3,873

)

NET ASSETS

369,245

378,096

CAPITAL AND RESERVES

Called up share capital

4

231,000

Share premium

9,000

Profit and loss account

129,245

138,096

SHAREHOLDERS' FUNDS

369,245

378,096

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 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 by the director on 5 June 2017 and were signed by:

M W Baker - 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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Turnover is recognised when goods are physically delivered to the customer.

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

Plant and machinery

-

15% straight line / 15% reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% straight line / 20% 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.

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.

Going concern

The financial statements have been prepared on a going concern basis. This basis has been used on the

understanding that there is continued support from the parent company and the company will not recall the loan

due from the parent company.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

631,842

Additions

559

At 30 September 2016

632,401

DEPRECIATION

At 1 October 2015

166,958

Charge for year

12,546

At 30 September 2016

179,504

NET BOOK VALUE

At 30 September 2016

452,897

At 30 September 2015

464,884

3.

CREDITORS

Creditors include an amount of £ 498,919 (30.9.15 - £ 582,454 ) for which security has been given.

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

30.9.16

30.9.15

£

Repayable by instalments

126,918

144,957

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

231,000

Ordinary

£1

231,000

5.	ULTIMATE PARENT COMPANY

The company's ultimate parent company is Baker Alloys Ltd a company incorporated in England and Wales.

6.	RELATED PARTY DISCLOSURES

Parkrow Alloys Limited is a wholly-owned subsidiary of Baker Alloys Limited. M.W.Baker is director of both

entities. During the year under review Parkrow Alloys Ltd paid dividend's of £47,114 to Baker Alloys Ltd.

Balances outstanding at the balance sheet date were: debtor £171,846 (2015: £171,846).

Agora Metals Limited is a fellow subsidiary of Baker Alloys Limited. All transactions between the parties have

been undertaken on a normal commercial basis. Parkrow Alloys Limited has sold £ 211,588 (2015: £320,453)

and purchased £16,117 (2015: £12,842) worth of goods and services to and from the related party during the

year, the company also charged management charges of £48,000 to Agora Metals Limited. Balances outstanding

at the balance sheet date with Agora Metals Limited were: debtors £28,242 (2015: £86,270).

During the year under review the transactions with the director were as follows. The director received loan

interest of £1,068 and deposited £30,000. Loan repayments made in the year totalled £31,685. Balance

outstanding at the balance sheet date with the director were: creditors £3,175 (2015: £3,792).

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

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) 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 Parkrow Alloys Limited for the year ended 30 September 2016 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Parkrow Alloys Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parkrow Alloys Limited and state those matters that we have agreed to state to the director of Parkrow Alloys Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkrow Alloys Limited director for our work or for this report.

It is your duty to ensure that Parkrow Alloys 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 Parkrow Alloys Limited. You consider that Parkrow Alloys 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 Parkrow Alloys 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.

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

Date: .............................................