Metwire Belts Limited - Accounts to registrar - small 17.1.1
Metwire Belts Limited - Accounts to registrar - small 17.1.1
REGISTERED NUMBER: |
Financial Statements For The Year Ended 31 December 2016 |
for |
Metwire Belts Limited |
Metwire Belts Limited (Registered number: 01238875) |
Contents of the Financial Statements |
For The Year Ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Metwire Belts Limited |
Company Information |
For The Year Ended 31 December 2016 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
60 Lyde Green |
Halesowen |
West Midlands |
B63 2PQ |
Metwire Belts Limited (Registered number: 01238875) |
Balance Sheet |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements |
For The Year Ended 31 December 2016 |
1. | STATUTORY INFORMATION |
Metwire Belts Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements for the year ended 31 December 2016 are the first financial statements prepared in |
accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The |
date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for |
the previous period are not affected by the transition to FRS 102. |
Preparation of consolidated financial statements |
The financial statements contain information about Metwire Belts Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 400 |
of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its |
subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, |
Wire Belt Company Limited, Castle Road, Eurolink Industrial Estate, Sittingbourne, Kent. ME10 3RF. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make judgements and estimates based on |
historical experience and other factors, including expectation of future events that are believed to be reasonable |
under the circumstances. The items in the financial statements where these estimates and judgements have been |
made are: |
a) Useful economic lives of tangible fixed assets |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic |
lives and residual values of the assets. The useful economic lives are re-assessed annually. They are amended |
where necessary to reflect current estimates based on technological advancement, future investments, economic |
utilisation and the physical condition of the assets. |
b) Stock and work in progress provisions |
It is necessary to consider the recoverability of the cost of stocks and work in progress. When calculating any |
provision required, management consider the nature and condition of the items as well as assessing the |
saleability of finished goods and the future usage of raw materials. |
c) Impairment of debtors |
The company make a judgement of the recoverability of trade and other debtors. When assessing any potential |
impairment, factors such as the ageing profile and historical experience are considered. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic |
benefits associated with the transaction will flow to the company and the cost incurred or to be incurred in |
respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and office equipment | - |
Tangible fixed assets are stated under the cost model at historical cost less accumulated depreciation and any |
accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the |
asset to the location and condition necessary for it be capable of operating. |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if |
appropriate, or there is an indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are |
recognised within 'operating profit' in the income statement. |
Stocks and work in progress |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to |
complete and sell. The cost of stock items are based on the purchase cost on a first in first out basis. Work in |
progress and finished goods include the the cost of direct materials and labour plus attributable overheads based |
on normal levels of activity. |
At each balance sheet date, stocks are assessed for any impairment. If there is an impairment, the stock is |
reduced to its net realisable value and is based on estimated selling price less any further costs expected to be |
incurred for completion and sale. The impairment loss is recognised in the income statement. |
Current and deferred tax |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of |
the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of |
transaction. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling |
at the balance sheet date. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension |
plan under which the company pays fixed contributions into a separate entity. Once the contributions have been |
paid the company has no further payment obligations. |
The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid |
are shown in accruals as a liability in the balance sheet. The assets of the plans are held separately from the |
company in independently administered funds. |
Employee benefits |
When employees have rendered services to the company, short term employee benefits to which the employees |
are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are |
received. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income |
in other administrative expenses. |
Impairment |
Assets not valued at fair value are reviewed for any indication that the asset may be impaired at each balance |
sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is |
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an |
impairment loss is recognised in the statement of comprehensive income. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event and it is probable that an outflow of economic benefits will be required in settlement and the amount can |
be reliably estimated. The provision is charged to the income statement in the year that the company becomes |
aware of the obligation taking into account relevant risks and uncertainties. When payments are eventually |
made, they are charged to the provision carried in the balance sheet. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method; Debt instruments |
that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and |
subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a |
trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in |
case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and |
subsequently, at the present value. |
Investment in subsidiary undertaking |
Investments in wholly owned subsidiary undertakings are measured at cost less accumulated impairment losses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2016 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
Plant and | office |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
5. | FIXED ASSET INVESTMENTS |
Interest |
in |
subsidiary |
£ |
COST |
Additions |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
On 31 October 2016, Metwire Belts Limited acquired 100% of the share capital of Digwoods Limited. This |
investment is stated at cost, and there has been no impairment in its value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
Davies Woven Wire Limited loan account | 256,105 | 311,833 |
Prepayments |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2016 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Digwoods Limited loan account | 288,299 | - |
Trade creditors |
Corporation tax |
Social security and other |
taxes |
Other creditors |
Accrued expenses |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year |
Between one and five years |
9. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax | 5,756 | 7,515 |
Deferred |
tax |
£ |
Balance at 1 January 2016 |
Credit to income statement |
during year | (1,759 | ) |
Balance at 31 December 2016 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary £1 shares | £1 | 32,000 | 32,000 |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2016 |
11. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2016 |
Profit for the year |
At 31 December 2016 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Metwire Belts Limited (Registered number: 01238875) |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2016 |
13. | RELATED PARTY DISCLOSURES |
Turnover includes:- |
Sales to Davies Woven Wire Limited - £223,185 (2015 - £305,684) |
Sales to Digwoods Limited * - £11,363 |
Sales to Amron Associates Limited - £173,404 (2015 - £63,842) |
Cost of sales includes:- |
Purchases from Davies Woven Wire Limited - £258,219 (2015 - £346,610) |
Purchases from Digwoods Limited * - £1,613 |
Administrative expenses includes:- |
Management charges paid to Davies Woven Wire Limited - £9,600 (2015 - £9,600) |
Debtors includes:- |
Balance due from Davies Woven Wire Limited - £256,105 (2015 - £311,833) |
Balance due from Amron Associates Limited - £nil (2015 - £6,810) |
Creditors includes:- |
Balance due to Digwoods Limited - £288,299 |
Metwire Belts Limited is a wholly owned subsidiary of Davies Woven Wire Limited. |
Digwoods Limited is a wholly owned subsidiary of Metwire Belts Limited. * From date of acquisition. |
Wire Belt Company Limited owns 100% of the share capital of Lindley Associates Limited, which owns |
100% of the share capital of Davies Woven Wire Limited. |
Wire Belt Company Limited own 50% of the share capital of Amron Associates Limited. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Davies Woven Wire Limited. |
The ultimate controlling party is |