James Bridge Steel Services Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01705763 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

JAMES BRIDGE STEEL SERVICES LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

3

Directors:

Mr J S Klimczak

Mrs C A Klimczak

Mr A Walker

Registered office:

Armoury Works BSA Business Park

Armoury Road

Birmingham

West Midlands

B11 2RQ

Registered number:

01705763 (England and Wales)

Accountants:

Haines Watts Birmingham LLP

Sterling House

71 Francis Road

Edgbaston

Birmingham

B16 8SP

Bankers:

Bank of Scotland

33 Old Broad Street

London Branch

PO Box 1000

BX2 1LB

Fixed assets

Tangible assets

4

32,906

54,186

Current assets

Stocks

549,825

658,649

Debtors

287,354

256,497

Cash at bank and in hand

570,124

585,404

1,407,303

1,500,550

Creditors

Amounts falling due within one year

151,380

200,311

Net current assets

1,255,923

1,300,239

Total assets less current liabilities

1,288,829

1,354,425

Capital and reserves

Called up share capital

6

50,000

50,000

Retained earnings

1,238,829

1,304,425

Shareholders' funds

1,288,829

1,354,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 17 August 2017 and were signed on its behalf by:

Mr J S Klimczak - Director

1.	Statutory information

James Bridge Steel Services Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

The Company has transitioned to FRS 102 (1a) from previously being prepared under the historical cost

convention and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008)

as at 1st January 2015. Transition to FRS 102 (1a) has not affected the reported financial position and

performance.

Preparation of consolidated financial statements

The financial statements contain information about James Bridge Steel Services Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company has

taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any

incidental costs of acquisition.

Depreciation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the

useful economic life of that asset as follows:

Plant and machinery

-

10-15% straight line basis

Fixtures and fittings

-

15-20% straight line basis

Motor vehicles

-

25% reducing balance basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

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 have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

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

statement of financial position 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

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. 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.

Pension costs

The company operates a defined pension contribution pension scheme and the pension charge represents the

amounts payable by the company to the fund in respect of the year. The assets of the scheme are held

separately from those of the company in an independently administered fund.

3.	Employees and directors

The average number of employees during the year was 4 (2016 - 4 ) .

4.	Tangible fixed assets

Totals

£

Cost

At 1 April 2016

and 31 March 2017

270,121

Depreciation

At 1 April 2016

215,935

Charge for year

21,280

At 31 March 2017

237,215

Net book value

At 31 March 2017

32,906

At 31 March 2016

54,186

5.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Between one and five years

4,247

-

6.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

50,000

Ordinary

£1

50,000

50,000

7.	Related party disclosures

The company was under the control of Mr J S Klimczak during the year.

During the year the company incurred rent charges of £19,250 (2016: £19,250) from James Bridge Pension

Scheme, a scheme in which Mr J S Klimczak is the majority shareholder.

During the year, the company paid dividends of £4,247 (2016: £7,194) to Mr J Klimczak.