Wirefield Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02628148 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Wirefield Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Bishop

J H MacLeod

REGISTERED OFFICE:

Unit 1 Matrix Park

Talbot Road

Segensworth

Fareham

Hampshire

PO15 5AP

REGISTERED NUMBER:

02628148 (England and Wales)

ACCOUNTANTS:

Roches Chartered Accountants

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

FIXED ASSETS

Tangible assets

5

204,027

282,385

CURRENT ASSETS

Stocks

6

1,470,185

1,175,356

Debtors

7

3,222,476

3,375,196

Cash at bank and in hand

396

13,442

4,693,057

4,563,994

CREDITORS

Amounts falling due within one year

8

3,741,526

3,764,905

NET CURRENT ASSETS

951,531

799,089

TOTAL ASSETS LESS CURRENT LIABILITIES

1,155,558

1,081,474

CREDITORS

Amounts falling due after more than one year

9

255,107

361,626

NET ASSETS

900,451

719,848

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

800,451

619,848

SHAREHOLDERS' FUNDS

900,451

719,848

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

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

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 15 September 2017 and were signed on its behalf by:

J H MacLeod - Director

1.	STATUTORY INFORMATION

Wirefield 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, measured at the fair value of

consideration received or receivable.

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.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost and Straight line over 7 years

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks have been valued at the lower of cost and net realisable value being the estimated selling price less costs

to sell. Cost is based on the cost of purchase measured on a weighted average basis.

At each reporting date, stocks are assessed for impairment and allowance is made 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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

balance sheet 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

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2015 - 41 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2016

1,037,428

Additions

25,067

Disposals

(20,960

)

At 31 December 2016

1,041,535

DEPRECIATION

At 1 January 2016

755,043

Charge for year

96,053

Eliminated on disposal

(13,588

)

At 31 December 2016

837,508

NET BOOK VALUE

At 31 December 2016

204,027

At 31 December 2015

282,385

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as

follows:

Plant and

machinery

etc

£

COST

At 1 January 2016

118,980

Additions

21,811

Transfer to ownership

(19,375

)

At 31 December 2016

121,416

DEPRECIATION

At 1 January 2016

40,912

Charge for year

25,204

Transfer to ownership

(16,489

)

At 31 December 2016

49,627

NET BOOK VALUE

At 31 December 2016

71,789

At 31 December 2015

78,068

6.

STOCKS

31.12.16

31.12.15

as restated

£

£

Stocks

1,470,185

1,175,356

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

as restated

£

£

Trade debtors

2,557,560

2,747,986

Amounts owed by group undertakings

483,024

435,776

Other debtors

181,892

191,434

3,222,476

3,375,196

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

as restated

£

£

Bank loans and overdrafts

2,264,282

2,213,061

Hire purchase contracts and finance leases

42,165

24,029

Trade creditors

1,099,619

1,137,115

Taxation and social security

106,633

177,215

Other creditors

228,827

213,485

3,741,526

3,764,905

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

as restated

£

£

Hire purchase contracts and finance leases

9,889

43,036

Other creditors

245,218

318,590

255,107

361,626

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

as restated

£

£

Bank overdrafts

2,070,806

2,123,686

Bank loans

193,476

89,375

Other loans

320,838

387,573

Hire purchase contracts and finance leases

52,054

67,065

2,637,174

2,667,699

The bank overdraft is secured by a fixed and floating charge over the company's assets.

A charge is held over the book debts of the company by HSBC Invoice Finance (UK) Limited.

Hire purchase and finance lease debts are secured on the assets concerned.

The other loan is secured by a fixed charge and a floating charge over all present and future property, as well as a

separate fixed charge over specific automated light assembly equipment owned by the company.

11.	OTHER FINANCIAL COMMITMENTS

Wirefield Limited and Mandaco 516 Limited have issued to HSBC Bank PLC, an unlimited composite company

guarantee to secure all liabilities of each other.

As the the 31st December 2016, the company had obligations totalling £185,199 (2015: £309,268) in respect of

non-cancellable operating leases.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mandaco 516 Limited.