South Yorkshire Ducting Supplies Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 02671387 (England and Wales)

Financial Statements for the Year Ended 31 December 2016

for

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Reynolds

REGISTERED OFFICE:

80 Burton Road

Sheffield

South Yorkshire

S3 8BX

REGISTERED NUMBER:

02671387 (England and Wales)

ACCOUNTANTS:

S Burgess & Co Ltd

11 Slayleigh Avenue

Sheffield

South Yorkshire

S10 3RA

FIXED ASSETS

Tangible assets

4

33,122

36,694

CURRENT ASSETS

Stocks

318,430

305,734

Debtors

5

465,459

280,882

Cash at bank and in hand

56,904

69,714

840,793

656,330

CREDITORS

Amounts falling due within one year

6

556,847

528,561

NET CURRENT ASSETS

283,946

127,769

TOTAL ASSETS LESS CURRENT LIABILITIES

317,068

164,463

CREDITORS

Amounts falling due after more than one year

7

(150,600

)

(3,000

)

PROVISIONS FOR LIABILITIES

(3,818

)

(4,025

)

NET ASSETS

162,650

157,438

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

162,648

157,436

SHAREHOLDER FUNDS

162,650

157,438

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 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 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 Income Statement for the year ended 31 December 2016 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 director on 31 August 2017 and were signed by:

J Reynolds - Director

1.	STATUTORY INFORMATION

South Yorkshire Ducting Supplies 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 adopted FRS 102 in the current year and an explanation of how the transition to FRS

102 has affected the reported financial position and performance is given in the financial statements.

Turnover

Turnover comprises the invoiced value of the supply of coiled ductwork and ancillary products,

excluding valued added tax. Turnover is recognised on delivery 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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks, which comprise coiled ductwork, steel coil, and ancillary products, are valued at purchase

cost. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete

and slow-moving stock where appropriate.

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.

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 the profit and loss account as incurred.

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.

Debtors and creditors due within one year

Debtors and creditors with no stated interest rate, which are due within one year, are stated at the

transaction price. Any losses arising from impairment are recognised in the statement of

comprehensive income within administrative expenses.

Impairment

At each balance sheet date, assets are reviewed to determine whether there is any indication that any

of the individual assets have suffered an impairment. If such indication exists, the recoverable amount

of the asset, or the assets 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 a present legal or constructive obligation arising as a

result of a past event, and it is probable that an outflow of economic benefits will be required to settle

the obligation and a reliable estimate can be made. Provisions are measured at the present value of the

expenditures expected to be required to settle the obligation, taking into account the risks and

uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2015 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2016

181,449

9,925

27,695

22,201

241,270

Additions

4,240

700

-

-

4,940

At 31 December 2016

185,689

10,625

27,695

22,201

246,210

DEPRECIATION

At 1 January 2016

161,579

3,708

19,116

20,173

204,576

Charge for year

4,822

1,038

2,145

507

8,512

At 31 December 2016

166,401

4,746

21,261

20,680

213,088

NET BOOK VALUE

At 31 December 2016

19,288

5,879

6,434

1,521

33,122

At 31 December 2015

19,870

6,217

8,579

2,028

36,694

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2016

and 31 December 2016

27,695

DEPRECIATION

At 1 January 2016

19,116

Charge for year

2,145

At 31 December 2016

21,261

NET BOOK VALUE

At 31 December 2016

6,434

At 31 December 2015

8,579

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

339,379

257,759

Other debtors

5,331

6,558

Directors' current accounts

120,749

-

Prepayments

-

16,565

465,459

280,882

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

-

22,571

Hire purchase contracts

2,491

2,325

Trade creditors

199,570

216,396

Corporation tax

27,730

58,895

Social security and other taxes

3,427

1,027

VAT

46,104

45,868

Other creditors

1,559

6,331

RBS invoice discounting

263,929

158,561

Directors' current accounts

-

7,876

Accruals & deferred income

12,037

8,711

556,847

528,561

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.16

31.12.15

£

£

Hire purchase contracts

600

3,000

Director's pension

compensation provision

150,000

-

150,600

3,000

Director's pension compensation provision

In the year a provision was created of £150,000, which was also the closing balance at the year end.

The provision represents the director's best estimate of the present value of the cost to the company

due to the obligation in the financial period. A formal decision regarding the amount and its form was

taken after the reporting period end.

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank overdraft

-

52

Bank loans

-

22,519

Hire purchase contracts

3,091

5,325

RBS invoice discounting

263,929

158,561

267,020

186,457

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.16

31.12.15

value:

£

£

4

Ordinary

10p

-

-

16

A Ordinary

10p

2

2

2

2

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director's current account of J Reynolds became overdrawn. The director's current

account first became overdrawn in April 2016, in the sum of £30,854. Successive loans from the

company occurred in the months of May 2016 through to December 2016. The maximum outstanding

on the director's current account was £120,749 and this also represented the balance owing to the

company at the year end of 31 December 2016. No interest has been charged by the company on these

loans.

11.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the first time in the year ended 31 December 2016. There were

no changes in the accounting policies arising from the transition from the previous financial reporting

framework, to FRS 102. Further, there were no adjustments to the previously reported profit and loss

account, or the previously reported equity shareholders funds, at the date of transition.