Clyde Fasteners Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC042783 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

CLYDE FASTENERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J L Boyd

G C Russell

SECRETARY:

J L Boyd

REGISTERED OFFICE:

5 Hawbank Road

East Kilbride

G74 5ET

REGISTERED NUMBER:

SC042783 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

4

293,271

309,240

CURRENT ASSETS

Stocks

216,279

160,527

Debtors

5

559,425

658,192

Cash at bank and in hand

470

1,883

776,174

820,602

CREDITORS

Amounts falling due within one year

6

345,543

358,643

NET CURRENT ASSETS

430,631

461,959

TOTAL ASSETS LESS CURRENT LIABILITIES

723,902

771,199

CREDITORS

Amounts falling due after more than one year

7

-

(17,500

)

PROVISIONS FOR LIABILITIES

10

(190,291

)

(195,759

)

NET ASSETS

533,611

557,940

CAPITAL AND RESERVES

Called up share capital

11

41,900

41,900

Retained earnings

491,711

516,040

SHAREHOLDERS' FUNDS

533,611

557,940

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 22 September 2017 and were signed on its behalf by:

G C Russell - Director

J L Boyd - Director

1.	STATUTORY INFORMATION

Clyde Fasteners Limited is a private company, limited by shares , registered in Scotland. The 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 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.

Turnover

The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns

received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled

its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred

to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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% reducing balance

Motor vehicles

-

20% reducing balance

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

of acquisition.

Stocks

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

items.

Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present

location and condition. Cost includes material and direct labour costs together with an appropriate proportion of

production overheads.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

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

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 denominated in foreign currencies are recorded at the rates of exchange ruling at the dates of the

transactions, or at an average rate for the period if the rates do not fluctuate significantly. Monetary assets and liabilities

are translated at year end exchange rates or, where appropriate, at rate of exchange fixed under the terms of the relevant

transaction. The resulting exchange rate differences are charges to the profit and loss account.

Hire purchase and leasing commitments

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor,

are charged against profits on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and

are depreciated in accordance with the above depreciation policies.

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable

are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the

finance element, which is charged to the profit and loss account on a straight line basis.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and credited to the profit and loss

account over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue expenditure are credited to the profit and loss account in the period to which

they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2015 - 42 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2016

and 31 December 2016

1,209,650

44,330

1,253,980

DEPRECIATION

At 1 January 2016

918,838

25,902

944,740

Charge for year

14,541

1,428

15,969

At 31 December 2016

933,379

27,330

960,709

NET BOOK VALUE

At 31 December 2016

276,271

17,000

293,271

At 31 December 2015

290,812

18,428

309,240

Hire purchase agreements

Included within the net book value is £94,311 (2015: £99,275) relating to assets held under hire purchase agreements. The

depreciation charged to the financial statements in the year in respect of such assets amounted to £4,964 (2015: £5,225).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

371,398

461,165

Amounts owed by group undertakings

188,027

197,027

559,425

658,192

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 8)

17,500

42,000

Trade creditors

252,130

217,202

Taxation and social security

43,711

65,637

Other creditors

32,202

33,804

345,543

358,643

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts (see note 8)

-

17,500

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2016

2015

£

£

Net obligations repayable:

Within one year

17,500

42,000

Between one and five years

-

17,500

17,500

59,500

Non-cancellable operating

leases

2016

2015

£

£

Within one year

78,000

78,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

17,500

59,500

Invoice discounting

24,402

26,004

41,902

85,504

Hire purchase contracts are secured over the assets to which they relate.

Included within other creditors is an invoice discounting facility. This is secured by way of a floating charge.

10.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

Accelerated capital allowances

26,506

11,994

Other provisions

Legal claim

150,000

150,000

Government grants

13,785

33,765

163,785

183,765

Aggregate amounts

190,291

195,759

Deferred

Government

tax

grants

£

£

Balance at 1 January 2016

11,994

33,765

Charge/(credit) to Income Statement during year

14,512

(19,800

)

Balance at 31 December 2016

26,506

13,965

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

41,900

Ordinary

£1

41,900

41,900

12.	RELATED PARTY DISCLOSURES

The following transactions with related parties took place during the year:

2016

2015

£

£

Directors' remuneration

65,065

62,807

Value of purchases made from parent company

78,000

34,500

Amounts owed from parent company

188,027

197,027

No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

13.	ULTIMATE CONTROLLING PARTY

The Company was under the control of its directors throughout the current and previous year by virtue of their interest in

the ordinary share capital of its ultimate parent company Clyde Fasteners (Holdings) Limited. No individual has overall

control.

14.	FIRST YEAR ADOPTION

The policies applied under the Company's previous accounting framework are not materially different to FRS 102 and have

not impacted on equity or profit or loss. The transition date for FRS 102 reporting is 1 January 2015.