Service Metals (Ireland) Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 06306501 (England and Wales)

Financial Statements for the Year Ended 31 December 2016

for

Service Metals (Ireland) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J M Winn

G P Wilson

C J J Kirby

J H Chrimes

SECRETARY:

G P Wilson

REGISTERED OFFICE:

Howley Park Industrial Estate

Howley Park Road East

Morley

Leeds

West Yorkshire

LS27 0BN

REGISTERED NUMBER:

06306501 (England and Wales)

AUDITORS:

Frank W Dobby & Co Limited

Statutory Auditor

55 Fountain Street

Morley

Leeds

West Yorkshire

LS27 0AA

FIXED ASSETS

Tangible assets

4

39,916

18,875

CURRENT ASSETS

Stocks

147,188

126,496

Debtors

5

242,883

201,483

Cash at bank

116,316

168,525

506,387

496,504

CREDITORS

Amounts falling due within one year

6

665,434

702,930

NET CURRENT LIABILITIES

(159,047

)

(206,426

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(119,131

)

(187,551

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(119,231

)

(187,651

)

SHAREHOLDERS' FUNDS

(119,131

)

(187,551

)

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 27 September 2017 and were signed on its behalf by:

J M Winn - Director

1.	STATUTORY INFORMATION

Service Metals (Ireland) 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 Company has a deficiency of net assets of €119,131 at 31 December 2016 (€187,551 - 2015). However, the

financial statements are prepared on a going concern basis which the directors believe to be appropriate for the

following reasons. The company's parent company, Service Metals (North) Limited along with all other related

parties to the company are funded through the use of a group overdraft facility with its bankers (refer to note 7).

The total facility at the balance sheet date was within terms and has remained so in the post balance sheet period.

This should enable the Company to continue in operational existence for the foreseeable future by meeting its

liabilities as they fall due for payment. As with any company placing reliance on other group entities for financial

support, the directors acknowledge that there can be no certainty that this support will continue although, at the

date of approval of these financial statements, they have no reason to believe that it will not do so.

The financial statements are presented in the Euro (€).

Significant judgements and estimates

The company has not applied any significant judgements or estimates which could have a significant effect on

the amounts recognised in its 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.

Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and

accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine

whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the

recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Stocks

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

moving items.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the

related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of

stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any

reversal of any write down of stocks is recognised as a reduction in the amount of stocks recognised as an

expense in the period in which the reversal occurs.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2015 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

€

€

€

€

€

COST

At 1 January 2016

4,081

24,102

72,684

15,444

116,311

Additions

-

-

31,224

7,322

38,546

Disposals

-

-

(26,348

)

-

(26,348

)

At 31 December 2016

4,081

24,102

77,560

22,766

128,509

DEPRECIATION

At 1 January 2016

3,435

17,945

63,356

12,700

97,436

Charge for year

408

924

8,966

2,517

12,815

Eliminated on disposal

-

-

(21,658

)

-

(21,658

)

At 31 December 2016

3,843

18,869

50,664

15,217

88,593

NET BOOK VALUE

At 31 December 2016

238

5,233

26,896

7,549

39,916

At 31 December 2015

646

6,157

9,328

2,744

18,875

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

€

€

Trade debtors

239,917

176,978

Prepayments

2,966

24,505

242,883

201,483

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

€

€

Bank loans and overdrafts

437,452

401,855

Trade creditors

121,440

207,615

Tax

10,427

4,672

Social security and other taxes

6,535

5,583

VAT

43,707

41,022

Accrued expenses

45,873

42,183

665,434

702,930

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

€

€

Bank overdrafts

437,452

401,855

There is a cross guarantee in connection with the banking facilities of all related and group companies as

follows:- Gablesea Limited, Gablesea Glassfibre Limited, Servemet (NW) Limited, Service Metals (Midlands)

Limited, Service Metals (South) Limited, Service Metals (North) Limited, Service Metals (East Anglia) Limited,

Euro Transport Manufacturing Limited, Switchblade Metals Limited, J B Components Limited, Service Metals

(Ireland) Limited. The amount of overdraft guaranteed in respect of all related and group companies is

£2,500,000.

Hire purchase balances are secured against the assets to which they relate.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Carole Jane Barrick FCCA (Senior Statutory Auditor)

for and on behalf of Frank W Dobby & Co Limited

9.	RELATED PARTY DISCLOSURES

During the financial year the company has entered into transactions with group companies during the normal

course of conducting its trade. Such transactions are however concluded under normal market conditions and are

therefore not disclosed in the company's financial statements.

10.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking which is exempt from drawing up consolidated financial statements is Service

Metals (North) Limited, whose registered office and principal place of business is Howley Park Industrial Estate,

Howley Park Road East, Morley, Leeds, West Yorkshire, England, LS27 0BN.