PAB Coventry Limited - Accounts to registrar - small 17.2
PAB Coventry Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| PAB COVENTRY LIMITED |
| Unaudited Financial Statements for the Year Ended 31 May 2017 |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PAB COVENTRY LIMITED |
| Company Information |
| for the Year Ended 31 May 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 59-61 Charlotte Street |
| St Pauls Square |
| Birmingham |
| West Midlands |
| B3 1PX |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Balance Sheet |
| 31 May 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Balance Sheet - continued |
| 31 May 2017 |
| 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 |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2017 |
| 1. | STATUTORY INFORMATION |
| PAB Coventry Limited is a |
| 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 (£). |
| The company's principal activity is that of steel fabrication. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the 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. |
| Sale of goods |
| Turnover from the sale of goods is recognised at the point of sale, when the delivery note is raised. |
| Grant income |
| Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is |
| incurred. |
| Interest receivable |
| Interest income is recognised using the effective interest method. |
| Tangible fixed assets |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stock is valued at the lower of cost and net realisable value. |
| Cost is recognised as the cost incurred in bringing each product or item to its present location and condition. |
| Net realisable value is based on estimated selling price less the estimated cost of disposal. |
| 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. |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| 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. |
| 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. |
| Employee 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. |
| When employees have rendered service to the company, short term employee benefits to which the employees |
| are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| Government grants |
| Grants are credited to deferred revenue. Grants towards capital expenditure are released to profit and loss |
| account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit |
| and loss account as the related expenditure is incurred. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently |
| they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement |
| constitutes a finance transaction it is measured at present value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements |
| Freehold | to | Plant and |
| property | property | machinery |
| £ | £ | £ |
| COST |
| At 1 June 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 May 2017 |
| DEPRECIATION |
| At 1 June 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 May 2017 |
| NET BOOK VALUE |
| At 31 May 2017 |
| At 31 May 2016 |
| Fixtures |
| and | Motor |
| fittings | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 May 2017 |
| DEPRECIATION |
| At 1 June 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 May 2017 |
| NET BOOK VALUE |
| At 31 May 2017 |
| At 31 May 2016 |
| The net book value of tangible fixed assets includes £ 1,123,757 (2016 - £ 1,085,959 ) in respect of assets held |
| under hire purchase contracts. |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts |
| Corporation tax recoverable |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Amounts owed to associated companies |
| Social security and other taxes |
| Invoice discounting |
| Other creditors |
| Directors' current accounts |
| Accruals & deferred income |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans - 1-2 years |
| Mortgage - 1-2 years |
| Bank loans - 2-5 years |
| Mortgage - 2-5 years |
| Mortgage more than 5yr by |
| instalment |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Mortgage more than 5yr by |
| instalment | 265,849 | 293,985 |
| 265,849 | 293,985 |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 656,340 | 687,209 |
| Invoice discounting | 402,049 | 465,126 |
| The hire purchase liability is secured on the assets financed. |
| The invoice discounting liability is secured on specific trade debtor balances. |
| The bank loan is secured on the assets of the company |
| The mortgage is secured on the property to which it relates recognised in these financial statements. |
| 9. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax | 170,397 | 197,898 |
| Deferred |
| tax |
| £ |
| Balance at 1 June 2016 |
| Provided during year | ( |
) |
| Balance at 31 May 2017 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary B | £1 | 3,001 | 3,001 |
| Ordinary A | £1 | 23,701 | 23,702 |
| Ordinary C | £1 | 3,000 | 3,000 |
| Ordinary D | £1 | 300 | 300 |
| 1 | Ordinary E | £1 | 1 | - |
| 30,003 | 30,003 |
| 11. | OTHER FINANCIAL COMMITMENTS |
| The company has committed to pay rent of £66,000 per annum in future years. |
| PAB COVENTRY LIMITED (REGISTERED NUMBER: 03646267) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2017 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 May 2017 and |
| 31 May 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 13. | RELATED PARTY DISCLOSURES |
| At the balance sheet date, £55,355 was due to PAB Rubgy a company with directors in common. |
| Rent of £66,000 was paid during the year |