Birmingham Saw Blades Limited - Accounts to registrar (filleted) - small 17.3
Birmingham Saw Blades Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| FOR |
| BIRMINGHAM SAW BLADES LIMITED |
| BIRMINGHAM SAW BLADES LIMITED (REGISTERED NUMBER: 01079240) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| BIRMINGHAM SAW BLADES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 8 Pendeford Place |
| Pendeford Business Park |
| Wobaston Road |
| Wolverhampton |
| WV9 5HD |
| BIRMINGHAM SAW BLADES LIMITED (REGISTERED NUMBER: 01079240) |
| BALANCE SHEET |
| 31 MARCH 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks | 4 |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 7 |
| Retained earnings | 8 | ( |
) | ( |
) |
| 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. |
| 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 by: |
| BIRMINGHAM SAW BLADES LIMITED (REGISTERED NUMBER: 01079240) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 1. | STATUTORY INFORMATION |
| Birmingham Saw Blades Limited is a |
| 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 |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| Net realisable value is based on selling price less anticipated costs to completion and selling costs. |
| 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 date of |
| the transaction. Assets and liabilities denominated in foreign currencies are translated into sterling at the closing |
| rates at the balance sheet date and the exchange differences are included in the profit and loss account. |
| BIRMINGHAM SAW BLADES LIMITED (REGISTERED NUMBER: 01079240) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets held under finance leases, which are where substantially all the risks and rewards of ownership of the |
| asset have passed to the company, are capitalised in the balance sheet and are depreciated over their useful lives. |
| The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The |
| interest element of the rental obligation is charged to the profit and loss account over the period of the lease and |
| represents a constant proportion of the balance of capital repayments outstanding. |
| Assets acquired under instalment finance agreements are treated as tangible fixed assets and depreciation is |
| provided accordingly. The capital element of future finance payments is included within creditors. Finance |
| charges are allocated to accounting periods over the length of the contract. |
| 3. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 April 2016 |
| Disposals | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| Reclassification/transfer | ( |
) |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| 4. | STOCKS |
| 2017 | 2016 |
| £ | £ |
| Stocks |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Amounts owed by group undertakings |
| Prepayments |
| BIRMINGHAM SAW BLADES LIMITED (REGISTERED NUMBER: 01079240) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| VAT | 27,196 | - |
| Amount due to related company | 605 | - |
| Accrued expenses |
| 7. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 8. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 April 2016 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 March 2017 | ( |
) |
| 9. | CONTINGENT LIABILITIES |
| The company has guaranteed the bank borrowings of other group undertakings. The gross amount of borrowings |
| excluding funds in hand, covered by these guarantees at 31 March 2017 was £213,589 (2016: £272,253). |
| 10. | RELATED PARTY DISCLOSURES |
| Sales totalling £990,357 and purchases totalling £175,151 were made during the year between group |
| companies.At 31 March 2017, £164,417 remains outstanding in respect of these purchases. Further loans of |
| £106,206 were received by the company during the year and at 31 March 2017 loans totalling £361,212 remain |
| outstanding to group companies. |
| 11. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Solutions Work Limited. |
| The ultimate controlling party is |
| The ultimate parent company is Saw Mart Limited. |
| BIRMINGHAM SAW BLADES LIMITED (REGISTERED NUMBER: 01079240) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| 12. | FIRST YEAR ADOPTION |
| This is the first year that the company has presented its financial statements under Financial Reporting Standard |
| 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended 31 |
| March 2016, were prepared under previous UK GAAP.The transition date to FRS 102 is therefore 1 April 2015. |
| In the transition to FRS 102 from old UK GAAP, the company has made no measurement and recognition |
| adjustments. |