Metalwash Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 03022524

Metalwash Limited

Filleted Unaudited Financial Statements

30 June 2017

Metalwash Limited

Financial Statements

Year ended 30 June 2017

Contents	Page

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Statement of changes in equity	4

Notes to the financial statements	5

Metalwash Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Metalwash Limited

Year ended 30 June 2017

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 June 2017, which comprise the statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

HARPER SHELDON LIMITED Chartered Accountants

Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ

28 March 2018

Metalwash Limited

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		194,729	263,455

Current assets

Stocks		38,885	38,885
Debtors	6	115,562	241,085
Cash at bank and in hand		1,150	1,482
		---------	---------
		155,597	281,452

Creditors: amounts falling due within one year	7	( 337,068)		( 426,548)
		---------		---------
Net current liabilities			( 181,471)	( 145,096)
			---------	---------
Total assets less current liabilities			13,258	118,359

Creditors: amounts falling due after more than one year	8		( 47,020)	( 92,112)

Provisions

Taxation including deferred tax	10,330	18,876
	--------	---------
Net (liabilities)/assets	( 23,432)	45,123
	--------	---------

Metalwash Limited

Statement of Financial Position (continued)

30 June 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	320	320
Share premium account	56,380	56,380
Profit and loss account	( 80,132)	( 11,577)
	--------	--------
Shareholders (deficit)/funds	( 23,432)	45,123
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 March 2018 , and are signed on behalf of the board by:

J T H Marshall	A S Young
Director	Director

Company registration number: 03022524

Metalwash Limited

Statement of Changes in Equity

Year ended 30 June 2017

		Called up share capital	Share premium account	Revaluation reserve	Profit and loss account	Total
		£	£	£	£	£
At 1 January 2015		320	56,380	124,734	39,133	220,567

Loss for the year					( 108,164)	( 108,164)
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	–	( 124,734)	124,734	–
		----	--------	---------	---------	---------
Total comprehensive income for the year		–	–	( 124,734)	16,570	( 108,164)

Dividends paid and payable		–	–	–	( 67,280)	( 67,280)
		----	--------	---------	---------	---------
Total investments by and distributions to owners		–	–	–	( 67,280)	( 67,280)

At 30 June 2016		320	56,380	–	( 11,577)	45,123

Loss for the year					( 30,627)	( 30,627)
		----	--------	---------	---------	---------
Total comprehensive income for the year		–	–	–	( 30,627)	( 30,627)

Dividends paid and payable		–	–	–	( 37,928)	( 37,928)
		----	----	----	--------	--------
Total investments by and distributions to owners		–	–	–	( 37,928)	( 37,928)

		----	--------	----	--------	--------
At 30 June 2017		320	56,380	–	( 80,132)	( 23,432)
		----	--------	----	--------	--------

Metalwash Limited

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 59 Main Site, Aston Down Business Park, Stroud, GL6 8GA, Gloucestershire.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold property	-	Equal instalments over the term of the lease
Plant & machinery	-	25% reducing balance
Office equipment & furniture	-	25% and 40% reducing balance
Motor Vehicles	-	25% reducing balance
Machines	-	25 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2016: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jul 2016	115,338	32,605	36,531	208,525	348,945	741,944
Disposals	–	–	–	( 23,342)	–	( 23,342)
	---------	--------	--------	---------	---------	---------
At 30 Jun 2017	115,338	32,605	36,531	185,183	348,945	718,602
	---------	--------	--------	---------	---------	---------
Depreciation
At 1 Jul 2016	73,937	27,581	32,514	88,588	255,869	478,489
Charge for the year	14,608	1,050	1,019	9,315	19,392	45,384
	---------	--------	--------	---------	---------	---------
At 30 Jun 2017	88,545	28,631	33,533	97,903	275,261	523,873
	---------	--------	--------	---------	---------	---------
Carrying amount
At 30 Jun 2017	26,793	3,974	2,998	87,280	73,684	194,729
	---------	--------	--------	---------	---------	---------
At 30 Jun 2016	41,401	5,024	4,017	119,937	93,076	263,455
	---------	--------	--------	---------	---------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	68,153	203,440
Other debtors	47,409	37,645
	---------	---------
	115,562	241,085
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	95,719	98,625
Trade creditors	61,836	94,080
Corporation tax	472	5,457
Social security and other taxes	126,552	133,049
Other creditors	52,489	95,337
	---------	---------
	337,068	426,548
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	47,020	92,112
	--------	--------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 1 year and not later than 5 years	12,500	12,500
	--------	--------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
A S Young	–	10,893	10,893
	----	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
A S Young	–	–	–
	----	----	----

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

Reconciliation of equity

	1 January 2015			30 June 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	407,577	–	407,577	263,455	–	263,455
Current assets	164,233	–	164,233	281,452	–	281,452
Creditors: amounts falling due within one year	( 231,448)	–	( 231,448)	( 426,548)	–	( 426,548)
	---------	----	---------	---------	----	---------
Net current liabilities	( 67,215)	–	( 67,215)	( 145,096)	–	( 145,096)
	---------	----	---------	---------	----	---------
Total assets less current liabilities	340,362	–	340,362	118,359	–	118,359

Creditors: amounts falling due after more than one year	( 127,213)	–	( 127,213)	( 92,112)	–	( 92,112)
Provisions	7,418	–	7,418	18,876	–	18,876
	---------	----	---------	---------	----	---------
Net (liabilities)/assets	220,567	–	220,567	45,123	–	45,123
	---------	----	---------	---------	----	---------

	---------	----	---------	---------	----	---------
Capital and reserves	220,567	–	220,567	45,123	–	45,123
	---------	----	---------	---------	----	---------

Due to the transition to FRS102 the revaluation reserve relating to machine assets was reclassified to the profit and loss reserve. The adjustment is purely a change in accounting policy and not a correction of errors.