Express Metal Services Ltd Company accounts

Express Metal Services Ltd Company accounts

EXPRESS METAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04474433
Express Metal Services Ltd
Unaudited Financial Statements
31 August 2017
Express Metal Services Ltd
Financial Statements
Year ended 31 August 2017
Contents
Page
Directors' report
1
Accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of comprehensive income
3
Statement of financial position
4
Statement of changes in equity
6
Notes to the financial statements
7
The following pages do not form part of the financial statements
Detailed income statement
15
Notes to the detailed income statement
16
Express Metal Services Ltd
Directors' Report
Year ended 31 August 2017
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2017 .
Directors
The directors who served the company during the year were as follows:
Mr A D Blount
Mrs D Blount
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 April 2018 and signed on behalf of the board by:
Mr A D Blount
Director
Registered office:
AVC House
21 Northampton Lane
Swansea
SA1 4EH
Express Metal Services Ltd
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Express Metal Services Ltd
Year ended 31 August 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 31 August 2017, which comprise the statement of comprehensive income, 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.
CLIVE ATKINS & CO LIMITED Accountants
AVC House 21 Northampton Lane Swansea SA1 4EH
9 April 2018
Express Metal Services Ltd
Statement of Comprehensive Income
Year ended 31 August 2017
2017
2016
Note
£
£
Turnover
4,218,300
3,413,683
Cost of sales
3,053,404
2,382,748
------------
------------
Gross profit
1,164,896
1,030,935
Distribution costs
38,831
21,535
Administrative expenses
895,166
742,078
Other operating income
( 12,240)
( 12,240)
------------
------------
Operating profit
218,659
255,082
Other interest receivable and similar income
19,000
9,500
Interest payable and similar expenses
8,291
10,173
------------
------------
Profit before taxation
5
229,368
254,409
Tax on profit
41,343
56,682
---------
---------
Profit for the financial year and total comprehensive income
188,025
197,727
---------
---------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Express Metal Services Ltd
Statement of Financial Position
31 August 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
6
723,058
671,688
Current assets
Stocks
316,975
265,065
Debtors
7
1,056,973
676,477
Cash at bank and in hand
291,228
368,869
------------
------------
1,665,176
1,310,411
Creditors: amounts falling due within one year
8
1,108,818
786,536
------------
------------
Net current assets
556,358
523,875
------------
------------
Total assets less current liabilities
1,279,416
1,195,563
Creditors: amounts falling due after more than one year
9
212,372
263,702
Provisions
Taxation including deferred tax
33,744
23,022
------------
------------
Net assets
1,033,300
908,839
------------
------------
Express Metal Services Ltd
Statement of Financial Position (continued)
31 August 2017
2017
2016
Note
£
£
£
Capital and reserves
Called up share capital
122
122
Profit and loss account
1,033,178
908,717
------------
---------
Shareholders funds
1,033,300
908,839
------------
---------
These financial statements have been prepared 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'.
For the year ending 31 August 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 9 April 2018 , and are signed on behalf of the board by:
Mr A D Blount
Director
Company registration number: 04474433
Express Metal Services Ltd
Statement of Changes in Equity
Year ended 31 August 2017
Called up share capital
Profit and loss account
Total
£
£
£
At 1 September 2015
120
803,282
803,402
Profit for the year
197,727
197,727
----
---------
---------
Total comprehensive income for the year
–
197,727
197,727
Issue of bonus shares
2
–
2
Dividends paid and payable
–
( 92,292)
( 92,292)
----
---------
---------
Total investments by and distributions to owners
2
( 92,292)
( 92,290)
At 31 August 2016
122
908,717
908,839
Profit for the year
188,025
188,025
----
---------
---------
Total comprehensive income for the year
–
188,025
188,025
Dividends paid and payable
–
( 63,564)
( 63,564)
----
--------
--------
Total investments by and distributions to owners
–
( 63,564)
( 63,564)
----
------------
------------
At 31 August 2017
122
1,033,178
1,033,300
----
------------
------------
Express Metal Services Ltd
Notes to the Financial Statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is AVC House, 21 Northampton Lane, Swansea, SA1 4EH.
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 September 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.
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:
Long Leasehold Property
-
2% straight line
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
15% straight line
Motor Vehicles
-
25% straight line
Equipment
-
20% straight line
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2016: 20 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2017
2016
£
£
Depreciation of tangible assets
61,796
32,076
--------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Sep 2016
612,024
69,663
10,158
105,467
87,989
885,301
Additions
–
480
–
156,325
7,381
164,186
Disposals
–
–
–
( 88,143)
–
( 88,143)
---------
--------
--------
---------
--------
---------
At 31 Aug 2017
612,024
70,143
10,158
173,649
95,370
961,344
---------
--------
--------
---------
--------
---------
Depreciation
At 1 Sep 2016
45,444
56,718
9,354
59,439
42,658
213,613
Charge for the year
12,241
3,837
300
43,412
14,247
74,037
Disposals
–
–
–
( 49,364)
–
( 49,364)
---------
--------
--------
---------
--------
---------
At 31 Aug 2017
57,685
60,555
9,654
53,487
56,905
238,286
---------
--------
--------
---------
--------
---------
Carrying amount
At 31 Aug 2017
554,339
9,588
504
120,162
38,465
723,058
---------
--------
--------
---------
--------
---------
At 31 Aug 2016
566,580
12,945
804
46,028
45,331
671,688
---------
--------
--------
---------
--------
---------
7. Debtors
2017
2016
£
£
Trade debtors
1,029,191
647,612
Other debtors
27,782
28,865
------------
---------
1,056,973
676,477
------------
---------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
16,482
22,420
Trade creditors
875,209
641,199
Corporation tax
34,858
44,441
Social security and other taxes
63,538
33,455
Other creditors
118,731
45,021
------------
---------
1,108,818
786,536
------------
---------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
212,372
263,702
---------
---------
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
Amounts repaid
Balance outstanding
£
£
£
£
Mr A D Blount
26,611
64,020
( 63,564)
27,067
--------
--------
--------
--------
2016
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A D Blount
36,903
82,000
( 92,292)
26,611
--------
--------
--------
--------
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.
12. Other spare note 99 heading
SPARE NOTE
The business.......
Express Metal Services Ltd
Management Information
Year ended 31 August 2017
The following pages do not form part of the financial statements.
Express Metal Services Ltd
Detailed Income Statement
Year ended 31 August 2017
2017
2016
£
£
Turnover
4,218,300
3,413,683
Cost of sales
Opening stock - raw materials
265,065
168,200
Purchases
3,105,314
2,479,613
------------
------------
3,370,379
2,647,813
Closing stock - resale
316,975
265,065
------------
------------
3,053,404
2,382,748
------------
------------
Gross profit
1,164,896
1,030,935
Overheads
Distribution costs
38,831
21,535
Administrative expenses
895,166
742,078
---------
---------
933,997
763,613
Other operating income
(12,240)
(12,240)
---------
---------
Operating profit
218,659
255,082
Other interest receivable and similar income
19,000
9,500
Interest payable and similar expenses
(8,291)
(10,173)
---------
---------
Profit before taxation
229,368
254,409
---------
---------
Express Metal Services Ltd
Notes to the Detailed Income Statement
Year ended 31 August 2017
2017
2016
£
£
Distribution costs
Directors salaries
36,864
19,600
Hire costs (non-operating leases)
1,967
1,935
--------
--------
38,831
21,535
--------
--------
Administrative expenses
Directors pensions
113,800
13,800
Wages and salaries
386,757
352,186
Employers national insurance contributions
31,674
29,006
Class 1a paid
715
2,943
Rent
22,181
14,676
Rates and water
25,136
26,213
Light and heat
7,223
6,233
Insurance
26,027
19,866
Repairs and maintenance
50,232
105,731
Motor expenses
76,885
74,396
Travel and subsistence
1,639
701
Hire costs (non-operating leases)
2,708
2,472
Telephone
6,335
3,195
Employment Administration
500
–
Printing postage and stationery
21,535
14,221
Staff training
2,770
4,460
Medical Insurance
3,727
3,141
Sundry expenses
500
1,425
Charitable donations (allowable)
–
650
Subscriptions
2,758
–
Protective Clothing
–
622
Advertising
2,872
5,871
Staff Entertaining
379
1,149
Legal and professional fees (allowable)
4,722
2,365
Accountancy fees
6,121
5,473
Depreciation of tangible assets
61,796
32,076
(Gain)/loss on disposal of tangible assets
5,844
(7,093)
Bad debts written off
17,253
15,678
HP Interest
6,372
3,469
Bank charges
6,705
7,153
---------
---------
895,166
742,078
---------
---------
Other operating income
Amortisation of leasehold
( 12,240)
( 12,240)
--------
--------
Other interest receivable and similar income
Rent Received
19,000
9,500
--------
-------
Interest payable and similar expenses
Interest on bank loans and overdrafts
8,291
10,173
-------
--------