Metal Fabrication Company (Cardiff) Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 00552565 (England and Wales)

METAL FABRICATION COMPANY (CARDIFF) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs G C Mayze

M V Porter

S M Vipond

SECRETARY:

Mrs G C Mayze

REGISTERED OFFICE:

East Moors Road

Cardiff

CF24 5EE

REGISTERED NUMBER:

00552565 (England and Wales)

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Tangible assets

4

942,721

960,987

CURRENT ASSETS

Stocks

76,650

73,480

Debtors

5

433,895

416,047

Cash at bank and in hand

1,408,857

1,573,931

1,919,402

2,063,458

CREDITORS

Amounts falling due within one year

6

(294,236

)

(453,019

)

NET CURRENT ASSETS

1,625,166

1,610,439

TOTAL ASSETS LESS CURRENT LIABILITIES

2,567,887

2,571,426

PROVISIONS FOR LIABILITIES

(88,602

)

(111,134

)

NET ASSETS

2,479,285

2,460,292

CAPITAL AND RESERVES

Called up share capital

7

2,000

2,000

Revaluation reserve

8

334,512

322,760

Retained earnings

2,142,773

2,135,532

SHAREHOLDERS' FUNDS

2,479,285

2,460,292

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 12 April 2018 and were signed on its behalf by:

Mrs G C Mayze - Director

1.	STATUTORY INFORMATION

Metal Fabrication Company (Cardiff) Ltd 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded

to the nearest £.

The principal accounting policies adopted in the preparation of the financial statements are set out below and

have remained unchanged from the previous year, and also have been consistently applied within the same

accounts.

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.

These financial statements for the year ended 31 August 2017 are the first financial statements that comply

with FRS 102 Section 1A small entities. The date of transition is 1 September 2015.

The transition to FRS 102 Section 1A small entities has resulted in one changes to accounting policies to those

used previously The nature of this change and it's impact on opening equity and profit for the comparative

period is explained in the notes below.

There have been no material departures from FRS 102 1A small entities.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value

added tax.

Tangible fixed assets

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

life.

Land and buildings

- 40 yrs straight line on revalued amounts

Plant and machinery etc.

- 25% on reducing balance and 12.5% on reducing balance

The carrying value of tangible assets are reviewed annually for impairment in periods if events or changes in

circumstances indicate the carrying value may not be recoverable.

Stocks and work in progress

Stock and work in progress have been valued at the lower of cost and estimated selling price less costs to sell.

In respect of work in progress, cost includes a relevant proportion of overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account,

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.

Leasing commitments

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

lease.

Pension costs and other post-retirement 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.

Employee benefits

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.

Non-derivative financial instruments

Basic financial instruments are recognised at amortised cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2016 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 September 2016

750,000

531,687

155,722

1,437,409

Additions

-

5,048

35,440

40,488

Disposals

-

-

(29,964

)

(29,964

)

At 31 August 2017

750,000

536,735

161,198

1,447,933

DEPRECIATION

At 1 September 2016

18,750

385,513

72,159

476,422

Charge for year

4,688

18,371

22,856

45,915

Eliminated on disposal

-

-

(17,125

)

(17,125

)

At 31 August 2017

23,438

403,884

77,890

505,212

NET BOOK VALUE

At 31 August 2017

726,562

132,851

83,308

942,721

At 31 August 2016

731,250

146,174

83,563

960,987

Included in cost of land and buildings is freehold land of £ 562,500 (2016 - £ 562,500 ) which is not depreciated.

The freehold property is stated at a 2011 valuation of £750,000.The directors who do not have formal valuation

qualifications do not believe that the fair value of the freehold property is materially different to the carrying value

in the accounts.

If the freehold property was carried under the cost model, the carrying value would be £358,270.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

417,751

401,213

Other debtors

396

-

Prepayments

15,748

14,834

433,895

416,047

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

56,050

53,107

Corporation tax

8,892

41,595

Social security and other taxes

57,631

76,458

VAT

61,226

57,329

Other creditors

427

5,977

Pension creditor

1,900

1,856

Net Wages

6,450

9,148

Accruals and deferred income

6,713

28,108

Accrued expenses

94,947

179,441

294,236

453,019

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2,000

Ordinary shares

1

2,000

2,000

8.

RESERVES

Revaluation

reserve

£

At 1 September 2016

322,760

Deferred tax on revaluation

11,752

At 31 August 2017

334,512

9.	OTHER FINANCIAL COMMITMENTS

The following operating lease payments are committed to be paid in:

2017

£

Less than 1 year

2,582

1 to 5 years

3,352

More than 5 years

-

5,934

10.	FIRST YEAR ADOPTION

FRS 102 1A requires deferred tax to be recognised on revalued property . As a result a deferred tax liability of

£78,346 has been recognised on transition.

Deferred tax on freehold properties is recognised through other comprehensive income and in the revaluation

reserve.