Parkrow Alloys Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03831886 (England and Wales)

PARKROW ALLOYS LIMITED

Unaudited Financial Statements for the Year Ended 30 September 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTOR:

M W Baker

SECRETARY:

Mrs S Baker

REGISTERED OFFICE:

Millfields Road

Ettingshall

Wolverhampton

West Midlands

WV4 6JQ

REGISTERED NUMBER:

03831886 (England and Wales)

ACCOUNTANTS:

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

FIXED ASSETS

Tangible assets

4

440,717

452,897

CURRENT ASSETS

Stocks

233,201

239,180

Debtors

5

714,697

558,059

Cash at bank and in hand

24,069

8,621

971,967

805,860

CREDITORS

Amounts falling due within one year

6

867,709

697,725

NET CURRENT ASSETS

104,258

108,135

TOTAL ASSETS LESS CURRENT LIABILITIES

544,975

561,032

CREDITORS

Amounts falling due after more than one year

7

(171,244

)

(189,002

)

PROVISIONS FOR LIABILITIES

10

(1,619

)

(2,785

)

NET ASSETS

372,112

369,245

CAPITAL AND RESERVES

Called up share capital

11

231,000

231,000

Share premium

9,000

9,000

Retained earnings

132,112

129,245

SHAREHOLDERS' FUNDS

372,112

369,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director on 21 May 2018 and were signed by:

M W Baker - Director

1.	STATUTORY INFORMATION

Parkrow Alloys Limited 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.

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 30 September 2017 are the first financial statements that comply

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

Section 1A small entities has resulted in no changes to accounting policies to those previously used.

The presentational currency is £ sterling

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised when goods are physically delivered to the customer.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

15% straight line / 15% reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% straight line / 20% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference shares or non-puttable ordinary shares which are measured at fair value, with changes recognised in

profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with

changes recognised in profit or loss.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2016 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2016

and 30 September 2017

500,000

91,654

11,197

DEPRECIATION

At 1 October 2016

65,333

76,851

9,950

Charge for year

7,000

4,251

250

At 30 September 2017

72,333

81,102

10,200

NET BOOK VALUE

At 30 September 2017

427,667

10,552

997

At 30 September 2016

434,667

14,803

1,247

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2016

and 30 September 2017

27,553

1,997

632,401

DEPRECIATION

At 1 October 2016

25,915

1,455

179,504

Charge for year

410

269

12,180

At 30 September 2017

26,325

1,724

191,684

NET BOOK VALUE

At 30 September 2017

1,228

273

440,717

At 30 September 2016

1,638

542

452,897

Depreciation is charged on freehold property at 2% straight Line. Depreciation charged is calculated on

buildings cost only. Freehold property is split between land £150,000 and buildings £350,000.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

495,732

350,601

Amounts due from related party

40,723

28,242

Due from parent company

171,846

171,846

Prepayments and accrued income

6,396

7,370

714,697

558,059

The trade debtors balance of £495,732 (2016: £350,601) is factored. The creditor due to the factoring company

of £407,009 (2016: £294,396) is disclosed in note 6.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans and overdrafts (see note 8)

16,621

15,521

Trade creditors

369,863

332,143

Tax on director's interest

-

81

Social security and other taxes

56,648

44,251

Barclays Factoring

407,009

294,396

Due to S & M Baker

3,784

3,175

Accrued expenses

13,784

8,158

867,709

697,725

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans (see note 8)

171,244

189,002

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

104,760

126,918

8.

LOANS

An analysis of the maturity of loans is given below:

30.9.17

30.9.16

£

£

Amounts falling due within one year or on demand:

Bank loans

16,621

15,521

Amounts falling due between one and two years:

Bank loans - 1-2 years

16,621

15,521

Amounts falling due between two and five years:

Bank loans - 2-5 years

49,863

46,563

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

104,760

126,918

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Bank loans

187,865

204,523

Factoring Company

407,009

294,396

594,874

498,919

Bank loan is secured by a charge on the freehold property.

Factoring company charge is secured against trade debtors.

10.	PROVISIONS FOR LIABILITIES

30.9.17

30.9.16

£

£

Deferred tax

Accelerated capital allowances

1,619

2,785

Deferred

tax

£

Balance at 1 October 2016

2,785

Decrease in provision

(1,166

)

Balance at 30 September 2017

1,619

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

231,000

Ordinary

£1

231,000

231,000

12.	ULTIMATE CONTROLLING PARTY

The ultimate Controlling Party is M.Baker.

13.	FIRST YEAR ADOPTION

The company has adopted FRS 102 for the year ended 30th September 2017. There have been no transitional

adjustments and so therefore the comparative prior year accounts have not been restated.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Parkrow Alloys Limited for the year ended 30 September 2017 which comprise the Income

Statement, Balance Sheet, and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Parkrow Alloys Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Parkrow Alloys Limited and state those matters that we have agreed to state to the director of Parkrow Alloys Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parkrow Alloys Limited director for our work or for this report.

It is your duty to ensure that Parkrow Alloys Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Parkrow Alloys Limited. You consider that Parkrow Alloys Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Parkrow Alloys Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

Date: .............................................