Universal Steel Profiles Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06965474 (England and Wales)

UNIVERSAL STEEL PROFILES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

4

DIRECTORS:

Mr. S.G. Harding

Mrs S L O'Grady

REGISTERED OFFICE:

Office 8, Amspray Business Centre

Worcester Road

Kidderminster

Worcestershire

DY10 1HY

REGISTERED NUMBER:

06965474 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the directors 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 Statement of

Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary

statements and the Report of the Directors 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 Universal Steel Profiles Limited for the year ended 31 December 2017 which comprise the Statement of

Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 Board of Directors of Universal Steel Profiles Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Universal Steel Profiles Limited and state those matters that we have agreed to state to the Board of Directors of Universal Steel Profiles Limited, as a body, 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 Universal Steel Profiles Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Universal Steel Profiles 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 Universal Steel Profiles Limited. You consider that Universal Steel Profiles 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 Universal Steel Profiles 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.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

13 June 2018

FIXED ASSETS

Tangible assets

4

120,567

141,843

CURRENT ASSETS

Debtors

5

1,658,393

1,531,448

Cash at bank

193,498

96,456

1,851,891

1,627,904

CREDITORS

Amounts falling due within one year

6

1,812,853

1,670,719

NET CURRENT ASSETS/(LIABILITIES)

39,038

(42,815

)

TOTAL ASSETS LESS CURRENT LIABILITIES

159,605

99,028

PROVISIONS FOR LIABILITIES

15,405

20,471

NET ASSETS

144,200

78,557

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

144,100

78,457

SHAREHOLDERS' FUNDS

144,200

78,557

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 June 2018 and were signed on its behalf by:

Mrs S L O'Grady - Director

1.	STATUTORY INFORMATION

Universal Steel Profiles 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.

Turnover

Turnover represents net sales of goods and services, excluding 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.

Plant and machinery

-

15% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2016 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2017

and 31 December 2017

203,000

DEPRECIATION

At 1 January 2017

61,157

Charge for year

21,276

At 31 December 2017

82,433

NET BOOK VALUE

At 31 December 2017

120,567

At 31 December 2016

141,843

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,629,353

1,518,340

Other debtors

29,040

13,108

1,658,393

1,531,448

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,571,039

1,456,138

Taxation and social security

33,664

12,481

Other creditors

208,150

202,100

1,812,853

1,670,719

7.	SECURED DEBTS

Included in trade creditors is a balance of £482,593 (2015 £320,014) owed to Consolidated Steel Products Limited that is

secured by a debenture over all assets of the company present and future.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2017 and

31 December 2016:

2017

2016

£

£

Mr. S.G. Harding

Balance outstanding at start of year

45

45

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

45

Mrs S L O'Grady

Balance outstanding at start of year

45

45

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

45

9.	ULTIMATE CONTROLLING PARTY

Control over the company is exercised by the Board of Directors. No individual is able to exercise sole control.