S.T.B. Engineering Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 00958390 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30 September 2017

for

S.T.B. Engineering Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H G Dickinson

G Dance

SECRETARY:

H G Dickinson

REGISTERED OFFICE:

Toadsmoor Road

Brimscombe

Stroud

Gloucestershire

GL5 2UF

REGISTERED NUMBER:

00958390 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Tangible assets

4

29,132

33,402

CURRENT ASSETS

Stocks

5

64,722

59,988

Debtors

6

617,257

508,420

Cash at bank and in hand

22,265

51,198

704,244

619,606

CREDITORS

Amounts falling due within one year

7

386,812

277,004

NET CURRENT ASSETS

317,432

342,602

TOTAL ASSETS LESS CURRENT LIABILITIES

346,564

376,004

CAPITAL AND RESERVES

Called up share capital

43,200

43,200

Retained earnings

303,364

332,804

SHAREHOLDERS' FUNDS

346,564

376,004

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 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 29 June 2018 and were signed on its behalf by:

G Dance - Director

1.	STATUTORY INFORMATION

S.T.B. Engineering 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

Accounting convention

These financial statements have been prepared in accordance with the provisions of Section 1A

''Small Entities'' of FRS 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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

company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal

accounting policies adopted are set out below.

These financial statements for the year ended 30 September 2017 are the first financial

statements of STB Engineering Limited prepared in accordance with FRS 102, The Financial

Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to

FRS 102 was 1 October 2015. An explanation of how transition to FRS 102 has affected the

reported financial position and financial performance is given in note 10.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods

and services provided in the normal course of business, and is shown net of VAT and other

sales related taxes. The fair value of consideration takes into account trade discounts,

settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of

ownership of the goods have passed to the buyer (usually on dispatch of the goods), the

amount of revenue can be measured reliably, it is probable that the economic benefits

associated with the transaction will flow to the entity and the costs incurred or to be incurred

in respect of the transaction can be measured reliably.

Contracts

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by

reference to the stage of completion of the contract activity at the balance sheet date. This is normally

measured by the proportion that contract costs incurred for work performed to date compared to the

estimated total contract costs, except where this would not be representative of the stage of

completion. Variations in contract work, claims and incentive payments are included to the extent that

the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the

extent of contract costs incurred where it is probable they will be recoverable. Contract costs are

recognised as expenses in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is

recognised as an expense immediately.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation,

net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values

over their useful lives on the following bases:

Plant and machinery 15% straight line and 15% on reducing balance

Fixtures and fittings 15% on reducing balance

Computer equipment 25% straight line

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments'

and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial

instruments.

Financial instruments are recognised in the company's statement of financial position when the

company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements, when there is a legally enforceable right to set off the recognised amounts and

there is an intention to settle on a net basis or to realise the asset and settle the liability

simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances,

are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost using the effective interest method unless the arrangement constitutes

a financing transaction, where the transaction is measured at the present value of the future

receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or

more events that occurred after the initial recognition of the financial asset, the estimated

future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the

asset expire, or when it transfers the financial asset and substantially all the risks and rewards

of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow

group companies and preference shares that are classified as debt, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt

instrument is measured at the present value of the future receipts discounted at a market rate

of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Trade payables are obligations to pay for goods or services that have been acquired in the

ordinary course of business from suppliers. Accounts payable are classified as current liabilities

if payment is due within one year or less. If not, they are presented as non-current liabilities.

Trade payables are recognised initially at transaction price and subsequently measured at

amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are

discharged, cancelled, or they expire.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from

net profit as reported in the profit and loss account because it excludes items of income or

expense that are taxable or deductible in other years and it further excludes items that are

never taxable or deductible. The company's liability for current tax is calculated using tax rates

that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are

not recognised if the timing difference arises from goodwill or from the initial recognition of

other assets and liabilities in a transaction that affects neither the tax profit nor the accounting

profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and

reduced to the extent that it is no longer probable that sufficient taxable profits will be

available to allow all or part of the asset to be recovered. Deferred tax is calculated at the

tax rates that are expected to apply in the period when the liability is settled or the asset is

realised. Deferred tax is charged or credited in the profit and loss account, except when it

relates to items charged or credited directly to equity, in which case the deferred tax is also

dealt with in equity. Deferred tax assets and liabilities are offset when the company has a

legally enforceable right to offset current tax assets and liabilities and the deferred tax assets

and liabilities relate to taxes levied by the same tax authority.

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 10 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 October 2016

95,544

29,115

39,583

164,242

Additions

9,220

500

-

9,720

Disposals

(20,922

)

(580

)

(5,398

)

(26,900

)

At 30 September 2017

83,842

29,035

34,185

147,062

DEPRECIATION

At 1 October 2016

78,095

28,051

24,694

130,840

Charge for year

3,571

732

6,040

10,343

Eliminated on disposal

(17,379

)

(476

)

(5,398

)

(23,253

)

At 30 September 2017

64,287

28,307

25,336

117,930

NET BOOK VALUE

At 30 September 2017

19,555

728

8,849

29,132

At 30 September 2016

17,449

1,064

14,889

33,402

5.

STOCKS

30.9.17

30.9.16

£

£

Stocks

6,193

6,193

Work-in-progress

58,529

53,795

64,722

59,988

6.

DEBTORS

30.9.17

30.9.16

£

£

Amounts falling due within one year:

Trade debtors

212,806

160,053

Amounts recoverable on contract

-

3,384

Other debtors

256,602

256,587

Directors' current accounts

-

1,167

Corporation tax recoverable

58,060

4,318

Prepayments

7,494

6,712

534,962

432,221

Amounts falling due after more than one year:

Amounts owed by group undertakings

82,295

76,199

Aggregate amounts

617,257

508,420

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Payments on account

154,291

94,060

Trade creditors

163,581

90,904

Social security and other taxes

54,601

74,142

Other creditors

2,938

997

Accrued expenses

11,401

16,901

386,812

277,004

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2017

and 30 September 2016:

30.9.17

30.9.16

£

£

G Dance

Balance outstanding at start of year

1,167

2,834

Amounts repaid

(1,167

)

(1,667

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,167

9.	FIRST YEAR ADOPTION

Transitional relief

Transition to FRS 102 at 1 October 2015

£

Profit and loss account

UK GAAP as previously stated

503,227

Adjustment to long-term inter-company debtor balance

(81,768

)

421,459

FRS102 requires Financial Assets recoverable in more than one year to be valued at amortised cost.

The long-term inter-company debtor balance represents an actual amount owed of £152,323.

The adjustment to the long-term inter-company debtor balance represents the amount required

to reduce the balance to amortised cost as at 1 October 2015.