Sherwood Aluminium Systems Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03417547 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

SHERWOOD ALUMINIUM SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M. C. Shirley

REGISTERED OFFICE:

Sherwood House

Acorn Way

Mansfield

Nottinghamshire

NG18 3HD

REGISTERED NUMBER:

03417547 (England and Wales)

ACCOUNTANTS:

Anderson & Co

18 Diamond Avenue

Kirkby in Ashfield

Nottinghamshire

NG17 7GR

BANKERS:

National Westminster Plc

Sutton & Kirkby Branch

Portland Square

Sutton in Ashfield

Nottinghamshire

NG17 1BA

FIXED ASSETS

Intangible assets

3

1,800

1,800

Tangible assets

4

633,334

117,850

635,134

119,650

CURRENT ASSETS

Stocks

4,500

4,500

Debtors

5

361,299

291,334

Cash at bank and in hand

507,702

799,476

873,501

1,095,310

CREDITORS

Amounts falling due within one year

6

464,164

404,755

NET CURRENT ASSETS

409,337

690,555

TOTAL ASSETS LESS CURRENT LIABILITIES

1,044,471

810,205

CREDITORS

Amounts falling due after more than one year

7

-

(11,940

)

PROVISIONS FOR LIABILITIES

(22,690

)

(15,132

)

NET ASSETS

1,021,781

783,133

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

1,021,581

782,933

SHAREHOLDERS' FUNDS

1,021,781

783,133

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 30 June 2018 and were signed by:

Mr M. C. Shirley - Director

1.	STATUTORY INFORMATION

Sherwood Aluminium Systems 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

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

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on 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.

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

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.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from

those of the company in an independantly administered fund. Contributions payable for the year are charged in

the profit and loss account.

3.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2016

and 30 September 2017

7,200

AMORTISATION

At 1 October 2016

and 30 September 2017

5,400

NET BOOK VALUE

At 30 September 2017

1,800

At 30 September 2016

1,800

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

Motor

property

machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2016

-

64,434

87,237

100,556

252,227

Additions

479,109

1,869

33,634

15,772

530,384

At 30 September 2017

479,109

66,303

120,871

116,328

782,611

DEPRECIATION

At 1 October 2016

-

42,784

61,407

30,186

134,377

Charge for year

-

1,500

3,720

9,680

14,900

At 30 September 2017

-

44,284

65,127

39,866

149,277

NET BOOK VALUE

At 30 September 2017

479,109

22,019

55,744

76,462

633,334

At 30 September 2016

-

21,650

25,830

70,370

117,850

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

352,632

282,667

Amount recoverable on contract

6,494

6,494

Prepayments

2,173

2,173

361,299

291,334

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts

-

5,611

Trade creditors

232,845

188,404

Corporation tax

93,484

91,260

Social security and other taxes

1,574

-

Value added tax

71,295

48,628

Pension Fund Account

1,950

1,950

PAYE and national insurance

8,767

7,571

Directors' current accounts

26,056

33,138

Accrued expenses

28,193

28,193

464,164

404,755

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts

-

11,940

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M. C. Shirley.

The ultimate controlling party is Mr M. C. Shirley.