Cardiff Steel Erection Limited - Period Ending 2018-07-31
Cardiff Steel Erection Limited - Period Ending 2018-07-31
Registration number:
Cardiff Steel Erection Limited
Filleted
for the Year Ended 31 July 2018
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY
Cardiff Steel Erection Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Cardiff Steel Erection Limited
Company Information
Directors |
Mr DJ Russell Mr AG Cooper |
Company secretary |
Mrs LR Cooper |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cardiff Steel Erection Limited
for the Year Ended 31 July 2018
As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 July 2018, as set out on pages 3 to 11, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.
Hazell Drive
Newport
South Wales
NP10 8FY
Page 2 |
Cardiff Steel Erection Limited
(Registration number: 05496163)
Balance Sheet as at 31 July 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 3 |
Cardiff Steel Erection Limited
(Registration number: 05496163)
Balance Sheet as at 31 July 2018
For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr DJ Russell
Director
Page 4 |
Cardiff Steel Erection Limited
Statement of Changes in Equity for the Year Ended 31 July 2018
Share capital |
Profit and loss account |
Total |
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At 1 August 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 July 2018 |
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Share capital |
Profit and loss account |
Total |
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At 1 August 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 July 2017 |
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Page 5 |
Cardiff Steel Erection Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
General information |
The company registration number is: 05496163
The company is a private company limited by share capital incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% straight line |
Plant, machinery and equipment |
10% straight line |
Furniture, fittings and equipment |
25% straight line |
Motor vehicles |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 6 |
Cardiff Steel Erection Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 7 |
Cardiff Steel Erection Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 August 2017 |
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Additions |
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- |
- |
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Disposals |
- |
- |
( |
- |
( |
At 31 July 2018 |
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Depreciation |
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At 1 August 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 July 2018 |
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Carrying amount |
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At 31 July 2018 |
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At 31 July 2017 |
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Included within the net book value of land and buildings above is £208,199 (2017 - £98,037) in respect of freehold land and buildings. The value of the land and buildings is considered by the directors to be stated at fair value.
Page 8 |
Cardiff Steel Erection Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
98,294 |
24,208 |
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Directors' current accounts |
24,797 |
18,265 |
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Accruals and deferred income |
4,160 |
3,975 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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3,000.00 |
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3,000.00 |
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Page 9 |
Cardiff Steel Erection Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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Bank borrowings
The bank loan is secured by a fixed charge over the land and buildings on the company balance sheet. |
Other borrowings
The hire purchase contracts are secured by a fixed charge over the specific motor vehicles on the company balance sheet.
Dividends |
2018 |
2017 |
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£ |
£ |
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Interim dividend of £ |
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Page 10 |
Cardiff Steel Erection Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Related party transactions |
Key management personnel
Director
Summary of transactions with key management
Page 11 |