Southern Fabrications (Sussex) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06144600 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2018

FOR

SOUTHERN FABRICATIONS (SUSSEX) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

Mr B J Male

Mr A J Male

SECRETARY:

Mr B J Male

REGISTERED OFFICE:

24 Park Road South

Havant

Hampshire

PO9 1HB

REGISTERED NUMBER:

06144600 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

228,569

153,607

Investments

6

20

20

228,590

153,628

CURRENT ASSETS

Stocks

101,450

139,168

Debtors

7

1,399,355

1,584,752

Cash at bank and in hand

1,366,276

731,403

2,867,081

2,455,323

CREDITORS

Amounts falling due within one year

8

1,580,346

1,550,346

NET CURRENT ASSETS

1,286,735

904,977

TOTAL ASSETS LESS CURRENT LIABILITIES

1,515,325

1,058,605

CREDITORS

Amounts falling due after more than one year

9

-

(659

)

PROVISIONS FOR LIABILITIES

(37,027

)

(22,558

)

NET ASSETS

1,478,298

1,035,388

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

1,478,178

1,035,268

SHAREHOLDERS' FUNDS

1,478,298

1,035,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2018 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 26th November 2018 and were signed on its behalf by:

Mr B J Male - Director

1.	STATUTORY INFORMATION

Southern Fabrications (Sussex) 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.

The presentation currency of the financial statements is Pound Sterling (£) and is rounded to the nearest Pound

(£).

Preparation of consolidated financial statements

The financial statements contain information about Southern Fabrications (Sussex) Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

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.

Significant judgements and estimates

The preparation of financial statements requires the use of judgements, estimates and assumptions that affect

the reported amounts of assets and liabilities at the date of the financial statements, and revenues and expenses

during the reporting period. These judgements, estimates and assumptions are based on management's

historical experience, knowledge and other factors including expectations of future events or actions that are

believed to be reasonable under the circumstances. Actual results may differ from those amounts estimated.

In preparing these financial statements, management do not believe that they have made any critical

judgements in applying the company's accounting policies.

The following are estimates and assumptions that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year:

The rate of depreciation applied to fixed assets is based on the directors' own assessment of the useful life and

residual value of the assets concerned.

Revenue recognition

Turnover represents the value of goods and services supplied, excluding value added tax.

When the outcome of a contract can be measured reliably, the entity will recognise both income and costs by

reference to the percentage of completion of the contract. If the outcome cannot be reliably measured, all costs

are recognised in the profit or loss and revenue is only recognised to the extent that it is probable that costs are

recoverable.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business, has not been amortised due

to the immaterial amount involved.

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 etc

-

25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if

appropriate.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Work in progress

Work in progress has been valued at the lower of cost and estimated selling price less costs to complete and

sell.

Financial instruments

Financial instruments are recognised in line with sections 11 and 12 of FRS 102.

Basic financial instruments, such as bank and cash, loans, amounts due to/from group undertakings, trade

receivables and payables are initially recognised at transaction price, unless they constitute a financing

arrangement, when the transaction is measured at present value of the future receipts/payments discounted at a

market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest

rate method.

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 and are

depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss on a straight line basis over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals charged 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2017 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st March 2017

and 28th February 2018

1

NET BOOK VALUE

At 28th February 2018

1

At 28th February 2017

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st March 2017

442,576

Additions

139,519

Disposals

(12,900

)

At 28th February 2018

569,195

DEPRECIATION

At 1st March 2017

288,969

Charge for year

61,831

Eliminated on disposal

(10,174

)

At 28th February 2018

340,626

NET BOOK VALUE

At 28th February 2018

228,569

At 28th February 2017

153,607

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st March 2017

and 28th February 2018

20

NET BOOK VALUE

At 28th February 2018

20

At 28th February 2017

20

7.

DEBTORS

2018

2017

£

£

Amounts falling due within one year:

Trade debtors

1,097,863

1,270,930

Other debtors

254,390

247,220

1,352,253

1,518,150

Amounts falling due after more than one year:

Other debtors

47,102

66,602

Aggregate amounts

1,399,355

1,584,752

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

656

20,371

Trade creditors

596,316

547,740

Amounts owed to group undertakings

100

100

Taxation and social security

275,771

431,477

Other creditors

707,503

550,658

1,580,346

1,550,346

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

659

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

656

21,030

Lloyds TSB Bank Plc have a debenture over all monies and liabilities incurred by the company whether now or in

the future dated 29 November 2012.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28th February 2018 and

28th February 2017:

2018

2017

£

£

Mr B J Male

Balance outstanding at start of year

184,930

(14,070

)

Amounts advanced

-

239,000

Amounts repaid

(60,000

)

(40,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

124,930

184,930

Mr A J Male

Balance outstanding at start of year

40,000

-

Amounts advanced

-

40,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,000

40,000

No interest is charged on these amounts.

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 Balance Sheet. Readers are cautioned that the Income Statement 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 Southern Fabrications (Sussex) Limited for the year ended 28th February 2018 which comprise

the Statement of Income and Retained Earnings, 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 Board of Directors of Southern Fabrications (Sussex) 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 Southern Fabrications (Sussex) Limited and state those matters that we have agreed to state to the Board of Directors of Southern Fabrications (Sussex) 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 Southern Fabrications (Sussex) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Southern Fabrications (Sussex) 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 Southern Fabrications (Sussex) Limited. You consider that Southern Fabrications (Sussex) 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 Southern Fabrications (Sussex) 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.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

27th November 2018