Southdown Construction (Metalwork) Limit - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04953160 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2018

FOR

SOUTHDOWN CONSTRUCTION (METALWORK)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Knee

R Pattinson

M W Gale

R P P Robin

REGISTERED OFFICE:

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

REGISTERED NUMBER:

04953160 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Tangible assets

4

9,389

12,518

CURRENT ASSETS

Stocks

5

921,990

788,000

Debtors

6

125,658

61,935

Cash at bank and in hand

248

15,032

1,047,896

864,967

CREDITORS

Amounts falling due within one year

7

888,575

690,349

NET CURRENT ASSETS

159,321

174,618

TOTAL ASSETS LESS CURRENT LIABILITIES

168,710

187,136

PROVISIONS FOR LIABILITIES

8

1,650

2,220

NET ASSETS

167,060

184,916

CAPITAL AND RESERVES

Called up share capital

9

166,666

166,666

Retained earnings

394

18,250

SHAREHOLDERS' FUNDS

167,060

184,916

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28th November 2018 and were signed on its behalf by:

M W Gale - Director

1.	STATUTORY INFORMATION

Southdown Construction (Metalwork) 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.

Significant judgements and estimates

No significant judgements have had to be made by the directors in preparing these financial

statements.

Turnover

Turnover represents the value of work done during the year,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 etc

-

25% on reducing balance

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 only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other accounts receivable and payable, loans from banks

and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in profit or loss.

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.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

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

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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property

and equipment, are reviewed to determine whether there is an indication that an asset may be

impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group

of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated

and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the

asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit

or loss.

Stock is also assessed for impairment at each reporting date. The carrying amount of each item of

stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an

item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less

costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2017 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1st March 2017

and 28th February 2018

67,959

DEPRECIATION

At 1st March 2017

55,441

Charge for year

3,129

At 28th February 2018

58,570

NET BOOK VALUE

At 28th February 2018

9,389

At 28th February 2017

12,518

5.

STOCKS

2018

2017

£

£

Stocks

9,000

8,000

Work-in-progress

912,990

780,000

921,990

788,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

72,760

5,519

Other debtors

52,898

56,416

125,658

61,935

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

26,763

-

Trade creditors

365,893

341,091

Taxation and social security

83,381

76,661

Other creditors

412,538

272,597

888,575

690,349

8.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

Accelerated capital allowances

1,650

2,220

Deferred

tax

£

Balance at 1st March 2017

2,220

Accelerated capital allowances

(570

)

Balance at 28th February 2018

1,650

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

166,666

Ordinary

£1

166,666

166,666

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed M Gale, a director £38,928 (2017 : £49,098).

During the year the company paid dividends of £36,000 (2017 - £156,185) to the directors and their

family members.

11.	RELATED PARTY DISCLOSURES