Engineering Fabrication Limited - Accounts to registrar (filleted) - small 18.2

Engineering Fabrication Limited

Financial Statements for the Year Ended 31 March 2018

DIRECTORS:

D M Bevan

E W Lewis

A R Hosking

J Cameron

SECRETARY:

D M Bevan

REGISTERED OFFICE:

Fleetway House

Fleetway

Penarth Road

Cardiff

CF11 8TY

REGISTERED NUMBER:

03710090

ACCOUNTANTS:

BPU Limited

Chartered Accountants

Radnor House

Greenwood Close

Cardiff Gate Business Park

Cardiff

CF23 8AA

BANKERS:

Barclays Bank Plc

Corporate Banking Centre

Wales & South West

3 Windsor Place

Cardiff

CF10 3BT

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 Engineering Fabrication Limited for the year ended

31 March 2018 which comprise the Profit and Loss Account, 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 Engineering Fabrication 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 Engineering Fabrication Limited and state those matters that we have agreed to state to the Board of Directors of Engineering Fabrication 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 Engineering Fabrication Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Engineering Fabrication 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 loss of Engineering Fabrication Limited. You consider that Engineering Fabrication 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 Engineering Fabrication 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.

BPU Limited

Chartered Accountants

21 December 2018

FIXED ASSETS

Tangible assets

3

20,819

5,001

CURRENT ASSETS

Debtors

4

707,983

328,657

CREDITORS

Amounts falling due within one year

5

674,827

265,582

NET CURRENT ASSETS

33,156

63,075

TOTAL ASSETS LESS CURRENT LIABILITIES

53,975

68,076

CAPITAL AND RESERVES

Called up share capital

110

90

Retained earnings

53,865

67,986

SHAREHOLDERS' FUNDS

53,975

68,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2018 and were signed on its behalf by:

D M Bevan - Director

1.	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 represents net invoiced sales of goods and services, excluding value added tax, in

relation to the manufacture and installation of metal products.

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% straight line

Fixtures and fittings

-

25% straight line

Motor vehicles

-

25% straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and

Loss Account, 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.

Pension costs

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.

Amounts recoverable on contracts

Amounts recoverable on contracts are recognised by reference to the stage of completion at

the year end. They will include costs to date and an element of profit based on the stage of

completion. Full provision is made for losses on all contracts when they are first forseen.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2017 - 21 ) .

3.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2017

61,237

19,692

10,525

91,454

Additions

2,619

18,210

-

20,829

Disposals

-

(806

)

-

(806

)

At 31 March 2018

63,856

37,096

10,525

111,477

DEPRECIATION

At 1 April 2017

60,214

15,714

10,525

86,453

Charge for year

874

4,137

-

5,011

Eliminated on disposal

-

(806

)

-

(806

)

At 31 March 2018

61,088

19,045

10,525

90,658

NET BOOK VALUE

At 31 March 2018

2,768

18,051

-

20,819

At 31 March 2017

1,023

3,978

-

5,001

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

624,633

271,927

Amounts recoverable on contract

63,092

39,914

Deferred tax

16,000

-

Other debtors & prepayments

4,258

16,816

707,983

328,657

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank overdraft

48,360

33,819

Trade creditors

256,540

117,465

Taxes & social security costs

80,758

58,157

Other creditors, accruals &

deferred income

289,169

56,141

674,827

265,582

6.	FUTURE DEVELOPMENTS

The outlook for the company is very positive, with performance in the period from 1 April

2018 to the date of signing being very strong.

Under the guidance of the new management team, the company is set to achieve record

annual turnover and net profits in the year to 31 March 2019.

This is the result of winning several new key contracts and clients, providing a solid

foundation for future stability and growth.