Claydon Architectural Metalwork Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01884632 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2018

for

Claydon Architectural Metalwork Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P P Pizey

SECRETARY:

Ms L J Pizey

REGISTERED OFFICE:

Unit 47

Claydon Business Park

Gipping Road

Great Blakenham

Suffolk

IP6 0NL

REGISTERED NUMBER:

01884632 (England and Wales)

ACCOUNTANTS:

Knights Lowe Chartered Accountants

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

12,806

3,429

12,806

3,429

CURRENT ASSETS

Stocks

60,468

56,242

Debtors

6

115,108

125,499

Cash at bank

8,135

-

183,711

181,741

CREDITORS

Amounts falling due within one year

7

146,063

231,561

NET CURRENT ASSETS/(LIABILITIES)

37,648

(49,820

)

TOTAL ASSETS LESS CURRENT LIABILITIES

50,454

(46,391

)

CAPITAL AND RESERVES

Called up share capital

9

32,000

32,000

Share premium

27,000

27,000

Retained earnings

(8,546

)

(105,391

)

SHAREHOLDERS' FUNDS

50,454

(46,391

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 24 January 2019 and were signed by:

P P Pizey - Director

1.	STATUTORY INFORMATION

Claydon Architectural 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover represents the net invoiced sales of services, excluding value added tax. Income is recognised as

earned at fair value when the company obtains the right to receive consideration in return for its performance

under its contracts.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

5 years straight line

Fixtures and fittings

-

5 years straight line

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

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.

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.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is

an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in

use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable

amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an

impairment loss is recognised in the income statement.

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, and loans from banks or other

related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value

of the future payments and subsequently at amortised cost using the effective interest method. Debt

instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration,

expected to be paid or received. However if the arrangements of a short-term instrument constitute a

financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at

a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the

financial asset or liability is measured, initially and subsequently, at the present value of the future payment

discounted at a market rate of interest for a similar debt instrument.

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 the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any

impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference

between an asset's carrying amount and best estimate, which is an approximation of the amount that the

company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2017 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2017

and 31 May 2018

12,394

AMORTISATION

At 1 June 2017

and 31 May 2018

12,394

NET BOOK VALUE

At 31 May 2018

-

At 31 May 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2017

110,178

Additions

11,973

Disposals

(30,534

)

At 31 May 2018

91,617

DEPRECIATION

At 1 June 2017

106,749

Charge for year

1,099

Eliminated on disposal

(29,037

)

At 31 May 2018

78,811

NET BOOK VALUE

At 31 May 2018

12,806

At 31 May 2017

3,429

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

10,250

At 31 May 2018

10,250

DEPRECIATION

Charge for year

214

At 31 May 2018

214

NET BOOK VALUE

At 31 May 2018

10,036

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

110,414

116,699

Other debtors

4,694

8,800

115,108

125,499

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

-

33,410

Hire purchase contracts (see note 8)

8,800

-

Trade creditors

36,982

54,835

Taxation and social security

91,540

100,171

Other creditors

8,741

43,145

146,063

231,561

The bank overdraft of £nil (2017 - £33,410) is secured over the assets of the company.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

8,800

-

Non-cancellable

operating leases

2018

2017

£

£

Within one year

25,420

25,420

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

10,000

Ordinary

£1

10,000

10,000

2,000

Ordinary "A"

£1

2,000

2,000

20,000

Ordinary "B"

£1

20,000

20,000

32,000

32,000