Redman Sheet Metal Limited - Accounts to registrar (filleted) - small 18.2
Redman Sheet Metal Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2018 |
for |
Redman Sheet Metal Limited |
Redman Sheet Metal Limited (Registered number: 02173515) |
Contents of the Financial Statements |
for the Year Ended 31 May 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Redman Sheet Metal Limited |
Company Information |
for the Year Ended 31 May 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Redman Sheet Metal Limited (Registered number: 02173515) |
Balance Sheet |
31 May 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Redman Sheet Metal Limited (Registered number: 02173515) |
Balance Sheet - continued |
31 May 2018 |
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 |
Redman Sheet Metal Limited (Registered number: 02173515) |
Notes to the Financial Statements |
for the Year Ended 31 May 2018 |
1. | STATUTORY INFORMATION |
Redman Sheet Metal Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 is derived from the processing of sheet metal. It is measured at the fair value of the consideration received or |
receivable for goods supplied net of returns, discounts and rebates allowed by the company and value added taxes. |
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the |
original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, |
dismantling and restoration costs and borrowing costs capitalised. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the |
difference between the net disposal proceeds and the carrying amount is recognised in profit or loss. |
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. |
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. |
Redman Sheet Metal Limited (Registered number: 02173515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance |
leases. |
Finance leases are capitalised at commencement of the lease as assets at their value of the lease asset. |
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed |
for impairment at each reporting date. |
The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are |
apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant |
rate of charge on the balance of the capital repayments outstanding. |
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under |
operating leases are charged to the profit and loss account 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. |
Employee benefits |
The company provides a range of benefits to employees, including paid holiday arrangements and defined benefit and |
defined contribution pension plans. |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the |
period in which the service is received. |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under |
which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has |
no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are |
shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently |
administered funds. |
The company operate an annual bonus plan for employees. An expense is recognised in the profit and loss account when |
the company has a legal or constructive obligation to make payments under the plan as a result of past events and a |
reliable estimate of the obligation can be made. |
Cash and cash equivalent |
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid |
investments with original maturities of three months or less. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other receivables, cash and bank balances, are recognised at transaction price. |
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group |
companies, are recognised at initial transaction price. |
Trade payables 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 payment is due within one year or less. If not, they |
are presented as non-current liabilities. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, |
cancelled or expires. |
Distributions to equity holders |
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the |
period in which the dividends and other distributions are approved by the company's shareholders. |
Redman Sheet Metal Limited (Registered number: 02173515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2018 |
DEPRECIATION |
At 1 June 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 May 2018 |
NET BOOK VALUE |
At 31 May 2018 |
At 31 May 2017 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2017 |
Additions |
At 31 May 2018 |
DEPRECIATION |
At 1 June 2017 |
Charge for year |
At 31 May 2018 |
NET BOOK VALUE |
At 31 May 2018 |
At 31 May 2017 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
Redman Sheet Metal Limited (Registered number: 02173515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Taxation |
Social security and other taxes |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating |
leases |
2018 | 2017 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Hire purchase contracts | 288,662 | 114,659 |
Amounts owed under hire purchase agreements are secured over the individual assets. |
Redman Sheet Metal Limited (Registered number: 02173515) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2018 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the company paid rent to directors as follows: |
2018 | 2017 |
£ | £ |
PDR Tanner - personal pension plan | 6,885 | 6,885 |
JA Hyland - personal pension plan | 5,100 | 5,100 |
11,985 | 11,985 |
The company also paid £24,800 (2017 - £24,800) rent on a building owned by the pension funds of PDR Tanner and JA |
Hyland. This was reimbursed in full by Sunbase Limited (the occupiers), a company in which PDR Tanner and Mrs LA |
Tanner are directors. |
All transactions were on an arms length basis. |