|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
FOR |
|
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
FOR |
|
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED |
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED (REGISTERED NUMBER: 01017887) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 8 |
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
24 Park Road South |
Havant |
Hampshire |
PO9 1HB |
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED (REGISTERED NUMBER: 01017887) |
|
BALANCE SHEET |
31ST MARCH 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investments | 5 |
|
|
Investment property | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation 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. |
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED (REGISTERED NUMBER: 01017887) |
|
BALANCE SHEET - continued |
31ST MARCH 2018 |
|
|
|
|
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
behalf by: |
|
|
|
|
|
|
|
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED (REGISTERED NUMBER: 01017887) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
|
1. | STATUTORY INFORMATION |
|
Smith and Austin Engineering Products Limited is a
|
and Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
|
The financial statements are presented in Sterling (£) and rounded to the nearest pound (£). |
|
The financial statements relate to Smith and Austin Engineering Products Ltd as an individual entity. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Preparation of consolidated financial statements |
The financial statements contain information about Smith and Austin Engineering Products 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. |
|
Significant judgements and estimates |
The preparation of financial statement requires the use of estimates and assumptions that affect reported |
amounts of assets and liabilities at the date of the financial statements, and revenue and expenses during the |
reporting period. These estimates and assumptions are based on management's best knowledge of the amount, |
event or actions. Actual results may differ from those amounts. |
|
Significant estimates |
|
Depreciation policies are based on the expected useful lives and useful economic lives of the different |
categories of assets.The directors have used their experience and knowledge of the business to estimate these |
influencing factors. |
|
Revenue recognition |
Revenue represents the value of goods and services supplied, excluding value added tax. |
|
Income is generated from undertaking sheet metal fabrication and is recognised when the work is complete. |
|
Tangible fixed assets |
|
Improvements to property | - |
|
Plant and machinery | - |
|
Fixtures & computers | - |
|
Motor vehicles | - |
|
|
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. |
|
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED (REGISTERED NUMBER: 01017887) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance |
for obsolete and slow moving items. |
|
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 the 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 |
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 makes contributions to the directors' personal pension schemes. Contributions payable are |
charged to the profit and loss account in the period to which they relate. |
|
Other reserves |
Gains or losses on fair value of investment property have been transferred from retained earnings to a specific |
non-distributable reserve; a revaluation reserve. Similarly all deferred tax relating to these fair value movements |
has been transferred to the same reserve. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED (REGISTERED NUMBER: 01017887) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST OR VALUATION |
At 1st April 2017 |
|
Additions |
|
At 31st March 2018 |
|
DEPRECIATION |
At 1st April 2017 |
|
Charge for year |
|
At 31st March 2018 |
|
NET BOOK VALUE |
At 31st March 2018 |
|
At 31st March 2017 |
|
|
|
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2017 |
and 31st March 2018 |
|
NET BOOK VALUE |
At 31st March 2018 |
|
At 31st March 2017 |
|
|
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2017 |
and 31st March 2018 |
|
NET BOOK VALUE |
At 31st March 2018 |
|
At 31st March 2017 |
|
|
Investment properties were valued by the directors during the year ended 31st March 2018. The directors |
consider this to represent the market value of the properties as at 31st March 2018. The historical cost of the |
properties is £136,900. |
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED (REGISTERED NUMBER: 01017887) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2018 |
|
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
9. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
10. | RELATED PARTY DISCLOSURES |
|
Mr M J Smith & Mr A R Austin |
|
Directors |
|
|
2018 | 2017 |
£ | £ |
Amount due to related party at the balance sheet date | 28,128 | 97,565 |
|
Smith & Austin Staff Retirement Benefit Scheme |
|
Pension funds of Mr A R Austin and Mr M J Smith |
|
|
Dividends declared during the year remain outstanding at the year end. |
|
2018 | 2017 |
£ | £ |
Amount due to related party at the balance sheet date | 130,505 | 122,842 |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SMITH AND AUSTIN ENGINEERING PRODUCTS |
LIMITED |
|
|
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 Smith and Austin Engineering Products Limited for the year ended 31st March 2018 which |
comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Smith and Austin Engineering Products 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 Smith and Austin Engineering Products Limited and state those matters that we have agreed to state to the Board of Directors of Smith and Austin Engineering Products 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 Smith and Austin Engineering Products Limited and its Board of Directors, as a body, for our work or for this report. |
|
It is your duty to ensure that Smith and Austin Engineering Products 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 Smith and Austin Engineering Products Limited. You consider that Smith and Austin Engineering Products 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 Smith and Austin Engineering Products 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. |
|
|
|
|
|
|
|
Chartered Accountants |
24 Park Road South |
Havant |
Hampshire |
PO9 1HB |
|
|
|