Registered Number
:
01083868
|
For the year ended 31 August 2017
England and Wales
Unaudited Financial Statements
For the year ended 31 August 2017
Glen Castings Limited
Contents Page
1
Statement of Financial Position
2 to 7
Notes to the Financial Statements
Glen Castings Limited
Statement of Financial Position
2016
2017
Property
,
plant and equipment
|
73,325
42,809
2
73,325
42,809
58,540
86,252
3
Trade and other receivables
|
145,080
132,282
4
2,163
Cash and cash equivalents
|
3,355
221,889
205,783
Trade and other payables
:
amounts falling due within one
|
year
|
(227,598)
(293,119)
5
(21,815)
(71,230)
Net current liabilities
Total assets less current liabilities
|
2,095
20,994
Trade and other payables
:
amounts falling due after more
|
than one year
|
(180,200)
(150,534)
6
(148,439)
Net liabilities
(159,206)
2
2
(148,441)
(159,208)
(148,439)
(159,206)
Shareholders' funds
For the year ended 31 August 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006
|
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
|
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
.
|
In accordance with Section
444
of the Companies Act
2006
,
the Income Statement has not been delivered
.
|
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.
|
Alan J Butterworth Director
|
These financial statements were approved and authorised for issue by the Board on 17 April 2018 and were signed by:
|
1 of 7
For the year ended 31 August 2017
Glen Castings Limited
Statement of Financial Position Continued
The notes form part of these financial statements
|
2 of 7
For the year ended 31 August 2017
Glen Castings Limited
Notes to the Financial Statements
Statutory Information
Glen Castings Limited is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration
|
number
01083868
.
|
Meadows Mill
Burnley Road
Bacup
Lancashire
OL13 8BZ
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A 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 on the going concern basis under the historical
|
costs convention as modified by the revaluation of certain assets
.
|
The significant accounting policies applied in the preparation of these financial statements are set out below
.
These
|
policies have been consistently applies to all years presented
,
unless otherwise stated
.
The company adopted FRS
|
102
in the current year and an explanation of how transition to FRS
102
has affected the reported financial position
|
and performance is given in the notes to these accounts
.
|
Significant judgements and estimates
ImpairmentAssets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amounts exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revlaued amount where the impairment loss is a revaluation decrease.
|
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. The policies adopted for the recognition of turnover are as follows: Sale of goodsTurnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery.
|
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Plant and machinery
Computer equipment
Motor vehicles
3 of 7
For the year ended 31 August 2017
Glen Castings Limited
Notes to the Financial Statements Continued
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
|
Deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in the tax assessments in periods different form those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowance that apply to the sale of the asset.
|
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
|
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its director and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
|
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
|
transaction price
.
Any losses arising from impairments are recognised in the profit and loss account in
|
administrative expenses
.
|
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs
.
Subsequently
,
|
they are measured at amortised cost using the effective interest rate method
,
less impairment
.
If an arrangement
|
constitutes a financing transaction then it is measured at the present value of future payments
.
|
4 of 7
For the year ended 31 August 2017
Glen Castings Limited
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
Motor vehicles
524,032
258
26,686
497,088
41,306
-
4,290
37,016
-
(1,800)
-
(1,800)
534,104
29,176
258
563,538
Provision for depreciation and impairment
|
481,223
112
20,321
460,790
Charge for year
9,777
36
2,410
7,331
(787)
-
(787)
-
490,213
148
21,944
468,121
65,983
7,232
110
73,325
36,298
6,365
146
42,809
2016
2017
86,252
58,540
4
.
Trade and other receivables
|
2016
2017
115,102
128,330
17,180
16,750
145,080
132,282
5 of 7
For the year ended 31 August 2017
Glen Castings Limited
Notes to the Financial Statements Continued
5
.
Trade and other payables
:
amounts falling due within one year
|
2016
2017
255,489
198,663
Amounts owed to group undertaking and undertaking in which the
|
company has a participating interest
|
15,000
12,000
Taxation and social security
|
6,375
8,227
16,255
8,708
293,119
227,598
Included in Trade Creditors is a balance of £107,802 (2016: £72,521) due to an invoice discount company which is secured on the Company's trade debtors and for which the director has given a personal guarantee. Included in other creditors is a hire purchase agreement which is secured on the asset concerned. The amount secured is £1,793 (2016: £3,291). The net book value of the secured asset is £3,036 (2016: £4,048).
|
6
.
Trade and other payables
:
amounts falling due after more than one year
|
2016
2017
Amounts owed to group undertaking and undertaking in which the
|
company has a participating interest
|
125,972
178,407
24,562
1,793
150,534
180,200
7
.
Related party transactions
|
The Company is under the control of Glen Castings Holdings Limited
,
a company registered in England and Wales
,
|
which owns
100
%
of its issued share capital
.
|
The director is also director and
100
%
shareholder of Glen Castings Holdings Limited
.
|
8
.
Directors advances and guarantees
|
Repaid
Alan J Butterworth
Interest free and repayable on demand
|
(2,570)
-
2,570
(2,570)
-
2,570
The director
'
s loan account was in credit throughout the period
.
|
The director has given a personal guarantee to Funding Circle which provided a loan to the Company during the year
|
and of which £
4
,
547
is included in creditors falling due within one year and £
19
,
307
is included in creditors falling due
|
after more than one year
.
|
6 of 7
For the year ended 31 August 2017
Glen Castings Limited
Notes to the Financial Statements Continued
9
.
Guarantees and other financial commitments
|
At
31
August
2017
the company had annual commitments under non
-
cancellable operating leases as set out
|
below
:
|
2016
2017
Operating leases which expire
:
|
5,000
5,003
5,003
-
5,000
10,006
10
.
Average number of persons employed
|
During the year the average number of employees was 8 (2016 : 5)
11
.
Parent
-
subsidary relationship
|
The Company is a 100% owned subsidiary of Glen Castings Holdings Limited, a company registered in England and Wales. The registered office and principal place of business of Glen Castings Holdings Limited is: Meadows MillBurnley RoadBacupLancashireOL13 8BZ Glen Castings Holdings Limited has provided a longterm loan to Glen Castings Limited, which is interest free. The terms of the loan are that Glen Castings Limited is required to repay the loan at a minimum of £15,000 per year. Glen Castings Limited actually repaid £49,435 of this loan during the year. The director, who is 100% shareholder and director of Glen Castings Holdings Limited, has confirmed that the holding company would not request payment of the loan on demand and an agreement has subsequently been drawn up to that effect. This loan is stated in the accounts at transactional cost as the director has calculated the difference between amortised cost and transactional cost to be immaterial.
|
12
.
Transition to FRS
102
|
The company transitioned to FRS
102
Section
1
A as at
1
September
2016
and in accordance with the standard
|
these are the first financial statements to be prepared that apply the new framework
,
the date of transition being
1
|
September
2015
.
There are no changes in accounting policies as a result of this which the director believes need to
|
be reported
.
|
7 of 7