Company Registration No. 01209583 (England and Wales)
TRANSVERSAL SHEET METAL CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
TRANSVERSAL SHEET METAL CO. LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TRANSVERSAL SHEET METAL CO. LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,258
24,839
Current assets
Stocks
10,634
9,331
Debtors
4
61,337
57,020
Cash at bank and in hand
75
75
72,046
66,426
Creditors: amounts falling due within one year
5
(246,733)
(212,382)
Net current liabilities
(174,687)
(145,956)
Total assets less current liabilities
(150,429)
(121,117)
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
(151,429)
(122,117)
Total equity
(150,429)
(121,117)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
9 January 2020 and are signed on its behalf by:
2020-01-09
Mr J T Marsden
Director
Company Registration No. 01209583
TRANSVERSAL SHEET METAL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 2 -
1
Accounting policies
Company information
Transversal Sheet Metal Co. Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Foundry House, Maypole Fields, Halesowen, West Midlands, B63 2QB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis. At the balance sheet date the company had net current liabilities of £
174,687
(201
8
: £
145,956
) and net liabilities of £
150,429
(201
8
: £
121,117
). The directors consider the company to be a going concern on the basis that the company's bankers will continue to offer the necessary financial support together with its parent company Truduct Products Limited.
1.3
Turnover
Turnover represents the amount derived from the provision of goods and services, recognised at the point of dispatch.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
TRANSVERSAL SHEET METAL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
TRANSVERSAL SHEET METAL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2018 - 6
).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2018
240,395
Additions
10,445
Disposals
(12,492)
At 30 September 2019
238,348
Depreciation and impairment
At 1 October 2018
215,556
Depreciation charged in the year
5,948
Eliminated in respect of disposals
(7,414)
At 30 September 2019
214,090
Carrying amount
At 30 September 2019
24,258
At 30 September 2018
24,839
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
8,322
10,394
Corporation tax recoverable
8,678
8,687
Other debtors
44,337
37,939
61,337
57,020
TRANSVERSAL SHEET METAL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 5 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
131,189
100,322
Trade creditors
10,893
11,731
Amounts owed to group undertakings
94,963
85,446
Corporation tax
-
9
Other taxation and social security
4,508
8,661
Other creditors
5,180
6,213
246,733
212,382
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
7
Financial commitments, guarantees and contingent liabilities
The company, holding company and one related undertaking have given an interlocking guarantee in respect of bank overdrafts granted to any one or more of them
. At 30 September 201
9
the maximum
net
liability under these guarantees
were £269,999
(201
8: £239,132
).
The company's bankers also have a fixed charge on debtors and a floating charge on the undertaking of the company and all its property whatsoever and wheresoever both present and future.
8
Related party transactions
Transactions with related parties
At the year end there was an amount due to the company's subsidiary;
Truduct Products Limited
of £94,963
(201
8: £85,446
),
9
Directors' transactions
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director interest free loan
-
34,389
(400)
33,989
34,389
(400)
33,989
TRANSVERSAL SHEET METAL CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 6 -
10
Parent company
The company's ultimate parent undertaking at the balance sheet date was
Truduct Products Limited
, a company incorporated in England.