Company Registration No. 01433695 (England and Wales)
C&S (NEATH) STEEL SERVICES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
C&S (NEATH) STEEL SERVICES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
C&S (NEATH) STEEL SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
339,746
361,284
Current assets
Stocks
469,729
255,393
Debtors
837,046
729,576
Investments
10,000
10,000
Cash at bank and in hand
143,696
209,456
1,460,471
1,204,425
Creditors: amounts falling due within one year
(532,483)
(402,166)
Net current assets
927,988
802,259
Total assets less current liabilities
1,267,734
1,163,543
Creditors: amounts falling due after more than one year
(5,511)
-
Provisions for liabilities
(50,000)
(45,000)
Accruals and deferred income
(22,200)
(25,900)
1,190,023
1,092,643
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
1,189,923
1,092,543
Shareholders' funds
1,190,023
1,092,643
C&S (NEATH) STEEL SERVICES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2016
31 August 2016
- 2 -
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 17 May 2017
Mr J J Payne
Director
Company Registration No. 01433695
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% Straight Line
Plant and machinery
15% to 25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Current asset investments are stated at the lower of cost and net realisable value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 September 2015
8,200
1,506,730
1,514,930
Additions
-
19,576
19,576
Disposals
-
(11,750)
(11,750)
At 31 August 2016
8,200
1,514,556
1,522,756
Depreciation
At 1 September 2015
8,200
1,145,446
1,153,646
On disposals
-
(6,129)
(6,129)
Charge for the year
-
35,493
35,493
At 31 August 2016
8,200
1,174,810
1,183,010
Net book value
At 31 August 2016
-
339,746
339,746
At 31 August 2015
-
361,284
361,284
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
4
Related party relationships and transactions
The company was under the control of Mr J J Payne the managing director and majority shareholder throughout the current and previous year.
During the year Mr J J Payne paid interest to the company amounting to £586 (2015 : £717) in respect of his director's loan account.
During the year the company paid dividends of £22,000 (2015: £20,000) to directors.
The company is associated with C&S (Port Talbot) Limited, a company under common control and ownership. During the year the company incurred expenses on behalf of C&S (Port Talbot) Limited and a charge was made to recover them. During 2016 these charges amounted to £55,931 (2015: £152,992).
During the year the company paid rent to C&S (Port Talbot) Limited of £1,300 (2015: £1,300).
Amounts due to and from C&S (Port Talbot) Limited are disclosed in the notes above.