Company Registration No. 01433695 (England and Wales)
C&S (NEATH) STEEL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
C&S (NEATH) STEEL SERVICES LIMITED
COMPANY INFORMATION
Director
Mr J J Payne
Company number
01433695
Registered office
Excelsior Works
Canal Road
Neath
West Glamorgan
SA11 1LJ
Accountants
Baldwins
Charter Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FS
C&S (NEATH) STEEL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
C&S (NEATH) STEEL SERVICES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
339,571
366,193
Current assets
Stocks
5
694,031
384,484
Debtors
6
1,263,730
1,332,024
Investments
7
10,000
10,000
Cash at bank and in hand
272,497
364,203
2,240,258
2,090,711
Creditors: amounts falling due within one year
8
(862,772)
(771,902)
Net current assets
1,377,486
1,318,809
Total assets less current liabilities
1,717,057
1,685,002
Creditors: amounts falling due after more than one year
9
(11,100)
(22,006)
Provisions for liabilities
(50,000)
(50,000)
Net assets
1,655,957
1,612,996
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
1,655,857
1,612,896
Total equity
1,655,957
1,612,996
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
C&S (NEATH) STEEL SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2019
31 August 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 May 2020
Mr J J Payne
Director
Company Registration No. 01433695
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 3 -
1
Accounting policies
Company information
C&S (Neath) Steel Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Excelsior Works, Canal Road, NEATH, West Glamorgan, UK, SA11 1LJ.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
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
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
.
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2018 - 9).
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2018 and 31 August 2019
8,200
Amortisation and impairment
At 1 September 2018 and 31 August 2019
8,200
Carrying amount
At 31 August 2019
-
At 31 August 2018
-
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2018
74,881
1,465,466
1,540,347
Additions
-
13,654
13,654
At 31 August 2019
74,881
1,479,120
1,554,001
Depreciation and impairment
At 1 September 2018
40,450
1,133,704
1,174,154
Depreciation charged in the year
1,498
38,778
40,276
At 31 August 2019
41,948
1,172,482
1,214,430
Carrying amount
At 31 August 2019
32,933
306,638
339,571
At 31 August 2018
34,431
331,762
366,193
5
Stocks
2019
2018
£
£
Stocks
694,031
384,484
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 7 -
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,261,330
1,328,866
Other debtors
2,400
3,158
1,263,730
1,332,024
7
Current asset investments
2019
2018
£
£
Other investments
10,000
10,000
8
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
397
241
Trade creditors
709,427
544,275
Amounts owed to group undertakings
57,805
12,449
Corporation tax
19,395
62,790
Other taxation and social security
23,150
103,782
Other creditors
52,598
48,365
862,772
771,902
Other creditors includes obligations under hire purchase agreements amounting to £7,291 (2018: £11,670) which are secured by charges on the individual assets to which the liabilities relate.
The bank overdraft and invoice financing facility are secured by a fixed and floating charge over the assets and undertakings of the company.
9
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
-
7,206
Government grants
11,100
14,800
11,100
22,006
Obligations under finance lease agreements are secured against the asset to which it relates.
C&S (NEATH) STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
- 8 -
10
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
50,000
50,000
11
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
76 Ordinary shares of £1 each
76
76
24 Ordinary 'A' shares of £1 each
24
24
100
100
12
Related party transactions
During the year, the directors paid interest to the company amounting to £Nil (2018: £299) in respect of their director's loan account.
During the year the company paid dividends of £25,000 (2018: £40,000) 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. These charges amounted to £49,644 (2018: £54,659).
During the year the company paid rent to C&S (Port Talbot) Limited of £Nil (2018: £1,300).
Amounts due to and from C&S (Port Talbot) Limited are disclosed in the notes above.
13
Parent company
The company was under the control of Mr J J Payne the managing director and majority shareholder throughout the current and previous year.
2019-08-31
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12 May 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
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