Good Fabrications Limited
|
Registered Number
:
01745855
|
For the year ended 30 November 2018
England and Wales
Unaudited Report and Financial Statements
Good Fabrications Limited
Statement of Financial Position
2017
2018
Property
,
plant and equipment
|
693,298
758,116
2
693,298
758,116
143,632
189,838
3
Trade and other receivables
|
1,133,270
1,493,708
4
321,953
Cash and cash equivalents
|
339,254
2,022,800
1,598,855
Trade and other payables
:
amounts falling due within one year
|
(286,712)
(668,895)
5
1,312,143
1,353,905
Net current assets
Total assets less current liabilities
|
2,047,203
2,070,259
Trade and other payables
:
amounts falling due after more than one
|
year
|
(96,388)
(117,352)
6
(126,992)
(140,670)
Provisions for liabilities
|
1,802,859
Net assets
1,833,201
8,500
8,500
312,007
416,009
7
1,482,352
1,408,692
1,802,859
1,833,201
Shareholders' funds
For the year ended 30 November 2018 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 30 November 2018 in accordance with Section 476 of the Companies Act 2006
|
The directors acknowledge their 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 applicable to companies subject to the small companies regime.
|
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For the year ended 30 November 2018
Good Fabrications Limited
Statement of Financial Position Continued
These financial statements were approved and authorised for issue by the Board on 22 March 2019 and were signed by:
|
The notes form part of these financial statements
|
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For the year ended 30 November 2018
Good Fabrications Limited
Notes to the Financial Statements
Statutory Information
Good Fabrications Limited is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration number
|
01745855
.
|
Unit 3A, Drakes Farm
Drakes Drive, Long Crendon
Aylesbury
Buckinghamshire
HP18 9BA
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 under the historical costs convention as modified by the revaluation of certain assets
.
|
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.
|
Research and development
Research and development expenditure is charged to the profit and loss account in the period in which it is incurred.
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
Fixtures fittings & equipment
The company
'
s plant and machinery were revalued by the directors in November
2015
.
This valuation has been reduced by
|
subsequent depreciation
.
Under the transitional provisions of the Financial Reporting Standard for Smaller Entities
(
effective
|
January
2015
)
the properties continue to be stated at that valuation less accumulated depreciation to date and that valuation has
|
not been updated
.
|
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
|
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
|
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 straight line basis.
|
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For the year ended 30 November 2018
Good Fabrications Limited
Notes to the Financial Statements Continued
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
|
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
.
|
Basic financial assets
,
which include debtors and cash and bank balances
,
are initially measured at transaction price including
|
transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement
|
constitutes a financing transaction
,
where the transaction is measured at the present value of the future receipts discounted at
|
market rates of interest
.
Financial assets classified as receivable within one year are not amortized
.
|
Basic financial liabilities
|
Basic financial liabilities
,
including creditors are initially recognised at transaction price unless the arrangement constitutes a
|
financing transaction
,
where the debt instrument is measured at the present value of the future payments discounted at a market
|
rate of interest
.
Financial liabilities classified as payable within one year are not amortized
.
|
Debt instruments are subsequently carried at amortized cost
,
using the effective interest rate method
.
|
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from
|
suppliers
.
Amounts payable are classified as current liabilities if payment is due within one year or less
.
If not
,
they are
|
presented as non
-
current liabilities
.
Trade creditors are recognised initially at transaction price and subsequently measured at
|
amortized cost plus the effective interest method
.
|
Derecognition of financial liabilities
|
Financial liabilities are derecognised when the company
'
s contractual obligations expire or are discharged or cancelled
.
|
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event
,
it is probable
|
that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated
.
|
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For the year ended 30 November 2018
Good Fabrications Limited
Notes to the Financial Statements Continued
2
.
Property
,
plant and equipment
|
Fixtures fittings
|
&
equipment
|
Motor vehicles
2,614,341
29,963
192,358
63,028
2,328,992
177,574
19,820
2,671
61,496
93,587
-
-
(11,458)
-
(11,458)
113,066
195,029
49,783
2,780,457
2,422,579
Provision for depreciation and impairment
|
1,856,225
24,491
170,026
36,703
1,625,005
Charge for year
235,947
8,347
6,251
21,955
199,394
(5,013)
-
-
(5,013)
-
2,087,159
32,838
176,277
53,645
1,824,399
598,180
59,421
18,752
16,945
693,298
703,987
26,325
22,332
5,472
758,116
2017
2018
189,838
143,632
4
.
Trade and other receivables
|
2017
2018
498,342
364,595
Amounts owed by group undertakings and participating interests
|
764,600
-
Prepayments and accrued income
|
31,461
30,054
Taxation and social security
|
22,184
-
177,121
738,621
1,133,270
1,493,708
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For the year ended 30 November 2018
Good Fabrications Limited
Notes to the Financial Statements Continued
5
.
Trade and other payables
:
amounts falling due within one year
|
2017
2018
235,344
131,318
Taxation and social security
|
26,708
35,220
406,843
120,174
668,895
286,712
6
.
Trade and other payables
:
amounts falling due after more than one year
|
2017
2018
117,352
96,388
Revaluation reserve at
01
December
2017
|
416,009
Transfer to profit and loss account
|
(104,002)
312,007
Revaluation reserve at
30
November
2018
|
8
.
Directors advances and guarantees
|
Repaid
A J Morgan
Director's loan repayable on demand.
-
259,000
259,000
-
259,000
259,000
N Morgan
Director's loan repayable on demand.
-
295,000
295,000
-
295,000
295,000
P Levett
Director's loan repayable on demand.
-
4,200
4,200
-
4,200
4,200
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For the year ended 30 November 2018
Good Fabrications Limited
Notes to the Financial Statements Continued
9
.
Guarantees and other financial commitments
|
Guarantees and contingent assets and liabilities
|
The company had no guarantees or commitments at the balance sheet date.
Capital commitments
There were no commitments for future capital expenditure at the balance sheet date.
The company operates a defined contribution pension scheme in respect of employees automatically enrolled into a work place
|
pension
.
The assets of the scheme are held separately from those of the company in an independently administered fund
.
|
Pension commitments
Operating lease commitments
|
At
30
November
2018
the company had outstanding commitments for future minimum lease payments under non
-
cancellable
|
operating leases amounting to £
243
,
120
(
2017
:
£
245
,
976
).
|
Other financial commitments
|
The company has commitments under finance leases which are included on the balance sheet within other creditors
,
none of the
|
amounts are repayable after more than five years
.
|
10
.
Average number of persons employed
|
During the year the average number of employees (including directors) was 33 (2017 : 32).
11
.
Parent
-
subsidary relationship
|
Good Fabrications Limited is a wholly owned subsidiary company of Good Fabrications Holdings Limited, a company registered in England. Its registered office and principal place of business is: - Unit 3A, Drakes FarmDrakes DriveAylesburyBuckinghamshire HP18 9BA
|
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