REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 July 2015 |
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Steelco (UK) Limited |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Audited Financial Statements for the Year Ended 31 July 2015 |
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for |
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Steelco (UK) Limited |
Steelco (UK) Limited (Registered number: 02319502) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2015 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 4 |
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Profit and Loss Account | 5 |
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Statement of Total Recognised Gains and Losses | 6 |
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Balance Sheet | 7 |
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Cash Flow Statement | 8 |
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Notes to the Cash Flow Statement | 9 |
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Notes to the Financial Statements | 11 |
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Steelco (UK) Limited |
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Company Information |
for the Year Ended 31 July 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Steelco (UK) Limited (Registered number: 02319502) |
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Strategic Report |
for the Year Ended 31 July 2015 |
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The directors present their strategic report for the year ended 31 July 2015. |
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REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business during the |
year and it's position at the year end. Our review is consistent with the size and non-complex nature of our business and |
is in the context of the risks and uncertainties we face. |
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The company's principal trade is as a steel processors, stockists and traders. |
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We consider that our key performance indicators are those which communicate the financial performance and strength of |
the company as a whole, these being turnover and gross margins. |
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The accounts are for a twelve month period and show an improvement on the prior sixteen month period. In addition our |
factory on the Blackbrook Industrial Park was revalued by Brunton Knowles at 31 July 2015 and this showed an increase |
in value of £272,375 on last year's balance sheet figure. The increase in value reflects the general improvement in |
commercial property prices in the last few years in the West Midlands. |
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On the whole, therefore, a satisfactory result amidst a market where steel prices during the year fell by 20%. Prices have |
continued to fall in the new financial year, which nevertheless has begun well and is a credit to all the staff. |
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We look forward with quiet confidence to the coming year. |
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ON BEHALF OF THE BOARD: |
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Steelco (UK) Limited (Registered number: 02319502) |
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Report of the Directors |
for the Year Ended 31 July 2015 |
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The directors present their report with the financial statements of the company for the year ended 31 July 2015. |
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DIVIDENDS |
We paid a dividend on the A ordinary shares of £180,000 (2014 - £135,000). |
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No dividends were paid on the other share classes. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2014 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve |
the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company |
and of the profit or loss of the company for that period. In preparing these financial statements, the directors are |
required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have |
taken as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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AUDITORS |
The auditors, Deeks Evans Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual |
General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Steelco (UK) Limited |
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We have audited the financial statements of Steelco (UK) Limited for the year ended 31 July 2015 on pages five to |
eighteen. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances |
and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates |
made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Strategic Report and the Report of the Directors to identify material inconsistencies with |
the audited financial statements and to identify any information that is apparently materially incorrect based on, or |
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of |
any apparent material misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 July 2015 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Strategic Report and the Report of the Directors for the financial year for |
which the financial statements are prepared is consistent with the financial statements. |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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for and on behalf of
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Steelco (UK) Limited (Registered number: 02319502) |
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Profit and Loss Account |
for the Year Ended 31 July 2015 |
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Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
Notes | £ | £ |
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TURNOVER | 2 |
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Cost of sales |
( |
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( |
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GROSS PROFIT |
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Distribution costs | ( |
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Administrative expenses | ( |
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414,927 | 439,205 |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest receivable & similar income |
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449,070 | 439,258 |
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Interest payable & similar charges | 5 | ( |
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PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION |
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Tax on profit on ordinary activities | 6 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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Retained profit brought forward |
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826,671 | 664,792 |
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Dividends | 7 | ( |
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Transfer between revaluation |
reserve and retained profits | 149,847 | - |
RETAINED PROFIT CARRIED FORWARD |
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CONTINUING OPERATIONS |
None of the company's activities were acquired or discontinued during the current year or previous period. |
Steelco (UK) Limited (Registered number: 02319502) |
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Statement of Total Recognised Gains and Losses |
for the Year Ended 31 July 2015 |
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Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
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PROFIT FOR THE FINANCIAL YEAR |
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Unrealised surplus on revaluation of properties |
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TOTAL RECOGNISED GAINS AND LOSSES RELATING
TO THE YEAR |
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Steelco (UK) Limited (Registered number: 02319502) |
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Balance Sheet |
31 July 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 12 | ( |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL & RESERVES |
Called up share capital | 17 |
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Revaluation reserve | 18 |
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Profit & loss account |
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22 |
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The financial statements were approved by the Board of Directors on
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Steelco (UK) Limited (Registered number: 02319502) |
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Cash Flow Statement |
for the Year Ended 31 July 2015 |
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Year Ended | Period |
31.7.15 | 1.4.13 to 31.7.14 |
Notes | £ | £ | £ | £ |
Net cash inflow |
from operating activities | 1 | 391,919 | 350,042 |
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Returns on investments and |
servicing of finance | 2 | (90,729 | ) | (119,367 | ) |
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Taxation | ( |
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Capital expenditure | 2 | (75,395 | ) | (67,683 | ) |
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Equity dividends paid | (180,000 | ) | (135,000 | ) |
20,393 | 27,992 |
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Financing | 2 | (21,600 | ) | (28,800 | ) |
Decrease in cash in the period | ( |
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Reconciliation of net cash flow |
to movement in net debt | 3 |
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Decrease |
in cash in the period | ( |
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Cash outflow |
from decrease in debt and lease financing |
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Change in net debt resulting |
from cash flows |
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Movement in net debt in the period |
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Net debt at 1 August | ( |
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Net debt at 31 July | ( |
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Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 July 2015 |
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1. | RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES |
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Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
Operating profit |
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Depreciation charges | 82,500 | 110,097 |
Loss on disposal of fixed assets | 8,948 | - |
Impairment reversal | (34,144 | ) | - |
(Increase)/decrease in stocks | (48,717 | ) | 13,247 |
Decrease/(increase) in debtors | 470,959 | (975,632 | ) |
(Decrease)/increase in creditors | (536,697 | ) | 763,125 |
Net cash inflow from operating activities | 391,919 | 350,042 |
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2. | ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT |
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Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
Returns on investments and servicing of finance |
Interest received | - | 53 |
Interest element of hire purchase payments | (1,165 | ) | (2,480 | ) |
Finance costs | (89,564 | ) | (116,940 | ) |
Net cash outflow for returns on investments and servicing of
finance |
(90,729 |
) |
(119,367 |
) |
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Capital expenditure |
Purchase of tangible fixed assets | (75,395 | ) | (67,683 | ) |
Net cash outflow for capital expenditure | (75,395 | ) | (67,683 | ) |
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Financing |
Capital repayments in year | (21,600 | ) | (28,800 | ) |
Net cash outflow from financing | (21,600 | ) | (28,800 | ) |
Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 July 2015 |
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3. | ANALYSIS OF CHANGES IN NET DEBT |
At |
At 1.8.14 | Cash flow | 31.7.15 |
£ | £ | £ |
Net cash: |
Cash at bank and in hand |
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Bank overdraft | ( |
) | (1,207 | ) | ( |
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(826 | ) | ( |
) | (2,033 | ) |
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Debt: |
Hire purchase | ( |
) | 21,600 | ( |
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(52,200 | ) |
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(30,600 | ) |
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Total | ( |
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( |
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Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention as modified by the revaluation |
of certain assets and are in accordance with applicable accounting standards. |
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Turnover |
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is |
recognised when the significant risks and rewards have been transferred to the buyer, which is when they have |
accepted physical delivery and control of the goods. No revenue is recognised if there are significant uncertainties |
regarding the recovery of the amount due. |
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Tangible fixed assets |
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Freehold property | - |
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Plant & machinery | - |
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Fixtures & fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Raw materials and consumables are valued at the lower of cost and net realisable value. Finished goods which |
have been delivered to customers but not invoiced, are valued at the lower of cost, processing and delivery, and |
net realisable value. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the |
date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to the profit and loss account over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss account in the period to which they relate. |
Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2015 |
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2. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
United Kingdom |
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Europe |
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3. | STAFF COSTS |
Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
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Office and management | 6 | 5 |
Production | 12 | 12 |
Sales and distribution | 11 | 10 |
29 | 27 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
Other operating leases | 1,165 | 1,761 |
Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss on disposal of fixed assets |
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Auditors' remuneration | 7,200 | 7,200 |
Foreign exchange differences |
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Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2015 |
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4. | OPERATING PROFIT - continued |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes | 2 | 2 |
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5. | INTEREST PAYABLE & SIMILAR CHARGES |
Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
Hire purchase | 1,165 | 2,480 |
Factoring interest | 89,564 | 116,940 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
Current tax: |
UK corporation tax |
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Corporation tax for prior year | (5,442 | ) | - |
Total current tax |
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Deferred tax | ( |
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Tax on profit on ordinary activities |
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Factors affecting the tax charge |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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Period |
1.4.13 |
Year Ended | to |
31.7.15 | 31.7.14 |
£ | £ |
Profit on ordinary activities before tax |
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Profit on ordinary activities |
multiplied by the standard rate of corporation tax |
in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | ( |
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Utilisation of tax losses |
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( |
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Adjustments to tax charge in respect of previous periods | ( |
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Marginal rate tax |
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Current tax charge |
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Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2015 |
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7. | DIVIDENDS |
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Dividends of £180,000 (2014 - £135,000) were paid on the A ordinary shares. . |
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The dividend in respect of the 8.75% preference shares has been waived, as in the previous year. |
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8. | TANGIBLE FIXED ASSETS |
Freehold | Plant & | Fixtures |
property | machinery | & fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2014 |
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Additions |
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Disposals |
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( |
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Revaluations |
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At 31 July 2015 |
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DEPRECIATION |
At 1 August 2014 |
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Charge for year |
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Eliminated on disposal |
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( |
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Revaluation adjustments | ( |
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At 31 July 2015 |
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NET BOOK VALUE |
At 31 July 2015 |
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At 31 July 2014 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2014 |
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Additions |
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Disposals |
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( |
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Revaluations |
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At 31 July 2015 |
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DEPRECIATION |
At 1 August 2014 |
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Charge for year |
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Eliminated on disposal |
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( |
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Revaluation adjustments |
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( |
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At 31 July 2015 |
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NET BOOK VALUE |
At 31 July 2015 |
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At 31 July 2014 |
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Included in cost or valuation of land and buildings is freehold land of £ 60,000 (2014 - £ 50,000 ) which is not |
depreciated. |
Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2015 |
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8. | TANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 July 2015 is represented by: |
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Freehold | Plant & | Fixtures |
property | machinery | & fittings |
£ | £ | £ |
Valuation in 2006 | (34,142 | ) | - | - |
Valuation in 2015 | 156,670 | - | - |
Cost | 977,472 | 910,938 | 90,819 |
1,100,000 | 910,938 | 90,819 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2006 | - | - | (34,142 | ) |
Valuation in 2015 | - | - | 156,670 |
Cost | 241,300 | 25,172 | 2,245,701 |
241,300 | 25,172 | 2,368,229 |
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If
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cost: |
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2015 | 2014 |
£ | £ |
Cost |
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929,142 |
Aggregate depreciation |
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137,733 |
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Value of land in freehold land and buildings | 50,000 | 50,000 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 August 2014 |
and 31 July 2015 |
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DEPRECIATION |
At 1 August 2014 |
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Charge for year |
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At 31 July 2015 |
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NET BOOK VALUE |
At 31 July 2015 |
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At 31 July 2014 |
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Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2015 |
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9. | STOCKS |
2015 | 2014 |
£ | £ |
Raw materials | 875,360 | 846,398 |
Finished goods |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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Included in trade debtors are factored debts amounting to £1,886,525 (2014 - £2,354,674) made up as below. |
These debts are factored without recourse to the company for losses. |
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2015 | 2014 |
£ | £ |
Debtors factored without recourse |
Gross debt | 5,044,946 | 6,436,162 |
Non returnable proceeds | (3,158,421 | ) | (4,081,488 | ) |
1,886,525 | 2,354,674 |
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Bank loans & overdrafts (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security & other taxes |
|
|
Other creditors |
|
|
Accruals & deferred income |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2015 | 2014 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2015 | 2014 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Steelco (UK) Limited (Registered number: 02319502) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2015 |
|
14. | OBLIGATIONS UNDER HIRE PURCHASE CONTRACTS AND LEASES |
|
Hire purchase contracts |
2015 | 2014 |
£ | £ |
Net obligations repayable: |
Within one year | 21,600 | 21,600 |
Between one and five years | 9,000 | 30,600 |
30,600 | 52,200 |
|
The following operating lease payments are committed to be paid within one year: |
|
Other operating leases |
2015 | 2014 |
£ | £ |
Expiring: |
Between one and five years |
|
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2015 | 2014 |
£ | £ |
Hire purchase contracts | 30,600 | 52,200 |
|
There is a legal charge over the freehold property in support of loans made to Fowle & Co Limited by the Fowle |
Executive Pension Scheme. Fowle & Co Limited has a participating interest in Steelco (UK) Limited and is |
controlled by the same directors. |
|
16. | PROVISIONS FOR LIABILITIES |
2015 | 2014 |
£ | £ |
Deferred tax |
|
|
|
Deferred |
tax |
£ |
Balance at 1 August 2014 |
|
Accelerated capital allowances | ( |
) |
Losses |
Balance at 31 July 2015 |
|
|
17. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid |
Number: | Class: | Nominal | 2015 | 2014 |
value | £ | £ |
600 | A ordinary | £1 | 600 | 600 |
400 | B ordinary | £1 | 400 | 400 |
200,000 | 8.75% preference shares | £1 | 200,000 | 200,000 |
201,000 | 201,000 |
Voting rights and rights on winding up are the same for both A ordinary and B ordinary shares. |
Steelco (UK) Limited (Registered number: 02319502) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2015 |
|
18. | RESERVES |
Revaluation |
reserve |
£ |
|
Revaluation in year | 272,375 |
Transfer between revaluation |
reserve and retained profits | (149,847 | ) |
At 31 July 2015 |
|
|
|
19. | CONTROLLING PARTY |
|
The company is controlled by the directors A Fowle and N Fowle. |
|
20. | RELATED PARTY DISCLOSURES |
|
|
|
Fowle & Co Limited |
|
A company in which A Fowle and N Fowle have an interest. |
|
|
Sales of £1,765,621 (2014 - £2,701,019). |
|
Purchases of £17,628,599 (2014 - £25,470,078). |
|
Distribution charges by Fowle & Co Limited of £169,471 (2014 - £263,030). |
|
Distribution charges to Fowle & Co Limited of £8,241 (2014 - £20,408). |
|
Management charges payable of £348,000 (2014 - £414,000), |
|
Trade creditors includes £3,200,221 (2014 - £3,682,039). |
|
There is a legal charge over the freehold property of Steelco (UK) Limited in support of a loan made to Fowle & |
Co Limited by the Fowle Executive Pension Scheme.. |
|
21. | ULTIMATE CONTROLLING PARTY |
|
The company is controlled by the directors A Fowle and N Fowle. |
|
22. | RECONCILIATION OF MOVEMENTS IN RESERVES |
2015 | 2014 |
£ | £ |
Profit for the financial year |
|
|
Dividends | ( |
) | ( |
) |
116,879 | 113,736 |
Other recognised gains and losses relating to the year (net) | 272,375 | - |
Net addition to reserves |
|
|
Opening reserves |
|
|
Closing reserves |
|
|