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 2016 |
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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 2016 |
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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 2016 |
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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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Statement of Comprehensive Income | 5 |
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Balance Sheet | 6 |
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Statement of Changes in Equity | 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 | 10 |
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Reconciliation of Equity | 18 |
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Reconciliation of Profit | 20 |
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Steelco (UK) Limited |
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Company Information |
for the Year Ended 31 July 2016 |
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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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Statutory Auditor |
36 Cambridge Road |
Hastings |
East Sussex |
TN34 1DU |
Steelco (UK) Limited (Registered number: 02319502) |
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Strategic Report |
for the Year Ended 31 July 2016 |
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The directors present their strategic report for the year ended 31 July 2016. |
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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 principle trade is as steel processors, stockists and traders. |
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The accounts for the year show that the business has had a successful years trading with net profits prior to taxation |
rising to £1,106,263, an increase of 208.7% compared with the previous year. |
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The new financial year has started well with continued rise in sales and profits. We therefore look forward with |
confidence to another satisfactory years trading. |
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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 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 July 2016. |
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DIVIDENDS |
The total distribution of dividends for the year ended 31 July 2016 was £757,350; in respect of A ordinary shares |
£517,350 and in respect of B ordinary shares £240,000. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2015 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, 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), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 2016 on pages five to |
twenty. 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), including Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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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 |
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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 2016 and of its profit for the year then
ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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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Statutory Auditor |
36 Cambridge Road |
Hastings |
East Sussex |
TN34 1DU |
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Steelco (UK) Limited (Registered number: 02319502) |
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Statement of Comprehensive Income |
for the Year Ended 31 July 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
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TURNOVER | 2 |
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Cost of sales |
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GROSS PROFIT |
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Distribution costs |
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Administrative expenses |
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1,737,943 | 2,143,795 |
1,186,089 | 414,927 |
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Other operating income |
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OPERATING PROFIT | 4 |
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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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OTHER COMPREHENSIVE INCOME |
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Income tax relating to other comprehensive
income |
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OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Steelco (UK) Limited (Registered number: 02319502) |
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Balance Sheet |
31 July 2016 |
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2016 | 2015 |
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 at bank and 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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( |
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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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Retained earnings | 18 |
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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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Statement of Changes in Equity |
for the Year Ended 31 July 2016 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 August 2014 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 July 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 July 2016 |
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Steelco (UK) Limited (Registered number: 02319502) |
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Cash Flow Statement |
for the Year Ended 31 July 2016 |
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2016 | 2015 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest element of hire purchase payments
paid |
( |
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( |
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Finance costs paid | (76,831 | ) | (89,564 | ) |
Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Capital repayments in year |
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( |
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Equity dividends paid | ( |
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Net cash from financing activities | ( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning
of year |
2 |
(2,033 |
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(826 |
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Cash and cash equivalents at end of
year |
2 |
4,957 |
( |
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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 2016 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2016 | 2015 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Impairment reversal | - | (34,144 | ) |
Finance costs | 80,221 | 90,729 |
1,308,607 | 506,374 |
Decrease/(increase) in stocks |
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( |
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Decrease in trade and other debtors |
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Decrease in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 31 July 2016 |
31.7.16 | 1.8.15 |
£ | £ |
Cash and cash equivalents | 4,957 | 1,064 |
Bank overdrafts |
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( |
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4,957 | (2,033 | ) |
Year ended 31 July 2015 |
31.7.15 | 1.8.14 |
£ | £ |
Cash and cash equivalents | 1,064 | 1,064 |
Bank overdrafts | ( |
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(2,033 | ) | (826 | ) |
Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2016 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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 profit or loss 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 profit or loss 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 profit or loss 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 2016 |
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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 for the year ended 31 July 2015 is given below: |
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£ |
United Kingdom | 21,085,997 |
Europe | 169,613 |
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This analysis is not considered to be applicable to the year ended 31 July 2016. |
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3. | STAFF COSTS |
2016 | 2015 |
£ | £ |
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: |
2016 | 2015 |
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Office and management | 6 | 6 |
Production | 13 | 12 |
Sales and distribution | 11 | 11 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2016 | 2015 |
£ | £ |
Other operating leases |
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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 |
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Foreign exchange differences | ( |
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Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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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 2016 |
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5. | INTEREST PAYABLE & SIMILAR CHARGES |
2016 | 2015 |
£ | £ |
Hire purchase |
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Factoring interest |
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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: |
2016 | 2015 |
£ | £ |
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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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2016 | 2015 |
£ | £ |
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 | - | (6,829 | ) |
Adjustments to tax charge in respect of previous periods | ( |
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Tax at marginal rate | - | 1,593 |
Rounding | 3 | 96 |
Total tax charge | 223,513 | 61,462 |
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Tax effects relating to effects of other comprehensive income |
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2015 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property |
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- | 272,375 |
272,375 | - | 272,375 |
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7. | DIVIDENDS |
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Dividends of £517,350 (2015 - £180,000) were paid on the A ordinary shares. and £240,000 (2015 - nil) on the B |
ordinary shares. |
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The dividend in respect of the 8.75% preference shares has been waived, as in the previous year. |
Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
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8. | TANGIBLE FIXED ASSETS |
Freehold | Plant & | Fixtures |
property | machinery | & fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2015 |
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Additions |
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Disposals |
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( |
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At 31 July 2016 |
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DEPRECIATION |
At 1 August 2015 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 July 2016 |
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NET BOOK VALUE |
At 31 July 2016 |
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At 31 July 2015 |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2015 |
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Additions |
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Disposals |
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( |
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At 31 July 2016 |
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DEPRECIATION |
At 1 August 2015 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31 July 2016 |
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NET BOOK VALUE |
At 31 July 2016 |
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At 31 July 2015 |
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Included in cost or valuation of land and buildings is freehold land of £ 76,000 (2015 - £ 60,000 ) which is not |
depreciated. |
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Cost or valuation at 31 July 2016 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 | 1,050,007 | 103,931 |
1,100,000 | 1,050,007 | 103,931 |
Steelco (UK) Limited (Registered number: 02319502) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
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8. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2006 | - | - | (34,142 | ) |
Valuation in 2015 | - | - | 156,670 |
Cost | 566,271 | 31,840 | 2,729,521 |
566,271 | 31,840 | 2,852,049 |
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If freehold land and buildings had not been revalued they would have been included at the following historical |
cost: |
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2016 | 2015 |
£ | £ |
Cost | 983,723 | 976,247 |
Aggregate depreciation | 161,001 | 155,865 |
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Value of land in freehold land and buildings | 50,000 | 50,000 |
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Freehold land and buildings were valued on an open market basis on 31 July 2015 by Brunton Knowles . |
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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 2015 |
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Additions |
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At 31 July 2016 |
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DEPRECIATION |
At 1 August 2015 |
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Charge for year |
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At 31 July 2016 |
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NET BOOK VALUE |
At 31 July 2016 |
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At 31 July 2015 |
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9. | STOCKS |
2016 | 2015 |
£ | £ |
Raw materials |
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Finished goods |
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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 2016 |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
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 £1,494,125 (2015 - £1,886,525) made up as below. |
These debts are factored without recourse to the company for losses. |
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2016 | 2015 |
£ | £ |
Debtors factored without recourse |
Gross debt | 4,985,125 | 5,044,946 |
Non returnable proceeds | (3,491,000 | ) | (3,158,421 | ) |
1,494,125 | 1,886,525 |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans & overdrafts (see note 13) |
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Hire purchase contracts (see note 14) |
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Trade creditors |
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Corporation tax |
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Social security & other taxes |
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Other creditors |
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Accruals & deferred income |
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12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts (see note 14) |
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13. | LOANS |
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An analysis of the maturity of loans is given below: |
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2016 | 2015 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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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 2016 |
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14. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2016 | 2015 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2016 | 2015 |
£ | £ |
Within one year | 1,174 | - |
Between one and five years | 4,110 | - |
5,284 | - |
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15. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Hire purchase contracts | 247,312 | 30,600 |
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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 |
2016 | 2015 |
£ | £ |
Deferred tax | 118,900 | 92,900 |
|
Deferred |
tax |
£ |
Balance at 1 August 2015 |
|
Accelerated capital allowances | 26,000 |
Balance at 31 July 2016 |
|
|
No deferred tax provision has been made in respect of the revaluation of freehold property as no unrecognised |
gain for tax purposes arose on the valuation after indexation has been applied. |
Steelco (UK) Limited (Registered number: 02319502) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2016 |
|
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. |
|
18. | RESERVES |
Retained |
earnings |
£ |
|
At 1 August 2015 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 July 2016 |
|
|
19. | CONTROLLING PARTY |
|
The company is controlled by the directors A Fowle and N Fowle. |
|
20. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £517,350 (2015 - £180,000) were paid to the directors . |
|
Fowle & Co Limited |
|
A company in which A Fowle and N Fowle have an interest. |
|
|
Sales of £1,505,163 (2015 - £1,765,621). |
|
Purchases of £14,339,862 (2015 - £17,628,599). |
|
Distribution charges by Fowle & Co Limited of £121,487 (2015 - £169,471). |
|
Distribution charges to Fowle & Co Limited of £8,996 (2015 - £8,241). |
|
Management charges payable of £48,000 (2015 - £348,000), |
|
Dividends of £240,000 (2015 - nil) were paid to Fowle & Co Limited. |
|
Trade creditors includes £2,641,374 (2015 - £3,200,221). |
|
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. |
Steelco (UK) Limited (Registered number: 02319502) |
|
Reconciliation of Equity |
1 August 2014 |
(Date of Transition to FRS 102) |
|
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 1,427,742 |
|
1,427,742 |
CURRENT ASSETS |
Stocks | 9 | 1,107,622 |
|
1,107,622 |
Debtors | 10 | 2,432,324 |
|
2,432,324 |
Cash in hand | 1,064 |
|
1,064 |
3,541,010 |
|
3,541,010 |
CREDITORS |
Amounts falling due within one year | 11 | (4,111,460 | ) |
|
(4,111,460 | ) |
NET CURRENT LIABILITIES | (570,450 | ) |
|
(570,450 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
857,292 |
|
857,292 |
|
CREDITORS |
Amounts falling due after more than one
year |
16 |
(30,600 |
) |
|
(30,600 |
) |
|
PROVISIONS FOR LIABILITIES | (95,900 | ) |
|
(95,900 | ) |
NET ASSETS | 730,792 |
|
730,792 |
CAPITAL & RESERVES |
Called up share capital | 17 | 201,000 |
|
201,000 |
Retained earnings | 18 | 529,792 |
|
529,792 |
730,792 |
|
730,792 |
Steelco (UK) Limited (Registered number: 02319502) |
|
Reconciliation of Equity - continued |
31 July 2015 |
|
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 1,718,206 |
|
1,718,206 |
CURRENT ASSETS |
Stocks | 9 | 1,156,339 |
|
1,156,339 |
Debtors | 10 | 1,961,367 |
|
1,961,367 |
Cash in hand | 1,064 |
|
1,064 |
3,118,770 |
|
3,118,770 |
CREDITORS |
Amounts falling due within one year | 11 | (3,615,030 | ) |
|
(3,615,030 | ) |
NET CURRENT LIABILITIES | (496,260 | ) |
|
(496,260 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
1,221,946 |
|
1,221,946 |
|
CREDITORS |
Amounts falling due after more than one
year |
16 |
(9,000 |
) |
|
(9,000 |
) |
|
PROVISIONS FOR LIABILITIES | (92,900 | ) |
|
(92,900 | ) |
NET ASSETS | 1,120,046 |
|
1,120,046 |
CAPITAL & RESERVES |
Called up share capital | 17 | 201,000 |
|
201,000 |
Revaluation reserve | 122,528 | ( |
) | - |
Retained earnings | 18 | 796,518 |
|
919,046 |
1,120,046 |
|
1,120,046 |
Steelco (UK) Limited (Registered number: 02319502) |
|
Reconciliation of Profit |
for the Year Ended 31 July 2015 |
|
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
TURNOVER | 2 | 21,255,610 |
|
21,255,610 |
Cost of sales | (18,696,888 | ) |
|
(18,696,888 | ) |
GROSS PROFIT | 2,558,722 |
|
2,558,722 |
Distribution costs | (920,880 | ) |
|
(920,880 | ) |
Administrative expenses | (1,222,915 | ) |
|
(1,222,915 | ) |
Other operating income | 34,143 |
|
34,143 |
OPERATING PROFIT | 449,070 |
|
449,070 |
Interest payable & similar charges | 5 | (90,729 | ) |
|
(90,729 | ) |
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION |
358,341 |
|
358,341 |
Tax on profit on ordinary activities | 6 | (61,462 | ) |
|
(61,462 | ) |
PROFIT FOR THE FINANCIAL YEAR | 296,879 |
|
296,879 |