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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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ALLOY FABWELD LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTOR AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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ALLOY FABWELD LIMITED |
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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 Director | 3 |
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Report of the Independent Auditors | 5 |
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Profit and Loss Account | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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ALLOY FABWELD LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Rae House |
Dane Street |
Bishops Stortford |
Herts |
CM23 3BT |
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2017 |
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The director presents his strategic report for the year ended 31 March 2017. |
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REVIEW OF BUSINESS |
The company experienced an increase in turnover of approximately £2,633,200 in comparison to the previous year and also managed |
to modestly increase its overall gross profit percentage to 20.3% (2016: 18.8%) in what continues to be a competitive market place. |
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The company's overall financial stability has continued to improve whilst investing in the trading future by way of expanding the work |
force and general infrastructure of the business in order to facilitate a series of anticipated future contracts. |
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Bearing in mind this expansion programme that has been embarked upon the director is pleased with the results for the year under |
review which shows an increase of 2% in operating profit reported for the year £655,355 (2016: £223,965). |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risk to the business is the relatively niche market that the company operates within. In order to maintain minimum risk |
conditions to the financial assets, liquidity and cash flow of the company the director looks to ensure that the clients are predominantly |
large institutions / organisations and that a continuous review of the commercial principles are undertaken before and during the |
contract process. |
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FINANCIAL KEY PERFORMANCE INDICATORS |
The director monitors the performance of the company by reference to internal budgets, turnover and gross profit margins on contract |
by contract basis. These are considered sufficient to provide an overview of business performance relative to expectations, organic |
growth and market trends. |
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FUTURE DEVELOPMENTS |
The company has continued to grow rapidly and have secured further major contract and now maintaining a healthy order book for the |
coming few years. |
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Ongoing internal and third party reviews of health and safety procedures have been undertaken with no breaches or weaknesses of |
any significance having been encountered. Continuing improvements in this regard have contributed towards the company's good |
reputation and working practices in the sector. |
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Continuing reassessments of internal procedures, management structures and capital requirements have been carried out in order to |
facilitate the expansion plans of the company and to ensure that it maintains its viability in the immediate and long-term future. In this |
respect, the company had bought a new unit to facilitate the production process. The company is also under process of putting a |
research and development claim in accordance with the company's current and future policy towards growth and development. |
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ON BEHALF OF THE BOARD: |
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2017 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of light engineering and there has been no significant change |
in this activity during the period. |
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DIVIDENDS |
An interim dividend of £ |
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The total distribution of dividends for the year ended 31 March 2017 will be £
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DIRECTOR |
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His beneficial interest in the issued share capital of the company was as follows: |
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31.3.17 | 1.4.16 |
Ordinary £1 shares | 50 | 50 |
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CHARITABLE DONATIONS |
During the year the company made charitable contributions totalling £19,646 (2016 - £Nil). These contributions were made in |
furtherance of the charities' general objectives. |
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DIRECTORS' INDEMNITY |
As permitted by the articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity |
provision as defined by section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is |
currently in force. The company also maintained Directors' and Officers' liability insurance during the year in respect of itself and its |
directors. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance |
with applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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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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 director is 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 him to ensure that |
the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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. |
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MARCH 2017 |
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AUDITORS |
The auditors, Barrow LLP, 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 |
ALLOY FABWELD LIMITED |
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Opinion |
We have audited the financial statements of Alloy Fabweld Limited (the 'company') for the year ended 31 March 2017 on pages seven |
to twenty two. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom |
Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and |
Republic of Ireland' (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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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2017 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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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our |
responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements |
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of |
the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in |
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a |
basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: |
- | the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about
the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the |
Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion |
thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider |
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or |
otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements
are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALLOY FABWELD LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not |
identified material misstatements in the Strategic Report or the Report of the Director. |
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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 director's 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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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the |
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the |
director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due |
to fraud or error. |
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In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, |
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either |
intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is |
a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material |
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the |
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial |
statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's |
website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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for and on behalf of
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Statutory Auditor |
Rae House |
Dane Street |
Bishops Stortford |
Herts |
CM23 3BT |
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 MARCH 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 5 |
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Interest receivable and similar income |
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545,500 | 224,764 |
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Interest payable and similar expenses | 6 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 7 |
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PROFIT FOR THE FINANCIAL YEAR |
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MARCH 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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BALANCE SHEET |
31 MARCH 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 13 | ( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the director on
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 April 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2017 |
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments paid | ( |
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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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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Capital repayments in year | ( |
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Amount introduced by directors |
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Amount withdrawn by directors |
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( |
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Equity dividends paid | ( |
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Net cash from financing activities |
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( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of
year |
2 |
(122,578 |
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(300,289 |
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Cash and cash equivalents at end of year | 2 | 364,303 | ( |
) |
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.17 | 31.3.16 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Finance costs | 10,610 | 10,188 |
Finance income | - | (799 | ) |
585,428 | 255,992 |
Decrease in trade and other debtors |
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Increase/(decrease) in trade and other creditors |
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( |
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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 March 2017 |
31.3.17 | 1.4.16 |
£ | £ |
Cash and cash equivalents | 364,303 | - |
Bank overdrafts |
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( |
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364,303 | (122,578 | ) |
Year ended 31 March 2016 |
31.3.16 | 1.4.15 |
£ | £ |
Bank overdrafts | ( |
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Alloy Fabweld Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with 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 cost convention. |
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Preparation of consolidated financial statements |
The financial statements contain information about Alloy Fabweld Limited as an individual company and do not contain |
consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the |
Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
The company takes general order construction work in respect of architectural and metal works. When the outcome of a |
construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of |
billings, the company recognises revenue and expenses on the construction contract by reference to the stage of completion |
of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the proportion |
of the contract costs incurred to date over the estimated total costs. When the outcome of a contract cannot be estimated |
reliably the company only recognises revenue to the extent of the recoverable contract costs incurred. |
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Tangible fixed assets |
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Freehold property | - |
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Plant & fixtures | - |
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Motor vehicles | - |
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Office equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the |
instruments. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a |
financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of |
interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal |
business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present |
value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are |
measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If |
there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
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Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a |
carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not |
previously been recognised. |
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Deferred taxation |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain |
items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that |
have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent |
that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax |
liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that |
would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the |
balance sheet date. |
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Cash and cash equivalents |
Cash and cash equivalents comprise of cash balances. |
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3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect |
the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and |
expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
These estimates and assumptions are based on historical experience and other factors that are believed to be reasonable |
under the circumstances. The following judgements and estimates have had the most significant effect on amounts |
recognised in the financial statements. |
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Revenue recognition |
The Company recognises revenue from the provision of services provided through a service contract and as the activity |
progresses. In making its judgement as to the value of work performed, and the estimate of costs to complete the contractual |
services (including any foreseeable cost overruns), management consider that while there is a degree of judgement in |
determining these factors, there is sufficient certainty to ensure that the Company meets the requirements of FRS 102 in |
relation to revenue recognition. |
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Allowance for doubtful debts |
Management undertakes a review of all new customers and a periodic review of existing customers to determine whether |
specific risks of default exist. Beyond identification of specific risks, management undertakes periodic reviews into the |
calculation of allowances for doubtful debts to ensure historic trends continue to provide a basis for determining a reliable |
estimate for doubtful debts. |
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Taxation |
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax |
authorities. Management estimation is required to determine the amount of deferred tax assets and future research and |
development claims, that can be recognised, based upon likely timing and level of future taxable profits together with an |
assessment of the effect of future tax planning strategies. Further details are contained in note 7. |
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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4. | EMPLOYEES AND DIRECTORS |
31.3.17 | 31.3.16 |
£ | £ |
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: |
31.3.17 | 31.3.16 |
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Director | 1 | 1 |
Direct staff | 61 | 52 |
Administration | 21 | 17 |
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31.3.17 | 31.3.16 |
£ | £ |
Director's remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31.3.17 | 31.3.16 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Auditors' remuneration |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.17 | 31.3.16 |
£ | £ |
Bank interest |
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Bank loan interest |
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Hire purchase interest |
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ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.17 | 31.3.16 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax: origination and reversal of timing differences |
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Tax on profit |
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UK corporation tax has been charged at 20% (2016 - 20%). |
|
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: |
|
31.3.17 | 31.3.16 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
|
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses |
|
( |
) |
Other tax adjustments |
|
|
Total tax charge | 119,576 | 35,737 |
|
The company considers its research and development activities and claim of approximately £400,000 which is still under |
process eligible for tax relief. No amendments have been made in this respect in the above calculations. However, depending |
on the outcome of the claim the tax liability will change accordingly. |
|
Factors that may affect future tax charges |
|
Future tax rates |
As part of the Summer Budget 2015, the UK Government announced a reduction in the CT rate from 20% to 19% for the |
Financial Years beginning 1 April 2017, 1 April 2018 and 1 April 2019, with a further reduction from 19% to 18% for the |
Financial Year beginning 1 April 2020. As the changes had not been substantively enacted at the balance sheet date their |
effects are not included in these financial statements. |
|
8. | DIVIDENDS |
31.3.17 | 31.3.16 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
9. | TANGIBLE FIXED ASSETS |
Freehold | Plant & | Motor | Office |
property | fixtures | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2016 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
|
|
( |
) | ( |
) |
At 31 March 2017 |
|
|
|
|
|
DEPRECIATION |
At 1 April 2016 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
|
|
( |
) | ( |
) |
At 31 March 2017 |
|
|
|
|
|
NET BOOK VALUE |
At 31 March 2017 |
|
|
|
|
|
At 31 March 2016 |
|
|
|
|
|
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Included in cost of land and buildings is freehold land of £ 50,000 (2016 - £ 0 ) which is not depreciated. |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
|
DEPRECIATION |
At 1 April 2016 |
|
Charge for year |
|
At 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2016 |
and 31 March 2017 |
|
NET BOOK VALUE |
At 31 March 2017 |
|
At 31 March 2016 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
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Registered office: Rae House, Dane Street, Bishop's Stortford, Hertfordshire, CM23 3BT |
Nature of business:
|
% |
Class of shares: | holding |
|
|
|
|
£ | £ |
Aggregate capital and reserves |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
|
|
Value added tax | 143,367 | 130,156 |
Directors' current accounts | - | 1,735 |
Prepayments |
|
|
Other debtors | 351 | 15 |
|
|
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Amount owed to related parties |
|
|
Directors' current accounts | 1,935 | - |
Accruals and deferred income |
|
|
|
|
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Bank loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
|
|
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.3.17 | 31.3.16 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | 77,697 | - |
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
31.3.17 | 31.3.16 |
£ | £ |
Gross obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
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Finance charges repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
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Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
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16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.3.17 | 31.3.16 |
£ | £ |
Bank overdraft |
|
|
Hire purchase contracts |
|
|
|
|
|
The bank overdraft is secured by a fixed and floating charge over the company's book debts. |
|
The hire purchase liabilities are secured against the related assets. |
|
17. | PROVISIONS FOR LIABILITIES |
31.3.17 | 31.3.16 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
|
Deferred |
tax |
£ |
Balance at 1 April 2016 |
|
Increase in provision |
|
Balance at 31 March 2017 |
|
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.17 | 31.3.16 |
value: | £ | £ |
|
Ordinary | £1 |
|
100 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 April 2016 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 March 2017 |
|
|
20. | PENSION COMMITMENTS |
|
The company operates a defined contribution scheme in respect of a director and employees. The charges for the year to this |
scheme were £15,321 (2016 - £13,749) in respect of employees and £267 (2016 - £267) in respect of the director. There were |
£1,687 of outstanding contributions at the balance sheet date (2016 - Nil). |
|
21. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 March 2017 and 31 March 2016: |
|
31.3.17 | 31.3.16 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
ALLOY FABWELD LIMITED (REGISTERED NUMBER: 03196009) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
|
22. | RELATED PARTY DISCLOSURES |
|
During the year the company occupied premises owned by the director and by a co-shareholder. The company paid rent of |
£85,000 in respect thereof (2016 - £79,583). There were no outstanding amounts at either balance sheet date. |
|
During the year the company traded services with S & L Plant, which is a trading partnership between the director and a |
co-shareholder. All transactions were dealt with on a normal trading basis. There were purchase of services during the year |
totalling £132,000 (2016 - £132,000). S & L Plant owed £24,000 to company at the year end. |
|
During the year the company traded services with J & C Machinery, which is a trading operation run by a shareholder L S |
Kirtland. All transactions were dealt with on a normal trading basis. Purchases of services during the year totalled £7,608 |
(2016 - £11,412). There were no sales of services during either year. The amount owed by the company at the balance sheet |
date was £Nil (2016 - £1,141). |
|
Personal guarantees have been given by S R Pledger and L S Kirtland individually and jointly in support of the company's |
bank overdraft facility, which is limited to £250,000 overall, including £125,000 each individually. |
|
During the year the company traded services with Rebel Strength Limited, which is a trading partnership between the director |
and a co-shareholder. All transactions were dealt with on a normal trading basis. The company recharged the sharing cost of |
the overheads £46,580 (2016: £Nil). The amount owed by the company at the balance sheet date was £55,896 (2016 - £Nil) |
|
During the year the company traded services with Flexi Group Limited, which is a trading partnership between the director |
and a co-shareholder. All transactions were dealt with on a normal trading basis. There were sales of services during the year |
totalling £172,580 (2016 - £ Nil). The amount owed by the company at the balance sheet date was £193,178 (2016 - £Nil). |