Company Registration No. 06659248 (England and Wales)
STEELS OF HEREFORD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
STEELS OF HEREFORD LIMITED
COMPANY INFORMATION
Directors
Mr V R H Woore
Mr G D Gwyther
Company number
06659248
Registered office
5 Bridge Street
Hereford
HR4 9DF
Accountants
Hawkins Priday Ltd
5 Bridge Street
Hereford
HR4 9DF
Business address
Steels Corner
Hereford
Herefordshire
HR4 0AP
STEELS OF HEREFORD LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
STEELS OF HEREFORD LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF STEELS OF HEREFORD LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steels of Hereford Limited for the year ended 31 December 2018 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Steels of Hereford Limited, as a body, in accordance with the terms of our engagement letter dated 10 June 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Steels of Hereford Limited and state those matters that we have agreed to state to the Board of Directors of Steels of Hereford Limited, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants
as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steels of Hereford Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Steels of Hereford Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of Steels of Hereford Limited. You consider that Steels of Hereford Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Steels of Hereford Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hawkins Priday Ltd
31 October 2019
Chartered Certified Accountants
5 Bridge Street
Hereford
HR4 9DF
STEELS OF HEREFORD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investments
2
196,946
196,946
Current assets
Debtors
3
3,232
13,545
Creditors: amounts falling due within one year
4
(1,542)
(8,459)
Net current assets
1,690
5,086
Total assets less current liabilities
198,636
202,032
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
195,946
195,946
Profit and loss reserves
1,690
5,086
Total equity
198,636
202,032
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 October 2019 and are signed on its behalf by:
Mr V R H Woore
Director
Company Registration No. 06659248
STEELS OF HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Steels of Hereford Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5 Bridge Street, Hereford, HR4 9DF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
STEELS OF HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Fixed asset investments
2018
2017
£
£
Investments
196,946
196,946
The company owns 120,000 £1 Ordinary Shares in Steels Westgate Ltd, a UK company, (that represents 100% of the issued share capital). The principle activity of Steels Westgate Ltd is that of the purchase and resale of motor vehicles.
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2018 & 31 December 2018
196,946
Carrying amount
At 31 December 2018
196,946
At 31 December 2017
196,946
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,232
13,545
STEELS OF HEREFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 5 -
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
366
366
Other creditors
1,176
8,093
1,542
8,459
5
Related party transactions
At the year end the Company was owed £3,232 by Steels Westgate Ltd (2017 - £13,545). This balance is included within "Debtors - amounts falling due within one year".