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REGISTERED NUMBER:
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SHD COMPOSITE MATERIALS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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REGISTERED NUMBER:
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SHD COMPOSITE MATERIALS LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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Chartered Accountants' Report | 9 |
SHD COMPOSITE MATERIALS LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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18 Northgate |
Sleaford |
Lincolnshire |
NG34 7BJ |
SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 NOVEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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1. | STATUTORY INFORMATION |
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SHD Composite Materials Ltd is a
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company's registered 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 |
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The company has adopted FRS 102 section 1A for the first time in the year ended 30 November 2017. Changes |
to the reported financial position and financial performance for the previous period upon transition to FRS 102 |
Section 1A can be found at the end of these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowance |
for slow moving and obsolete items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different |
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and |
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the |
reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position 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. |
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Government grants |
Revenue grants are recognised as income in the profit and loss account over the period necessary to match |
them with the related costs that they are intended to compensate the company for. |
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Capital grants are deferred in the period the asset is acquired. The deferred grants are then released against |
the useful economic lives of the assets. In this way the benefit of the grant is spread over the full expected |
useful life of the asset. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 December 2016 |
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Additions |
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Disposals | ( |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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The net book value of tangible fixed assets includes £ 39,654 (2016 - £ 79,683 ) in respect of assets held under |
hire purchase contracts. |
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5. | DEBTORS |
2017 | 2016 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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£689,129 (2016 - £575,265) has been raised against trade debtors through RBS Invoice Financing. |
SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 41,870 | 62,920 |
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The bank loan is secured against the assets to which it relates. |
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The RBSIF and RBSIF Euro accounts are secured against the trade debtors. |
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Hire purchase liabilities are secured against the assets to which they relate. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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B Ordinary | £1 | 100 | 100 |
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A Ordinary | 1p | 98 | 98 |
198 | 198 |
SHD COMPOSITE MATERIALS LTD (REGISTERED NUMBER: 07078299) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2017 |
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10. | RESERVES |
Retained |
earnings |
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At 1 December 2016 |
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Profit for the year |
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Dividends | ( |
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At 30 November 2017 |
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Within reserves there are non-distributable reserves of £62,475 (2016 - £62,475) in relation to share premium |
and £2 (2016 - £2) in relation to capital redemption reserves. |
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11. | OTHER FINANCIAL COMMITMENTS |
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The company has the following commitments due as follows: |
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2017 | 2016 |
£ | £ |
Due in less than one year | 159,666 | 144,712 |
Due between one and two years | 111,571 | 63,780 |
Due between two and five years | 195,612 | 83,481 |
466,849 | 291,973 |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SHD COMPOSITE MATERIALS LTD |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of SHD Composite Materials Ltd for the year ended 30 November 2017 which comprise the |
Income Statement, Statement of Financial Position, and the related notes from the company's accounting records and |
from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of SHD Composite Materials Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SHD Composite Materials Ltd and state those matters that we have agreed to state to the Board of Directors of SHD Composite Materials Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SHD Composite Materials Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that SHD Composite Materials Ltd 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 profit of SHD Composite Materials Ltd. You consider that SHD Composite Materials Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of SHD Composite Materials Ltd. 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. |
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18 Northgate |
Sleaford |
Lincolnshire |
NG34 7BJ |
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Date: ............................................. |