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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2017 |
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FOR |
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AVON SPECIALTY METALS LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, |
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REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2017 |
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FOR |
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AVON SPECIALTY METALS LIMITED |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 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 Directors | 3 |
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Report of the Independent Auditors | 5 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Statement of Cash Flows | 11 |
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Notes to the Statement of Cash Flows | 12 |
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Notes to the Financial Statements | 13 |
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AVON SPECIALTY METALS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditors |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2017 |
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The directors present their strategic report for the year ended 30 June 2017. |
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REVIEW OF BUSINESS |
The Profit & Loss account is set out on Page 7 and shows the profit for the period. |
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The directors consider the state of the company's affairs to be satisfactory. The directors believe the company is still |
performing well in the current financial year and the directors are hopeful that the company will continue to improve in |
the future. |
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Key performance indicators used by the company are: |
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Turnover - £20.77m (2016: £13.67m) |
Gross Profit - £2.48m (2016: £1.52m) |
Operating Profit - £0.68m (2016: £0.12m) |
Net profit - £0.46m (2016 Net loss: £0.04m). |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks facing the business relate to the general state of the industrial economy in the UK and in those |
countries to which the company exports and the growth of the company's key markets, the continuity of supply of the key |
metals used in the business, the financial health of the company's main customers and the development of metal prices. |
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Financial instruments of significance to the Company comprise primary financial instruments (mainly cash, borrowings, |
debtors and creditors). |
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The main financial risks arising from the Company's activities are credit risk, market risk (metal prices and foreign |
exchange) and liquidity risk. These are monitored by the board of directors and were not considered to be significant at |
the balance sheet date. |
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The Company's policy in respect of credit risk is to mitigate the risk of loss by adhering to credit control procedures |
including the use of credit limits and credit insurance. |
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Exposures to metal price movements are restricted by the imposition of trading position limits agreed by the board of |
directors. The company mitigates its foreign exchange risk by entering into forward currency contracts. |
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Liquidity risk is managed by planning for future funding requirements to ensure adequate facilities are available. |
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ON BEHALF OF THE BOARD: |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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The directors present their report with the financial statements of the company for the year ended 30 June 2017. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of merchandising of non-ferrous metals. |
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DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2017. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2016 to the date of this report. |
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Other changes in directors holding office are as follows: |
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EMPLOYEES |
The Board recognises that a fundamental key to their success is the ability to develop a strong and highly motivated |
workforce if it is to achieve its goals. To this extent it is investing in several areas to improve the working environment |
and enable staff to be more productive and efficient. |
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The Company thanks its entire staff for the enthusiasm, dedication and efforts made over the past year. |
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ENVIRONMENTAL CONSIDERATIONS |
The Company recognises its responsibility in terms of protecting the environment for the future. It is committed to the |
principles of sustainability within its own operations and it seeks to improve the performance, safety and the |
environmental profile of both its range of products and its manufacturing facilities. |
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The Company continuously reviews its health and safety performance to ensure that it complies with the latest |
regulations and provides a safe working environment for all employees. |
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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). 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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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. |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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AUDITORS |
Dodd Harris resigned as auditors under Section 519 of the Companies Act. The Paris Partnership LLP were appointed |
as auditors during the year. |
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The auditors, The Paris Partnership 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 |
AVON SPECIALTY METALS LIMITED |
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Opinion |
We have audited the financial statements of Avon Specialty Metals Limited (the 'company') for the year ended |
30 June 2017 on pages seven to nineteen. 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: |
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give a true and fair view of the state of the company's affairs as at 30 June 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: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have 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 directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, 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 Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
AVON SPECIALTY METALS 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 Directors. |
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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 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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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are |
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and |
for such internal control as the directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have 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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Chartered Accountants and |
Statutory Auditors |
Russell House |
140 High Street |
Edgware |
Middlesex |
HA8 7LW |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2017 | 2016 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
( |
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( |
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GROSS PROFIT |
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Administrative expenses | ( |
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OPERATING PROFIT | 5 |
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Interest payable and similar expenses | 6 | ( |
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PROFIT/(LOSS) BEFORE TAXATION |
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( |
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Tax on profit/(loss) | 7 | ( |
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PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
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( |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2017 | 2016 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE YEAR |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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( |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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CURRENT ASSETS |
Stocks | 10 |
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Debtors | 11 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 12 |
( |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2017 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 July 2015 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 30 June 2016 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 30 June 2017 |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
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Interest paid | ( |
) | ( |
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Tax paid | ( |
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Taxation refund |
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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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Decrease in cash and cash equivalents | ( |
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Cash and cash equivalents at beginning
of year |
2 |
(4,268,459 |
) |
(1,975,985 |
) |
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Cash and cash equivalents at end of year | 2 | ( |
) | ( |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2017 | 2016 |
£ | £ |
Profit/(loss) before taxation |
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( |
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Depreciation charges |
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(Decrease)/Increase in Group balances | (525,923 | ) | 3,254,261 |
Finance costs | 225,074 | 164,815 |
332,376 | 3,523,333 |
Increase in stocks | ( |
) | ( |
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Increase in trade and other debtors | ( |
) | ( |
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Increase 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 Statement of Cash Flows in respect of cash and cash equivalents are in respect |
of these Statement of Financial Position amounts: |
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Year ended 30 June 2017 |
30.6.17 | 1.7.16 |
£ | £ |
Cash and cash equivalents | 281,187 | - |
Bank overdrafts | ( |
) | ( |
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(8,029,966 | ) | (4,268,459 | ) |
Year ended 30 June 2016 |
30.6.16 | 1.7.15 |
£ | £ |
Bank overdrafts | ( |
) | ( |
) |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2017 |
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1. | STATUTORY INFORMATION |
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Avon Specialty Metals Limited 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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgement: |
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Determine whether there are indicators of impairment of the group's tangible and intangible assets, including |
goodwill. Factors taken into consideration in reaching such a decision include the economic viability and |
expected future financial performance of the asset and where it is a component of a larger cash-generating unit, |
the viability and expected future performance of that unit. |
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Other key sources of estimation uncertainty |
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Tangible fixed assets (see note 9) |
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Tangible fixed assets are depreciated over their useful lives taking into account residual values, where |
appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending |
on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles |
and maintenance programmes are taken into account. Residual value assessments consider issues such as |
future market conditions, the remaining life of the asset and projected disposal values. |
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Turnover |
Turnover represents net invoiced sales of goods supplied, excluding value added tax. Sales of goods are |
recognised when goods are delivered and the risks and rewards of ownership have passed to the customer. |
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Tangible fixed assets |
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Plant and machinery | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving 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. |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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Monetary amounts |
The financial statement are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in the financial statements are rounded to the nearest pound. |
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Interest Payable |
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Interest payable is charged to the profit and loss account on an accruals basis. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured |
at transaction price including transaction and where material are subsequently measured at amortised cost using |
the effective interest method, less any impairment. |
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Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and where material the changes in fair value are recognised in the Statement |
of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and |
whose fair value cannot be measured reliably are measured at cost less impairment |
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Interest is recognised by applying the effective interest rate, except for short-term receivables when the |
recognition of interest would be immaterial. The effective interest method is a method of calculating the |
amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective |
interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt |
instrument to the net carrying amount on initial recognition |
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Impairment of financial assets |
Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting |
end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that |
occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. |
The impairment loss is recognised in the Statement of Total Comprehensive Income |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or |
when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity |
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Basic financial liabilities |
Basic financial liabilities, including trade and other payables and loans from company undertakings that are |
classified as debt are initially measured at transaction price unless the arrangement constitutes a financing |
transaction, where the debt instrument is measured at the present value of the future payments discounted at |
the market rate of interest . |
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Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in |
the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a |
payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are |
initially recognised at transaction price and where material are subsequently measured at amortised cost using |
the effective interest method |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid |
investments with original maturities of three months or less. |
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Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of |
the company. |
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3. | 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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No geographical analysis is provided on the grounds that this would be prejudicial to the company. |
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4. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
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The average monthly number of employees during the year was as follows: |
2017 | 2016 |
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Management | 3 | 3 |
Selling | 2 | 2 |
Production | 14 | 10 |
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2017 | 2016 |
£ | £ |
Directors' remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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Auditors' remuneration |
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Foreign exchange differences |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Bank interest |
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Other interest |
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AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 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: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
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( |
) |
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Deferred tax | ( |
) |
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Tax on profit/(loss) |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2017 | 2016 |
£ | £ |
Profit/(loss) before tax |
|
( |
) |
Profit/(loss) 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 | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
|
|
Deferred tax | (12,739 | ) | 25,508 |
Total tax charge | 74,895 | 10,466 |
|
8. | RESTATED COMPARATIVES |
|
The comparatives have been adjusted to reflect a more detailed analysis of Other Debtors and Other Creditors. |
This has resulted in no effect on the Income Statement or Statement of Financial Position in the comparatives. |
|
9. | TANGIBLE FIXED ASSETS |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 July 2016 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 30 June 2017 |
|
|
|
DEPRECIATION |
At 1 July 2016 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 30 June 2017 |
|
|
|
NET BOOK VALUE |
At 30 June 2017 |
|
|
|
At 30 June 2016 |
|
|
|
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
10. | STOCKS |
2017 | 2016 |
£ | £ |
Stocks |
|
|
|
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Tax |
|
|
VAT |
|
|
|
|
|
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 13) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Accrued expenses |
|
|
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
|
14. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2017 | 2016 |
£ | £ |
Bank overdrafts |
|
|
|
The bank overdraft is secured by a debenture over the assets of the company and the group. |
|
15. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 12,769 | 25,508 |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
15. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 July 2016 |
|
Provided during year | ( |
) |
Balance at 30 June 2017 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
|
Ordinary shares | £0.01 | p | 133 | 133 |
|
17. | RESERVES |
Retained |
earnings |
£ |
|
At 1 July 2016 |
|
Profit for the year |
|
At 30 June 2017 |
|
|
18. | ULTIMATE PARENT COMPANY |
|
The Remet Company Limited is regarded by the directors as being the company's ultimate parent company. |
|
The Remet Company Limited prepares group financial statements incorporating the financial statements of the |
company. A copy of these can be obtained from that company's registered office at 9a Cody Business Centre, |
Cody Road, London E16 4SR. |
|
19. | RELATED PARTY DISCLOSURES |
|
There is a unlimited composite guarantee given by The Remet Company Limited, Avon Metals Limited and |
Avon Specialty Metals Limited to secure all bank liabilities of each other. |
|
Avon Metals Limited |
|
A company with mutual directors and shareholders |
|
|
Avon Specialty Metals Limited is a subsidiary of Avon Metals Limited. |
During the year, Avon Specialty Metals Limited sold goods in the normal course of business to Avon Metals |
Limited amounting to £827,529 (2016: £1,553,248). |
Avon Specialty Metals Limited also purchased goods and management services in the normal course of |
business from Avon Metals Limited amounting to £2,469,225 (2016: £3,588,074). |
In addition, Avon Specialty Metals Limited paid interest of £93,389 (2016: £75,589). |
At 30 June 2017 the amount due to Avon Metals Limited was £2,462,227 (2016: £2,700,000). |
|
A company with mutual directors and shareholders |
|
|
Avon Specialty Metals Limited is a sub-subsidiary of The Remet Company Limited. |
At 30 June 2017 the amount due to The Remet Company Limited was £14,519 (2016: £nil) |
AVON SPECIALTY METALS LIMITED (REGISTERED NUMBER: 08165136) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2017 |
|
|
20. | GUARANTEES |
|
The company has given a guarantee to a third party in the sum of £500,000. |
|
21. | CONTINGENT LIABILITY |
|
The company has given guarantees in respect of Avon Metals Limited and The Remet Company Limited bank |
overdraft facilities. At the year end there were bank liabilities for both companies totalling £8,608,309 (2016: |
£5,155,278). |