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Financial Statements for the Year Ended 30 November 2019 |
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KELVIN STEELS LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 November 2019 |
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for |
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KELVIN STEELS LIMITED |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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KELVIN STEELS LIMITED |
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Company Information |
for the Year Ended 30 November 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Balance Sheet |
30 November 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 and authorised for issue on
were signed on its behalf by: |
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KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2019 |
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1. | STATUTORY INFORMATION |
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Kelvin Steels 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. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates |
and assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
sources. The estimates and underlying assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. The estimates and underlying |
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in |
which the estimate is revised if the revision affects only that period, or in the period of the revision and future |
periods if the revision affects both current and future periods. |
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Turnover |
Turnover is derived from sales of steel by the company. |
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Turnover is measured at the fair value of the sales of steel, net of discounts and excluding value added tax, and |
is recognised at the point that the company obtains the right to consideration. |
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Goodwill |
Goodwill arising on an acquisition of a trade is the difference between the fair value of the consideration paid |
and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the |
profit & loss account over the directors estimate of its economic useful life which is 4 years. impairment tests on |
the carrying value of goodwill are undertaken :- |
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- at the end of the first full financial year following acquisition; |
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- in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and |
accumulated impairment loss. |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine |
whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the |
recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is |
not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of |
the cash-generating unit to which the asset belongs. |
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Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets |
below this threshold is charged directly to the income statement in the period it is incurred. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable |
value). Costs, which comprise direct production costs, are based on the method appropriate to the type of |
inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as |
incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling |
costs. A provision for slow moving and obsolete stock is made based on historical experience and other relevant |
factors. |
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the |
related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of |
stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any |
reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an |
expense in the period in which the reversal occurs. |
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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 balance sheet date. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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Pension costs and other post-retirement benefits |
The company makes contributions to a defined contribution pension scheme and the pension charge represents |
the amounts payable by the company to the fund in respect of the year. |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2018 |
and 30 November 2019 |
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AMORTISATION |
At 1 December 2018 |
and 30 November 2019 |
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NET BOOK VALUE |
At 30 November 2019 |
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At 30 November 2018 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 December 2018 |
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Additions |
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Disposals |
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At 30 November 2019 |
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DEPRECIATION |
At 1 December 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 30 November 2019 |
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NET BOOK VALUE |
At 30 November 2019 |
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At 30 November 2018 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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The company's related parties are considered to be Eaststrand Ltd, Arran Holdings limited, Weststrand Limited |
and Kelvin Steels (England) Limited. Eaststrand Limited has a common director and beneficial shareholder and |
Arran Holdings Limited is a subsidiary of Eaststrand Limited. Weststrand Limited is the company's ultimate |
parent company, and Kelvin Steels (England) Limited is a fellow subsidiary. |
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The company leases its premises from Arran Holdings Limited. During the year rent of £150,000 (2018 - |
£150,000) was paid to Arran Holdings Limited under the terms of the lease. £nil was due to this company at the |
year end (2018 - £nil) |
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Exemption has been taken from disclosing related party transactions with Weststrand Limited and Kelvin Steels |
(England) Limited on the basis that consolidated financial statements have been prepared for the group headed |
by the company's parent, Weststrand Limited. |
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11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns |
to the tax authorities and assist with the preparation of the financial statements. |
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12. | ULTIMATE CONTROLLING PARTY |
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The company's ultimate parent company is Weststrand Limited, a company registered in Scotland and having its |
registered office at Caledonia House, Thornliebank Industrial Estate, Thornliebank, Glasgow, G46 8JT. |