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No description of principal activity
2017-08-01
Sage Accounts Production Advanced 2018 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
01404764
2017-08-01
2018-07-31
01404764
2018-07-31
01404764
2017-07-31
01404764
2016-08-01
2017-07-31
01404764
2017-07-31
01404764
core:LandBuildings
2017-08-01
2018-07-31
01404764
core:FurnitureFittings
2017-08-01
2018-07-31
01404764
core:MotorVehicles
2017-08-01
2018-07-31
01404764
bus:Director2
2017-08-01
2018-07-31
01404764
core:WithinOneYear
2018-07-31
01404764
core:WithinOneYear
2017-07-31
01404764
core:ShareCapital
2018-07-31
01404764
core:ShareCapital
2017-07-31
01404764
core:RetainedEarningsAccumulatedLosses
2018-07-31
01404764
core:RetainedEarningsAccumulatedLosses
2017-07-31
01404764
bus:SmallEntities
2017-08-01
2018-07-31
01404764
bus:AuditExemptWithAccountantsReport
2017-08-01
2018-07-31
01404764
bus:AbridgedAccounts
2017-08-01
2018-07-31
01404764
bus:SmallCompaniesRegimeForAccounts
2017-08-01
2018-07-31
01404764
bus:PrivateLimitedCompanyLtd
2017-08-01
2018-07-31
01404764
1
2017-08-01
2018-07-31
COMPANY REGISTRATION NUMBER:
01404764
Eutectic Alloy Castings (Wolverhampton) Limited
|
|
Filleted Unaudited Abridged Financial Statements
|
|
Eutectic Alloy Castings (Wolverhampton) Limited
|
|
Abridged Statement of Financial Position
|
|
31 July 2018
Fixed assets
Tangible assets
|
5
|
|
23,930
|
27,014
|
|
|
|
|
|
Current assets
Stocks
|
6,175
|
|
5,825
|
Debtors
|
447,074
|
|
381,344
|
Cash at bank and in hand
|
193,351
|
|
399,465
|
|
---------
|
|
---------
|
|
646,600
|
|
786,634
|
|
|
|
|
Creditors: amounts falling due within one year
|
151,915
|
|
83,611
|
|
---------
|
|
---------
|
Net current assets
|
|
494,685
|
703,023
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
518,615
|
730,037
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
1,069
|
854
|
|
|
---------
|
---------
|
Net assets
|
|
517,546
|
729,183
|
|
|
---------
|
---------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
517,446
|
729,083
|
|
|
---------
|
---------
|
Shareholders funds
|
|
517,546
|
729,183
|
|
|
---------
|
---------
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Eutectic Alloy Castings (Wolverhampton) Limited
|
|
Abridged Statement of Financial Position (continued)
|
|
31 July 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
15 January 2019
, and are signed on behalf of the board by:
Company registration number:
01404764
Eutectic Alloy Castings (Wolverhampton) Limited
|
|
Notes to the Abridged Financial Statements
|
|
Year ended 31 July 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 25-26 Wood Street, Park Village, Wolverhampton, West Midlands, WV10 9DS.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Trust
The Company has created a trust whose beneficiaries will include employees of the Company and their dependents. Assets held under this trust will be controlled by the trustees who will be acting independently and entirely at their own discretion.
Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the trust when payment is made to the trust. The value transferred will be charged in the Company's profit and loss account for the year to which it relates.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. The items in the financial statements where these judgements and estimates have been noted below: The directors have considered the repayment terms of the amounts owed to it by other group companies and believe that it should be treated in the accounts as due for repayment within 12 months. This is based on the terms of the loans, which are repayable on demand. As the loans are interest free, the directors have calculated the net present value of future cash flows of the loan based on the loan being repayable within 12 months. They do not consider the difference in valuation to amortised cost to be be material in the accounts. The net carrying amount is £266,895 (2017 £220,424). The directors make an estimate of the recoverable amount owed by debtors. When assessing impairment of debtors, the directors assess the aging of the debt and historical experience. The directors do not believe that an impairment reserve is appropriate at the year end (2017 £nil). These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property
|
-
|
7% reducing balance
|
|
Fixtures and fittings
|
-
|
25% reducing balance
|
|
Motor vehicles
|
-
|
33% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Classification 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 entity after deducting all of its financial liabilities. Where shares are issued, any component that creates a financial liability of the Company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Recognition and measurement The company applies the recognition and measurement principles as set out by FRS102. Except for loans with associated companies, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the case or other consideration expected to be paid or received, after taking into account impairment adjustments. Loans with associated companies are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2017:
10
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 August 2017 and 31 July 2018
|
249,720
|
|
---------
|
Depreciation
|
|
At 1 August 2017
|
222,706
|
Charge for the year
|
3,084
|
|
---------
|
At 31 July 2018
|
225,790
|
|
---------
|
Carrying amount
|
|
At 31 July 2018
|
23,930
|
|
---------
|
At 31 July 2017
|
27,014
|
|
---------
|
|
|
6.
Events after the end of the reporting period
There were no material events up to 15 January 2019, being the date of the approval if the financial statements by the Board.
7.
Related party transactions
The company has used the exemption granted under FRS 102 section 33.1A, being that related party disclosures do not need to be given of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.
8.
Controlling party
The company is a wholly owned subsidiary of Guildhall UK. Limited, a company registered in England and Wales and whose financial statements are available from Companies House at www.companieshouse.gov.uk. The ultimate shareholder is Mr
C A Babington
.