Company Registration No. 01905225 (England and Wales)
CENTRAL METALS AND ALLOYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
CENTRAL METALS AND ALLOYS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
CENTRAL METALS AND ALLOYS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,034,842
873,072
Investment properties
5
595,000
495,389
Investments
6
-
269,250
1,629,842
1,637,711
Current assets
Stocks
491,580
471,924
Debtors
7
355,076
266,456
Cash at bank and in hand
557,282
519,894
1,403,938
1,258,274
Creditors: amounts falling due within one year
8
(211,971)
(163,196)
Net current assets
1,191,967
1,095,078
Total assets less current liabilities
2,821,809
2,732,789
Creditors: amounts falling due after more than one year
9
(507,366)
(531,395)
Provisions for liabilities
(26,380)
-
Net assets
2,288,063
2,201,394
Capital and reserves
Called up share capital
10
1,000
1,000
Revaluation reserve
11
173,278
-
Profit and loss reserves
2,113,785
2,200,394
Total equity
2,288,063
2,201,394
CENTRAL METALS AND ALLOYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2018
31 December 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 May 2019 and are signed on its behalf by:
Mr M J Nixon
Mrs P Nixon
Director
Director
Company Registration No. 01905225
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Central Metals and Alloys Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Grange, 2 Barton Road, Market Bosworth, Nuneaton, Warwickshire, CV13 0LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of land and buildings and to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Freehold land and buildings
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
All other fixed assets are measured at cost, net of any depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
2% straight line
Fixtures, fittings & equipment
20% on reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
Freehold land is not depreciated.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
1.5
Fixed asset investments
Fixed asset investments
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
At 31 December 2018 the investments were assessed to have nil value and have therefore been fully impaired within the financial statements.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assests and liabilities are not discounted.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases
are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2017 - 7).
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
79,817
38,513
Adjustments in respect of prior periods
(42)
-
Total current tax
79,775
38,513
Deferred tax
Origination and reversal of timing differences
10,365
-
Total tax charge
90,140
38,513
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
3
Taxation
(Continued)
- 7 -
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2018
2017
£
£
Deferred tax arising on:
Revaluation of property
16,015
-
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2018
846,612
147,510
994,122
Additions
-
715
715
Disposals
-
(4,281)
(4,281)
Revaluation
148,388
-
148,388
At 31 December 2018
995,000
143,944
1,138,944
Depreciation and impairment
At 1 January 2018
27,270
93,780
121,050
Depreciation charged in the year
13,635
13,037
26,672
Eliminated in respect of disposals
-
(2,715)
(2,715)
Revaluation
(40,905)
-
(40,905)
At 31 December 2018
-
104,102
104,102
Carrying amount
At 31 December 2018
995,000
39,842
1,034,842
At 31 December 2017
819,342
53,730
873,072
The land and buildings were revalued at 31 December 2018 to a value of £995,000, as valued by the directors. The directors consider this represents market value as at that date.
The original costs of land and buildings, had they not been revalued, was £846,612.
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
5
Investment property
2018
£
Fair value
At 1 January 2018
495,389
Revaluations
99,611
At 31 December 2018
595,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2018 by the directors. In arriving at the valuation the directors considered market evidence of transaction prices for similar properties.
6
Fixed asset investments
2018
2017
£
£
Investments
-
269,250
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2018
269,250
Additions
25,000
At 31 December 2018
294,250
Impairment
At 1 January 2018
-
Impairment losses
294,250
At 31 December 2018
294,250
Carrying amount
At 31 December 2018
-
At 31 December 2017
269,250
7
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
346,640
262,213
Other debtors
8,436
4,243
355,076
266,456
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 10 -
8
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
23,203
22,497
Trade creditors
784
10,853
Taxation and social security
135,171
88,580
Other creditors
52,813
41,266
211,971
163,196
The bank loan of £23,203 (2017: £22,497) is secured over the relevant property to which the loan relates.
9
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
507,366
531,395
The above bank loan of £507,366 (2017: £531,395) is secured over the relevant property to which the loan relates.
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
407,280
434,368
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
CENTRAL METALS AND ALLOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 11 -
11
Revaluation reserve
2018
2017
£
£
At the beginning of the year
-
-
Revaluation surplus arising in the year
189,293
-
Deferred tax on revaluation of tangible assets
(16,015)
-
At the end of the year
173,278
-
12
Profit and loss reserves
Profit and loss reserves of £2,113,785 (2017: £2,200,394) include non-distributable reserves relating to fair value adjustments of £89,246 (2017: £nil).
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
5,670
5,542
2018-12-31
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07 May 2019
Mr M J Nixon
Mrs P Nixon
Mr M J Nixon
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