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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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J B Stainless & Alloys Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2019 |
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for |
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J B Stainless & Alloys Limited |
J B Stainless & Alloys Limited (Registered number: 02213422) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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J B Stainless & Alloys Limited |
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Company Information |
for the Year Ended 31 March 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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ACCOUNTANTS: |
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Chartered Accountants |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
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BANKERS: |
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69 Bridge Street |
Worksop |
Nottinghamshire |
S80 1DJ |
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SOLICITORS: |
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Clumber Chambers |
120 Bridge Street |
Worksop |
Nottinghamshire |
S80 1HU |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
J B Stainless & Alloys Limited |
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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 Balance Sheet. 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 J B Stainless & Alloys Limited for the year ended 31 March 2019 |
which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement |
of Changes in Equity 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 J B Stainless & Alloys Limited, 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 J B Stainless & Alloys Limited and state those matters that we have agreed to state to the Board of Directors of J B Stainless & Alloys Limited, 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 J B Stainless & Alloys Limited 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 J B Stainless & Alloys Limited 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 loss of J B Stainless & Alloys Limited. You consider that J B Stainless & Alloys Limited 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 J B Stainless & Alloys Limited. 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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Chartered Accountants |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
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J B Stainless & Alloys Limited (Registered number: 02213422) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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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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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 |
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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. |
J B Stainless & Alloys Limited (Registered number: 02213422) |
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Balance Sheet - continued |
31 March 2019 |
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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
signed on its behalf by: |
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J B Stainless & Alloys Limited (Registered number: 02213422) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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J B Stainless & Alloys Limited is a
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and Wales. The 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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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 | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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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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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party |
to the contractual provisions of the instrument. 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. |
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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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J B Stainless & Alloys Limited (Registered number: 02213422) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange |
ruling at the balance sheet 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 |
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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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J B Stainless & Alloys Limited (Registered number: 02213422) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 27,968 | 22,738 |
Prepayments |
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J B Stainless & Alloys Limited (Registered number: 02213422) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note
8) |
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Other loans (see note 8) |
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Trade creditors |
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Tax | ( |
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Social security and other taxes |
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VAT | 45,672 | 26,973 |
Other creditors |
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Accrued expenses |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Other borrowings | 426,939 | 242,771 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Other borrowings | 426,939 | 242,771 |
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The above amounts represents monies due to Royal Bank of Scotland who provide invoice |
discounting facilities. |
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This amount is secured on the company's trade debtors. |
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The amount of trade debtors subject to this charge at 31 March 2019 amounts to £471,805 |
(2018 - £403,696). |
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10. | OTHER FINANCIAL COMMITMENTS |
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Amounts not provided for in the balance sheet |
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The total amount of financial commitments not included in the balance sheet is £12,087 |
(2018 - £26,004). |
J B Stainless & Alloys Limited (Registered number: 02213422) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended |
31 March 2019 and 31 March 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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