Company Registration No. SC363210 (Scotland)
CLS FABRICATION DIVISION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
CLS FABRICATION DIVISION LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CLS FABRICATION DIVISION LTD
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
74,000
46,007
Debtors
4
3,823
23,049
Cash at bank and in hand
7,937
13,161
85,760
82,217
Creditors: amounts falling due within one year
5
(54,182)
(70,508)
Net current assets
31,578
11,709
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
31,478
11,609
Total equity
31,578
11,709
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 26 April 2021
Mr P Reilly
Director
Company Registration No. SC363210
CLS FABRICATION DIVISION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 2 -
1
Accounting policies
Company information
CLS Fabrication Division Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Thistle House, Inchinnan Road, Paisley, United Kingdom, PA3 2RE.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
In common with most businesses the company is facing potential issues in
true
respect of the COVID-19 pandemic. This is an ongoing situation and the
company is adopting a strategy to manage the everchanging situation as
effectively as possible.
The director are satisfied that these events do not affect the company's
ability to continue as a going concern and this basis is appropriate for the
preparation of the accounts.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of 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:
Motor vehicles
25% Straight Line
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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
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.
CLS FABRICATION DIVISION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 3 -
1.7
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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
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
in the period
are included in profit or loss.
CLS FABRICATION DIVISION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
10
10
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 August 2019 and 31 July 2020
9,250
Depreciation and impairment
At 1 August 2019 and 31 July 2020
9,250
Carrying amount
At 31 July 2020
At 31 July 2019
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
3,723
22,949
Other debtors
100
100
3,823
23,049
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
13,399
28,239
Corporation tax
4,785
2,952
Other taxation and social security
31,070
37,425
Other creditors
4,928
1,892
54,182
70,508
CLS FABRICATION DIVISION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 5 -
6
Security
A floating charge is issued in favour of Royal Bank Of Scotland Plc. over the company's assets
.
7
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
8
Events after the reporting date
In common with most businesses the company is facing potential issues in
respect of the COVID-19 pandemic. This is an ongoing situation and the
company is adopting a strategy to manage the everchanging situation as
effectively as possible.