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Financial Statements for the Year Ended 31 December 2017 |
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Service Metals (South) Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2017 |
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for |
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Service Metals (South) Limited |
Service Metals (South) Limited (Registered number: 02107615) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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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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Service Metals (South) Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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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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AUDITORS: |
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Statutory Auditor |
55 Fountain Street |
Morley |
Leeds |
West Yorkshire |
LS27 0AA |
Service Metals (South) Limited (Registered number: 02107615) |
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Balance Sheet |
31 December 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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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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Capital redemption reserve |
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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 on
by: |
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Service Metals (South) Limited (Registered number: 02107615) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Service Metals (South) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Sterling (£) |
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Significant judgements and estimates |
The company has not applied any significant judgements or estimates which could have a significant effect on |
the amounts recognised in its 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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Revenue from the sale of goods is recognised when goods are delivered and legal title passes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and |
accumulated impairment losses. |
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At each balance sheet date the company reviews the carrying amount 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. |
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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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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 amount 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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Service Metals (South) Limited (Registered number: 02107615) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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Disposals |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Service Metals (South) Limited (Registered number: 02107615) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 January 2017 |
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Transfer to ownership | (53,187 | ) |
At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Transfer to ownership | (30,749 | ) |
At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Loan to employee |
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Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts |
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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 |
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Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts |
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Service Metals (South) Limited (Registered number: 02107615) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.17 | 31.12.16 |
£ | £ |
Hire purchase contracts | 11,527 | 32,556 |
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There is a cross guarantee in connection with the banking facilities of all related and group companies as |
follows:- Gablesea Limited, Gablesea Glassfibre Limited, Servemet (NW) Limited, Service Metals (Midlands) |
Limited, Service Metals (South) Limited, Service Metals (North) Limited, Service Metal (East Anglia) Limited, |
Euro Transport Manufacturing Limited, Switchblade Metals Limited, J B Components Limited, Service Metals |
(Ireland) Limited. The amount of overdraft guaranteed in respect of all related and group companies is |
£2,500,000. |
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Hire purchase balances are secured against the assets to which they relate. |
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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. | POST BALANCE SHEET EVENTS |
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There are no capital commitments contracted for but not provided. |
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11. | PROVISIONS FOR LIABILITIES |
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The company has made deductions against its chargeable profits in previous financial years, specifically from |
2003 to 2007, in relation to payments made to a Family Benefit Trust, which is a Trust established to make |
payments to persons connected with employees of the company. |
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The use of such benefit trusts have been widely challenged by H M Revenue & Customs, and following HMRC's |
success in the Supreme Court, Follower Notices have been issued to the Company. As a direct result the |
Company is now in direct discussion with HMRC in relation to achieving negotiated settlement. The exact |
quantum of the required payment is not known with certainty and therefore the Company has made provision in |
its financial statements for the amount which it believes it will be obligated to settle, based on the answers |
provided in its Settlement Packs. This amount is £44,781. |