Company Registration No. 02680825 (England and Wales)
S.D.C. MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
S.D.C. MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
S.D.C. MANUFACTURING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
329,769
204,205
Current assets
Stocks
56,910
51,859
Debtors
4
280,635
310,852
Cash at bank and in hand
197,439
189,898
534,984
552,609
Creditors: amounts falling due within one year
5
(220,541)
(274,867)
Net current assets
314,443
277,742
Total assets less current liabilities
644,212
481,947
Creditors: amounts falling due after more than one year
6
(153,948)
(61,229)
Provisions for liabilities
(61,352)
(32,116)
Net assets
428,912
388,602
Capital and reserves
Called up share capital
7
30
2
Profit and loss reserves
428,882
388,600
Total equity
428,912
388,602
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 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 .
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.
S.D.C. MANUFACTURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 July 2017 and are signed on its behalf by:
Mr D A Barrett
Mrs B E Barrett
Director
Director
Company Registration No. 02680825
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
S.D.C. Manufacturing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4/5 Elm Units, Grace Road, Marsh Barton, Exeter, Devon, EX2 8QE.
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
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 .
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods
and amounts for work in progress are
recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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.
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:
Land and buildings Leasehold
10% reducing balance basis
Plant and machinery
Over 4 to 6 years
Fixtures, fittings & equipment
Over 5 years
Motor vehicles
Over 4 years
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
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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 the net profit as reported in the profit and loss account because it excludes items of income or expenses 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 in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.7
Employee benefits
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, 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.
including
any lease incentives received, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 15 (2016 - 13).
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2016
11,340
557,612
568,952
Additions
-
190,874
190,874
Disposals
-
(52,069)
(52,069)
At 31 January 2017
11,340
696,417
707,757
Depreciation and impairment
At 1 February 2016
7,029
357,718
364,747
Depreciation charged in the year
1,135
57,320
58,455
Eliminated in respect of disposals
-
(45,214)
(45,214)
At 31 January 2017
8,164
369,824
377,988
Carrying amount
At 31 January 2017
3,176
326,593
329,769
At 31 January 2016
4,311
199,894
204,205
The net book value of other tangible fixed assets includes £273,201 (2016: £132,058) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £38,857 (2015: 37,815)
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
260,886
291,924
Other debtors
19,749
18,928
280,635
310,852
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 6 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
169
-
Trade creditors
83,305
90,269
Corporation tax
33
37,855
Other taxation and social security
6,127
64,724
Other creditors
130,907
82,019
220,541
274,867
Included in other creditors is £84,738 (2016: £35,374) of hire purchase contracts that are secured against the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
153,948
61,229
Included in other creditors is £153,948 (2016: £61,231) of hire purchase contracts that are secured against the assets to which they relate.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
30 Ordinary shares of £1 each
30
2
During the year a bonus issue was made of 28 ordinary £1 shares.
8
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:
2017
2016
£
£
495,000
540,000