Company Registration No. 02680825 (England and Wales)
S.D.C. MANUFACTURING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2018
PAGES FOR FILING WITH REGISTRAR
S.D.C. MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
S.D.C. MANUFACTURING LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2018
31 January 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
370,900
329,769
Current assets
Stocks
62,501
56,910
Debtors
4
208,128
280,635
Cash at bank and in hand
178,493
197,439
449,122
534,984
Creditors: amounts falling due within one year
5
(247,887)
(220,541)
Net current assets
201,235
314,443
Total assets less current liabilities
572,135
644,212
Creditors: amounts falling due after more than one year
6
(233,713)
(153,948)
Provisions for liabilities
7
(46,758)
(61,352)
Net assets
291,664
428,912
Capital and reserves
Called up share capital
8
30
30
Profit and loss reserves
291,634
428,882
Total equity
291,664
428,912
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 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.
S.D.C. MANUFACTURING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2018
31 January 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 October 2018 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 2018
- 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
.
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, net of depreciation.
Depreciation is recognised so as to write off the cost 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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
1
Accounting policies
(Continued)
- 4 -
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 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.
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.
1.6
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 charge.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2017 - 15).
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2017
11,340
696,417
707,757
Additions
-
136,714
136,714
At 31 January 2018
11,340
833,131
844,471
Depreciation and impairment
At 1 February 2017
8,164
369,825
377,989
Depreciation charged in the year
1,135
94,447
95,582
At 31 January 2018
9,299
464,272
473,571
Carrying amount
At 31 January 2018
2,041
368,859
370,900
At 31 January 2017
3,176
326,593
329,769
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
179,504
260,886
Other debtors
28,624
19,749
208,128
280,635
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
-
169
Trade creditors
138,502
83,305
Other taxation and social security
6,007
6,160
Other creditors
103,378
130,907
247,887
220,541
Included in Other Creditors is £55,039 (2017: £84,738) of hire purchase contracts that are secured against the assets to which they relate.
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 6 -
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
233,713
153,948
Included in Other Creditors is £233,713 (2017: £153,948) of hire purchase contracts that are secured against the assets to which they relate.
7
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
46,758
61,352
2018
Movements in the year:
£
Liability at 1 February 2017
61,352
Credit to profit or loss
(14,594)
Liability at 31 January 2018
46,758
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
30 Ordinary shares of £1 each
30
30
S.D.C. MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2018
- 7 -
9
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
£
£
Within one year
46,700
45,000
Between two and five years
186,800
180,000
In over five years
233,500
270,000
467,000
495,000