REGISTERED NUMBER:
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ALUMINIUM CASTINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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REGISTERED NUMBER:
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ALUMINIUM CASTINGS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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ALUMINIUM CASTINGS LIMITED (REGISTERED NUMBER: 03370653) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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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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ALUMINIUM CASTINGS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
ALUMINIUM CASTINGS LIMITED (REGISTERED NUMBER: 03370653) |
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BALANCE SHEET |
31 MAY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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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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Revaluation reserve | 11 |
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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 |
(b) |
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. |
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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 and authorised for issue on
on its behalf by: |
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ALUMINIUM CASTINGS LIMITED (REGISTERED NUMBER: 03370653) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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1. | STATUTORY INFORMATION |
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Aluminium Castings Limited is a
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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. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the value of goods and services provided under contracts to the extent that there is a right to |
consideration and is recorded at the value of the consideration date. |
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Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service |
provided to date based on a proportion of the total expected consideration at completion. Where payments are received |
from customers in advance of services provided, the amounts are recorded as deferred income and included as part of |
creditors due within one year. |
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Tangible fixed assets |
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Plant & Equipment | - |
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Motor vehicles | - |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have |
suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset |
is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is |
reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its |
recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been |
recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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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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Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past |
reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
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ALUMINIUM CASTINGS LIMITED (REGISTERED NUMBER: 03370653) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
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Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a |
fixed asset have been met, the deferred tax is reversed. |
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Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting |
date that are expected to apply to the reversal of the timing difference. |
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The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the |
transaction that resulted in the tax expense (income). |
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Leases |
At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the |
arrangement is a finance lease or an operating lease based on the substances of the arrangement. |
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Finance leases |
Leases of assets that transfer substantially all the risks and rewards of ownership to the Company are classified as finance |
leases. |
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Assets held under finance leases are recognized initially at the fair value of the leased asset (or, if lower, the present value |
of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the |
statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and |
reduction of the lease obligation. Finance charges are deducted in measuring profit or loss. |
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Assets held under finance leases are included in tangible fixed assets and depreciated in accordance with the rates applied |
to owned assets. Assets are assessed for impairment at each reporting date. |
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Operating leases |
Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under |
operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. |
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Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is |
probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be |
estimated reliably. |
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The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at |
the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
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Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is |
recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in |
profit or loss in the period it arises. |
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The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, |
and which employees are entitled to carry forward and use within the next 12 months, measured at the salary cost payable |
for the period of absence. |
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Employee benefits |
Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in |
which they are incurred. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ALUMINIUM CASTINGS LIMITED (REGISTERED NUMBER: 03370653) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant & | Motor |
property | property | Equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 June 2019 |
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Additions |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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Cost or valuation at 31 May 2020 is represented by: |
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Improvements |
Freehold | to | Plant & | Motor |
property | property | Equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2010 | 246,482 | - | - | - | 246,482 |
Cost | 146,908 | 75,189 | 1,111,081 | 63,534 | 1,396,712 |
393,390 | 75,189 | 1,111,081 | 63,534 | 1,643,194 |
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Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows: |
Plant & | Motor |
Equipment | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2019 |
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Transfer to ownership | (89,500 | ) | - | (89,500 | ) |
At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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Transfer to ownership | (35,800 | ) | - | (35,800 | ) |
At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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ALUMINIUM CASTINGS LIMITED (REGISTERED NUMBER: 03370653) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts and finance leases (see
note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts and finance leases (see
note 9) |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 76,904 | 72,108 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts | Finance leases |
2020 | 2019 | 2020 | 2019 |
£ | £ | £ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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ALUMINIUM CASTINGS LIMITED (REGISTERED NUMBER: 03370653) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loans |
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Hire purchase contracts and finance leases | 174,204 | 252,900 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2019 |
and 31 May 2020 |
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12. | UNPROVIDED DEFERRED TAX |
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As at the year end there was a £94,840 (2019: £108,678) unprovided deferred tax asset in relation to tax losses being |
carried forward. |