REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 30 November 2020 |
|
for |
|
GMS Steel Fabrications Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements |
|
for the Year Ended 30 November 2020 |
|
for |
|
GMS Steel Fabrications Limited |
GMS Steel Fabrications Limited (Registered number: 05298577) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 30 November 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Abridged Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
GMS Steel Fabrications Limited |
|
Company Information |
for the Year Ended 30 November 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
3 Charnwood Street |
Derby |
Derbyshire |
DE1 2GY |
GMS Steel Fabrications Limited (Registered number: 05298577) |
|
Abridged Balance Sheet |
30 November 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 6 |
|
|
Capital redemption reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
GMS Steel Fabrications Limited (Registered number: 05298577) |
|
Abridged Balance Sheet - continued |
30 November 2020 |
|
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
|
|
|
|
|
|
|
|
GMS Steel Fabrications Limited (Registered number: 05298577) |
|
Notes to the Financial Statements |
for the Year Ended 30 November 2020 |
|
1. | STATUTORY INFORMATION |
|
GMS Steel Fabrications Limited is a
|
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover represents net invoiced sales of goods and services excluding value added tax and is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary course of business. Turnover is recognised at the date of despatch where the company is contracted to undertake the transportation of goods to the customer's place of business. The fair value of consideration takes into account returns, discounts and rebates. |
|
Tangible fixed assets |
|
Freehold property | - |
|
Plant and machinery | - |
|
Motor vehicles | - |
|
Office and computer equipment | - |
|
|
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
|
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. |
|
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. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
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. |
GMS Steel Fabrications Limited (Registered number: 05298577) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial assets |
Short term debtors are measured at transaction price less impairment. |
|
Financial liabilities |
Short term creditors are measured at transaction price less impairment. Other financial liabilities are measured at fair value, net or transaction cost and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 December 2019 |
|
Additions |
|
Disposals | ( |
) |
At 30 November 2020 |
|
DEPRECIATION |
At 1 December 2019 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 30 November 2020 |
|
NET BOOK VALUE |
At 30 November 2020 |
|
At 30 November 2019 |
|
|
5. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
6. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
ordinary | £0.33 | 3 | 3 |
GMS Steel Fabrications Limited (Registered number: 05298577) |
|
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
|
7. | COVID 19 |
|
The COVID-19 pandemic developed rapidly throughout 2020 with the UK government and the devolved administrations of the United Kingdom introducing various measures that have affected economic activity. We have taken the necessary measures to monitor and mitigate the effects of COVID-19, such as health and safety measures for our staff and visitors. |
|
To date, the impact on our business and results has not been significant and based on our experience to date we expect this to remain the case. |
|
We will continue to follow government policies and guidelines and to continue operations in the best and safest way possible without endangering the health of our staff. |
|
There has been no impact upon the company's liquidity or ability to continue as a going concern arising from the pandemic. |