Company Registration No. 05653554 (England and Wales)
DEESIDE INDUSTRIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
DEESIDE INDUSTRIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DEESIDE INDUSTRIAL LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,787
10,047
Current assets
Debtors
4
9,784
5,164
Cash at bank and in hand
27,400
18,902
37,184
24,066
Creditors: amounts falling due within one year
5
(33,278)
(23,236)
Net current assets
3,906
830
Total assets less current liabilities
11,693
10,877
Creditors: amounts falling due after more than one year
6
(10,000)
(10,000)
Net assets
1,693
877
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
693
(123)
Total equity
1,693
877
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 28 February 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.
DEESIDE INDUSTRIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2018
28 February 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 September 2018 and are signed on its behalf by:
Mr M Smith
Director
Company Registration No. 05653554
DEESIDE INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 3 -
1
Accounting policies
Company information
Deeside Industrial Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Station Road, Sandycroft, Deeside, CH5 2PT.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is 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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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.
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:
Plant and machinery
25% on net book value
Fixtures, fittings & equipment
33% on cost
Motor vehicles
25% on net book value
DEESIDE INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
1
Accounting policies
(Continued)
- 4 -
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
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 net profit as reported in the profit and loss account because it excludes items of income or expense 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.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
DEESIDE INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2017
15,526
974
19,780
36,280
Additions
-
302
-
302
At 28 February 2018
15,526
1,276
19,780
36,582
Depreciation and impairment
At 1 March 2017
11,660
974
13,599
26,233
Depreciation charged in the year
967
50
1,545
2,562
At 28 February 2018
12,627
1,024
15,144
28,795
Carrying amount
At 28 February 2018
2,899
252
4,636
7,787
At 28 February 2017
3,866
-
6,181
10,047
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
9,784
5,164
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
298
2,332
Corporation tax
725
894
Other taxation and social security
2,701
2,570
Other creditors
29,554
17,440
33,278
23,236
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
10,000
10,000
The long-term loans are secured by the fixed assets that are related to.
DEESIDE INDUSTRIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 6 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,000 of £1 each
1,000
1,000
1,000
1,000
8
Directors' transactions
Included in current other creditors is a loan to the company from Mr M Smith and Mrs R Smith, directors of the company. The amount outstanding at the year end is £11,204 (2017: £11,661).
Included in long term other creditors is a loan to the company from Mr M Smith and Mrs R Smith, directors of the company. The amount outstanding at the year end is £10,000 (2017: £10,000).