Company Registration No. 07984889 (England and Wales)
PRO-METAL HOLDINGS (EA) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
LB GROUP
7 Hydra, Orion Court
Addison Way
Great Blakenham
Ipswich
Suffolk
UK
IP6 0LW
PRO-METAL HOLDINGS (EA) LIMITED
COMPANY INFORMATION
Directors
Mr D Barrell
Mr M Goodier
Mr S Garrett
Company number
07984889
Registered office
82C East Hill
Colchester
Essex
UK
CO1 2QW
Accountants
LB Group Limited (Ipswich)
7 Hydra, Orion Court
Addison Way
Great Blakenham
Ipswich
Suffolk
UK
IP6 0LW
PRO-METAL HOLDINGS (EA) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
PRO-METAL HOLDINGS (EA) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Investments
2
789,477
789,477
Current assets
-
-
Creditors: amounts falling due within one year
3
(228,468)
(266,914)
Net current liabilities
(228,468)
(266,914)
Total assets less current liabilities
561,009
522,563
Capital and reserves
Called up share capital
4
12,606
12,606
Share premium account
272,922
272,922
Profit and loss reserves
275,481
237,035
Total equity
561,009
522,563
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The financial statements were approved by the board of directors and authorised for issue on 24 March 2017 and are signed on its behalf by:
Mr D Barrell
Mr S Garrett
Director
Director
Company Registration No. 07984889
PRO-METAL HOLDINGS (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
Pro-Metal Holdings (EA) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
82C East Hill, Colchester, Essex, UK, CO1 2QW.
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.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Pro-Metal Holdings (EA) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.2
Cash and cash equivalents
Cash and cash equivalents 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.
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.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
PRO-METAL HOLDINGS (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
2
Fixed asset investments
2016
2015
£
£
Investments
789,477
789,477
Fixed Asset Investments relates to the following subsidiary undertaking, which is a company incorporated in England and Wales:
Pro-Metal Manufacturing Limited is a wholly owned subsidiary undertaking.
The aggregate amount of the share capital and reserves of this subsidiary undertaking as at 31 December 2016 amounts to £764,561 (2015: £758,259). The profit for the year for this subsidiary undertaking was reported at £126,302 (2015: £104,031).
PRO-METAL HOLDINGS (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
2
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2016 & 31 December 2016
789,477
Carrying amount
At 31 December 2016
789,477
At 31 December 2015
789,477
3
Creditors: amounts falling due within one year
2016
2015
£
£
Amounts due to group undertakings
223,014
248,888
Other creditors
5,454
18,026
228,468
266,914
Amounts due to group undertakings are payable on demand.
4
Called up share capital
2016
2015
£
£
Issued and fully paid
12,600 Ordinary 'A' shares of £1 each
12,600
12,600
6 Ordinary 'B' shares of £1 each
6
6
12,606
12,606
PRO-METAL HOLDINGS (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 5 -
5
Related party transactions
The company was under the control of Mr S Garrett, Mr D Barrell, Mr M Goodier throughout the current and previous year. Mr S Garrett is the majority shareholder.
At the balance sheet date the company owed its wholly owned subsidiary, Pro-Metal Manufacturing Limited £223,015 (2015: £248,888). All transactions were on normal commercial terms.
At the balance sheet date the company owed Mr S Garrett £1,033 (2015: £7,279) and Mr D Barrell £448 (2015: £6,775).