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REGISTERED NUMBER: 05332647 (England and Wales)
















REPORT OF THE DIRECTOR AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

SAW MART LIMITED

SAW MART LIMITED (REGISTERED NUMBER: 05332647)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018




Page

Company Information 1

Report of the Director 2

Consolidated Income Statement 3

Consolidated Balance Sheet 4

Company Balance Sheet 6

Consolidated Statement of Changes in Equity 8

Company Statement of Changes in Equity 9

Notes to the Consolidated Financial Statements 10


SAW MART LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2018







DIRECTOR: G W Knight





SECRETARY: Ms A Jones





REGISTERED OFFICE: Attwood Street
Lye
Stourbridge
West Midlands
DY9 8RU





REGISTERED NUMBER: 05332647 (England and Wales)





ACCOUNTANTS: Copia Wealth & Tax Limited
Chartered Accountants
8 Pendeford Place
Pendeford Business Park
Wobaston Road
Wolverhampton
WV9 5HD

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2018

The director presents his report with the financial statements of the company and the group for the year ended
31 March 2018.

DIRECTOR
G W Knight held office during the whole of the period from 1 April 2017 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small
companies.

ON BEHALF OF THE BOARD:





G W Knight - Director


13 September 2018

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2018

2018 2017
Notes £    £   

TURNOVER 8,094,132 7,125,730

Cost of sales 5,668,410 4,716,199
GROSS PROFIT 2,425,722 2,409,531

Administrative expenses 2,162,061 2,137,670
263,661 271,861

Other operating income 9,600 52,000
OPERATING PROFIT 4 273,261 323,861

Interest receivable and similar income - 67
273,261 323,928

Interest payable and similar expenses 33,265 43,090
PROFIT BEFORE TAXATION 239,996 280,838

Tax on profit 5 42,126 61,402
PROFIT FOR THE FINANCIAL YEAR 197,870 219,436

Profit attributable to:
Owners of the parent 197,870 219,436

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

CONSOLIDATED BALANCE SHEET
31 MARCH 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 175,871 208,341
Tangible assets 9 1,215,327 1,335,896
Investments 10 - -
Investment property 11 - -
1,391,198 1,544,237

CURRENT ASSETS
Stocks 12 1,149,332 1,165,897
Debtors 13 1,006,896 1,237,193
Cash at bank and in hand 108,460 179,335
2,264,688 2,582,425
CREDITORS
Amounts falling due within one year 14 2,957,675 3,123,906
NET CURRENT LIABILITIES (692,987 ) (541,481 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

698,211

1,002,756

CREDITORS
Amounts falling due after more than one
year

15

(453,876

)

(644,076

)

PROVISIONS FOR LIABILITIES (43,127 ) (63,574 )
NET ASSETS 201,208 295,106

CAPITAL AND RESERVES
Called up share capital 17 90,000 90,000
Retained earnings 111,208 205,106
SHAREHOLDERS' FUNDS 201,208 295,106

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the
year ended 31 March 2018.

The members have not required the company and the group to obtain an audit of its financial statements for the year
ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a) ensuring that the group 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 and the group
as at the end of each financial year and of the group's 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 and the group.

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

CONSOLIDATED BALANCE SHEET - continued
31 MARCH 2018


The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006
relating to small companies.

The financial statements were approved by the director on 13 September 2018 and were signed by:





G W Knight - Director


SAW MART LIMITED (REGISTERED NUMBER: 05332647)

COMPANY BALANCE SHEET
31 MARCH 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 251,908 310,053
Investments 10 1,206,001 1,206,001
Investment property 11 933,371 933,371
2,391,280 2,449,425

CURRENT ASSETS
Debtors 13 449,064 370,330
Cash at bank 22,398 23,316
471,462 393,646
CREDITORS
Amounts falling due within one year 14 626,532 619,815
NET CURRENT LIABILITIES (155,070 ) (226,169 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,236,210

2,223,256

CREDITORS
Amounts falling due after more than one
year

15

(400,118

)

(557,881

)

PROVISIONS FOR LIABILITIES (42,652 ) (56,079 )
NET ASSETS 1,793,440 1,609,296

CAPITAL AND RESERVES
Called up share capital 17 90,000 90,000
Retained earnings 1,703,440 1,519,296
SHAREHOLDERS' FUNDS 1,793,440 1,609,296

Company's profit for the financial year 472,144 470,849

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

COMPANY BALANCE SHEET - continued
31 MARCH 2018


The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 13 September 2018 and were signed by:





G W Knight - Director


SAW MART LIMITED (REGISTERED NUMBER: 05332647)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2016 90,000 255,670 345,670

Changes in equity
Dividends - (270,000 ) (270,000 )
Total comprehensive income - 219,436 219,436
Balance at 31 March 2017 90,000 205,106 295,106

Changes in equity
Dividends - (288,000 ) (288,000 )
Total comprehensive income - 194,102 194,102
Balance at 31 March 2018 90,000 111,208 201,208

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2016 90,000 1,318,447 1,408,447

Changes in equity
Dividends - (270,000 ) (270,000 )
Total comprehensive income - 470,849 470,849
Balance at 31 March 2017 90,000 1,519,296 1,609,296

Changes in equity
Dividends - (288,000 ) (288,000 )
Total comprehensive income - 472,144 472,144
Balance at 31 March 2018 90,000 1,703,440 1,793,440

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

1. STATUTORY INFORMATION

Saw Mart Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2005 and 2013, is being
amortised evenly over its estimated useful live of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - Over the lease term
Plant and machinery - 12.5% on cost, 10% on cost, 10% to 33% on cost and at varying rates on cost
Motor vehicles - 33% on cost and 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in
fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme
are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

The average number of employees by undertakings that were proportionately consolidated during the year was
52 (2017 - 48 ) .

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2018 2017
£    £   
Hire of plant and machinery - 1,393
Depreciation - owned assets 49,590 44,392
Depreciation - assets on hire purchase contracts 65,361 73,907
Loss on disposal of fixed assets 669 -
Goodwill amortisation 32,470 32,470
Auditors' remuneration - 11,840
Foreign exchange differences (40,195 ) 38,600

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2018 2017
£    £   
Current tax:
UK corporation tax 62,573 73,345

Deferred tax (20,447 ) (11,943 )
Tax on profit 42,126 61,402

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not
presented as part of these financial statements.


7. OTHER INCOME - MANAGEMENT CHARGE

The management charge relates to services provided to related companies.

8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 April 2017
and 31 March 2018 1,222,393
AMORTISATION
At 1 April 2017 1,014,052
Amortisation for year 32,470
At 31 March 2018 1,046,522
NET BOOK VALUE
At 31 March 2018 175,871
At 31 March 2017 208,341

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

9. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 April 2017 933,371 17,418 1,443,450
Additions - - 6,152
At 31 March 2018 933,371 17,418 1,449,602
DEPRECIATION
At 1 April 2017 70,614 14,202 1,093,681
Charge for year 16,714 1,740 69,724
Eliminated on disposal - - -
At 31 March 2018 87,328 15,942 1,163,405
NET BOOK VALUE
At 31 March 2018 846,043 1,476 286,197
At 31 March 2017 862,757 3,216 349,769

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2017 150,467 69,358 2,614,064
Additions - 9,166 15,318
Disposals (42,477 ) - (42,477 )
At 31 March 2018 107,990 78,524 2,586,905
DEPRECIATION
At 1 April 2017 39,673 59,997 1,278,167
Charge for year 20,486 6,287 114,951
Eliminated on disposal (21,540 ) - (21,540 )
At 31 March 2018 38,619 66,284 1,371,578
NET BOOK VALUE
At 31 March 2018 69,371 12,240 1,215,327
At 31 March 2017 110,794 9,361 1,335,897

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

9. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2017 385,000 150,467 535,467
Disposals - (42,477 ) (42,477 )
At 31 March 2018 385,000 107,990 492,990
DEPRECIATION
At 1 April 2017 108,417 39,673 148,090
Charge for year 44,875 20,486 65,361
Eliminated on disposal - (21,540 ) (21,540 )
At 31 March 2018 153,292 38,619 191,911
NET BOOK VALUE
At 31 March 2018 231,708 69,371 301,079
At 31 March 2017 276,583 110,794 387,377

Company
Plant and
machinery
£   
COST
At 1 April 2017
and 31 March 2018 1,324,627
DEPRECIATION
At 1 April 2017 1,014,574
Charge for year 58,145
At 31 March 2018 1,072,719
NET BOOK VALUE
At 31 March 2018 251,908
At 31 March 2017 310,053

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

9. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2017
and 31 March 2018 385,000
DEPRECIATION
At 1 April 2017 108,417
Charge for year 44,875
At 31 March 2018 153,292
NET BOOK VALUE
At 31 March 2018 231,708
At 31 March 2017 276,583

10. FIXED ASSET INVESTMENTS

Company
Other
investments
£   
COST
At 1 April 2017
and 31 March 2018 1,206,001
NET BOOK VALUE
At 31 March 2018 1,206,001
At 31 March 2017 1,206,001

The group or the company's investments at the Balance Sheet date in the share capital of companies include the
following:

Subsidiaries

Addison Saws Limited
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU
Nature of business: Machine tool merchants.
%
Class of shares: holding
Ordinary 100.00

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

10. FIXED ASSET INVESTMENTS - continued

Solutions Work Limited
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

Solutions Work Limited is the holding company for Birmingham Saw Blades Limited and Dynashape Limited.

Evo-saws Limited
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU
Nature of business: dormant/dissolved
%
Class of shares: holding
Ordinary 100.00

Midland Saw Blades Limited
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU
Nature of business: dormant/dissolved
%
Class of shares: holding
Ordinary 100.00

Birmingham Saw Blades Limited
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU
Nature of business: dormant
%
Class of shares: holding
Ordinary 100.00

Dynashape Limited
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU
Nature of business: supply and repair of saw blades
%
Class of shares: holding
Ordinary 100.00


11. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 April 2017
and 31 March 2018 933,371
NET BOOK VALUE
At 31 March 2018 933,371
At 31 March 2017 933,371

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

12. STOCKS

Group
2018 2017
£    £   
Stocks 1,149,332 1,165,897

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2018 2017 2018 2017
£    £    £    £   
Trade debtors 850,088 1,021,529 - -
Other debtors 58,636 38,663 - -
Amount due from subsidiary - - 449,064 370,330
Amounts owed by related companies 83,031 155,922 - -
Prepayments 15,141 21,079 - -
1,006,896 1,237,193 449,064 370,330

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2018 2017 2018 2017
£    £    £    £   
Bank loans and overdrafts 82,793 79,830 82,793 79,830
Other loans 249,956 272,556 - -
Hire purchase contracts 91,435 94,312 75,700 71,418
Trade creditors 1,318,483 1,274,589 - -
Amounts owed to group undertakings - - 396,571 399,111
Amounts owed to participating interests 3,109 - - -
Corporation tax 62,573 73,345 49,379 44,200
Social security and other taxes 362,715 378,406 10,303 10,556
Other creditors 258,462 263,909 - -
Amount due to invoice discounter 424,765 586,280 - -
Directors' current accounts 20,051 19,651 - -
Accrued expenses 83,333 81,028 11,786 14,700
2,957,675 3,123,906 626,532 619,815

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2018 2017 2018 2017
£    £    £    £   
Bank loans - 1-2 years 85,976 82,899 85,976 82,899
Bank loans - 2-5 years 234,670 268,314 234,670 268,314
Bank loans more 5 yr by instal 46,953 98,448 46,953 98,448
Hire purchase contracts 86,277 194,415 32,519 108,220
453,876 644,076 400,118 557,881

SAW MART LIMITED (REGISTERED NUMBER: 05332647)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Amounts falling due in more than five years:

Group Company
2018 2017 2018 2017
£    £    £    £   
Repayable by instalments
Bank loans more 5 yr by instal 46,953 98,448 46,953 98,448

16. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2018 2017 2018 2017
£    £    £    £   
Bank loans 450,392 529,491 450,392 529,491
Due to invoice discounter 424,765 586,280 - -
875,157 1,115,771 450,392 529,491

The bank loans are secured in favour of Barclays Bank Plc by way of a legal charge on the bank's standard form
over the property, Attwood Street, Lye, Stourbridge, West Midlands.

The company entered into a cross guarantee and debenture with its subsidiary, Addison Saws Limited dated 7
June 2012.

Amounts due to the invoice discounter are secured over the book debts of the company.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2018 2017
value: £    £   
90,000 Ordinary £1 90,000 90,000

18. RELATED PARTY DISCLOSURES

Company

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with wholly owned subsidiaries within the group.