REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
FOR |
MALTON FABRICATIONS LIMITED |
TRADING AS |
MALTON LASER |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
FOR |
MALTON FABRICATIONS LIMITED |
TRADING AS |
MALTON LASER |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
MALTON FABRICATIONS LIMITED |
TRADING AS MALTON LASER |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2018 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
13 Yorkersgate |
Malton |
North Yorkshire |
YO17 7AA |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
STATEMENT OF FINANCIAL POSITION |
31 JULY 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
STATEMENT OF FINANCIAL POSITION - continued |
31 JULY 2018 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2018 |
1. | STATUTORY INFORMATION |
Malton Fabrications Limited is a |
registered number and registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 statement of financial position date. |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position 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. |
Revenue recognition |
Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in |
exchange for the supply of goods and services that it provides. It is measured at the fair value of the right to |
consideration, which represents amounts chargeable to customers. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2018 |
DEPRECIATION |
At 1 August 2017 |
Charge for year |
At 31 July 2018 |
NET BOOK VALUE |
At 31 July 2018 |
At 31 July 2017 |
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 August 2017 |
Additions |
Transfer to ownership | (135,750 | ) | (41,070 | ) | (176,820 | ) |
At 31 July 2018 |
DEPRECIATION |
At 1 August 2017 |
Charge for year |
Transfer to ownership | - | (37,653 | ) | (37,653 | ) |
At 31 July 2018 |
NET BOOK VALUE |
At 31 July 2018 |
At 31 July 2017 |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
6. | DEBTORS |
2018 | 2017 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Finance leases | 789,782 | 1,078,744 |
Factoring account | 396,911 | 372,931 |
10. | OTHER FINANCIAL COMMITMENTS |
The company had total guarantees and commitments at the balance sheet date of £232,578 (2017 - £308,574). |
MALTON FABRICATIONS LIMITED (REGISTERED NUMBER: 07083987) |
TRADING AS MALTON LASER |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2018 |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2018 and 31 July 2017: |
2018 | 2017 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Where the above loan account has been overdrawn during the year interest has been charged at 2.5% (2017 - 3.00%). |
During the year the highest overdrawn balance was £231,484 (2017 - £107,757) |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £196,056 (2017 - £93,158) were paid to the director . |
Mr C Corner has provided a personal guarantee on the company overdraft facility. |