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Company Registration Number: 06305037
Capital Steel Structures Limited
Filleted Unaudited Financial Statements
31 March 2018
Capital Steel Structures Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed Assets
Tangible assets
5
43,956
32,942
Current Assets
Debtors
6
802,561
318,766
Cash at bank and in hand
108,858
28,471
---------
---------
911,419
347,237
Creditors: amounts falling due within one year
7
614,141
196,516
---------
---------
Net Current Assets
297,278
150,721
---------
---------
Total Assets Less Current Liabilities
341,234
183,663
Creditors: amounts falling due after more than one year
8
5,949
Provisions
Taxation including deferred tax
7,230
5,400
---------
---------
Net Assets
334,004
172,314
---------
---------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
333,904
172,214
---------
---------
Shareholders Funds
334,004
172,314
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Capital Steel Structures Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , and are signed on behalf of the board by:
T Ross
Director
Company registration number: 06305037
Capital Steel Structures Limited
Notes to the Financial Statements
Year Ended 31st March 2018
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Martlet House, E1 Yeoman Gate, Yeoman Way, Worthing, West Sussex, BN3 3QZ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance basis per annum
Motor vehicles
-
25% reducing balance basis per annum
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 15 (2017: 15 ).
5. Tangible Assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1st April 2017
38,177
65,253
103,430
Additions
28,850
28,850
Disposals
( 5,650)
( 5,650)
--------
--------
---------
At 31st March 2018
38,177
88,453
126,630
--------
--------
---------
Depreciation
At 1st April 2017
31,103
39,385
70,488
Charge for the year
1,771
12,887
14,658
Disposals
( 2,472)
( 2,472)
--------
--------
---------
At 31st March 2018
32,874
49,800
82,674
--------
--------
---------
Carrying amount
At 31st March 2018
5,303
38,653
43,956
--------
--------
---------
At 31st March 2017
7,074
25,868
32,942
--------
--------
---------
6. Debtors
2018
2017
£
£
Trade debtors
788,389
282,859
Other debtors
14,172
35,907
---------
---------
802,561
318,766
---------
---------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
400,510
92,904
Accruals and deferred income
9,052
7,246
Corporation tax
63,014
31,667
Social security and other taxes
91,644
34,138
Obligations under finance leases and hire purchase contracts
5,949
6,640
Director loan accounts
1,547
691
Other creditors
42,425
23,230
---------
---------
614,141
196,516
---------
---------
Obligations held under finance leases and hire purchase contracts are secured against the assets to which they were raised for.
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance leases and hire purchase contracts
5,949
----
-------
Obligations held under finance leases and hire purchase contracts are secured against the assets to which they were raised for.
9. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Later than 1 year and not later than 5 years
59,000
--------
----