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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
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: |
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 |
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 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 472,144 | 470,849 |
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 were approved by the director on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2017 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2018 |
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 |
registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Goodwill amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
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 |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
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 |
AMORTISATION |
At 1 April 2017 |
Amortisation for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
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 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
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 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
10. | FIXED ASSET INVESTMENTS |
Company |
Other |
investments |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
Subsidiaries |
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU |
Nature of business: |
% |
Class of shares: | holding |
Solutions Work Limited is the holding company for Birmingham Saw Blades Limited and Dynashape Limited. |
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Attwood Street, Lye, Stourbridge, West Midlands DY9 8RU |
Nature of business: |
% |
Class of shares: | holding |
11. | INVESTMENT PROPERTY |
Company |
Total |
£ |
FAIR VALUE |
At 1 April 2017 |
and 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
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 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2018 | 2017 | 2018 | 2017 |
£ | £ | £ | £ |
Bank loans and overdrafts | 82,793 | 79,830 |
Other loans | 249,956 | 272,556 |
Hire purchase contracts | 91,435 | 94,312 |
Trade creditors | 1,318,483 | 1,274,589 |
Amounts owed to group undertakings | - | - |
Amounts owed to participating interests | 3,109 | - | - | - |
Corporation tax | 62,573 | 73,345 |
Social security and other taxes | 362,715 | 378,406 |
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 |
2,957,675 | 3,123,906 |
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 |
Bank loans - 2-5 years | 234,670 | 268,314 |
Bank loans more 5 yr by instal | 46,953 | 98,448 |
Hire purchase contracts | 86,277 | 194,415 |
453,876 | 644,076 |
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 |
Due to invoice discounter | 424,765 | 586,280 | - | - |
875,157 | 1,115,771 |
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: | £ | £ |
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. |