Surefast Bolting Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10444168 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2018

for

Surefast Bolting Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Noakes

P Cope

REGISTERED OFFICE:

Unit 1 Delta Trading Estate

Bilston Road

Wolverhampton

West Midlands

WV2 2QD

REGISTERED NUMBER:

10444168 (England and Wales)

ACCOUNTANTS:

Dalton Pardoe Limited

Chartered Accountants

794 High Street

Kingswinford

West Midlands

DY6 8BQ

FIXED ASSETS

Tangible assets

4

166,009

45,174

CURRENT ASSETS

Stocks

11,250

8,750

Debtors

5

276,908

314,696

Cash at bank

9,781

31,508

297,939

354,954

CREDITORS

Amounts falling due within one year

6

289,288

369,434

NET CURRENT ASSETS/(LIABILITIES)

8,651

(14,480

)

TOTAL ASSETS LESS CURRENT LIABILITIES

174,660

30,694

CREDITORS

Amounts falling due after more than one year

7

(57,895

)

(20,139

)

PROVISIONS FOR LIABILITIES

9

(31,732

)

(8,583

)

NET ASSETS

85,033

1,972

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

84,933

1,872

SHAREHOLDERS' FUNDS

85,033

1,972

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

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

The directors acknowledge their 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 February 2019 and were signed on its behalf by:

R Noakes - Director

1.	STATUTORY INFORMATION

Surefast Bolting Services Ltd 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 Company 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.

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.

Plant and machinery

-

10% on reducing balance

Computer equipment

-

50% on reducing balance

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 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company'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 21 (2017 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 September 2017

50,000

349

50,349

Additions

151,379

-

151,379

Disposals

(1,000

)

-

(1,000

)

At 31 August 2018

200,379

349

200,728

DEPRECIATION

At 1 September 2017

5,000

175

5,175

Charge for year

29,457

87

29,544

At 31 August 2018

34,457

262

34,719

NET BOOK VALUE

At 31 August 2018

165,922

87

166,009

At 31 August 2017

45,000

174

45,174

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Additions

140,500

At 31 August 2018

140,500

DEPRECIATION

Charge for year

21,075

At 31 August 2018

21,075

NET BOOK VALUE

At 31 August 2018

119,425

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Trade debtors

276,908

314,601

Prepayments and accrued income

-

95

276,908

314,696

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.18

31.8.17

£

£

Hire purchase contracts

22,894

21,279

Trade creditors

27,445

16,814

Tax

21,975

3,219

Social security and other taxes

10,260

13,885

VAT

29,071

47,142

Other creditors

150,086

237,894

Directors' current accounts

20,751

11,893

Accrued expenses

6,806

17,308

289,288

369,434

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.18

31.8.17

£

£

Hire purchase contracts

57,895

20,139

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.18

31.8.17

£

£

Hire purchase contracts

80,788

41,419

Factoring

149,891

237,894

230,679

279,313

Hire purchase liabilities are secured over the assets to which they relate.

The liability to the factoring company is secured over the company's trade debtors.

9.	PROVISIONS FOR LIABILITIES

31.8.18

31.8.17

£

£

Deferred tax

31,732

8,583

Deferred

tax

£

Balance at 1 September 2017

8,583

Charge to Income Statement during year

23,149

Balance at 31 August 2018

31,732

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.18

31.8.17

value:

£

£

100

Ordinary

1

100

100

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the two directors who each hold 50% of the company's issue share capital.