Doncaster Steel Fabrications Limited - Period Ending 2016-11-30

Doncaster Steel Fabrications Limited - Period Ending 2016-11-30


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Registration number: 06428944

Doncaster Steel Fabrications Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2016
 

 

Doncaster Steel Fabrications Limited
Contents

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2 to 4

 

Doncaster Steel Fabrications Limited (Registration number: 06428944)
Abbreviated Balance Sheet at 30 November 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

28,567

   

31,918

 

Current assets

 

             

Stocks

 

   

52,278

   

47,088

 

Debtors

 

   

193,632

   

105,918

 

Cash at bank and in hand

 

   

43,919

   

55,337

 
   

   

289,829

   

208,343

 

Creditors: Amounts falling due within one year

 

   

(225,181)

   

(185,960)

 

Net current assets

 

   

64,648

   

22,383

 

Total assets less current liabilities

 

   

93,215

   

54,301

 

Creditors: Amounts falling due after more than one year

 

   

-

   

(3,597)

 

Provisions for liabilities

 

   

(5,713)

   

-

 

Net assets

 

   

87,502

   

50,704

 

Capital and reserves

 

             

Called up share capital

 

4

   

100

   

100

 

Profit and loss account

 

   

87,402

   

50,604

 

Shareholders' funds

 

   

87,502

   

50,704

 

For the year ending 30 November 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 18 May 2017

.........................................
Mr M McKean
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

 

Doncaster Steel Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance basis

Fixtures and fittings

10% reducing balance basis

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

 

Doncaster Steel Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 December 2015

 

49,777

   

49,777

 

At 30 November 2016

 

49,777

   

49,777

 

Depreciation

           

At 1 December 2015

 

17,859

   

17,859

 

Charge for the year

 

3,351

   

3,351

 

At 30 November 2016

 

21,210

   

21,210

 

Net book value

           

At 30 November 2016

 

28,567

   

28,567

 

At 30 November 2015

 

31,918

   

31,918

 

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

 

Doncaster Steel Fabrications Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

 

2016
£

   

2015
£

 

 

   

 

Amounts falling due within one year

 

20,673

   

46,639

 

4

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary A Shares of £1 each

 

100

   

100

   

100

   

100