A W Steel Works Limited - Accounts to registrar (filleted) - small 17.3

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

A W STEEL WORKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A W Dibley

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

08465046 (England and Wales)

FIXED ASSETS

Intangible assets

4

2,000

4,000

Tangible assets

5

6,168

7,027

8,168

11,027

CURRENT ASSETS

Debtors

6

2,279

7,681

Cash at bank and in hand

3,348

1,317

5,627

8,998

CREDITORS

Amounts falling due within one year

7

(12,153

)

(16,182

)

NET CURRENT LIABILITIES

(6,526

)

(7,184

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,642

3,843

PROVISIONS FOR LIABILITIES

8

(1,200

)

(1,405

)

NET ASSETS

442

2,438

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

441

2,437

SHAREHOLDERS' FUNDS

442

2,438

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

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 director on 14 November 2017 and were signed by:

A W Dibley - Director

1.	STATUTORY INFORMATION

A W Steel Works Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates and

these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include the useful

economic life of tangible fixed assets and the depreciation of these assets.

Turnover

Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts.

Revenue from the sale of goods is recognised at the point of sale.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of

operating as intended by management.

Plant & machinery - 15% on reducing balance

Motor vehicles - 15% on reducing balance

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the entity after deducting all of its financial liabilities.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in existence for

the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its

financial statements.

Impairment

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is

any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable

amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not

possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the

cash-generating unit to which the asset belongs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

10,000

AMORTISATION

At 1 April 2016

6,000

Amortisation for year

2,000

At 31 March 2017

8,000

NET BOOK VALUE

At 31 March 2017

2,000

At 31 March 2016

4,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2016

2,500

8,500

11,000

Additions

195

-

195

At 31 March 2017

2,695

8,500

11,195

DEPRECIATION

At 1 April 2016

965

3,008

3,973

Charge for year

230

824

1,054

At 31 March 2017

1,195

3,832

5,027

NET BOOK VALUE

At 31 March 2017

1,500

4,668

6,168

At 31 March 2016

1,535

5,492

7,027

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,403

1,683

Other debtors

876

5,998

2,279

7,681

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

751

1,500

Taxation and social security

8,955

5,288

Other creditors

2,447

9,394

12,153

16,182

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

1,200

1,405

Deferred

tax

£

Balance at 1 April 2016

1,405

Provided during year

(205

)

Deferred tax

Balance at 31 March 2017

1,200

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

1

1

1

10.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by its sole director A Dibley, by the virtue of the fact that he

owns 100% of the issued share capital.

11.	FIRST YEAR ADOPTION

On transition to FRS 102 the entity's accounting policies applied under the entity's previous accounting

framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.