S R Cladding Services Limited 30/06/2018 iXBRL

S R Cladding Services Limited 30/06/2018 iXBRL


30/06/2018 2018-06-30 false false false false false false false false false false true false false false false false false false false false false false No description of principal activities is disclosed 2017-07-01 Sage Accounts Production 18.11 - FRS xbrli:pure xbrli:shares iso4217:GBP 02460667 2017-07-01 2018-06-30 02460667 2018-06-30 02460667 2017-06-30 02460667 2016-07-01 2017-06-30 02460667 2017-06-30 02460667 core:FurnitureFittingsToolsEquipment 2017-07-01 2018-06-30 02460667 core:MotorVehicles 2017-07-01 2018-06-30 02460667 bus:Director1 2017-07-01 2018-06-30 02460667 core:FurnitureFittingsToolsEquipment 2017-06-30 02460667 core:MotorVehicles 2017-06-30 02460667 core:FurnitureFittingsToolsEquipment 2018-06-30 02460667 core:MotorVehicles 2018-06-30 02460667 core:WithinOneYear 2018-06-30 02460667 core:WithinOneYear 2017-06-30 02460667 core:AfterOneYear 2018-06-30 02460667 core:AfterOneYear 2017-06-30 02460667 core:RestatedAmount 2017-06-30 02460667 core:ShareCapital 2018-06-30 02460667 core:ShareCapital 2017-06-30 02460667 core:RetainedEarningsAccumulatedLosses 2018-06-30 02460667 core:RetainedEarningsAccumulatedLosses 2017-06-30 02460667 core:FurnitureFittingsToolsEquipment 2017-06-30 02460667 core:MotorVehicles 2017-06-30 02460667 bus:SmallEntities 2017-07-01 2018-06-30 02460667 bus:AuditExempt-NoAccountantsReport 2017-07-01 2018-06-30 02460667 bus:FullAccounts 2017-07-01 2018-06-30 02460667 bus:SmallCompaniesRegimeForAccounts 2017-07-01 2018-06-30 02460667 bus:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30
Company registration number: 02460667
S R Cladding Services Limited
Unaudited filleted financial statements
30 June 2018
S R Cladding Services Limited
Contents
Statement of financial position
Notes to the financial statements
S R Cladding Services Limited
Statement of financial position
30 June 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 33,870 31,328
_______ _______
33,870 31,328
Current assets
Stocks 6 21,000 15,040
Debtors 7 315,577 419,987
Cash at bank and in hand 208,411 186,554
_______ _______
544,988 621,581
Creditors: amounts falling due
within one year 8 ( 387,532) ( 399,941)
_______ _______
Net current assets 157,456 221,640
_______ _______
Total assets less current liabilities 191,326 252,968
Creditors: amounts falling due
after more than one year 9 ( 29,999) ( 85,732)
Provisions for liabilities ( 5,529) ( 5,901)
_______ _______
Net assets 155,798 161,335
_______ _______
Capital and reserves
Called up share capital 8,000 8,000
Profit and loss account 147,798 153,335
_______ _______
Shareholders funds 155,798 161,335
_______ _______
For the year ending 30 June 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 November 2018 , and are signed on behalf of the board by:
S P Danforth
Director
Company registration number: 02460667
S R Cladding Services Limited
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 11 (2017: 11 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2017 27,987 48,804 76,791
Additions 3,153 7,938 11,091
_______ _______ _______
At 30 June 2018 31,140 56,742 87,882
_______ _______ _______
Depreciation
At 1 July 2017 26,258 19,205 45,463
Charge for the year 487 8,062 8,549
_______ _______ _______
At 30 June 2018 26,745 27,267 54,012
_______ _______ _______
Carrying amount
At 30 June 2018 4,395 29,475 33,870
_______ _______ _______
At 30 June 2017 1,729 29,599 31,328
_______ _______ _______
6. Stocks
2018 2017
£ £
Finished goods and goods for resale 21,000 15,040
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 303,143 410,724
Other debtors 12,434 9,263
_______ _______
315,577 419,987
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 54,268 57,850
Trade creditors 156,051 163,961
Corporation tax 8,851 15,116
Social security and other taxes 63,356 66,507
Other creditors 105,006 96,507
_______ _______
387,532 399,941
_______ _______
The bank overdraft and bank loan is secured by a fixed and floating charge over the assets of the company. The overdraft is also personally guaranteed by the directors for £60,000. The hire purchase liabilities are secured over the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts 23,414 74,100
Other creditors 6,585 11,632
_______ _______
29,999 85,732
_______ _______
The bank overdraft and bank loan is secured by a fixed and floating charge over the assets of the company. The overdraft is also personally guaranteed by the directors for £60,000. The hire purchase liabilities are secured over the assets to which they relate.