REGISTERED NUMBER: 05312620 (England and Wales)

Financial Statements

for the Year Ended 30 April 2017

for

Hadley Steel Framing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Hale

M S Aston

S R Towe

B S Towe

R M Taylor

SECRETARY:

M S Aston

REGISTERED OFFICE:

123 West Bromwich Street

Oldbury

West Midlands

B69 3AZ

REGISTERED NUMBER:

05312620 (England and Wales)

SENIOR STATUTORY AUDITOR:

Kevin Preece F.C.A.

AUDITORS:

Rice & Co Limited

Chartered Accountants

Statutory Auditors

Harance House

Rumer Hill Road

Cannock

Staffordshire

WS11 0ET

FIXED ASSETS

Intangible assets

4

109,508

80,124

Tangible assets

5

260,923

130,419

Investments

6

41,620

-

412,051

210,543

CURRENT ASSETS

Stocks

7

327,701

303,261

Debtors

8

4,794,479

1,691,096

Cash at bank and in hand

120,012

81,796

5,242,192

2,076,153

CREDITORS

Amounts falling due within one year

9

4,851,355

1,961,442

NET CURRENT ASSETS

390,837

114,711

TOTAL ASSETS LESS CURRENT LIABILITIES

802,888

325,254

PROVISIONS FOR LIABILITIES

6,958

-

NET ASSETS

795,930

325,254

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

795,830

325,154

SHAREHOLDERS' FUNDS

795,930

325,254

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 20 July 2017 and were signed on its behalf by:

G Hale - Director

M S Aston - Director

1.	STATUTORY INFORMATION

Hadley Steel Framing 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised when services have been provided resulting in the company obtaining the right to

consideration

Patents and licences

Expenditure on patents and licences is amortized on a straight line basis over its anticipated useful life that is

considered to be 10 years

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Exhibition equipment

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

33% on cost

Computer equipment

-

33% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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 23 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 May 2016

89,446

Additions

41,074

At 30 April 2017

130,520

AMORTISATION

At 1 May 2016

9,322

Charge for year

11,690

At 30 April 2017

21,012

NET BOOK VALUE

At 30 April 2017

109,508

At 30 April 2016

80,124

5.	TANGIBLE FIXED ASSETS

Fixtures

Exhibition

Plant and

and

equipment

machinery

fittings

£

£

£

COST

At 1 May 2016

39,533

93,633

7,735

Additions

-

44,994

554

At 30 April 2017

39,533

138,627

8,289

DEPRECIATION

At 1 May 2016

33,676

50,352

7,292

Charge for year

3,327

18,822

217

Eliminated on disposal

-

-

-

At 30 April 2017

37,003

69,174

7,509

NET BOOK VALUE

At 30 April 2017

2,530

69,453

780

At 30 April 2016

5,857

43,281

443

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2016

239,461

67,748

448,110

Additions

167,029

10,574

223,151

Disposals

(180,465

)

-

(180,465

)

At 30 April 2017

226,025

78,322

490,796

DEPRECIATION

At 1 May 2016

188,388

37,983

317,691

Charge for year

41,740

12,153

76,259

Eliminated on disposal

(164,077

)

-

(164,077

)

At 30 April 2017

66,051

50,136

229,873

NET BOOK VALUE

At 30 April 2017

159,974

28,186

260,923

At 30 April 2016

51,073

29,765

130,419

6.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 May 2016

and 30 April 2017

177,740

PROVISIONS

At 1 May 2016

177,740

Provision written back

(41,620

)

At 30 April 2017

136,120

NET BOOK VALUE

At 30 April 2017

41,620

At 30 April 2016

-

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Hadley Steel Framing FZCO

Registered office:

Nature of business: Steel framing

%

Class of shares:

holding

Ordinary fully paid

50.00

2017

2016

£

£

Aggregate capital and reserves

83,240

(275,282

)

Profit for the year

358,522

37,560

The company's share of the net liabilities of Hadley Steel Framing FZCO at 30th April 2017 is made up as

follows:-

2017

£

Current assets

430,099

Current liabilities

(262,187

)

Net current assets

167,912

Longterm liabilities

(76

)

Shareholders loans

(126,216

)

Net liabilities

41,620

The losses recognised in the company's accounts in respect of its joint venture in Hadley Steel Framing FZCO of

£136,119 to 30th April 2017 are analysed as follows:-

Offset against Investment in Joint Venture company

9,903

Offset against Loan to Joint Venture company

126,216

136,119

7.

STOCKS

2017

2016

£

£

Stocks

118,125

56,906

Work-in-progress

209,576

246,355

327,701

303,261

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

3,897,438

1,561,768

Amount due from factoring

company

802,766

91,161

Prepayments

94,275

38,167

4,794,479

1,691,096

Trade debtors include gross receivables totalling £3,897,438 (2016: £1,561,768) financed by factoring.

In addition the factoring company holds cash receipts not drawn down by the company totalling £802,766 (2016:

£91,161).

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

1,805,440

857,969

Corporation tax

636,460

116,656

Social security and other taxes

121,419

55,511

Other creditors

1,100,000

451,905

Directors' current accounts

1,100,000

325,346

Accrued expenses

88,036

154,055

4,851,355

1,961,442

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

50

A Ordinary

£1

50

50

50

B Ordinary

£1

50

50

100

100

11.

RESERVES

Retained

earnings

£

At 1 May 2016

325,154

Profit for the year

2,670,676

Dividends

(2,200,000

)

At 30 April 2017

795,830

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kevin Preece F.C.A. (Senior Statutory Auditor)

for and on behalf of Rice & Co Limited

13.	RELATED PARTY DISCLOSURES

An analysis of transactions with directors is summarized as follows:-

G Hale - Director

2017

2016

£

£

Amount owed to director at 1st May 2016

162,663

217,663

Add Dividends received in year

550,000

95,000

Less Withdrawals in year

162,663

150,000

Amount owed to director at 30th April 2017

550,000

162,663

M S Aston - Director

2017

2016

£

£

Amount owed to director at 1st May 2016

162,683

217,683

Add Dividends received in year

550,000

95,000

Less Withdrawals in year

162,683

150,000

Amount owed to director at 30th April 2017

550,000

162,683

During the year, total dividends of £1,100,000 (2016- £190,000) were paid to the directors.

14.	ULTIMATE CONTROLLING PARTY

There is no overall controlling party. The company is equally owned by two of its working directors, M S Aston

and G Hale with the remaining 50% owned by Hadley Industries PLC.