A.G.S. STEEL ERECTORS LTD - Accounts to registrar

REGISTERED NUMBER: SC226597 (Scotland)

Financial Statements

For The Year Ended 31 December 2016

for

A.G.S. STEEL ERECTORS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Cunningham

Mr G O'Hara

SECRETARY:

Mr A Cunningham

REGISTERED OFFICE:

Unit E6

North Caldeen Road

Coatbridge

ML5 4EF

REGISTERED NUMBER:

SC226597 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Tangible assets

4

387,988

228,500

CURRENT ASSETS

Debtors

5

188,676

165,387

Cash at bank and in hand

184,051

111,210

372,727

276,597

CREDITORS

Amounts falling due within one year

6

211,738

202,091

NET CURRENT ASSETS

160,989

74,506

TOTAL ASSETS LESS CURRENT
LIABILITIES

548,977

303,006

CREDITORS

Amounts falling due after more than one
year

7

(110,205

)

(17,000

)

PROVISIONS FOR LIABILITIES

10

(58,716

)

(26,521

)

NET ASSETS

380,056

259,485

CAPITAL AND RESERVES

Called up share capital

1,800

Retained earnings

378,256

257,685

SHAREHOLDERS' FUNDS

380,056

259,485

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 7 September 2017 and were signed on its behalf
by:

Mr A Cunningham - Director

Mr G O'Hara - Director

1.	STATUTORY INFORMATION

A.G.S. STEEL ERECTORS LTD is a private company, limited by shares , registered in Scotland. 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 represents net invoiced sales of steel erecting services, excluding value added tax.

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

-

12.5% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised when approved by the shareholders at an annual general

meeting.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans and directors' loans.

Any bank loans are initially measured at the present value of future payments, discounted at a market rate of

interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable

on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other

consideration expected to be paid or received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

COST

At 1 January 2016

329,077

61,299

390,376

Additions

165,000

29,704

194,704

At 31 December 2016

494,077

91,003

585,080

DEPRECIATION

At 1 January 2016

133,387

28,489

161,876

Charge for year

26,395

8,821

35,216

At 31 December 2016

159,782

37,310

197,092

NET BOOK VALUE

At 31 December 2016

334,295

53,693

387,988

At 31 December 2015

195,690

32,810

228,500

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

Plant and

machinery

£

COST

At 1 January 2016

240,000

Additions

165,000

At 31 December 2016

405,000

DEPRECIATION

At 1 January 2016

94,292

Charge for year

19,932

At 31 December 2016

114,224

NET BOOK VALUE

At 31 December 2016

290,776

At 31 December 2015

145,708

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Trade debtors

180,490

164,637

Prepayments and accrued income

8,186

750

188,676

165,387

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

Hire purchase contracts (see note 8)

53,735

40,800

Trade creditors

59,214

21,984

Tax

28,080

58,091

Social security and other taxes

5,625

6,515

VAT

55,079

63,718

Other creditors

2,005

2,983

Accruals and deferred income

8,000

211,738

202,091

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2016

2015

£

Hire purchase contracts (see note 8)

110,205

17,000

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2016

2015

£

Net obligations repayable:

Within one year

53,735

40,800

Between one and five years

110,205

17,000

163,940

57,800

Non-cancellable operating

leases

2016

2015

£

Within one year

22,305

13,305

Between one and five years

31,338

24,393

53,643

37,698

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

Hire purchase contracts

163,940

-

Hire purchase creditors are secured against the assets concerned.

10.	PROVISIONS FOR LIABILITIES

2016

2015

£

Deferred tax

58,716

26,521

Deferred

tax

£

Balance at 1 January 2016

26,521

Deferred tax on accelerated

32,195

capital allowances:

Balance at 31 December 2016

58,716

11.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors, there is no single controlling party.

12.	FIRST YEAR ADOPTION

The policies applied under the company's previous accounting framework are not materially different to FRS

102. There were no adjustments necessary on the adoption of FRS102.

The date of transition to FRS 102 was 1 January 2015.