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A & M Metals Limited
For the year ended 31 October 2016
Unaudited Abbreviated Financial Statements
England and Wales
Registered Number: 05259237
2
Contents Page
A & M Metals Limited
For the year ended 31 October 2016
1
Balance Sheet
2 to 3
Notes to the Abbreviated Financial Statements
3
Abbreviated Balance Sheet
A & M Metals Limited
As at 31 October 2016
05259237
Registered Number :
£
£
2016
Notes
2015
Fixed assets
Intangible assets
2
160,000
180,000
Tangible assets
3
190,672
215,311
350,672
395,311
Current assets
Stocks
243,100
281,080
Debtors
113,426
374,380
Cash at bank and in hand
1,025,457
993,679
1,680,917
1,350,205
Creditors: amounts falling due within one year
(371,976)
(350,256)
978,229
1,330,661
Net current assets
Total assets less current liabilities
1,681,333
1,373,540
(38,000)
(42,000)
Provisions for liabilities
1,643,333
Net assets
1,331,540
Capital and reserves
Called up share capital
2
4
2
Profit and loss account
1,643,331
1,331,538
1,643,333
1,331,540
Shareholders funds
For the year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director responsibilities: 1) The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
2) 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.
Date approved by the board: 13 July 2017
J Morgan Director
Signed on behalf of the board of directors
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4
Notes to the Abbreviated Financial Statements
A & M Metals Limited
For the year ended 31 October 2016
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension Costs
The company operates defined contribution pension schemes for the benefit of its directors and employees. Contributions
payable are charged to the profit and loss account in the period in which they are payable.
Deferred taxation
Deferred taxation arises when items are charged or credited in accounts in different periods to those in which they are included in the company's tax computations.Deferred tax is provided in full on timing differences that result in an obligation to pay more (or less) tax at a future date. Deferred tax is calculated at the average rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The resulting deferred tax asset or liability is not discounted.
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the
shareholders prior to the balance sheet date.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated
expected useful economic life of the goodwill of 20 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
15% Reducing balance
Motor Vehicles
25% Reducing balance
Fixtures and Fittings
15% Reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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5
Notes to the Abbreviated Financial Statements
A & M Metals Limited
For the year ended 31 October 2016
2 Intangible fixed assets
Cost or valuation
Intangible
fixed assets
£
At 01 November 2015
400,000
400,000
At 31 October 2016
Amortisation
220,000
At 01 November 2015
20,000
Charge for year
240,000
At 31 October 2016
160,000
Net Book Values
At 31 October 2016
180,000
At 31 October 2015
3 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
421,976
At 01 November 2015
148,060
Additions
(194,230)
Disposals
At 31 October 2016
375,806
Depreciation
206,665
At 01 November 2015
(56,561)
Disposals
35,030
Charge for year
185,134
At 31 October 2016
Net book values
At 31 October 2016
190,672
215,311
At 31 October 2015
4 Share capital
Allotted called up and fully paid
2016
2015
£
£
2 Ordinary shares of £1.00 each
2
2
2
2
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