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A & M Metals Limited
Registered Number:05259237
For the year ended 31 October 2017
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2017
A & M Metals Limited
Contents Page
1
Statement of Financial Position
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Notes to the Financial Statements
3
As at 31 October 2017
A & M Metals Limited
Statement of Financial Position
Registered Number :
05259237
£
£
2016
2017
Notes
Fixed assets
Intangible assets
140,000
160,000
2
Property, plant and equipment
207,593
190,672
3
347,593
350,672
Current assets
Inventories
281,080
285,000
Trade and other receivables
374,380
1,218,760
4
1,025,457
Cash and cash equivalents
1,125,284
2,629,044
1,680,917
Trade and other payables: amounts falling due within one year
(350,256)
(580,975)
5
1,330,661
2,048,069
Net current assets
Total assets less current liabilities
2,395,662
1,681,333
(39,000)
(38,000)
Provisions for liabilities
2,356,662
Net assets
1,643,333
Capital and reserves
Called up share capital
2
2
Retained earnings
2,356,660
1,643,331
2,356,662
1,643,333
Shareholders' funds
For the year ended 31 October 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2017 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
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.
J Morgan Director
These financial statements were approved and authorised for issue by the Board on 31 May 2018 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 October 2017
A & M Metals Limited
Notes to the Financial Statements
Statutory Information
A & M Metals Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
05259237.
Registered address:
c/o de Longa & Company
Ffordd Celyn
Lon Parcwr Business Park
Ruthin
LL15 1NJ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as modified by the revaluation of certain
assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of 20 years.
Property, plant and equipment
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
25% Reducing balance
Motor vehicles
15% Reducing balance
Fixtures and fittings
Inventories
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.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
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.
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5
For the year ended 31 October 2017
A & M Metals Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 November 2016
400,000
At 31 October 2017
400,000
Amortisation
At 01 November 2016
240,000
20,000
Charge for year
At 31 October 2017
260,000
Net book value
At 31 October 2017
140,000
At 31 October 2016
160,000
3. Property, plant and equipment
Total
Fixtures and
fittings
Motor vehicles
Plant and
machinery
£
£
£
£
Cost or valuation
At 01 November 2016
375,806
10,908
66,750
298,148
65,159
-
13,750
51,409
Additions
-
(32,250)
-
Disposals
(32,250)
At 31 October 2017
349,557
48,250
10,908
408,715
Provision for depreciation and impairment
At 01 November 2016
185,134
4,978
30,637
149,519
Charge for year
38,001
889
9,906
27,206
(22,013)
-
(22,013)
-
On disposal
At 31 October 2017
201,122
5,867
18,530
176,725
At 31 October 2017
Net book value
172,832
29,720
5,041
207,593
At 31 October 2016
148,629
36,113
5,930
190,672
4. Trade and other receivables
2016
2017
£
£
Trade debtors
445,223
138,526
Other debtors
773,537
235,854
374,380
1,218,760
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6
For the year ended 31 October 2017
A & M Metals Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2016
2017
£
£
Trade creditors
26,113
45,064
Taxation and social security
458,512
284,861
Other creditors
96,350
20,331
580,975
350,256
6. Related party transactions
The pension scheme, mentioned in note 1, owns part of the company's trading premises. Rent paid during the year
amounted to £25,200.
J & D Morgan Limited is controlled by a director and members of his close family. Loans advanced to J & D Morgan Limited
during the year were £528,080. The amount still outstanding at 31 October 2017 amounted to £741,939. The loans are
interest free with no fixed repayment date and included in other debtors.
7. Average number of persons employed
During the year the average number of employees was 13 (2016 : 11)
8. Transition to FRS 102
These financial statements for the year ended 31 October 2017 are the first financial statements that comply with FRS 102
Section 1A for small entities. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting
policies to those used previously.
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