REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 October 2017 |
for |
Abbey Forged Products Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 October 2017 |
for |
Abbey Forged Products Limited |
Abbey Forged Products Limited (Registered number: 01644542) |
Contents of the Financial Statements |
for the Year Ended 31 October 2017 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 7 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
Abbey Forged Products Limited |
Company Information |
for the Year Ended 31 October 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
5 Westbrook Court |
Sharrowvale Road |
Sheffield |
South Yorkshire |
S11 8YZ |
Abbey Forged Products Limited (Registered number: 01644542) |
Strategic Report |
for the Year Ended 31 October 2017 |
The directors present their strategic report for the year ended 31 October 2017. |
REVIEW OF BUSINESS |
The company has seen a modest increase in turnover of approximately 9% but a slight dip in overall profitability due to |
tightened margins. Despite this the company has been able to broadly maintain its net asset position. The company |
expects to reverse the profitability dip, continue with future turnover growth and continue technological advancements in |
line with its expectations. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
Risk is present in all businesses. The directors consider the major risks and uncertainties at this point in time are: |
1. Product Mix |
Commodity-like steel products face higher degrees of competition and are more exposed to price volatility. The |
company produces higher value added products that provide above average margins, stable volumes and contribute to a |
reduction on relative earnings fluctuations. |
2. Raw Material Position |
The cost efficiency of the company's operations is highly dependent on the cost and availability of raw materials. The |
company does not rely too heavily on one major supplier for raw materials, which gives the company access to readily |
available raw materials at competitive prices. |
3. Market Volatility |
Being that the company operates in the steel industry, its earnings are exposed to cyclical changes to supply and demand, |
resulting in price fluctuations which can lead to varied and volatile financial performance. Management have significant |
experience in the steel industry which allows them to take a proactive response to cyclical changes in order to reduce the |
risk that market volatility has on the company's financial performance. |
Abbey Forged Products Limited (Registered number: 01644542) |
Strategic Report |
for the Year Ended 31 October 2017 |
PERFORMANCE MONITORING |
The board monitors the company's performance in a number of ways including key performance indicators. The key |
financial performance indicators for the company are as follows: |
2017 | 2016 |
£ | £ |
Revenue | 23,692,126 | 21,760,238 |
Return On Capital Employed | 12% | 27.1% |
Operating Profit per Employee | 11,297 | 30,108 |
Turnover per Employee | 122,124 | 124,344 |
Gross Profit Margin | 28% | 37.2% |
Operating Profit Margin | 9.3% | 24.6% |
Current Ratio | 1.28:1 | 1.34:1 |
The revenue indicator represents the value of goods delivered to customers in the year and measures sales reduction in |
value terms. |
The return on capital employed indicator represents the value of return to the shareholder in the year through the |
activities of the business and measures return in value terms. |
The operating profit per employee indicator represents the contribution per employee to overall profit levels and |
measures growth per employee in value terms. |
The turnover per production employee indicator represents the value of sales output per employee and measures |
production efficiency in value terms. |
The gross profit margin is calculated by dividing gross profit by revenue and measures the total profitability of product |
sales. |
The operating profit margin is the profit generated by the company from operations excluding finance and investment |
income and costs before taxation. This indicator measures the overall profitability of the business for the year. |
The current ratio indicator represents the value of the company's current assets to its current liabilities and measures the |
ability of the company to finance its current liabilities from business operations as they fall due. |
The board also considers the following key non-financial performance indicators: |
1. Customer mix against plans |
2. Sales activities measured against results. |
These non-financial indicators are reviewed regularly by the board. |
ON BEHALF OF THE BOARD: |
Abbey Forged Products Limited (Registered number: 01644542) |
Report of the Directors |
for the Year Ended 31 October 2017 |
The directors present their report with the financial statements of the company for the year ended 31 October 2017. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of dealing in stainless steel. |
DIVIDENDS |
Particulars of dividends are detailed on note 4 to the financial statements. |
FUTURE DEVELOPMENTS |
The company plans to return to growth in future years and the directors are focused and confident regarding business |
development in the future. The Directors expect their overall general investments within the company to increase the |
company's trade and profits in future years. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2016 to the date of this |
report. |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise of bank balances, trade creditors, trade debtors and loans both |
to and from the company. |
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's |
approach to managing other risks applicable to the financial instruments concerned is shown below. |
In respect of bank balances the liquidity risk is managed by maintaining a balance in order to ensure all due amounts can |
be paid within the deadlines stipulated when credit is taken. The company makes use of additional funds held in excess |
of that required for day to day running of the company by investing them in high interest accounts. These have instant |
access to ensure money is available where required to meet any day to day demands on cash flow. |
In respect of loans to and from the company, these comprise of loans both from and to directors and to employees. The |
loans to and from directors and to employees are interest free and payable on demand. The directors are aware of the |
company's financial position and would not withdraw funds unless the company had sufficient funds to satisfy the day to |
day running of the business. |
Trade debtors are managed in respect of credit and cash flow risk by the regular monitoring of amounts outstanding for |
time limits. |
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year the company made charitable donations to the following charities; |
The Childrens Hospital Charity - £32,155 |
The Prince's Trust - £17,375 |
The Outward Bound Trust - £12,000 |
Various smaller donations - £8,952 |
EURO ISSUES |
The company's systems are Euro compatible. The company has assessed the situation and does not anticipate any |
problems or additional costs if the Euro is introduced in the UK. |
Abbey Forged Products Limited (Registered number: 01644542) |
Report of the Directors |
for the Year Ended 31 October 2017 |
DIRECTORS INDEMNITY PROVISIONS |
The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act |
2006. This indemnity does not provide cover in the event of a director being proven to have acted fraudulently or |
dishonestly. |
EMPLOYEE POLICIES |
The company has equal opportunities policies which are applied to job applicants and existing employees. |
Full and fair consideration is given to the employment of disabled persons and the company has made, and will continue |
to make every effort to retain and assist individuals disabled in the course of their employment and to help with their |
rehabilitation. |
Employees are made aware of the financial and economic factors affecting the achievements of the company for which |
they work and the way in which their personal contributions are of fundamental importance to the further success of the |
business. |
DISCLOSURE IN THE STRATEGIC REPORT |
The directors have chosen to disclose in their strategic report information including a fair review of business in the |
period alongside comments surrounding the financial risk management objectives and policies of the entity. This is also |
accompanied by a detailed performance monitoring section containing KPI's the directors feel measure the entity most |
accurately. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
The directors are responsible for the maintenance and integrity of the corporate and financial information included on |
the company's website and for following applicable accounting standards. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
Abbey Forged Products Limited (Registered number: 01644542) |
Report of the Directors |
for the Year Ended 31 October 2017 |
AUDITORS |
The auditors, Sutton McGrath Hartley, will be proposed for re-appointment at the forthcoming Annual General |
Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Abbey Forged Products Limited |
Opinion |
We have audited the financial statements of Abbey Forged Products Limited (the 'company') for the year ended |
31 October 2017 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, |
Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2017 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
Our opinion on the financial statements does not cover the other information and we do not express any form of |
assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we |
conclude that there is a material misstatement of this other information, we are required to report that fact. We have |
nothing to report in this regard. |
Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Abbey Forged Products Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
5 Westbrook Court |
Sharrowvale Road |
Sheffield |
South Yorkshire |
S11 8YZ |
Abbey Forged Products Limited (Registered number: 01644542) |
Income Statement |
for the Year Ended 31 October 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Income from shares in group undertakings | 6 |
Interest receivable and similar income |
164,979 | 177,575 |
2,502,978 | 5,536,725 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Abbey Forged Products Limited (Registered number: 01644542) |
Other Comprehensive Income |
for the Year Ended 31 October 2017 |
2017 | 2016 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Abbey Forged Products Limited (Registered number: 01644542) |
Statement of Financial Position |
31 October 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on |
Abbey Forged Products Limited (Registered number: 01644542) |
Statement of Changes in Equity |
for the Year Ended 31 October 2017 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2015 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2016 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2017 |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements |
for the Year Ended 31 October 2017 |
1. | STATUTORY INFORMATION |
Abbey Forged Products Limited is a |
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 |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Preparation of consolidated financial statements |
The financial statements contain information about Abbey Forged Products Limited as an individual company |
and do not contain consolidated financial information as the parent of a group. The company is exempt under |
Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it |
and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its |
parent, The Abbey Group UK Ltd, Beeley Wood Works, Sheffield, S6 1ND. |
Turnover |
Turnover is the amount derived from ordinary activities measured at the fair value of the consideration received |
or receivable. The stated amount is after trade discounts, other sales taxes and Value Added Tax, in accordance |
with FRS102 Section 23. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
The directors consider that freehold properties are maintained in such a state of repair that their residual value is |
at least equal to their net book values. As a result, the corresponding depreciation would not be material and |
therefore is not charged in the profit and loss account. |
The directors perform annual impairment reviews in accordance with the requirements of FRS102 Section 17 |
and Section 27 to ensure that the carrying value is not lower than the recoverable amount. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
2. | ACCOUNTING POLICIES - continued |
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 statement of financial position date. |
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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the |
operating result. |
Hire purchase and leasing commitments |
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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2017 | 2016 |
£ | £ |
UK | 20,060,539 | 16,979,898 |
Europe | 1,442,619 | 1,945,755 |
Rest of World | 2,335,332 | 2,834,585 |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
4. | EMPLOYEES AND DIRECTORS |
2017 | 2016 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2017 | 2016 |
Production and Manual | 127 | 124 |
Administration | 67 | 54 |
2017 | 2016 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2017 | 2016 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Auditors' remuneration for non audit work |
6. | INCOME FROM SHARES IN GROUP UNDERTAKINGS |
2017 | 2016 |
£ | £ |
Shares in group undertakings |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2017 | 2016 |
£ | £ |
Interest on overdue taxation |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2017 | 2016 |
£ | £ |
Current tax: |
UK corporation tax |
Prior Year Under/Overprovision | - | (30,352 | ) |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
2017 | 2016 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2016 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Tax charged at higher rates |
Deferred Tax | ( |
) |
Profit on disposal of Fixed Asset | - | (2,416 | ) |
Total tax charge | 451,413 | 1,084,082 |
9. | DIVIDENDS |
2017 | 2016 |
£ | £ |
Interim |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Long | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 November 2016 |
Additions |
At 31 October 2017 |
DEPRECIATION |
At 1 November 2016 |
Charge for year |
At 31 October 2017 |
NET BOOK VALUE |
At 31 October 2017 |
At 31 October 2016 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2016 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2017 |
DEPRECIATION |
At 1 November 2016 |
Charge for year |
At 31 October 2017 |
NET BOOK VALUE |
At 31 October 2017 |
At 31 October 2016 |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 November 2016 |
and 31 October 2017 |
NET BOOK VALUE |
At 31 October 2017 |
At 31 October 2016 |
The company's investments at the Statement of Financial Position date in the share capital of companies include |
the following: |
Registered office: Beeley Wood Works,Beeley Wood Lane, Sheffield, South Yorkshire, S6 1ND |
Nature of business: |
% |
Class of shares: | holding |
2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
Registered office: Offices of Tricor Services (BVI) Limited, PO Box 3340, 2F Palm Grove House,Road Town, Tortola. |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year | ( |
) | ( |
) |
Registered office: Beeley Wood Works,Beeley Wood Lane, Sheffield, South Yorkshire, S6 1ND |
Nature of business: |
% |
Class of shares: | holding |
2017 | 2016 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
12. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2016 |
and 31 October 2017 |
NET BOOK VALUE |
At 31 October 2017 |
At 31 October 2016 |
On 17 January 2013, the company acquired freehold investment property in Spain. Whilst no formal valuation |
was undertaken to value the property as at 31 October 2017, it is the directors' opinion that the value of the |
property is not materially different to the amount that the property cost the company on 17 January 2013. |
13. | STOCKS |
2017 | 2016 |
£ | £ |
Work-in-progress |
Finished goods |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 4,177,475 | 2,038,575 |
Prepayments and accrued income |
Prepayments |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 323,301 | 338,502 |
Other creditors |
Accrued expenses |
All payment terms are agreed with each supplier and the current creditor days are 66 days (2016: 67 days) |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
16. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 162,066 | 166,366 |
Deferred |
tax |
£ |
Balance at 1 November 2016 |
Accelerated capital allowances | (4,300 | ) |
Balance at 31 October 2017 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2016 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2017 |
19. | CAPITAL COMMITMENTS |
2017 | 2016 |
£ | £ |
Contracted but not provided for in the |
financial statements |
20. | TRANSACTIONS WITH DIRECTORS |
The disclosures of the information is given in a summarised form. |
Abbey Forged Products Limited (Registered number: 01644542) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2017 |
21. | RELATED PARTY DISCLOSURES |
Related Party Exemption |
The company has taken advantage of the exemption granted under FRS102 Section 33 from the requirement to |
disclose transactions with other members of The Abbey Group as the company is wholly owned within the group |
and the consolidated financial statements of the group are publicly available. |
Other Related Party Transactions |
Included in debtors is an amount due from Mrs J M & Mr RS Neal and Mr JS Neal, who are both directors of the |
company and are the ultimate controlling parties. The loan is as follows: |
Balance brought forward as at 01/11/2016 £ | Undrawn Net Salary, Dividends and Capital Introduced £ | Drawings £ | Balance carried forward as at 31/10/2017 £ |
Mrs J M and Mr R S Neal | (1,951,545 | ) | 1,975,000 | (4,129,887 | ) | (4,106,433 | ) |
Mr J S Neal | (86,930 | ) | 38,660 | (22,773 | ) | (71,042 | ) |
The maximum outstanding balance due to the company from Mrs J M and Mr R S Neal during the year was |
£4,106,433. |
The maximum outstanding balance due to the company from Mr JS Neal during the year was £86,930. |
The loans have no fixed dates for repayment and no credit or debit interest is applied to balances. |
22. | POST BALANCE SHEET EVENTS |
There are no events since the end of the year which require disclosure to the financial statements. |
23. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of The Abbey Group UK Limited, a company incorporated in |
England. The company is under the ultimate control of Mrs J M Neal and Mr R S Neal who between them own |
100% of the share capital of The Abbey Group UK Limited. The group accounts of The Abbey Group UK |
Limited are available from the Registrar Of Companies. |
24. | POWER TO AMEND FINANCIAL STATEMENTS |
The directors have the power to amend the financial statements after they have been issued. |