REGISTERED NUMBER: 01570148 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

Abbey Steel And Shearing Company

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J K Joshi

SECRETARY:

P R Joshi

REGISTERED OFFICE:

28 Church Road

Stanmore

Middlesex

HA7 4XR

REGISTERED NUMBER:

01570148 (England and Wales)

ACCOUNTANTS:

Parker Cavendish

Chartered Accountants

28 Church Road

Stanmore

Middlesex

HA7 4XR

FIXED ASSETS

Property, plant and equipment

4

28,000

34,329

CURRENT ASSETS

Inventories

718,133

392,021

Debtors

5

971,964

830,310

Cash at bank and in hand

14,742

372,217

1,704,839

1,594,548

CREDITORS

Amounts falling due within one year

6

1,347,913

1,368,550

NET CURRENT ASSETS

356,926

225,998

TOTAL ASSETS LESS CURRENT LIABILITIES

384,926

260,327

PROVISIONS FOR LIABILITIES

5,320

6,263

NET ASSETS

379,606

254,064

CAPITAL AND RESERVES

Called up share capital

69,610

69,610

Retained earnings

309,996

184,454

SHAREHOLDERS' FUNDS

379,606

254,064

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 14 November 2017 and were signed by:

J K Joshi - Director

1.	STATUTORY INFORMATION

Abbey Steel And Shearing Company 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.

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.

These financial statements for the year ended 31 March 2017 are the first financial statements of the

company that comply with FRS 102. The date of transition is 1 April 2015. No differences to the

reported financial position and income statement for the previous year were noted as a result of the

transition to FRS 102.

The principal accounting policies adopted in the preparation of the financial statements are set out

below and have remained unchanged from the previous year, and also have been consistently applied

within the same accounts.

Turnover

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

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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 material 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 26 .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

223,807

22,112

245,919

DEPRECIATION

At 1 April 2016

190,196

21,394

211,590

Charge for year

6,150

179

6,329

At 31 March 2017

196,346

21,573

217,919

NET BOOK VALUE

At 31 March 2017

27,461

539

28,000

At 31 March 2016

33,611

718

34,329

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

910,880

786,321

Other debtors

1,255

-

Value added tax

15,182

-

Prepayments & accrued income

44,647

43,989

971,964

830,310

Trade debtors of £875,789 have been assigned as security to a third party under a trade finance

agreement. Against this sum £390,279 (2016 - £478,717) has been advanced to the company. This is

included within other creditors.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

1,656

Trade creditors

667,696

495,402

Amounts owed to group undertakings

-

70,000

Tax

64,918

37,280

Social security & other taxes

7,514

6,894

Value added tax

-

93,673

Other creditors

392,102

488,667

Directors' current accounts

137,866

29,995

Accruals & deferred income

77,817

144,983

1,347,913

1,368,550

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

-

1,656