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Registration number: 12484664

Sl Fabrications Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Sl Fabrications Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Sl Fabrications Ltd

Company Information

Director

Mrs L Waterfall

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

Sl Fabrications Ltd

(Registration number: 12484664)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed Assets

 

Tangible Assets

4

10,473

405

Current assets

 

Stocks

5

115,015

-

Debtors

6

140,172

9,775

Cash at bank and in hand

 

4,021

12,710

 

259,208

22,485

Creditors: Amounts falling due within one year

7

(238,959)

(82,556)

Net current assets/(liabilities)

 

20,249

(60,071)

Net assets/(liabilities)

 

30,722

(59,666)

Capital and Reserves

 

Called up share capital

8

3

3

Retained Earnings

30,719

(59,669)

Shareholders' funds/(deficit)

 

30,722

(59,666)

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 September 2022
 

.........................................
Mrs L Waterfall
Director

 

Sl Fabrications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the director on 10 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Sl Fabrications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022 (continued)

2

Accounting policies (continued)

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% WDV

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Sl Fabrications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2021 - 5).

 

Sl Fabrications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022 (continued)

4

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2021

423

-

423

Additions

4,045

7,026

11,071

At 28 February 2022

4,468

7,026

11,494

Depreciation

At 1 March 2021

18

-

18

Charge for the year

794

209

1,003

At 28 February 2022

812

209

1,021

Carrying amount

At 28 February 2022

3,656

6,817

10,473

At 28 February 2021

405

-

405

5

Stocks

2022
£

2021
£

Work in progress

115,015

-

6

Debtors

Current

2022
£

2021
£

Trade Debtors

125,476

6,210

Other debtors

14,696

3,565

 

140,172

9,775

7

Creditors

Creditors: amounts falling due within one year

 

Sl Fabrications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022 (continued)

7

Creditors (continued)

2022
£

2021
£

Due within one year

Trade Creditors

220,058

65,448

Taxation and social security

6,763

16,576

Other creditors

12,138

532

238,959

82,556

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

3

3

3

3

         

9

Related party transactions

 

Sl Fabrications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022 (continued)

9

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£