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REGISTERED NUMBER: 01279115 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Period 1 October 2022 to 31 March 2023

for

Sheffield Refractories Limited

Sheffield Refractories Limited (Registered number: 01279115)






Contents of the Financial Statements
for the Period 1 October 2022 to 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


Sheffield Refractories Limited

Company Information
for the Period 1 October 2022 to 31 March 2023







DIRECTORS: J Gray
D Parakh
M A Payne
T Staton
J Staton



SECRETARY: T Staton



REGISTERED OFFICE: Bradshaw Works
Swinston Hill Road
Dinnington
Sheffield
South Yorkshire
S25 2RY



REGISTERED NUMBER: 01279115 (England and Wales)



SENIOR STATUTORY AUDITOR: Christopher John Woodhead



AUDITORS: C J Woodhead & Co Limited
158 Hemper Lane
Greenhill
Sheffield
South Yorkshire
S8 7FE

Sheffield Refractories Limited (Registered number: 01279115)

Strategic Report
for the Period 1 October 2022 to 31 March 2023

The directors present their strategic report for the period 1 October 2022 to 31 March 2023.

REVIEW OF BUSINESS
Commercial Challenges in this Financial Year

The situation with Raw Material prices and availability is easing. Another significant benefit is that the cost of container transport has now reduced to viable levels. This provides us with more flexibility in terms of not only managing Raw Material deliveries but also in controlling Stock levels.This challenge over the last few years has not been without reward we have now found new sources of key Raw Materials.

Developments

We continue to develop our production facilities. Some significant improvements to our production plant at Dinnington have been completed within the last 6 months but we have more developments to following in the coming months. Our target is to have an efficient, flexible, dust free production facility.

Sales

We have continued to develop our sales within the Steel Industry with specific success with the supply of products and services for Blast Furnace Plants. Our sales tonnages increased for the third consecutive year, and we continue to expand our production capability to match this increased demand.

We have continued to enjoyed success with Robotic Blast Furnace Stack Shotcrete Repairs. With every project we now extend our ability to control the process and to secure absolute consistency. This involves the implementation of a whole series of unique initiatives that we believe significantly raise our standards and professionalism.

General

In February 2023 the company was acquired by the IFGL Group. Sheffield Refractories now becomes a member of this family of companies that operate independently on a day to base. The acquisition will immediately provide funds to begin the development of a new Taphole Clay Plant. We believe that acquisition by the IFGL Group will provide Sheffield Refractories with the opportunity to grow and develop to achieve the significant potential that we can see within the Northern European market but also, potentially, via our new sister companies that are operating in other markets.


Sheffield Refractories Limited (Registered number: 01279115)

Strategic Report
for the Period 1 October 2022 to 31 March 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business together with the nature of the company strategy are subject to a number of risks.

The main commercial risks presently faced by the Company are a) High proportion of fixed overheads with variable revenues, b) The war in Ukraine and c) High energy costs. The director's believe that a system for risk assessment, identification, monitoring, control and mitigation exist whereby these risks, together with other micro and macro risks faced by the Company are managed continually.

Financial Risk Management Objectives and Policies

The Company uses financial instruments, other than derivatives, which comprise borrowings, cash and other liquid resources, together with various other items such as trade receivables and payables that arise directly from its operations.

The main purpose of these financial instruments is to raise finance for the Company's operations. The main risks arising from the Company's financial instruments are interest rate risks, liquidity risks, and foreign exchange risk. The director's review and agree policies for managing each of these risks, as summarised below.

These policies remain unchanged from previous periods.

Interest Rate Risk

The Company finances it's operations through a mixture of retained profits, inter-company accounts and bank borrowings. The Company's exposure to interest rate fluctuations on these borrowings is managed by the use of fixed and floating facilities.

Liquidity Risk

The Company seeks to manage liquidity risk by ensuring that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through loans, mortgages and bank facilities.

Currency Risk

The Company is exposed to transactions and translation foreign exchange risk. In relation to translation risk, the proportion of assets held in the foreign currency are matched to appropriate levels of reserves in the same currency. Transaction exposures arise as a result of overseas trade.

ON BEHALF OF THE BOARD:




T Staton - Director



Sheffield Refractories Limited (Registered number: 01279115)

Strategic Report
for the Period 1 October 2022 to 31 March 2023

23 May 2023

Sheffield Refractories Limited (Registered number: 01279115)

Report of the Directors
for the Period 1 October 2022 to 31 March 2023

The directors present their report with the financial statements of the company for the period 1 October 2022 to 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of manufacture, supply and installation of specialised refractory products into a wide range of thermal process industries.

DIVIDENDS
No dividends will be distributed for the period ended 31 March 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report.

J Gray
T Staton

Other changes in directors holding office are as follows:

D Parakh - appointed 24 February 2023
M A Payne - appointed 24 February 2023
J Staton - appointed 24 February 2023

DIRECTORS' RESPONSIBILITIES STATEMENT
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.

Sheffield Refractories Limited (Registered number: 01279115)

Report of the Directors
for the Period 1 October 2022 to 31 March 2023


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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, C J Woodhead & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T Staton - Director


23 May 2023

Report of the Independent Auditors to the Members of
Sheffield Refractories Limited

Opinion
We have audited the financial statements of Sheffield Refractories Limited (the 'company') for the period ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 March 2023 and of its profit for the period 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Sheffield Refractories Limited


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, except to the extent otherwise explicitly stated in our report, 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 we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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.

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 Directors' Responsibilities Statement 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.

Report of the Independent Auditors to the Members of
Sheffield Refractories Limited


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based upon our understanding of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations relate to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extend to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated managements incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principle risks were related to revenue and trade receivables.

To address the risk of fraud through management bias and override of controls, we:
• Performed analytical procedures to identify an unusual or unexpected relationships;
• Identified and tested journal entries to identify unusual transactions;
• Assessed whether judgements and assumptions made in determining the accounting estimates set out in note two were indicative of potential bias; and
• Investigated the rationale behind significant or unusual transactions.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Report of the Independent Auditors to the Members of
Sheffield Refractories Limited


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.




Christopher John Woodhead (Senior Statutory Auditor)
for and on behalf of C J Woodhead & Co Limited
158 Hemper Lane
Greenhill
Sheffield
South Yorkshire
S8 7FE

23 May 2023

Sheffield Refractories Limited (Registered number: 01279115)

Income Statement
for the Period 1 October 2022 to 31 March 2023

Period Year Ended
1.10.22 to 31.3.23 30.9.22
Notes £    £    £    £   

TURNOVER 9,497,517 17,818,348

Cost of sales 7,289,641 13,521,880
GROSS PROFIT 2,207,876 4,296,468

Distribution costs 506,771 1,084,114
Administrative expenses 1,337,276 3,826,491
1,844,047 4,910,605
363,829 (614,137 )

Other operating income 5 21
OPERATING PROFIT/(LOSS) 4 363,834 (614,116 )

Interest receivable and similar income 287 -
364,121 (614,116 )

Interest payable and similar expenses 5 119,164 159,152
PROFIT/(LOSS) BEFORE TAXATION 244,957 (773,268 )

Tax on profit/(loss) 6 - -
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

244,957

(773,268

)

Sheffield Refractories Limited (Registered number: 01279115)

Other Comprehensive Income
for the Period 1 October 2022 to 31 March 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   

PROFIT/(LOSS) FOR THE PERIOD 244,957 (773,268 )


OTHER COMPREHENSIVE INCOME
Capital revaluation - 1,215,006
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

-

1,215,006
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

244,957

441,738

Sheffield Refractories Limited (Registered number: 01279115)

Balance Sheet
31 March 2023

31.3.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,785,154 1,821,481

CURRENT ASSETS
Stocks 9 2,558,180 2,486,580
Debtors 10 4,020,169 4,208,907
Cash at bank and in hand 262,578 82,187
6,840,927 6,777,674
CREDITORS
Amounts falling due within one year 11 5,558,938 5,741,777
NET CURRENT ASSETS 1,281,989 1,035,897
TOTAL ASSETS LESS CURRENT LIABILITIES 3,067,143 2,857,378

CREDITORS
Amounts falling due after more than one
year

12

139,797

174,989
NET ASSETS 2,927,346 2,682,389

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Revaluation reserve 15 1,215,006 1,215,006
Retained earnings 15 1,711,340 1,466,383
SHAREHOLDERS' FUNDS 2,927,346 2,682,389

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2023 and were signed on its behalf by:





T Staton - Director


Sheffield Refractories Limited (Registered number: 01279115)

Statement of Changes in Equity
for the Period 1 October 2022 to 31 March 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 October 2021 1,000 3,096,712 - 3,097,712

Changes in equity
Dividends - (857,061 ) - (857,061 )
Total comprehensive income - (773,268 ) 1,215,006 441,738
Balance at 30 September 2022 1,000 1,466,383 1,215,006 2,682,389

Changes in equity
Total comprehensive income - 244,957 - 244,957
Balance at 31 March 2023 1,000 1,711,340 1,215,006 2,927,346

Sheffield Refractories Limited (Registered number: 01279115)

Cash Flow Statement
for the Period 1 October 2022 to 31 March 2023

Period
1.10.22
to Year Ended
31.3.23 30.9.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 584,179 810,897
Interest paid (9,602 ) (35,632 )
Finance costs paid (109,562 ) (123,520 )
Net cash from operating activities 465,015 651,745

Cash flows from investing activities
Purchase of tangible fixed assets (785 ) (18,336 )
Interest received 287 -
Net cash from investing activities (498 ) (18,336 )

Cash flows from financing activities
Loan repayments in year (140,677 ) (336,743 )
Amount introduced by directors 8,850 -
Amount withdrawn by directors (8,850 ) (5,000 )
Equity dividends paid - (857,061 )
Net cash from financing activities (140,677 ) (1,198,804 )

Increase/(decrease) in cash and cash equivalents 323,840 (565,395 )
Cash and cash equivalents at beginning
of period

2

(61,262

)

504,133

Cash and cash equivalents at end of
period

2

262,578

(61,262

)

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Cash Flow Statement
for the Period 1 October 2022 to 31 March 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Profit/(loss) before taxation 244,957 (773,268 )
Depreciation charges 37,113 91,247
Finance costs 119,164 159,152
Finance income (287 ) -
400,947 (522,869 )
Increase in stocks (71,600 ) (417,626 )
Decrease in trade and other debtors 188,738 1,493,020
Increase in trade and other creditors 66,094 258,372
Cash generated from operations 584,179 810,897

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 March 2023
31.3.23 1.10.22
£    £   
Cash and cash equivalents 262,578 82,187
Bank overdrafts - (143,449 )
262,578 (61,262 )
Year ended 30 September 2022
30.9.22 1.10.21
£    £   
Cash and cash equivalents 82,187 504,133
Bank overdrafts (143,449 ) -
(61,262 ) 504,133


Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Cash Flow Statement
for the Period 1 October 2022 to 31 March 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank and in hand 82,187 180,391 262,578
Bank overdrafts (143,449 ) 143,449 -
(61,262 ) 323,840 262,578
Debt
Debts falling due within 1 year (187,686 ) 105,484 (82,202 )
Debts falling due after 1 year (174,989 ) 35,192 (139,797 )
(362,675 ) 140,676 (221,999 )
Total (423,937 ) 464,516 40,579

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements
for the Period 1 October 2022 to 31 March 2023

1. STATUTORY INFORMATION

Sheffield Refractories 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 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 as modified by the revaluation of certain assets.

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 requirement of paragraph 33.7.

The financial statements of the Company are consolidated in the financial statements of IFGL Refractories Limited. These consolidated financial statements are available from its head office and corporate office at 3 Netaji Subhas Road, Kolkata - 700 001, India.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Critical accounting judgements and key sources of estimation uncertainty
Management apply their judgement to a variety of balances. Provisions (for depreciation and against debtors) as well as certain accruals or prepayments are based on management's expected outcome with reference to similar balances in prior years. Provisions against debtors are made by reference to the financial position of each respective customer and the criticality of supplies. The necessity of these provisions is kept under constant review.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

After the revaluation of plant and machinery in 2022, the remaining useful life of the assets in this catagory was deemed to be 10 years. The depreciation policy was therefore changed from 20% straight line to 10% straight line with effect from 1st October 2022.

It is recognised that assets may be acquired in future with expected useful lives of 5 to 10 years and these will be depreciated accordingly.

Stocks
Stocks 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 period 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 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 period 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.

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Wages and salaries 1,154,968 2,309,523
Social security costs 108,140 200,081
Other pension costs 54,612 107,470
1,317,720 2,617,074

The average number of employees during the period was as follows:
Period
1.10.22
to Year Ended
31.3.23 30.9.22

Manufacturing 34 34
Sales and administration 23 22
Directors 3 2
60 58

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

3. EMPLOYEES AND DIRECTORS - continued

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Directors' remuneration 101,572 174,961

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Leasing & hire of plant
& machinery 313,246 434,985
Depreciation - owned assets 37,112 91,247

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Bank interest 9,602 35,632
Invoice discounting charges 90,838 102,774
Foreign exchange charges 18,724 20,746
119,164 159,152

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 31 March 2023 nor for the year ended 30 September 2022.

Tax effects relating to effects of other comprehensive income

There were no tax effects for the period ended 31 March 2023.


Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

6. TAXATION - continued
30.9.22
Gross Tax Net
£    £    £   
Capital revaluation 1,215,006 - 1,215,006

7. DIVIDENDS
Period
1.10.22
to Year Ended
31.3.23 30.9.22
£    £   
Ordinary share of £1
Final - 857,061

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 October 2022 1,300,000 512,000 5,203
Additions - - -
At 31 March 2023 1,300,000 512,000 5,203
DEPRECIATION
At 1 October 2022 - - 4,805
Charge for period 7,500 25,600 92
At 31 March 2023 7,500 25,600 4,897
NET BOOK VALUE
At 31 March 2023 1,292,500 486,400 306
At 30 September 2022 1,300,000 512,000 398

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

8. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 65,710 120,573 2,003,486
Additions - 785 785
At 31 March 2023 65,710 121,358 2,004,271
DEPRECIATION
At 1 October 2022 62,614 114,586 182,005
Charge for period 1,062 2,858 37,112
At 31 March 2023 63,676 117,444 219,117
NET BOOK VALUE
At 31 March 2023 2,034 3,914 1,785,154
At 30 September 2022 3,096 5,987 1,821,481

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2022 860,212 354,795 -
Cost 439,788 157,205 5,203
1,300,000 512,000 5,203

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2022 - - 1,215,007
Cost 65,710 121,358 789,264
65,710 121,358 2,004,271

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

8. TANGIBLE FIXED ASSETS - continued

Land and buildings have been revalued. The revised valuation was £1,300,000 at 30th September 2022 compared to a net book value of 439,788 at the same date. Land & Buildings have therefore been revalued by £860,212.

Plant & Machinery has also been revalued. The revised valuation was £512,000 at 30th September 2022 compared to a net book value of £157,206 at the same date. Plant and Machinery has therefore been revalued by £354,794.

9. STOCKS
31.3.23 30.9.22
£    £   
Raw materials 1,463,270 1,595,174
Work-in-progress - 121,774
Finished goods 1,094,910 769,632
2,558,180 2,486,580

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 30.9.22
£    £   
Trade debtors 3,964,227 4,164,145
Prepayments and accrued income 55,942 44,762
4,020,169 4,208,907

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 30.9.22
£    £   
Bank loans and overdrafts (see note 13) - 143,449
Other loans (see note 13) 82,202 187,686
Trade creditors 2,352,992 1,728,918
Social security and other taxes 207,684 11,349
Wages & salaries control 74,509 77,374
Other creditors 8,920 21,024
Invoice discounting creditors 2,729,952 3,487,370
Directors' current accounts 8,850 8,850
Accrued expenses 93,829 75,757
5,558,938 5,741,777

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 30.9.22
£    £   
Bank loans (see note 13) 139,797 174,989

13. LOANS

An analysis of the maturity of loans is given below:

31.3.23 30.9.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 143,449
Other loans 82,202 187,686
82,202 331,135

Amounts falling due between one and two years:
Other loans 82,202 82,203

Amounts falling due between two and five years:
Other loans 57,595 92,786

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 30.9.22
value: £    £   
1 Ordinary £1 1,000 1,000

15. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2022 1,466,383 1,215,006 2,681,389
Profit for the period 244,957 244,957
At 31 March 2023 1,711,340 1,215,006 2,926,346

Sheffield Refractories Limited (Registered number: 01279115)

Notes to the Financial Statements - continued
for the Period 1 October 2022 to 31 March 2023

16. ULTIMATE CONTROLLING PARTY

The controlling party is IFGL Refractories Limited, acompany registered in India..

Monocan International Refractories Limited is the Company's immediate parent company.