Company Registration No. 13857672 (England and Wales)
CEL SHEET METAL (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
A6 Kingfisher House
Kingsway
Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0JQ
CEL SHEET METAL (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CEL SHEET METAL (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
5,094,007
5,094,007
Current assets
-
-
Creditors: amounts falling due within one year
4
(3,840,794)
(4,158,792)
Net current liabilities
(3,840,794)
(4,158,792)
Total assets less current liabilities
1,253,213
935,215
Creditors: amounts falling due after more than one year
5
(350,000)
(525,000)
Net assets
903,213
410,215
Capital and reserves
Called up share capital
6
411,215
411,215
Profit and loss reserves
491,998
(1,000)
Total equity
903,213
410,215

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CEL SHEET METAL (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 6 November 2023
Mr Y Sey
Director
Company Registration No. 13857672
CEL SHEET METAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Cel Sheet Metal (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Bessemer Court, Hownsgill Industrial Park, Knitsley Lane, Consett, Co Durham, DH8 7BL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Northern Industries UK 1 Limited. These consolidated financial statements are available online at Companies House or from its registered office, 12 Bessemer Court, Hownsgill Industrial Park, Knitsley Lane, Co. Durham DH8 7BL.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

CEL SHEET METAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

CEL SHEET METAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
5,094,007
5,094,007
CEL SHEET METAL (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
3,485,794
3,481,859
Other creditors
355,000
676,933
3,840,794
4,158,792

£355,000 (2022: £675,933) of the amount in other creditors relates to deferred consideration owed to the sellers from the purchase of CEL Sheet Metal Limited.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
350,000
525,000

£350,000 (2022: £525,000) of the amount in other creditors relates to deferred consideration owed to the sellers from the purchase of CEL Sheet Metal Limited.

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
411,215
411,215
411,215
411,215
7
Related party transactions

At 30 June 2023 CEL Sheet Metal (Holdings) Limited owed £170,463.83 (2022: £167,530) to its parent company, Northern Industries UK 1 Limited. No interest is charged on this loan.

 

At 30 June 2023 a balance of £3,315,329 (2022: £3,314,329) was due by CEL Sheet Metal (Holdings) Limited to CEL Sheet Metal Limited, a 100% owned subsidiary company of CEL Sheet Metal (Holdings) Limited. No interest has been charged to CEL Sheet Metal (Holdings) Limited on this loan.

8
Parent company

The ultimate parent company and controlling party is Northern Industries UK 1 Limited, a private limited company incorporated in England and Wales. The registered office is 12 Bessemer Court, Hownsgill Ind.Park, Knitsley Lane, Co. Durham, England, DH8 7BL.

 

The largest and smallest group of undertakings for which group accounts have been prepared is that headed by Northern Industries UK 1 Limited. Its group accounts are available at companies house.

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