Company Registration No. 05726749 (England and Wales)
CB Sheet Metal Limited
Unaudited financial statements
for the year ended 30 April 2023
Pages for filing with the registrar
CB Sheet Metal Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
CB Sheet Metal Limited
Statement of financial position
As at 30 April 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
150,914
103,404
Current assets
Stocks
20,356
35,041
Debtors
5
197,149
254,237
Cash at bank and in hand
23,111
46,511
240,616
335,789
Creditors: amounts falling due within one year
6
(123,422)
(191,169)
Net current assets
117,194
144,620
Total assets less current liabilities
268,108
248,024
Creditors: amounts falling due after more than one year
7
(5,331)
-
0
Provisions for liabilities
(25,199)
(25,199)
Net assets
237,578
222,825
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
237,478
222,725
Total equity
237,578
222,825

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their 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.

CB Sheet Metal Limited
Statement of financial position (continued)
As at 30 April 2023
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Christopher Pook
Brian Pragnell
Director
Director
Company Registration No. 05726749 (England and Wales)
CB Sheet Metal Limited
Notes to the financial statements
For the year ended 30 April 2023
Page 3
1
Accounting policies
Company information

CB Sheet Metal Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

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.

1.2
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CB Sheet Metal Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
Page 4
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 statement of financial position 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, 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.

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.

1.8
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.

CB Sheet Metal Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
1
Accounting policies (continued)
Page 5
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Critical accounting judgements and key sources of estimation uncertainty

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 the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
12
15
CB Sheet Metal Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022
340,927
Additions
74,464
Disposals
(9,950)
At 30 April 2023
405,441
Depreciation and impairment
At 1 May 2022
237,523
Depreciation charged in the year
26,954
Eliminated in respect of disposals
(9,950)
At 30 April 2023
254,527
Carrying amount
At 30 April 2023
150,914
At 30 April 2022
103,404
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
193,723
251,030
Other debtors
3,426
3,207
197,149
254,237
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
27,744
56,629
Taxation and social security
42,146
91,587
Other creditors
53,532
42,953
123,422
191,169
CB Sheet Metal Limited
Notes to the financial statements (continued)
For the year ended 30 April 2023
Page 7
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
5,331
-
0

Obligations under hire purchase agreements are secured on the assets to which they relate.

8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
25 Ordinary shares of £1 each
25
25
25 Ordinary A shares of £1 each
25
25
25 Ordinary B shares of £1 each
25
25
25 Ordinary C shares of £1 each
25
25
100
100

Ordinary and Ordinary A share classes rank pari passu in respect of capital distribution and voting rights. Ordinary B and Ordinary C shares are non-voting. Each class of share shall be entitled to a dividend as determined by the directors.

 

 

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
65,000
97,500
65,000
97,500
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