Registration number:
Pulham Steels Limited
for the Year Ended 31 July 2023
Pulham Steels Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Pulham Steels Limited
Company Information
Directors |
P J Cahill T P Fayers N J Cahill |
Company secretary |
B A Cahill |
Registered office |
|
Auditors |
|
Pulham Steels Limited
Strategic Report for the Year Ended 31 July 2023
The directors present their strategic report for the year ended 31 July 2023.
Principal activity
The principal activity of the company is that of the supply of steel sections.
Fair review of the business
Under the current financial and political circumstances the company has considered 2022/3 to be a successful year. Having navigated the effects of the war in Ukraine and Brexit which brought much volatility to the market, the current financial pressures across the whole economy have supressed the demand and selling price for our products and services. In spite of this we remain confident of our position as a flexible, reliable & competitive supplier to our customers.
The company's key financial and other performance indicators during the year were as follows:
Unit |
2023 |
2022 |
|
Turnover |
£ |
10,623,439 |
12,356,477 |
Gross profit |
£ |
1,695,824 |
2,602,159 |
Profit before tax |
£ |
654,876 |
1,534,837 |
We are satisfied with the results when considering the various pressures on our sector over the past year.
Principal risks and uncertainties
We consider the key business risks to be market competition, fluctuating prices and liquidity of debtors.
Market competition
Constant dialogue and feedback from customers allows us to ensure our buying price leaves a comfortable margin after processing costs.
Price volatility
Steel prices can be very volatile. The management are constantly reviewing market conditions and stock levels to ensure we are not over exposed with high price material. In the event of increasing prices sales margins are increased to cover higher stock replacement costs.
Liquidity of debtors
The management uses credit risk insurance and internal business intelligence to evaluate the extent of credit offered to customers. Any credit given is constantly monitored by these systems.
Approved and authorised by the
......................................... |
Pulham Steels Limited
Directors' Report for the Year Ended 31 July 2023
The directors present their report and the financial statements for the year ended 31 July 2023.
Directors of the company
The directors who held office during the year were as follows:
Dividends
Dividends were paid amounting to £448,750.
Information included in the Strategic Report
Results can be found in the strategic report.
Financial instruments
Objectives and policies
The company’s principal financial instruments comprise bank balances, invoice discounting creditor, trade creditors, trade debtors and various types of loan finance. The main purpose of these instruments is to raise funds for the company’s operations.
Price risk, credit risk, liquidity risk and cash flow risk
Cash flow is supported by confidential invoice discounting which allows the regular flow of finances to pay and maintain sound relationships with suppliers.
Credit levels offered to customers and payment history are regularly reviewed by the management to negate the risk of over exposure to certain customers or sectors.
Selling prices are regularly reviewed in line with purchasing costs to maintain sufficient margin between the two.
Future developments
As a result of labour shortages we are seeing more demand from customers seeking an outsourced processing service and the company is therefore considering the viability of expanding our processing capability to meet the increased demand and better serve customer requirements. Our customer centric approach and ability to be more agile than some of our larger competitors appeals to the market and we therefore believe the company is well placed to capitalise on this opportunity in the future.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Milsted Langdon LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Pulham Steels Limited
Directors' Report for the Year Ended 31 July 2023
Approved by the
|
Pulham Steels Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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.
Pulham Steels Limited
Independent Auditor's Report to the Members of Pulham Steels Limited
Opinion
We have audited the financial statements of Pulham Steels Limited (the 'company') for the year ended 31 July 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 July 2023 and of its profit for the year 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 auditor 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 were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Pulham Steels Limited
Independent Auditor's Report to the Members of Pulham Steels Limited
Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 Statement of Directors' Responsibilities set out on page 5, 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 is 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.
Auditor 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 an auditor’s report 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
• |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
• |
inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
Pulham Steels Limited
Independent Auditor's Report to the Members of Pulham Steels Limited
• |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters
We have determined the matters described below to be the other matters to be communicated in our report.
The comparative financial statements are unaudited and therefore the corresponding figures are unaudited.
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 an auditor’s report 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.
......................................
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Pulham Steels Limited
Profit and Loss Account for the Year Ended 31 July 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
- |
|
|
Operating profit |
660,195 |
1,571,568 |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(5,319) |
(36,731) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Pulham Steels Limited
Statement of Comprehensive Income for the Year Ended 31 July 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Pulham Steels Limited
(Registration number: 03069518)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
|
Pulham Steels Limited
Statement of Changes in Equity for the Year Ended 31 July 2023
Share capital |
Retained earnings |
Total |
|
At 1 August 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 July 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 August 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 July 2022 |
|
|
|
Pulham Steels Limited
Statement of Cash Flows for the Year Ended 31 July 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
( |
|
Decrease in trade debtors |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Proceeds from finance lease draw downs |
|
|
|
(Decrease)/increase in invoice discounting creditor |
( |
|
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 August |
|
|
|
Cash and cash equivalents at 31 July |
2,971,661 |
2,595,022 |
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
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 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 and deferred 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.
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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 |
Plant and machinery |
25% reducing balance |
Motor vehicles |
25% reducing balance |
Furniture, fittings and equipment |
33% straight line |
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.
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 costs that have been incurred in bringing the stocks 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.
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
A dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
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.
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
All sales are to customers located in the UK.
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Miscellaneous other operating income |
- |
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2023 |
2022 |
|
Gain on disposal of tangible fixed assets |
|
|
Operating profit |
Arrived at after charging/(crediting):
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - property |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Hire of plant and machinery |
13,025 |
33,600 |
Auditor's remuneration |
12,800 |
- |
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
|
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other finance costs |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other short-term employee benefits |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
2023 |
2022 |
|
Production |
|
|
Administration and support |
|
|
Sales |
|
|
Distribution |
|
|
Directors |
|
|
|
|
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
164,974 |
238,001 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension schemes |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
- |
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Taxation |
Tax charged/(credited) in the income statement:
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
Tax increase from other short-term timing differences |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Other short-term timing differences |
|
- |
|
|
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
Other short-term timing differences |
|
- |
|
|
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 August 2022 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 July 2023 |
|
|
|
|
Depreciation |
||||
At 1 August 2022 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 July 2023 |
|
|
|
|
Carrying amount |
||||
At 31 July 2023 |
|
|
|
|
At 31 July 2022 |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2023 |
2022 |
|
Motor vehicles |
328,007 |
165,343 |
Stocks |
2023 |
2022 |
|
Stocks |
1,505,117 |
1,185,269 |
Stock provision |
(100,000) |
(75,000) |
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £25,000 (2022 - £25,000).
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
Short-term deposits |
|
|
|
|
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other creditors |
|
( |
|
Accruals |
|
|
|
Corporation tax liability |
59,067 |
283,901 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 August 2022 |
|
|
Increase in existing provisions |
|
|
At 31 July 2023 |
|
|
|
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
1 |
|
1 |
|
|
1 |
|
1 |
|
|
- |
|
- |
|
|
|
|
Shareholders of all classes of ordinary shares have full voting rights, rights to capital and rights on a winding up.
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase contracts |
|
|
Other borrowings |
|
|
|
|
The bank loan is secured by way on an unlimited debenture against the company's assets. Interest is payable on the loan at base rate + 1.34%.
The hire purchase liabilities are secured against the assets to which they relate.
The invoice discounting creditor is secured against the trade debtors to which it relates.
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Pulham Steels Limited
Notes to the Financial Statements for the Year Ended 31 July 2023
Dividends |
Interim dividends paid
2023 |
2022 |
|||
Interim dividend of £ |
|
|
||
Interim dividend of £ |
|
|
||
Interim dividend of £ |
|
|
||
|
|
Related party transactions |
Transactions with directors |
Summary of transactions with other related parties
Loans from related parties
2023 |
Key management |
Total |
At start of period |
|
|
Advanced |
|
|
At end of period |
|
|
|
2022 |
Key management |
Total |
At start of period |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
The above loan is interest free and repayable on demand.