IRIS Accounts Production v23.3.1.45 04703544 Board of Directors Board of Directors Board of Directors 1.6.22 31.5.23 31.5.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047035442022-05-31047035442023-05-31047035442022-06-012023-05-31047035442021-05-31047035442021-06-012022-05-31047035442022-05-3104703544ns10:Originalns15:EnglandWales2022-06-012023-05-3104703544ns14:PoundSterlingns10:Original2022-06-012023-05-3104703544ns10:Originalns10:Director12022-06-012023-05-3104703544ns10:Original2022-06-012023-05-3104703544ns10:Originalns10:Director22022-06-012023-05-3104703544ns10:Originalns10:Director32022-06-012023-05-3104703544ns10:Original2023-05-3104703544ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3104703544ns10:Originalns10:SmallEntities2022-06-012023-05-3104703544ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3104703544ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3104703544ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3104703544ns10:Originalns10:FullAccounts2022-06-012023-05-3104703544ns10:CompanySecretary1ns10:Original2022-06-012023-05-3104703544ns10:Originalns10:RegisteredOffice2022-06-012023-05-3104703544ns10:Original2022-05-3104703544ns10:Originalns5:CurrentFinancialInstruments2023-05-3104703544ns10:Originalns5:CurrentFinancialInstruments2022-05-3104703544ns10:Originalns5:Non-currentFinancialInstruments2023-05-3104703544ns10:Originalns5:Non-currentFinancialInstruments2022-05-3104703544ns5:ShareCapitalns10:Original2023-05-3104703544ns5:ShareCapitalns10:Original2022-05-3104703544ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3104703544ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3104703544ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-06-012023-05-3104703544ns10:Originalns5:PlantMachinery2022-06-012023-05-3104703544ns10:Originalns5:FurnitureFittings2022-06-012023-05-3104703544ns10:Originalns5:MotorVehicles2022-06-012023-05-3104703544ns10:Original2021-06-012022-05-3104703544ns10:Originalns5:LandBuildings2022-05-3104703544ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-05-3104703544ns10:Originalns5:PlantMachinery2022-05-3104703544ns10:Originalns5:LandBuildings2022-06-012023-05-3104703544ns10:Originalns5:LandBuildings2023-05-3104703544ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2023-05-3104703544ns10:Originalns5:PlantMachinery2023-05-3104703544ns10:Originalns5:LandBuildings2022-05-3104703544ns10:Originalns5:ShortLeaseholdAssetsns5:LandBuildings2022-05-3104703544ns10:Originalns5:PlantMachinery2022-05-3104703544ns10:Originalns5:FurnitureFittings2022-05-3104703544ns10:Originalns5:MotorVehicles2022-05-3104703544ns10:Original2022-05-3104703544ns10:Originalns5:FurnitureFittings2023-05-3104703544ns10:Originalns5:MotorVehicles2023-05-3104703544ns10:Originalns5:FurnitureFittings2022-05-3104703544ns10:Originalns5:MotorVehicles2022-05-3104703544ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-05-3104703544ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-05-3104703544ns10:Originalns5:LeasedAssetsHeldAsLessee2022-05-3104703544ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-06-012023-05-3104703544ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-06-012023-05-3104703544ns10:Originalns5:LeasedAssetsHeldAsLessee2022-06-012023-05-3104703544ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-05-3104703544ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-3104703544ns10:Originalns5:LeasedAssetsHeldAsLessee2023-05-3104703544ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-05-3104703544ns10:Originalns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-05-3104703544ns10:Originalns5:LeasedAssetsHeldAsLessee2022-05-3104703544ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104703544ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3104703544ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-05-3104703544ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-05-3104703544ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-3104703544ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-05-3104703544ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-05-3104703544ns10:Originalns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-05-3104703544ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104703544ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3104703544ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2023-05-3104703544ns5:BetweenOneFiveYearsns10:Originalns5:HirePurchaseContracts2022-05-3104703544ns10:Originalns5:HirePurchaseContracts2023-05-3104703544ns10:Originalns5:HirePurchaseContracts2022-05-3104703544ns10:Originalns5:WithinOneYear2023-05-3104703544ns10:Originalns5:WithinOneYear2022-05-3104703544ns5:BetweenOneFiveYearsns10:Original2023-05-3104703544ns5:BetweenOneFiveYearsns10:Original2022-05-3104703544ns10:Originalns5:AllPeriods2023-05-3104703544ns10:Originalns5:AllPeriods2022-05-3104703544ns5:Securedns10:Original2023-05-3104703544ns5:Securedns10:Original2022-05-3104703544ns10:Original12022-06-012023-05-3104703544ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-3104703544ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-06-012022-05-31
REGISTERED NUMBER: 04703544 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

J & K SHEETMETAL LIMITED

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & K SHEETMETAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2023







DIRECTORS: G Dabson
J S Easton
Ms J Dabson





SECRETARY: Ms J Dabson





REGISTERED OFFICE: Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE





REGISTERED NUMBER: 04703544 (England and Wales)





ACCOUNTANTS: Spain Brothers & Co
Chartered Accountants
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 716,713 761,473

CURRENT ASSETS
Stocks 5 18,000 25,000
Debtors 6 249,828 406,993
Cash at bank and in hand 4 263
267,832 432,256
CREDITORS
Amounts falling due within one year 7 353,470 396,852
NET CURRENT (LIABILITIES)/ASSETS (85,638 ) 35,404
TOTAL ASSETS LESS CURRENT
LIABILITIES

631,075

796,877

CREDITORS
Amounts falling due after more than one
year

8

(496,074

)

(603,811

)

PROVISIONS FOR LIABILITIES (86,136 ) (73,968 )
NET ASSETS 48,865 119,098

CAPITAL AND RESERVES
Called up share capital 122 122
Retained earnings 48,743 118,976
SHAREHOLDERS' FUNDS 13 48,865 119,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

BALANCE SHEET - continued
31ST MAY 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th February 2024 and were signed on its behalf by:




G Dabson - Director J S Easton - Director




Ms J Dabson - Director


J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023


1. STATUTORY INFORMATION

J & K Sheetmetal 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's functional currency is the Pound Sterling (£).

The principal activity of the company was that of precision metalwork and specialist welding services.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transactions will flow in the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold Improvements - in accordance with the property
Plant and machinery - 15% reducing balance and 33 1/3% on cost
Office and photographic equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property with improvements is depreciated over an estimated useful life of 50 years. However, as the residual value of the freehold property exceeds the carrying amount shown in the financial statements no depreciation charge has been provided.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Amounts recoverable on contracts is stated at the lower of cost plus attributable overheads, and estimated selling price less costs to complete and sell, less progress payments made.

Cost is defined as the actual cost of raw materials and an appropriate proportion of labour and overheads in the case of amounts recoverable on contracts.


J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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 year 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


4. TANGIBLE FIXED ASSETS
Freehold Freehold Plant and
property Improvements machinery
£    £    £   
COST
At 1st June 2022 379,012 46,732 923,130
Additions - - 12,882
At 31st May 2023 379,012 46,732 936,012
DEPRECIATION
At 1st June 2022 - - 637,908
Charge for year - - 45,274
At 31st May 2023 - - 683,182
NET BOOK VALUE
At 31st May 2023 379,012 46,732 252,830
At 31st May 2022 379,012 46,732 285,222

Office
and
photographic Motor
equipment vehicles Totals
£    £    £   
COST
At 1st June 2022 92,500 30,578 1,471,952
Additions - - 12,882
At 31st May 2023 92,500 30,578 1,484,834
DEPRECIATION
At 1st June 2022 65,395 7,176 710,479
Charge for year 6,517 5,851 57,642
At 31st May 2023 71,912 13,027 768,121
NET BOOK VALUE
At 31st May 2023 20,588 17,551 716,713
At 31st May 2022 27,105 23,402 761,473

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st June 2022
and 31st May 2023 99,000 28,438 127,438
DEPRECIATION
At 1st June 2022 27,473 5,332 32,805
Charge for year 10,729 - 10,729
At 31st May 2023 38,202 5,332 43,534
NET BOOK VALUE
At 31st May 2023 60,798 23,106 83,904
At 31st May 2022 71,527 23,106 94,633

5. STOCKS
2023 2022
£    £   
Raw materials and consumables 10,000 10,000
Work-in-progress 8,000 15,000
18,000 25,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 217,798 374,075
Other debtors 6,688 6,458
Prepayments 25,342 26,460
249,828 406,993

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 219,633 203,063
Hire purchase contracts (see note 9) 22,009 22,009
Trade creditors 45,670 101,567
Tax 19,833 346
Social security and other taxes 6,805 7,253
VAT 27,625 50,192
Other creditors 743 743
Company credit card 2,138 2,562
Directors' current accounts 2,014 3,117
Accruals 7,000 6,000
353,470 396,852

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 47,500 47,500
Bank loans - 2-5 years 88,500 96,000
Bank loans more 5 yr by instal 161,556 199,784
Hire purchase contracts (see note 9) 32,518 54,527
Directors' loan accounts 166,000 206,000
496,074 603,811

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 161,556 199,784

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 22,009 22,009
Between one and five years 32,518 54,527
54,527 76,536

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 5,159 5,159
Between one and five years 22,000 22,000
27,159 27,159

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 172,283 155,713
Bank loans 344,906 390,634
Hire purchase contracts 54,527 76,536
571,716 622,883

The Bank loan is secured by a legal charge over the freehold property owned by the company. The charge also contains a negative pledge, with the chargor acting as a bare trustee for the property.

£150,000 stated as bank loan relates to a Coronavirus Business Loan which is guaranteed by the government.

Fixed and floating charges are also held by the company's bankers over all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

Obligations under Finance Leases and Hire Purchase Contracts are secured on the assets concerned.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Company occupies leased premises which are owned by the Directors and their family. Rental payments in the year amounted to £22,000 (2022 £26,125).

The Company occupies leased premises which are owned by a Self Invested Personal Pension Scheme. One of the Company's Directors has benefits accruing in this pension scheme. Rental payments are paid on an arms length basis at full market rates.

12. POST BALANCE SHEET EVENTS AND GOING CONCERN

The company expects to have adequate resources available to meet its obligations for at least the next twelve months and therefore the directors consider it appropriate to prepare the financial statements on a going concern basis.

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


13. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2023 2022
£    £   
Profit for the financial year 94,211 86,861
Dividends (164,444 ) (162,044 )
Net reduction of shareholders' funds (70,233 ) (75,183 )
Opening shareholders' funds 119,098 194,281
Closing shareholders' funds 48,865 119,098