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COMPANY REGISTRATION NUMBER: 04540401
S & O FABRICATIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
S & O FABRICATIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 10
S & O FABRICATIONS LIMITED
BALANCE SHEET
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,148,261
495,592
Current assets
Stocks
7
62,395
85,237
Debtors
8
477,702
474,074
Cash at bank and in hand
352,822
555,802
------------
------------
892,919
1,115,113
Creditors: amounts falling due within one year
9
( 418,766)
( 526,963)
------------
------------
Net current assets
474,153
588,150
------------
------------
Total assets less current liabilities
1,622,414
1,083,742
Creditors: amounts falling due after more than one year
10
( 734,846)
( 201,542)
Provisions
Taxation including deferred tax
11
( 131,761)
( 82,435)
------------
------------
Net assets
755,807
799,765
------------
------------
Capital and reserves
Called up share capital
13
200
200
Profit and loss account
755,607
799,565
------------
------------
Shareholders funds
755,807
799,765
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S & O FABRICATIONS LIMITED
BALANCE SHEET (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 6 March 2024 , and are signed on behalf of the board by:
N O'Brien
G C O'Brien
Director
Director
Company registration number: 04540401
S & O FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 12 Brookfoot Business Park, Elland Road, Brighouse, West Yorkshire, HD6 2SD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the value of sales excluding value added tax and trade discounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leased property improvements
-
over the period of the lease
Plant and equipment
-
10% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Stocks
Stocks are stated at the lower of cost and net realisable value.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to pension funds The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 19 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
62,834
------------
Amortisation
At 1 November 2022 and 31 October 2023
62,834
------------
Carrying amount
At 31 October 2023
------------
At 31 October 2022
------------
6. Tangible assets
Land and buildings
Plant and equipment
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
3,441
1,148,193
13,995
85,102
1,250,731
Additions
87,051
1,005,621
1,092,672
Disposals
( 590,000)
( 590,000)
------------
------------
------------
------------
------------
At 31 October 2023
90,492
1,563,814
13,995
85,102
1,753,403
------------
------------
------------
------------
------------
Depreciation
At 1 November 2022
3,441
654,628
13,483
83,587
755,139
Charge for the year
3,627
130,442
168
932
135,169
Disposals
( 285,166)
( 285,166)
------------
------------
------------
------------
------------
At 31 October 2023
7,068
499,904
13,651
84,519
605,142
------------
------------
------------
------------
------------
Carrying amount
At 31 October 2023
83,424
1,063,910
344
583
1,148,261
------------
------------
------------
------------
------------
At 31 October 2022
493,565
512
1,515
495,592
------------
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and consumables
32,469
30,721
Work in progress
29,926
54,516
------------
------------
62,395
85,237
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
350,879
353,313
Prepayments and accrued income
46,855
91,504
Corporation tax repayable
70,593
Advances under invoice purchasing arrangements
9,275
29,157
Other debtors
100
100
------------
------------
477,702
474,074
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,077
9,829
Trade creditors
201,142
156,534
Accruals and deferred income
23,709
81,358
Corporation tax
70,593
Social security and other taxes
66,045
87,107
Obligations under finance leases and hire purchase contracts
116,878
118,403
Director loan accounts
915
3,139
------------
------------
418,766
526,963
------------
------------
The bank loan is a government secured bounce back loan.
The obligations under finance leases and hire purchase contracts are secured over the asset to which they relate.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
17,365
27,442
Accruals and deferred income
24,246
Obligations under finance leases and hire purchase contracts
717,481
149,854
------------
------------
734,846
201,542
------------
------------
The bank loan is a government secured bounce back loan.
The obligations under finance leases and hire purchase contracts are secured over the asset to which they relate.
11. Provisions
Deferred tax (note 12)
£
At 1 November 2022
82,435
Charge against provision
49,326
------------
At 31 October 2023
131,761
------------
12. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 11)
131,761
82,435
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
279,848
85,585
Unused tax losses
( 146,937)
Pension plan obligations
( 1,150)
( 1,150)
------------
------------
131,761
84,435
------------
------------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
96
96
96
96
B Ordinary shares of £ 1 each
94
94
94
94
C Ordinary shares of £ 1 each
2
2
2
2
D Ordinary shares of £ 1 each
2
2
2
2
E Ordinary shares of £1 each
2
2
2
2
F Ordinary shares of £1 each
2
2
2
2
G Ordinary shares of £1 each
2
2
2
2
------------
------------
------------
------------
200
200
200
200
------------
------------
------------
------------
Shares issued and fully paid
2023
2022
No.
£
No.
£
A Ordinary shares of £ 1 each
96
96
96
96
B Ordinary shares of £ 1 each
94
94
94
94
C Ordinary shares of £ 1 each
2
2
2
2
D Ordinary shares of £ 1 each
2
2
2
2
E Ordinary shares of £1 each
2
2
2
2
F Ordinary shares of £1 each
2
2
2
2
G Ordinary shares of £1 each
2
2
2
2
------------
------------
------------
------------
200
200
200
200
------------
------------
------------
------------
Shares issued and partly paid
2023
2022
No.
£
No.
£
14. Operating leases
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £533,078 (2022: £223,125).
15. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2023
2022
£
£
Tangible assets
1,004,650
------------
------------
16. Related party transactions
Included in creditors are loans from the directors of £915 (2022: £3,139). These loans are unsecured, repayable on demand and currently interest free.
17. Controlling party
The company is controlled by the directors.