Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30true2022-12-01falseconstruction of commercial buildings78trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07453380 2022-12-01 2023-11-30 07453380 2021-12-01 2022-11-30 07453380 2023-11-30 07453380 2022-11-30 07453380 c:Director1 2022-12-01 2023-11-30 07453380 d:PlantMachinery 2022-12-01 2023-11-30 07453380 d:PlantMachinery 2023-11-30 07453380 d:PlantMachinery 2022-11-30 07453380 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07453380 d:MotorVehicles 2022-12-01 2023-11-30 07453380 d:MotorVehicles 2023-11-30 07453380 d:MotorVehicles 2022-11-30 07453380 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07453380 d:OfficeEquipment 2022-12-01 2023-11-30 07453380 d:OfficeEquipment 2023-11-30 07453380 d:OfficeEquipment 2022-11-30 07453380 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07453380 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07453380 d:CurrentFinancialInstruments 2023-11-30 07453380 d:CurrentFinancialInstruments 2022-11-30 07453380 d:Non-currentFinancialInstruments 2023-11-30 07453380 d:Non-currentFinancialInstruments 2022-11-30 07453380 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 07453380 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 07453380 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 07453380 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 07453380 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 07453380 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 07453380 d:ShareCapital 2023-11-30 07453380 d:ShareCapital 2022-11-30 07453380 d:RetainedEarningsAccumulatedLosses 2023-11-30 07453380 d:RetainedEarningsAccumulatedLosses 2022-11-30 07453380 c:OrdinaryShareClass1 2022-12-01 2023-11-30 07453380 c:OrdinaryShareClass1 2023-11-30 07453380 c:OrdinaryShareClass1 2022-11-30 07453380 c:FRS102 2022-12-01 2023-11-30 07453380 c:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07453380 c:FullAccounts 2022-12-01 2023-11-30 07453380 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07453380 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 07453380 d:AcceleratedTaxDepreciationDeferredTax 2022-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07453380









SAREDON STEEL BUILDINGS LIMITED








DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
SAREDON STEEL BUILDINGS LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAREDON STEEL BUILDINGS LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Saredon Steel Buildings Limited for the year ended 30 November 2023 which comprise the Statement of Financial Position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of Directors of Saredon Steel Buildings Limited, as a body, in accordance with the terms of our engagement letter dated 24 April 2019Our work has been undertaken solely to prepare for your approval the financial statements of Saredon Steel Buildings Limited  and state those matters that we have agreed to state to the Board of Directors of Saredon Steel Buildings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Saredon Steel Buildings Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Saredon Steel Buildings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Saredon Steel Buildings Limited. You consider that Saredon Steel Buildings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Saredon Steel Buildings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Lancaster Clements Limited
 
Chartered Certified Accountants
  
Stanley House
27 Wellington Road
Bilston
West Midlands
WV14 6AH
25 March 2024
Page 1

 
SAREDON STEEL BUILDINGS LIMITED
REGISTERED NUMBER: 07453380

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,931
10,208

  
8,931
10,208

Current assets
  

Stocks
  
77,856
107,673

Debtors: amounts falling due within one year
 5 
360,378
292,370

Cash at bank and in hand
  
99,819
135,767

  
538,053
535,810

Creditors: amounts falling due within one year
 6 
(357,010)
(376,525)

Net current assets
  
 
 
181,043
 
 
159,285

Total assets less current liabilities
  
189,974
169,493

Creditors: amounts falling due after more than one year
 7 
(58,807)
(58,914)

Provisions for liabilities
  

Deferred tax
 9 
(1,515)
(1,700)

  
 
 
(1,515)
 
 
(1,700)

Net assets
  
129,652
108,879


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
129,552
108,779

  
129,652
108,879


Page 2

 
SAREDON STEEL BUILDINGS LIMITED
REGISTERED NUMBER: 07453380
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2024.




Lisa Roberts
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
SAREDON STEEL BUILDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

The company is registered in England and Wales. The company's registered office is Saredon Works Great Saredon, Shareshill, Nr Wolverhampton, West Midlands, WV10 7LN. The principal activity of the company continues to be that of the construction of commercial buildings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
SAREDON STEEL BUILDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
SAREDON STEEL BUILDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
SAREDON STEEL BUILDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 8).

Page 7

 
SAREDON STEEL BUILDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 December 2022
7,300
29,940
3,895
41,135


Additions
-
-
2,047
2,047


Disposals
-
-
(1,591)
(1,591)



At 30 November 2023

7,300
29,940
4,351
41,591



Depreciation


At 1 December 2022
6,998
21,380
2,549
30,927


Charge for the year on owned assets
77
2,141
402
2,620


Disposals
-
-
(887)
(887)



At 30 November 2023

7,075
23,521
2,064
32,660



Net book value



At 30 November 2023
225
6,419
2,287
8,931



At 30 November 2022
302
8,560
1,346
10,208


5.


Debtors

2023
2022
£
£


Trade debtors
337,065
252,375

Other debtors
19,488
21,940

Prepayments and accrued income
3,825
4,240

Tax recoverable
-
13,815

360,378
292,370


Page 8

 
SAREDON STEEL BUILDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
301,872
325,566

Corporation tax
3,819
-

Other taxation and social security
6,870
11,930

Other creditors
40,529
35,296

Accruals and deferred income
3,920
3,733

357,010
376,525



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
58,807
58,914

58,807
58,914



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Other loans
58,806
58,914


58,806
58,914



58,806
58,914


Page 9

 
SAREDON STEEL BUILDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(1,700)


Charged/(credited) to profit or loss
185



At end of year
(1,515)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,515
1,700

1,515
1,700


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) ordinary shares of £1.00 each
100
100



11.


Related party transactions

The company operates its business from a property owned by a shareholder of the company. During the year the company paid a rent charge of £44,110 (2022 £45,850) and at the balance sheet date the company owed £37,510 (2022 £33,400).

 
Page 10