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REGISTERED NUMBER: 06914897 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

CY SHEET METAL LIMITED

CY SHEET METAL LIMITED (REGISTERED NUMBER: 06914897)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CY SHEET METAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: I C Passey
C J Passey
S J Passey



REGISTERED OFFICE: 25 St Thomas Street
Winchester
Hampshire
SO23 9HJ



REGISTERED NUMBER: 06914897 (England and Wales)



ACCOUNTANTS: Martin and Company
25 St Thomas Street
Winchester
Hampshire
SO23 9HJ



BANKERS: National Westminster Bank
30 Market Place
Newbury
Berkshire
RG14 5AG

CY SHEET METAL LIMITED (REGISTERED NUMBER: 06914897)

BALANCE SHEET
30 APRIL 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 86,566 43,211
Investments 6 1 3,000
86,567 46,211

CURRENT ASSETS
Stocks 29,500 29,000
Debtors 7 569,530 636,208
Cash at bank and in hand 17,379 23,218
616,409 688,426
CREDITORS
Amounts falling due within one year 8 352,586 406,466
NET CURRENT ASSETS 263,823 281,960
TOTAL ASSETS LESS CURRENT
LIABILITIES

350,390

328,171

CREDITORS
Amounts falling due after more than one
year

9

75,080

31,836
NET ASSETS 275,310 296,335

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 275,210 296,235
SHAREHOLDERS' FUNDS 275,310 296,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

CY SHEET METAL LIMITED (REGISTERED NUMBER: 06914897)

BALANCE SHEET - continued
30 APRIL 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2024 and were signed on its behalf by:





I C Passey - Director


CY SHEET METAL LIMITED (REGISTERED NUMBER: 06914897)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

CY Sheet Metal 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.

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.

Goodwill
Goodwill is amortised evenly over its estimated useful life of 3 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


CY SHEET METAL LIMITED (REGISTERED NUMBER: 06914897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued
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.

Research and development
Development expenditure on new products is capitalised in the year in which it is incurred and amortised over five years.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 May 2022
and 30 April 2023 53,785 72,495 126,280
AMORTISATION
At 1 May 2022
and 30 April 2023 53,785 72,495 126,280
NET BOOK VALUE
At 30 April 2023 - - -
At 30 April 2022 - - -

CY SHEET METAL LIMITED (REGISTERED NUMBER: 06914897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2022 598,364 10,566 30,375 639,305
Additions - 3,494 76,219 79,713
Disposals - (8,266 ) - (8,266 )
At 30 April 2023 598,364 5,794 106,594 710,752
DEPRECIATION
At 1 May 2022 555,632 10,087 30,375 596,094
Charge for year 20,395 719 15,244 36,358
Eliminated on disposal - (8,266 ) - (8,266 )
At 30 April 2023 576,027 2,540 45,619 624,186
NET BOOK VALUE
At 30 April 2023 22,337 3,254 60,975 86,566
At 30 April 2022 42,732 479 - 43,211

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 May 2022 3,000
Impairments (2,999 )
At 30 April 2023 1
NET BOOK VALUE
At 30 April 2023 1
At 30 April 2022 3,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors 209,197 283,028
Amounts owed by group undertakings 280,909 271,349
Other debtors 31,431 25,273
Tax - 19,715
Prepayments 47,993 36,843
569,530 636,208

CY SHEET METAL LIMITED (REGISTERED NUMBER: 06914897)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Other loans 45,746 22,163
Hire purchase contracts 26,633 16,610
Trade creditors 145,403 237,364
Amounts owed to group undertakings 5,000 -
Tax 50,438 40,536
Social security and other taxes 9,540 21,230
VAT 45,814 44,576
Other creditors 5,023 5,798
Accruals and deferred income 18,989 18,189
352,586 406,466

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts 75,080 31,836

10. RELATED PARTY DISCLOSURES

The company had made / received interest free loans to the following group companies at 30 April 2023:

Ipera Coatings Limited - Debtor £280,909 (2022: £271,349).
CY Finishes Limited - Creditor £5,000 (2022: £nil).

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I C Passey.