Registered number: 05752921
SAS SHEETMETAL & FABRICATION LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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SAS SHEETMETAL & FABRICATION LIMITED
CONTENTS
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Notes to the Financial Statements
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SAS SHEETMETAL & FABRICATION LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAS SHEETMETAL & FABRICATION LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 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 SAS Sheetmetal & Fabrication Limited for the year ended 30 September 2023 which comprise the Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of Directors of SAS Sheetmetal & Fabrication Limited, as a body, in accordance with the terms of our engagement letter dated 8 December 2023. Our work has been undertaken solely to prepare for your approval the financial statements of SAS Sheetmetal & Fabrication Limited and state those matters that we have agreed to state to the Board of Directors of SAS Sheetmetal & Fabrication Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SAS Sheetmetal & Fabrication Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that SAS Sheetmetal & Fabrication 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 SAS Sheetmetal & Fabrication Limited. You consider that SAS Sheetmetal & Fabrication 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 SAS Sheetmetal & Fabrication 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.
MA Partners LLP
Chartered Accountants
7 The Close
Norwich
Norfolk
NR1 4DJ
17 March 2024
Page 1
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SAS SHEETMETAL & FABRICATION LIMITED
REGISTERED NUMBER: 05752921
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 2
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SAS SHEETMETAL & FABRICATION LIMITED
REGISTERED NUMBER: 05752921
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 17 March 2024.
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Mr Ian Saunders
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The notes on pages 4 to 9 form part of these financial statements.
Page 3
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SAS SHEETMETAL & FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The company's principal place of business is Great Yarmouth.
The company's principal activity is that of Sheetmetal Fabrication and Lasercutting.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises revenue recognised by the company in respect of sheetmetal fabrication and lasercutting.
Turnover is recognised to the extent that it is probable that economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes and on an accruals basis.
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life of 20 years.
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 4
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SAS SHEETMETAL & FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Office equipment and fixtures and fittings
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Leasehold property improvements
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Straight line from date of improvement to July 2029
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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.
At each balance sheet 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.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 5
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SAS SHEETMETAL & FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
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The average monthly number of employees, including directors, during the year was 8 (2022 - 9).
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Charge for the year on owned assets
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Page 6
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SAS SHEETMETAL & FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Office equipment & fixtures & fittings
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Leasehold improve - ments
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Charge for the year on owned assets
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Page 7
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SAS SHEETMETAL & FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Included within creditors: amounts falling due within one year are secured creditors of £27,273 (2022 - £27,273).
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Creditors: Amounts falling due after more than one year
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Included within creditors: amounts falling due after more than one year are secured creditors of £45,454 (2022 - £72,727).
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Page 8
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SAS SHEETMETAL & FABRICATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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Allotted, called up and fully paid
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2 (2022 - 2) A Ordinary shares of £1.00 each
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2 (2022 - 2) B Ordinary shares of £1.00 each
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Contributions totalling £964 (2022- £1,034) were payable to the fund at the balance sheet date and are included in creditors.
11.Commitments
The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £3,716. (2022: £7,771).
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Transactions with directors
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As at 30 September 2023 the balance owed to the directors was £4,449 (2022 - £14,505) and is included in other creditors due within one year in note 7 to the financial statements. The loan is interest free and is repayable on demand.
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Page 9
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