Specialised Fabrications Limited 04765299 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is Manufacturing Digita Accounts Production Advanced 6.30.9574.0 true true 04765299 2022-11-01 2023-10-31 04765299 2023-10-31 04765299 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-10-31 04765299 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2023-10-31 04765299 core:RetainedEarningsAccumulatedLosses 2023-10-31 04765299 core:ShareCapital 2023-10-31 04765299 core:CurrentFinancialInstruments 2023-10-31 04765299 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 04765299 core:FurnitureFittingsToolsEquipment 2023-10-31 04765299 core:MotorVehicles 2023-10-31 04765299 core:OtherPropertyPlantEquipment 2023-10-31 04765299 bus:SmallEntities 2022-11-01 2023-10-31 04765299 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04765299 bus:FilletedAccounts 2022-11-01 2023-10-31 04765299 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04765299 bus:RegisteredOffice 2022-11-01 2023-10-31 04765299 bus:Director2 2022-11-01 2023-10-31 04765299 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-11-01 2023-10-31 04765299 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-11-01 2023-10-31 04765299 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04765299 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 04765299 core:MotorVehicles 2022-11-01 2023-10-31 04765299 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 04765299 core:PlantMachinery 2022-11-01 2023-10-31 04765299 countries:EnglandWales 2022-11-01 2023-10-31 04765299 2022-10-31 04765299 core:FurnitureFittingsToolsEquipment 2022-10-31 04765299 core:MotorVehicles 2022-10-31 04765299 core:OtherPropertyPlantEquipment 2022-10-31 04765299 2021-11-01 2022-10-31 04765299 2022-10-31 04765299 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-10-31 04765299 bus:OrdinaryShareClass2 bus:Non-cumulativeShares 2022-10-31 04765299 core:RetainedEarningsAccumulatedLosses 2022-10-31 04765299 core:ShareCapital 2022-10-31 04765299 core:CurrentFinancialInstruments 2022-10-31 04765299 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 04765299 core:FurnitureFittingsToolsEquipment 2022-10-31 04765299 core:MotorVehicles 2022-10-31 04765299 core:OtherPropertyPlantEquipment 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04765299

Specialised Fabrications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Specialised Fabrications Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Specialised Fabrications Limited

(Registration number: 04765299)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

39,144

 

17,295

Current assets

   

 

Stocks

33,460

 

38,760

 

Debtors

5

324,839

 

211,948

 

Cash at bank and in hand

 

15,963

 

5,110

 

 

374,262

 

255,818

 

Creditors: Amounts falling due within one year

6

(213,429)

 

(154,599)

 

Net current assets

   

160,833

 

101,219

Total assets less current liabilities

   

199,977

 

118,514

Provisions for liabilities

 

(9,000)

 

(4,000)

Net assets

   

190,977

 

114,514

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Retained earnings

190,877

 

114,414

 

Shareholders' funds

   

190,977

 

114,514

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 July 2024 and signed on its behalf by:
 

.........................................
D Wadsworth
Director

 

Specialised Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Mile Cross Works
Gibbet Street
Halifax
HX1 4JQ

These financial statements were authorised for issue by the Board on 8 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Section 1AC.35 from disclosing transactions and balances
with fellow group undertakings that are wholly owned..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Specialised Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

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

The current corporation 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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line basis

Fixtures, fittings and equipment

25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Specialised Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Specialised Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Plant and machinery
 £

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

20,124

1,792

-

21,916

Additions

15,900

-

12,500

28,400

At 31 October 2023

36,024

1,792

12,500

50,316

Depreciation

At 1 November 2022

4,025

597

-

4,622

Charge for the year

5,945

397

208

6,550

At 31 October 2023

9,970

994

208

11,172

Carrying amount

At 31 October 2023

26,054

798

12,292

39,144

At 31 October 2022

16,100

1,195

-

17,295

5

Debtors

Current

2023
£

2022
£

Trade debtors

302,814

211,948

Prepayments

22,025

-

 

324,839

211,948

 

Specialised Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

79,452

40,404

Amounts owed to group undertakings and undertakings in which the company has a participating interest

55,698

69,215

Taxation and social security

69,975

29,146

Accruals and deferred income

3,400

14,444

Other creditors

4,904

1,390

213,429

154,599

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

99

99

99

99

Ordinary A shares of £1 each

1

1

1

1

100

100

100

100