Valley Sheet Metal (North West) Limited 07203798 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the supply and manufacture of sheet metal. Digita Accounts Production Advanced 6.30.9574.0 true true 07203798 2023-03-01 2024-02-29 07203798 2024-02-29 07203798 core:RetainedEarningsAccumulatedLosses 2024-02-29 07203798 core:ShareCapital 2024-02-29 07203798 core:CurrentFinancialInstruments 2024-02-29 07203798 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 07203798 core:Non-currentFinancialInstruments 2024-02-29 07203798 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 07203798 core:OtherResidualIntangibleAssets 2024-02-29 07203798 core:FurnitureFittingsToolsEquipment 2024-02-29 07203798 core:MotorVehicles 2024-02-29 07203798 bus:SmallEntities 2023-03-01 2024-02-29 07203798 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 07203798 bus:FilletedAccounts 2023-03-01 2024-02-29 07203798 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07203798 bus:RegisteredOffice 2023-03-01 2024-02-29 07203798 bus:CompanySecretaryDirector2 2023-03-01 2024-02-29 07203798 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07203798 bus:Agent1 2023-03-01 2024-02-29 07203798 core:IntangibleAssetsOtherThanGoodwill 2023-03-01 2024-02-29 07203798 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 07203798 core:MotorVehicles 2023-03-01 2024-02-29 07203798 core:OfficeEquipment 2023-03-01 2024-02-29 07203798 core:PlantMachinery 2023-03-01 2024-02-29 07203798 countries:EnglandWales 2023-03-01 2024-02-29 07203798 2023-02-28 07203798 core:OtherResidualIntangibleAssets 2023-02-28 07203798 core:FurnitureFittingsToolsEquipment 2023-02-28 07203798 core:MotorVehicles 2023-02-28 07203798 2022-03-01 2023-02-28 07203798 2023-02-28 07203798 core:RetainedEarningsAccumulatedLosses 2023-02-28 07203798 core:ShareCapital 2023-02-28 07203798 core:CurrentFinancialInstruments 2023-02-28 07203798 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 07203798 core:Non-currentFinancialInstruments 2023-02-28 07203798 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 07203798 core:FurnitureFittingsToolsEquipment 2023-02-28 07203798 core:MotorVehicles 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 07203798

Valley Sheet Metal (North West) Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Valley Sheet Metal (North West) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Valley Sheet Metal (North West) Limited

Company Information

Director

Mrs J Norcliffe

Company secretary

Mrs J Norcliffe

Registered office

Broadclough Works
Burnley Road
Bacup
Lancashire
OL13 8PJ

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Valley Sheet Metal (North West) Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Valley Sheet Metal (North West) Limited for the year ended 29 February 2024 as set out on pages 3 to 10 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Valley Sheet Metal (North West) Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Valley Sheet Metal (North West) Limited and state those matters that we have agreed to state to the Board of Directors of Valley Sheet Metal (North West) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Valley Sheet Metal (North West) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Valley Sheet Metal (North West) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Valley Sheet Metal (North West) Limited. You consider that Valley Sheet Metal (North West) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Valley Sheet Metal (North West) 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 accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

19 July 2024

 

Valley Sheet Metal (North West) Limited

(Registration number: 07203798)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

35,240

471

Current assets

 

Stocks

6

4,352

5,803

Debtors

7

133,116

56,201

Cash at bank and in hand

 

37,330

151,142

 

174,798

213,146

Creditors: Amounts falling due within one year

8

(106,762)

(56,742)

Net current assets

 

68,036

156,404

Total assets less current liabilities

 

103,276

156,875

Creditors: Amounts falling due after more than one year

8

(28,697)

-

Provisions for liabilities

(5,663)

(90)

Net assets

 

68,916

156,785

Capital and reserves

 

Called up share capital

40

80

Retained earnings

68,876

156,705

Shareholders' funds

 

68,916

156,785

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Valley Sheet Metal (North West) Limited

(Registration number: 07203798)
Balance Sheet as at 29 February 2024

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 director on 19 July 2024
 

.........................................
Mrs J Norcliffe
Company secretary and director

 

Valley Sheet Metal (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
Broadclough Works
Burnley Road
Bacup
Lancashire
OL13 8PJ

These financial statements were authorised for issue by the director on 19 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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

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

15% straight line

Motor vehicles

25% straight line

Office equipment

25% straight line

 

Valley Sheet Metal (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangibles

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Valley Sheet Metal (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 6 (2023 - 8).

 

Valley Sheet Metal (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

2,704

2,704

At 29 February 2024

2,704

2,704

Amortisation

At 1 March 2023

2,704

2,704

At 29 February 2024

2,704

2,704

Carrying amount

At 29 February 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

80,695

15,307

96,002

Additions

6,276

32,615

38,891

At 29 February 2024

86,971

47,922

134,893

Depreciation

At 1 March 2023

80,224

15,307

95,531

Charge for the year

1,403

2,719

4,122

At 29 February 2024

81,627

18,026

99,653

Carrying amount

At 29 February 2024

5,344

29,896

35,240

At 28 February 2023

471

-

471

 

Valley Sheet Metal (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

4,352

5,803

7

Debtors

2024
£

2023
£

Trade debtors

130,581

50,782

Prepayments

2,535

1,622

Other debtors

-

3,797

133,116

56,201

 

Valley Sheet Metal (North West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,208

-

Trade creditors

 

50,157

20,620

Taxation and social security

 

38,036

20,058

Accruals and deferred income

 

4,050

4,050

Other creditors

 

3,311

12,014

 

106,762

56,742

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,697

-

Other non-current financial liabilities

 

22,000

-

 

28,697

-

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,697

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

11,208

-

The bank loan is secured by a fixed and floating charge on the company's assets.