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REGISTERED NUMBER: 02671387 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: J Reynolds





REGISTERED OFFICE: 80 Burton Road
Sheffield
South Yorkshire
S3 8BX





REGISTERED NUMBER: 02671387 (England and Wales)





ACCOUNTANTS: S Burgess & Co Ltd
11 Slayleigh Avenue
Sheffield
South Yorkshire
S10 3RA

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 158,993 176,201

CURRENT ASSETS
Stocks 434,792 408,856
Debtors 5 462,736 505,178
Cash at bank and in hand 78,547 102,459
976,075 1,016,493
CREDITORS
Amounts falling due within one year 6 612,086 657,949
NET CURRENT ASSETS 363,989 358,544
TOTAL ASSETS LESS CURRENT
LIABILITIES

522,982

534,745

CREDITORS
Amounts falling due after more than one
year

7

(52,880

)

(86,725

)

PROVISIONS FOR LIABILITIES 9 (38,831 ) (43,030 )

PENSION LIABILITY 11 (133,000 ) (123,000 )
NET ASSETS 298,271 281,990

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 10 43,000 47,000
Retained earnings 255,269 234,988
SHAREHOLDER FUNDS 298,271 281,990

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 August 2024 and were signed by:





J Reynolds - Director


SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

South Yorkshire Ducting Supplies 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.

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

Turnover
Turnover comprises the invoiced value of the supply of coiled ductwork and ancillary products, excluding valued added tax. Turnover is recognised on delivery to the customer.

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 reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks, which comprise coiled ductwork, steel coil, and ancillary products, are valued at purchase cost. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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


SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates both a defined contribution pension scheme, and a defined benefit pension scheme.

Contributions payable to the company's defined contribution pension scheme are charged to profit or loss in the period to which they relate

For the defined benefit pension scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income statement. Interest on pension plan liabilities are recognised within finance expenses.

Debtors and creditors due within one year
Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income within administrative expenses.

Impairment
At each balance sheet date, assets are reviewed to determine whether there is any indication that any of the individual assets have suffered an impairment. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income.

Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, taking into account the risks and uncertainties surrounding the obligation.

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 399,398 38,254 47,620 26,080 511,352
Additions - - 19,450 4,283 23,733
At 31 December 2023 399,398 38,254 67,070 30,363 535,085
DEPRECIATION
At 1 January 2023 268,948 17,867 25,165 23,171 335,151
Charge for year 26,090 3,058 10,263 1,530 40,941
At 31 December 2023 295,038 20,925 35,428 24,701 376,092
NET BOOK VALUE
At 31 December 2023 104,360 17,329 31,642 5,662 158,993
At 31 December 2022 130,450 20,387 22,455 2,909 176,201

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 407,029 449,198
Other debtors 2,409 15,075
Directors' current accounts 53,298 30,000
Prepayments - 10,905
462,736 505,178

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,128 9,872
Hire purchase contracts (see note 8) 34,312 36,054
Trade creditors 202,125 239,412
Corporation tax 68,577 41,062
Social security and other taxes 1,573 13,531
VAT 57,100 54,221
Other creditors 4,571 17,557
RBS invoice discounting 215,505 230,165
Accruals & deferred income 18,195 16,075
612,086 657,949

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 15,670 25,797
Hire purchase contracts (see note 8) 37,210 60,928
52,880 86,725

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 34,312 36,054
Between one and five years 37,210 60,928
71,522 96,982

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 50,830 50,830

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 38,831 43,030

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 43,030
Accelerated capital allowances (4,199 )
Balance at 31 December 2023 38,831

10. RESERVES
Fair
value
reserve
£   
At 1 January 2023 47,000
Actuarial Loss / Gain (4,000 )

At 31 December 2023 43,000

11. EMPLOYEE BENEFIT OBLIGATIONS

The company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £133,000 (2022 £123,000) was on 31 December 2023. During the year the expense incurred was £6,000 (2022 £4,000).

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Present value of funded obligations - -
Fair value of plan assets - -
- -
Present value of unfunded obligations (133,000 ) (123,000 )
Deficit (133,000 ) (123,000 )
Net liability (133,000 ) (123,000 )

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

6,000

4,000
Past service cost - -
6,000 4,000

Actual return on plan assets - -

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Opening defined benefit obligation 123,000 219,000
Interest cost 6,000 4,000
Actuarial losses/(gains) 4,000 (100,000 )
133,000 123,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
- -

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Actuarial (losses)/gains (4,000 ) 100,000
(4,000 ) 100,000

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED (REGISTERED NUMBER: 02671387)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

31.12.23 31.12.22
£    £   
- -

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.23 31.12.22
Discount rate 4.50% 4.70%
Inflation RPI 3.10% 3.10%
Inflation CPI 2.30% 2.20%

Pre and post retirement mortality - S3PMA tables with improvements in the CMI 2022 model and a long term rate of improvement of 1%.

Defined contribution scheme

There were no amounts owing to the defined contribution pension scheme at the year end.


12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year, the director's current account of J Reynolds was overdrawn in the sum of £30,000. The sum was repaid to the company via a dividend declared on 30 April 2023. The maximum amount owing in the year on this loan to the company was £30,000. No interest has been charged by the company on the figure of £30,000.

During the year, two new loans were provided to the director, J Reynolds. The loans were £30,000 on 31 May 2023 and £23,298 on 4 July 2023. Both loans remained outstanding at 31 December 2023. The maximum amount owing to the company in the year was the aggregate of these two loans at £53,298. Both loans were repaid to the company via dividend declarations in April 2024. No interest has been charged by the company on the two loans totalling £53,298.