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COMPANY REGISTRATION NUMBER: 1981236
Stainless UK Limited
Filleted Unaudited Financial Statements
30 April 2024
Stainless UK Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
Stainless UK Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Stainless UK Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Stainless UK Limited for the year ended 30 April 2024, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Stainless UK Limited, as a body, in accordance with the terms of our engagement letter dated 24 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Stainless UK Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stainless UK Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Stainless UK 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 Stainless UK Limited. You consider that Stainless UK 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 financial statements of Stainless UK 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
10 September 2024
Stainless UK Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,765,111
1,232,175
Current assets
Stocks
2,133,452
1,928,607
Debtors
6
928,258
1,041,629
Cash at bank and in hand
9,169
2,703
------------
------------
3,070,879
2,972,939
Creditors: amounts falling due within one year
7
1,502,397
1,698,393
------------
------------
Net current assets
1,568,482
1,274,546
------------
------------
Total assets less current liabilities
3,333,593
2,506,721
Creditors: amounts falling due after more than one year
8
865,579
311,773
Provisions
Taxation including deferred tax
441,278
308,044
------------
------------
Net assets
2,026,736
1,886,904
------------
------------
Stainless UK Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
73,002
73,002
Profit and loss account
1,953,734
1,813,902
------------
------------
Shareholders funds
2,026,736
1,886,904
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
Mr O T W E Wells
Mr T J Wells
Director
Director
Company registration number: 1981236
Stainless UK Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Newhall Road Works, Newhall Road, Sheffield, S9 2QL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors, there are no judgements or key sources of estimation uncertainty that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
Straight line over the period of the lease
Plant & Machinery
-
10% straight line
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2023: 25 ).
5. Tangible assets
Leasehold Property Improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
11,375
1,806,039
153,337
143,026
121,748
2,235,525
Additions
513,132
7,613
259,037
2,133
781,915
Disposals
( 28,275)
( 239)
( 28,514)
--------
------------
---------
---------
---------
------------
At 30 Apr 2024
11,375
2,290,896
160,950
402,063
123,642
2,988,926
--------
------------
---------
---------
---------
------------
Depreciation
At 1 May 2023
11,375
705,041
137,103
83,829
66,002
1,003,350
Charge for the year
168,935
4,270
59,603
16,171
248,979
Disposals
( 28,275)
( 239)
( 28,514)
--------
------------
---------
---------
---------
------------
At 30 Apr 2024
11,375
845,701
141,373
143,432
81,934
1,223,815
--------
------------
---------
---------
---------
------------
Carrying amount
At 30 Apr 2024
1,445,195
19,577
258,631
41,708
1,765,111
--------
------------
---------
---------
---------
------------
At 30 Apr 2023
1,100,998
16,234
59,197
55,746
1,232,175
--------
------------
---------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 30 April 2024
1,490,585
------------
At 30 April 2023
513,753
------------
6. Debtors
2024
2023
£
£
Trade debtors
810,035
971,755
Other debtors
118,223
69,874
---------
------------
928,258
1,041,629
---------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
333,276
617,686
Corporation tax
72,908
Social security and other taxes
82,483
20,409
Other creditors
1,086,638
987,390
------------
------------
1,502,397
1,698,393
------------
------------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2024 2023
£ £
Other creditors 577,189 637,868
Hire purchase agreements 286,546 86,759
--------- ---------
863,735 724,627
--------- ---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
865,579
311,773
---------
---------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2024
2023
£
£
Hire purchase agreements
865,579
311,773
---------
---------