Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3136false2023-04-01No description of principal activity34truetruefalse 01768764 2023-04-01 2024-03-31 01768764 2022-01-01 2023-03-31 01768764 2024-03-31 01768764 2023-03-31 01768764 c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 01768764 d:Director1 2023-04-01 2024-03-31 01768764 c:Buildings 2023-04-01 2024-03-31 01768764 c:PlantMachinery 2023-04-01 2024-03-31 01768764 c:PlantMachinery 2023-03-31 01768764 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01768764 c:MotorVehicles 2023-04-01 2024-03-31 01768764 c:MotorVehicles 2023-03-31 01768764 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01768764 c:OfficeEquipment 2023-04-01 2024-03-31 01768764 c:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01768764 c:CurrentFinancialInstruments 2024-03-31 01768764 c:CurrentFinancialInstruments 2023-03-31 01768764 c:Non-currentFinancialInstruments 2024-03-31 01768764 c:Non-currentFinancialInstruments 2023-03-31 01768764 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 01768764 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 01768764 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 01768764 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 01768764 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 01768764 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 01768764 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2024-03-31 01768764 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-03-31 01768764 c:ShareCapital 2024-03-31 01768764 c:ShareCapital 2023-03-31 01768764 c:CapitalRedemptionReserve 2024-03-31 01768764 c:CapitalRedemptionReserve 2023-03-31 01768764 c:RetainedEarningsAccumulatedLosses 2024-03-31 01768764 c:RetainedEarningsAccumulatedLosses 2023-03-31 01768764 d:FRS102 2023-04-01 2024-03-31 01768764 d:Audited 2023-04-01 2024-03-31 01768764 d:FullAccounts 2023-04-01 2024-03-31 01768764 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01768764 c:PlantMachinery c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 01768764 c:MotorVehicles c:PriorPeriodIncreaseDecrease 2023-04-01 2024-03-31 01768764 c:HirePurchaseContracts c:WithinOneYear 2024-03-31 01768764 c:HirePurchaseContracts c:WithinOneYear 2023-03-31 01768764 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-03-31 01768764 c:HirePurchaseContracts c:BetweenOneFiveYears 2023-03-31 01768764 d:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01768764 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01768764 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01768764 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2024-03-31 01768764 c:PlantMachinery c:LeasedAssetsHeldAsLessee 2023-03-31 01768764 c:LeasedAssetsHeldAsLessee 2024-03-31 01768764 c:LeasedAssetsHeldAsLessee 2023-03-31 01768764 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01768764










HIGSON EDWARDS (STEELSTOCK) LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
REGISTERED NUMBER: 01768764

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
317,016
435,674

  
317,016
435,674

Current assets
  

Stocks
  
1,041,393
976,247

Debtors: amounts falling due within one year
 5 
3,192,820
3,600,074

Cash at bank and in hand
 6 
2,516,324
30,945

  
6,750,537
4,607,266

Creditors: amounts falling due within one year
 7 
(3,922,296)
(1,837,601)

Net current assets
  
 
 
2,828,241
 
 
2,769,665

Total assets less current liabilities
  
3,145,257
3,205,339

Creditors: amounts falling due after more than one year
 8 
(470,819)
(759,253)

Provisions for liabilities
  

Deferred tax
 11 
(69,745)
(104,505)

  
 
 
(69,745)
 
 
(104,505)

Net assets
  
2,604,693
2,341,581

Page 1

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
REGISTERED NUMBER: 01768764
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,457
1,457

Capital redemption reserve
  
1,543
1,543

Profit and loss account
  
2,601,693
2,338,581

  
2,604,693
2,341,581


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 comprehensive income 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 23 September 2024.




S. P. Ross
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.01768764). The address of the registered office is Luton Street, Liverpool, Merseyside L5 9XR.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is that of steel stockholders.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.



The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The company depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for whole of the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The director is not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the director believes it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

TANGIBLE FIXED ASSETS

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold land and buildings
-
25 - 50 years
Plant and equipment
-
5 - 10 years
Motor vehicles
-
5 years
Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

STOCKS

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.6

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

CURRENT AND DEFERRED TAXATION

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

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 36 (2023 - 34).

Page 6

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


TANGIBLE FIXED ASSETS





Plant & machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
1,248,808
246,658
1,495,466



At 31 March 2024
1,248,808
246,658
1,495,466



Depreciation


At 1 April 2023
856,858
202,933
1,059,791


Charge for the year on owned assets
47,903
-
47,903


Charge for the year on financed assets
60,856
9,900
70,756



At 31 March 2024
965,617
212,833
1,178,450



Net book value



At 31 March 2024
283,191
33,825
317,016



At 31 March 2023
391,949
43,725
435,674

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
57,988
134,430

57,988
134,430


5.


DEBTORS

2024
2023
£
£


Trade debtors
2,919,925
3,390,213

Other debtors
17,285
204,350

Prepayments and accrued income
255,610
5,511

3,192,820
3,600,074


Page 7

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
2,516,324
30,945

2,516,324
30,945



7.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans
257,956
254,606

Trade creditors
2,751,995
893,408

Corporation tax
242,572
446,038

Other taxation and social security
283,892
41,719

Obligations under finance lease and hire purchase contracts
17,853
36,525

Other creditors
204,870
23,321

Accruals and deferred income
163,158
141,984

3,922,296
1,837,601


The following liabilities were secured:

2024
2023
£
£



Bank loans and overdrafts
257,956
254,606

Obligations under finance lease and hire purchase contracts
17,853
36,525

275,809
291,131

Details of security provided:

Bank loans and overdrafts are secured by a fixed and floating charge over the undertaking and assets of the company.
Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

Page 8

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
470,819
741,484

Net obligations under finance leases and hire purchase contracts
-
17,769

470,819
759,253


The following liabilities were secured:

2024
2023
£
£



Bank loans
470,819
741,484

Net obligations under finance leases and hire purchase contracts
-
17,769

470,819
759,253

Details of security provided:

Bank loans are secured by a fixed and floating charge over the undertaking and assets of the company.
Obligations under hire purchase and finance lease contracts are secured on the assets concerned.


9.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
257,956
254,606


257,956
254,606

Amounts falling due 1-2 years

Bank loans
261,060
257,622


261,060
257,622

Amounts falling due 2-5 years

Bank loans
209,759
483,862


209,759
483,862


728,775
996,090


Page 9

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
17,769
36,525

Between 1-5 years
-
17,769

17,769
54,294


11.


DEFERRED TAXATION




2024


£






At beginning of year
(104,505)


Charged to the profit or loss
34,760



At end of year
(69,745)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(69,745)
(104,505)

(69,745)
(104,505)


12.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £66,237 (2023: £31,511). Contributions totalling £nil (2023: £6,077) were payable to the fund at the balance sheet date.


13.


CONTROLLING PARTY

The company is controlled by S. P. Ross.

Page 10

 
HIGSON EDWARDS (STEELSTOCK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


AUDITOR'S INFORMATION

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 23 September 2024 by Stephen Talbot (Senior Statutory Auditor) on behalf of Langtons Professional Services Limited.

 
Page 11