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REGISTERED NUMBER: 01576526 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Servemet (N.W.) Limited

Servemet (N.W.) Limited (Registered number: 01576526)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Servemet (N.W.) Limited (Registered number: 01576526)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,970,701 151,469
Investments 5 100 100
2,970,801 151,569

CURRENT ASSETS
Stocks 755,890 931,886
Debtors 6 2,277,372 1,836,330
Cash at bank and in hand 125,628 1,992,944
3,158,890 4,761,160
CREDITORS
Amounts falling due within one year 7 3,744,121 2,829,236
NET CURRENT (LIABILITIES)/ASSETS (585,231 ) 1,931,924
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,385,570

2,083,493

PROVISIONS FOR LIABILITIES 7,594 9,178
NET ASSETS 2,377,976 2,074,315

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 2,367,976 2,064,315
SHAREHOLDERS' FUNDS 2,377,976 2,074,315

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 directors acknowledge their 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.

Servemet (N.W.) Limited (Registered number: 01576526)

Balance Sheet - continued
31 December 2023


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 Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





J M Winn - Director


Servemet (N.W.) Limited (Registered number: 01576526)

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

1. STATUTORY INFORMATION

Servemet (N.W.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01576526

Registered office: Howley Park Industrial Estate
Howley Park Road East
Morley
Leeds
West Yorkshire
LS27 0BN

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
The company has not applied any significant judgements or estimates which could have a significant effect on the amounts recognised in its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.


Servemet (N.W.) Limited (Registered number: 01576526)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction costs, including transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

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

3. EMPLOYEES AND DIRECTORS

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

Servemet (N.W.) Limited (Registered number: 01576526)

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

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 - 70,198 161,643 370,738 602,579
Additions 2,867,089 - 551 68,165 2,935,805
Disposals - - - (45,060 ) (45,060 )
At 31 December 2023 2,867,089 70,198 162,194 393,843 3,493,324
DEPRECIATION
At 1 January 2023 - 14,125 133,325 303,660 451,110
Charge for year 57,342 14,018 5,023 31,686 108,069
Eliminated on disposal - - - (36,556 ) (36,556 )
At 31 December 2023 57,342 28,143 138,348 298,790 522,623
NET BOOK VALUE
At 31 December 2023 2,809,747 42,055 23,846 95,053 2,970,701
At 31 December 2022 - 56,073 28,318 67,078 151,469

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,514,540 1,607,136
Amounts owed by group undertakings 283,016 185,861
VAT 437,073 -
Prepayments 42,743 43,333
2,277,372 1,836,330

Servemet (N.W.) Limited (Registered number: 01576526)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 1,369,312 924,301
Corporation Tax 123,270 45,829
Social security and other taxes 26,910 26,138
VAT - 133,751
Amounts owed to related companies 500,000 -
Directors' current accounts 660,000 -
Accrued expenses 1,064,629 1,699,217
3,744,121 2,829,236

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   

There is a cross guarantee in connection with the banking facilities of all related and group companies as follows:- Gablesea Limited, Gablesea Glassfibre Limited, Servemet (NW) Limited, Service Metals (Midlands) Limited, Service Metals (South) Limited, Service Metals (North) Limited, Service Metals (East Anglia) Limited, Service Metals Painting and Fabrications Limited, Switchblade Metals Limited, J B Components Limited, Service Metals (Ireland) Limited. The amount of overdraft guaranteed in respect of all related and group companies is £2,000,000 at the date of producing these financial accounts. In addition the company also have a debenture on all assets of the company dated 12/12/1989.

9. RELATED PARTY DISCLOSURES

There was an interest free loan made to the company in the year this was from a related party Gablesea Glassfbre Limited. The loan outstanding at the year end was £500,000 (2023) - 0 (2022).


The directors Mr GP Wilson and Mr JM Winn made interest free loans to the company in the year. The amount outstanding at the year end was £660,000 (2023) - 0 (2022)