Company registration number 03905629 (England and Wales)
NATIONWIDE STAINLESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
NATIONWIDE STAINLESS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NATIONWIDE STAINLESS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
582,051
643,240
582,051
643,240
Current assets
Stocks
895,141
1,136,630
Debtors
5
5,546,558
5,673,156
Cash at bank and in hand
1,138,748
1,079,976
7,580,447
7,889,762
Creditors: amounts falling due within one year
6
(3,040,914)
(3,615,241)
Net current assets
4,539,533
4,274,521
Total assets less current liabilities
5,121,584
4,917,761
Creditors: amounts falling due after more than one year
7
(619,378)
(701,790)
Provisions for liabilities
(52,900)
(68,600)
Net assets
4,449,306
4,147,371
Capital and reserves
Called up share capital
8
50,002
50,002
Revaluation reserve
159,276
162,867
Profit and loss reserves
4,240,028
3,934,502
Total equity
4,449,306
4,147,371

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

NATIONWIDE STAINLESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
S Laybourn
Director
Company Registration No. 03905629
NATIONWIDE STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Nationwide Stainless Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bacon Lane, Sheffield, S9 3NH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.

Computer Software
20% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost , net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

NATIONWIDE STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and back loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NATIONWIDE STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
17
17
NATIONWIDE STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Intangible fixed assets
Goodwill
Computer Software
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
415,571
8,100
423,671
Amortisation and impairment
At 1 June 2023 and 31 May 2024
415,571
8,100
423,671
Carrying amount
At 31 May 2024
-
0
-
0
-
0
At 31 May 2023
-
0
-
0
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
661,009
468,191
1,129,200
Additions
-
0
16,696
16,696
Disposals
-
0
(57,147)
(57,147)
At 31 May 2024
661,009
427,740
1,088,749
Depreciation
At 1 June 2023
262,105
223,855
485,960
Depreciation charged in the year
14,503
61,882
76,385
Eliminated in respect of disposals
-
0
(55,647)
(55,647)
At 31 May 2024
276,608
230,090
506,698
Carrying amount
At 31 May 2024
384,401
197,650
582,051
At 31 May 2023
398,904
244,336
643,240

In accordance with FRS 102 paragraph 35.10(d), the company elected on transition in 2017 to use the valuation of freehold property as deemed cost.

If the assets were measured at acquisition cost rather than deemed cost, the carrying amounts would be as follows:

NATIONWIDE STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
4
Tangible fixed assets
(Continued)
- 7 -
2024
2023
£
£
Cost
459,660
459,660
Accumulated depreciation
(234,337)
(223,426)
Carrying value
225,323
236,234
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,734,984
2,051,167
Amounts owed by group undertakings
3,783,194
3,524,844
Other debtors
4,798
-
0
Prepayments and accrued income
23,582
97,145
5,546,558
5,673,156
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
75,173
75,173
Obligations under finance leases
23,375
20,201
Trade creditors
1,663,813
1,950,166
Corporation tax
89,179
75,854
Other taxation and social security
154,748
176,582
Other creditors
972,897
1,244,106
Accruals and deferred income
61,729
73,159
3,040,914
3,615,241

Other creditors include £972,897 (2023: £1,244,106) in respect of a credit facility advanced against eligible trade debtors, it is secured against the debts to which it relates.

 

The bank loans are secured against the land and buildings of the company.

 

Finance leases are secured on the assets to which they relate.

NATIONWIDE STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
489,779
561,688
Obligations under finance leases
129,599
140,102
619,378
701,790

The bank loans are secured against the land and buildings of the company.

 

Finance leases are secured on the assets to which they relate.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,002
50,002
50,002
50,002
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
15,603
28,492
10
Parent company

The parent company of Nationwide Stainless Limited is Nationwide Stainless Holdings Limited and its registered office is Bacon Lane, Sheffield, S9 3NH.

2024-05-312023-06-01false07 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityD V BurnsS Laybournfalsefalse039056292023-06-012024-05-31039056292024-05-31039056292023-05-3103905629core:LandBuildings2024-05-3103905629core:OtherPropertyPlantEquipment2024-05-3103905629core:LandBuildings2023-05-3103905629core:OtherPropertyPlantEquipment2023-05-3103905629core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3103905629core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3103905629core:CurrentFinancialInstruments2024-05-3103905629core:CurrentFinancialInstruments2023-05-3103905629core:Non-currentFinancialInstruments2024-05-3103905629core:Non-currentFinancialInstruments2023-05-3103905629core:ShareCapital2024-05-3103905629core:ShareCapital2023-05-3103905629core:RevaluationReserve2024-05-3103905629core:RevaluationReserve2023-05-3103905629core:RetainedEarningsAccumulatedLosses2024-05-3103905629core:RetainedEarningsAccumulatedLosses2023-05-3103905629bus:Director22023-06-012024-05-3103905629core:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3103905629core:LandBuildingscore:OwnedOrFreeholdAssets2023-06-012024-05-3103905629core:PlantMachinery2023-06-012024-05-3103905629core:FurnitureFittings2023-06-012024-05-3103905629core:MotorVehicles2023-06-012024-05-31039056292022-06-012023-05-3103905629core:Goodwill2023-05-3103905629core:PatentsTrademarksLicencesConcessionsSimilar2023-05-31039056292023-05-3103905629core:Goodwill2024-05-3103905629core:PatentsTrademarksLicencesConcessionsSimilar2024-05-3103905629core:Goodwill2023-05-3103905629core:PatentsTrademarksLicencesConcessionsSimilar2023-05-3103905629core:LandBuildings2023-05-3103905629core:OtherPropertyPlantEquipment2023-05-3103905629core:LandBuildings2023-06-012024-05-3103905629core:OtherPropertyPlantEquipment2023-06-012024-05-3103905629bus:PrivateLimitedCompanyLtd2023-06-012024-05-3103905629bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3103905629bus:FRS1022023-06-012024-05-3103905629bus:AuditExemptWithAccountantsReport2023-06-012024-05-3103905629bus:Director12023-06-012024-05-3103905629bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP