Staffordshire Fabrications Limited 02837318 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is the manufacture of fabrications, welded assemblies and machined components. Digita Accounts Production Advanced 6.30.9574.0 true true 02837318 2023-08-01 2024-07-31 02837318 2024-07-31 02837318 bus:OrdinaryShareClass1 2024-07-31 02837318 bus:OrdinaryShareClass2 2024-07-31 02837318 core:CurrentFinancialInstruments 2024-07-31 02837318 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 02837318 core:Non-currentFinancialInstruments 2024-07-31 02837318 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 02837318 core:FurnitureFittings 2024-07-31 02837318 core:MotorVehicles 2024-07-31 02837318 core:OfficeEquipment 2024-07-31 02837318 core:PlantMachinery 2024-07-31 02837318 bus:SmallEntities 2023-08-01 2024-07-31 02837318 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 02837318 bus:FilletedAccounts 2023-08-01 2024-07-31 02837318 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 02837318 bus:RegisteredOffice 2023-08-01 2024-07-31 02837318 bus:Director3 2023-08-01 2024-07-31 02837318 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 02837318 bus:OrdinaryShareClass2 2023-08-01 2024-07-31 02837318 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02837318 core:FurnitureFittings 2023-08-01 2024-07-31 02837318 core:MotorVehicles 2023-08-01 2024-07-31 02837318 core:OfficeEquipment 2023-08-01 2024-07-31 02837318 core:PlantMachinery 2023-08-01 2024-07-31 02837318 countries:UnitedKingdom 2023-08-01 2024-07-31 02837318 2023-07-31 02837318 core:FurnitureFittings 2023-07-31 02837318 core:MotorVehicles 2023-07-31 02837318 core:OfficeEquipment 2023-07-31 02837318 core:PlantMachinery 2023-07-31 02837318 2022-08-01 2023-07-31 02837318 2023-07-31 02837318 bus:OrdinaryShareClass1 2023-07-31 02837318 bus:OrdinaryShareClass2 2023-07-31 02837318 core:CurrentFinancialInstruments 2023-07-31 02837318 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 02837318 core:Non-currentFinancialInstruments 2023-07-31 02837318 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 02837318 core:FurnitureFittings 2023-07-31 02837318 core:MotorVehicles 2023-07-31 02837318 core:OfficeEquipment 2023-07-31 02837318 core:PlantMachinery 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02837318

Staffordshire Fabrications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Staffordshire Fabrications Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Staffordshire Fabrications Limited

Company Information

Director

Mr A R Tombs

Registered office

Unit B&C, Coppice Side Ind Est
West Coppice Road
Brownhills
Walsall
West Midlands
WS8 7EX

Accountants

MAS Associates Ltd
Chartered Certified Accountants
Spear House
Cobbett Road
Burntwood
Staffordshire
WS7 3GR

 

Staffordshire Fabrications Limited

(Registration number: 02837318)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

83,817

142,017

Current assets

 

Stocks

5

22,810

18,000

Debtors

6

387,826

392,520

Cash at bank and in hand

 

282,226

305,765

 

692,862

716,285

Creditors: Amounts falling due within one year

7

(362,006)

(335,322)

Net current assets

 

330,856

380,963

Total assets less current liabilities

 

414,673

522,980

Creditors: Amounts falling due after more than one year

7

(15,278)

(23,611)

Net assets

 

399,395

499,369

Capital and reserves

 

Called up share capital

8

20

20

Retained earnings

399,375

499,349

Shareholders' funds

 

399,395

499,369

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 October 2024
 

.........................................
Mr A R Tombs
Director

 

Staffordshire Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit B&C, Coppice Side Ind Est
West Coppice Road
Brownhills
Walsall
West Midlands
WS8 7EX
England

These financial statements were authorised for issue by the director on 23 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Staffordshire Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% on cost

Furniture & fittings

20% on cost

Motor vehicles

20% on cost

Office equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Staffordshire Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 10).

 

Staffordshire Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 August 2023

16,625

846,507

3,826

33,605

Additions

-

-

3,721

-

Disposals

-

(59,500)

(2,469)

-

At 31 July 2024

16,625

787,007

5,078

33,605

Depreciation

At 1 August 2023

14,241

707,008

3,692

33,605

Charge for the year

771

60,393

757

-

Eliminated on disposal

-

(59,500)

(2,469)

-

At 31 July 2024

15,012

707,901

1,980

33,605

Carrying amount

At 31 July 2024

1,613

79,106

3,098

-

At 31 July 2023

2,384

139,499

134

-

Total
£

Cost or valuation

At 1 August 2023

900,563

Additions

3,721

Disposals

(61,969)

At 31 July 2024

842,315

Depreciation

At 1 August 2023

758,546

Charge for the year

61,921

Eliminated on disposal

(61,969)

At 31 July 2024

758,498

Carrying amount

At 31 July 2024

83,817

At 31 July 2023

142,017

5

Stocks

2024
£

2023
£

Other inventories

22,810

18,000

 

Staffordshire Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

338,895

330,277

Prepayments

3,003

3,491

Other debtors

45,928

58,752

 

387,826

392,520

 

Staffordshire Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,333

14,333

Trade creditors

 

249,745

170,686

Taxation and social security

 

39,932

31,503

Accruals and deferred income

 

3,800

3,600

Other creditors

 

60,196

115,200

 

362,006

335,322

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,278

23,611

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £0.20 each

88

18

88

18

Ordinary B Shares of £0.20 each

12

2

12

2

100

20

100

20

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,278

23,611

10

Related party transactions

A balance of £7,966 (2023, £77,483 ) is due to Staffordshire Group Holdings Ltd, a company under common ownership and control.