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REGISTERED NUMBER: 08300227 (England and Wales)















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 January 2024

for

SHEET PILING (UK) LIMITED

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 14


SHEET PILING (UK) LIMITED

Company Information
for the Year Ended 31 January 2024







Directors: A J Cotton
I Patel
A J Foy
J O Hull





Secretary: A J Cotton





Registered office: Unit C
Clayton Green Business Park
Library Road, Clayton-Le-Woods
Chorley
Lancashire
PR6 7EN





Registered number: 08300227 (England and Wales)





Independent auditors: CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Strategic Report
for the Year Ended 31 January 2024


The directors present their strategic report for the year ended 31 January 2024.

Principal activity
Sheet Piling (UK) Limited are one of the United Kingdom's leading sheet piling contractors with our head office in Chorley.

We specialise in all forms of driven or hydraulically pressed steel sheet piling works including permanent basements and retaining walls; along with all aspects of temporary works including steelwork bracing.

Our expertise covers a wide range of sectors including industrial, commercial and residential, road and rail infrastructure, ports and harbours and utilities.

Review of business
The results for the company show an operating profit of £3,439,643 for the year ended January 2024 from a turnover of £30,614,728

The decrease in turnover within the year can be largely attributed to a softening in the price of steel products within the worldwide market because of inflationary pressures and reduced product demand. This resulted in turnover returning to a normal trading position following the previous year’s peak.

The operating profit margin has seen an on-going increase at 11.1% (2023 - 8.3%) which is attributed to realisation of the company's long term business plan together with improvements in cost control. Furthermore, successful resolution of long standing legacy projects has also contributed to the increased profit margin.

The directors are satisfied with the performance of the company during the financial year.

Principal risks and uncertainties
The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through appropriate credit control procedures. The company is exposed to market risk as it predominantly supplies the construction industry. The company does not actively use financial instruments as part of its financial risk management. The nature of its other financial instruments means that they are not subject to price risk or liquidity risk.

The company recognises the exposure to foreign exchange risk associated with purchasing company assets using foreign currencies. Whilst volatility remains in the exchange rates of foreign currencies, the company has minimised its effect by continuously monitoring the rates, arranging forward purchasing of foreign currency and retaining high stock levels to reduce exposure to exchange rate fluctuation.

Given the current and economic and political uncertainty which surrounds the UK economy and particularly the construction sector at present; it is expected that turnover in the short term will decrease as a result of lack of government infrastructure investment and price inflation generally impacting on new project commencements.

Financial key performance indicators
The directors consider increasing operating margins and maintaining a manageable and sustainable turnover to be the key performance indicators, together with generating cash. See review of business paragraph above for movements in key performance indicators.

Future developments
Future developments include:

- De-carbonisation of steel products and improved carbon efficiencies of all operations;

- Generation of increased stock assets from retained profits;

- Modernisation and upgrading of plant and machinery;

- General improvements in overall efficiency of the company.


SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Strategic Report
for the Year Ended 31 January 2024

Research and development
The company remains committed to innovation within the market sector of steel sheet piling.

On behalf of the board:





A J Cotton - Director


24 October 2024

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Report of the Directors
for the Year Ended 31 January 2024


The directors present their report with the financial statements of the company for the year ended 31 January 2024.

Principal activity
The principal activity of the company in the year under review was that of sheet piling contractors.

Dividends
No dividends will be distributed for the year ended 31 January 2024.

Events since the end of the year
Information relating to events since the end of the year is given in the notes to the financial statements.

Directors
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

A J Cotton
I Patel
A J Foy
J O Hull

Other changes in directors holding office are as follows:

J C Mitchell - resigned 3 March 2023

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:




A J Cotton - Director


24 October 2024

Report of the Independent Auditors to the Members of
Sheet Piling (UK) Limited


Opinion
We have audited the financial statements of Sheet Piling (UK) Limited (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Sheet Piling (UK) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Identifying and assessing the design and effectiveness of controls that management has in place to prevent and detect fraud;
- Identifying and testing journal entries, in particular journals we consider to be unusual;
- Physical verification of fixed assets, and undertaking asset valuation procedures;
- Physical verification of stock items, as well as undertaking stock valuation procedures;
- Assess managements estimates of contract work and agreeing to appropriate evidence; and
- Assessing the extent of compliance with applicable laws and regulations, alongside maintaining professional scepticism.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Sheet Piling (UK) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Antony Sassen (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

24 October 2024

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Statement of Comprehensive
Income
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

Turnover 4 30,614,728 40,594,411

Cost of sales (26,036,946 ) (36,451,208 )
Gross profit 4,577,782 4,143,203

Administrative expenses (1,138,139 ) (798,675 )
3,439,643 3,344,528

Gain/loss on revaluation of investments - 12,040
Operating profit 6 3,439,643 3,356,568

Interest receivable and similar income 193,354 12,945
3,632,997 3,369,513

Interest payable and similar expenses 7 (274,460 ) (154,446 )
Profit before taxation 3,358,537 3,215,067

Tax on profit 8 (174,316 ) (553,741 )
Profit for the financial year 3,184,221 2,661,326

Other comprehensive income - -
Total comprehensive income for the year 3,184,221 2,661,326

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 9 11,016 2,000
Tangible assets 10 10,334,692 12,822,790
10,345,708 12,824,790

Current assets
Stocks 11 12,158,446 5,614,847
Debtors 12 2,342,719 4,604,045
Investments 13 2,083,000 2,000,000
Cash at bank 4,049,392 5,713,241
20,633,557 17,932,133
Creditors
Amounts falling due within one year 14 11,490,326 14,617,311
Net current assets 9,143,231 3,314,822
Total assets less current liabilities 19,488,939 16,139,612

Creditors
Amounts falling due after more than one
year

15

(2,830,872

)

(2,288,855

)

Provisions for liabilities 19 (1,513,034 ) (1,532,365 )
Net assets 15,145,033 12,318,392

Capital and reserves
Called up share capital 20 15,001 13,334
Share premium 21 80,673 46,666
Capital redemption reserve 21 1,000 -
Retained earnings 21 15,048,359 12,258,392
Shareholders' funds 15,145,033 12,318,392

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





A J Cotton - Director


SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 February 2022 13,334 9,597,066 46,666 - 9,657,066

Changes in equity
Total comprehensive income - 2,661,326 - - 2,661,326
Balance at 31 January 2023 13,334 12,258,392 46,666 - 12,318,392

Changes in equity
Issue of shares 2,667 - 94,153 - 96,820
Purchase of own shares (1,000 ) (394,254 ) (60,146 ) 1,000 (454,400 )
Total comprehensive income - 3,184,221 - - 3,184,221
Balance at 31 January 2024 15,001 15,048,359 80,673 1,000 15,145,033

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Statement of Cash Flows
for the Year Ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (539,319 ) 7,166,763
Interest paid (113,885 ) (23,701 )
Interest element of hire purchase payments
paid

(160,575

)

(108,800

)
Finance costs paid - (21,945 )
Net cash from operating activities (813,779 ) 7,012,317

Cash flows from investing activities
Purchase of intangible fixed assets (9,016 ) -
Purchase of tangible fixed assets (801,503 ) (5,254,859 )
Sale of tangible fixed assets 3,358,556 2,505,667
Purchase of current asset investment - (2,000,000 )
Sale of current asset investment - 1,114,072
Interest received 110,354 12,945
Net cash from investing activities 2,658,391 (3,622,175 )

Cash flows from financing activities
New loans in year - 3,781,541
Capital repayments in year (3,255,779 ) (4,980,900 )
Amount introduced by directors 104,898 -
Share issue 96,820 -
Share buyback (454,400 ) -
Net cash from financing activities (3,508,461 ) (1,199,359 )

(Decrease)/increase in cash and cash equivalents (1,663,849 ) 2,190,783
Cash and cash equivalents at beginning
of year

2

5,713,241

3,522,458

Cash and cash equivalents at end of year 2 4,049,392 5,713,241

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Statement of Cash Flows
for the Year Ended 31 January 2024


1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£    £   
Profit before taxation 3,358,537 3,215,067
Depreciation charges 1,661,290 1,588,680
Profit on disposal of fixed assets (100,128 ) (62,998 )
Gain on revaluation of fixed assets - (12,040 )
Finance costs 274,460 154,446
Finance income (193,354 ) (12,945 )
5,000,805 4,870,210
Increase in stocks (6,543,599 ) (525,881 )
Decrease/(increase) in trade and other debtors 2,241,793 (1,550,313 )
(Decrease)/increase in trade and other creditors (1,238,318 ) 4,372,747
Cash generated from operations (539,319 ) 7,166,763

2. Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2024
31/1/24 1/2/23
£    £   
Cash and cash equivalents 4,049,392 5,713,241
Year ended 31 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 5,713,241 3,957,476
Bank overdrafts - (435,018 )
5,713,241 3,522,458


SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Statement of Cash Flows
for the Year Ended 31 January 2024


3. Analysis of changes in net funds/(debt)

Other
non-cash
At 1/2/23 Cash flow changes At 31/1/24
£    £    £    £   
Net cash
Cash at bank 5,713,241 (1,663,849 ) 4,049,392
5,713,241 (1,663,849 ) 4,049,392

Liquid resources
Current asset
investments 2,000,000 - 83,000 2,083,000
2,000,000 - 83,000 2,083,000
Debt
Finance leases (3,119,344 ) 1,229,278 (1,610,423 ) (3,500,489 )
Debts falling due
within 1 year (2,169,743 ) 2,026,501 143,242 -
(5,289,087 ) 3,255,779 (1,467,181 ) (3,500,489 )
Total 2,424,154 1,591,930 (1,384,181 ) 2,631,903

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

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


1. Statutory information

Sheet Piling (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Statement of compliance

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" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Long-term contracts
Profit on long-term contracts is recognised as the work is carried out and if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out by recording turnover and related costs as contract activity progresses. Turnover is calculated as the revenue certified to date and adjustments for work completed not yet certified. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

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

a) Sale of goods
Revenue from 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.

b) Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with customer certification when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract; and

- the stage of completion of the contract at the end of the reporting periods can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 18% on reducing balance and 5% to 10% straight line
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued

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

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors that are classified as debt, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Current asset investments
Current asset investments are initially measured at cost and are subsequently re-measured at their fair value.

Significant judgements and estimates
In preparing these financial statements, the directors have had to make the following judgements:

- Determine whether leases entered into either as a lessor or a lessee are operating finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine whether there are indicators of impairment of the tangible and intangible assets.Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

Amounts recoverable on contracts valuation

The valuation of amounts recoverable on contracts in excess of the amount certified involves a number of estimates including costs not yet certified and analysis of costs between the different stages of the project.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


4. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 5,267,723 13,233,418
Rendering of services 25,347,005 27,360,993
30,614,728 40,594,411

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 30,614,728 40,594,411
30,614,728 40,594,411

5. Employees and directors
2024 2023
£    £   
Wages and salaries 3,118,806 2,948,246
Social security costs 306,411 295,793
Other pension costs 48,866 44,768
3,474,083 3,288,807

The average number of employees during the year was as follows:
2024 2023

Management, technical and administration 23 23
Site operations 32 34
55 57

2024 2023
£    £   
Directors' remuneration 211,055 237,430
Compensation to director for loss of office 26,100 -

Three directors exercised share options during the year (2023 - no directors).

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 75,991 74,183

The highest paid director exercised share options during the year (2023 - no directors).

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


6. Operating profit

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 39,600 39,600
Depreciation - owned assets 1,661,291 1,588,680
Profit on disposal of fixed assets (100,128 ) (62,998 )
Auditors' remuneration 26,665 22,850
Foreign exchange differences 81,271 (214,510 )

7. Interest payable and similar expenses
2024 2023
£    £   
Bank loan interest 113,885 23,701
Hire purchase 160,575 108,800
Unwinding of discount - 21,945
274,460 154,446

8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 193,647 -

Deferred tax (19,331 ) 553,741
Tax on profit 174,316 553,741

UK corporation tax has been charged at 25% .

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


8. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,358,537 3,215,067
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

839,634

610,863

Effects of:
Expenses not deductible for tax purposes 3,906 9,412
Income not taxable for tax purposes (502,636 ) (82,619 )
Capital allowances in excess of depreciation - (481,356 )
Depreciation in excess of capital allowances 330,989 -
Utilisation of tax losses (459,940 ) (56,300 )
leading to a decrease in

Deferred tax movement (19,331 ) 553,741
Changes in tax rates (18,306 ) -
Total tax charge 174,316 553,741

Factors affecting future tax charges
Future tax liabilities will be reduced by research and development claims and patent box claims. No claim has yet been made for the current year.

9. Intangible fixed assets
Patents
and
licences
£   
Cost
At 1 February 2023 2,000
Additions 9,016
At 31 January 2024 11,016
Net book value
At 31 January 2024 11,016
At 31 January 2023 2,000

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


10. Tangible fixed assets
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 February 2023 19,742,669 36,730 143,947 13,953 19,937,299
Additions 2,373,430 5,190 20,417 12,889 2,411,926
Disposals (3,836,494 ) - (10,000 ) - (3,846,494 )
At 31 January 2024 18,279,605 41,920 154,364 26,842 18,502,731
Depreciation
At 1 February 2023 7,030,875 10,904 61,499 11,231 7,114,509
Charge for year 1,629,904 3,782 25,312 2,293 1,661,291
Eliminated on disposal (600,566 ) - (7,195 ) - (607,761 )
At 31 January 2024 8,060,213 14,686 79,616 13,524 8,168,039
Net book value
At 31 January 2024 10,219,392 27,234 74,748 13,318 10,334,692
At 31 January 2023 12,711,794 25,826 82,448 2,722 12,822,790

Included within the net book value of tangible fixed assets is £4,687,333 (2023 - £3,959,951) in respect of assets held under finance lease agreements.

11. Stocks
2024 2023
£    £   
Finished goods 12,158,446 5,614,847

12. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 1,001,573 2,546,143
Amounts recoverable on contract 317,506 606,489
Other debtors 533,298 770,573
VAT 332,562 230,998
Prepayments and accrued income 157,780 449,842
2,342,719 4,604,045

Financial assets that are debt instruments measured at amortised cost include trade debtors and other debtors.

13. Current asset investments
2024 2023
£    £   
Other 2,083,000 2,000,000

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


14. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts (see note 16) - 2,026,501
Other loans (see note 16) - 143,242
Hire purchase contracts (see note 17) 1,185,684 1,098,252
Trade creditors 1,921,628 2,237,224
Corporation tax 193,647 -
Social security and other taxes 84,835 90,506
Other creditors 694,620 159,609
Accruals and deferred income 7,409,912 8,861,977
11,490,326 14,617,311

Financial liabilities measured at amortised cost include trade creditors, other creditors and other loans.

15. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts (see note 17) 2,314,805 2,021,092
Other creditors 516,067 267,763
2,830,872 2,288,855

Financial liabilities measured at amortised cost include other creditors and other loans.

16. Loans

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 2,026,501
Other loans - 143,242
- 2,169,743

17. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,185,684 1,098,252
Between one and five years 2,314,805 2,021,092
3,500,489 3,119,344

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


17. Leasing agreements - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 59,500 78,500
Between one and five years 87,833 106,250
147,333 184,750

18. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 2,026,501
Hire purchase contracts 3,500,489 3,119,344
3,500,489 5,145,845

The obligations under bank loans and finance/hire purchase contracts are secured by the assets / stock to which they relate.

19. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,513,034 1,832,547
Other timing differences - (300,182 )
1,513,034 1,532,365

Deferred
tax
£   
Balance at 1 February 2023 1,532,365
Provided during year (319,513 )
Utilised during year 300,182
Balance at 31 January 2024 1,513,034

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
12,667 Ordinary £1 12,667 12,667
2,334 A Ordinary £1 2,334 667
15,001 13,334

1,667 A Ordinary shares of £1 each were allotted as fully paid at a premium of £20.40 per share during the year.

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


20. Called up share capital - continued

The Company also issued an additional 1,000 A ordinary shares during the year for consideration of £61,146. These were acquired back by the Company within the year.

21. Reserves
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 February 2023 12,258,392 46,666 - 12,305,058
Profit for the year 3,184,221 - - 3,184,221
Issue of shares - 94,153 - 94,153
Purchase of own shares (394,254 ) (60,146 ) 1,000 (453,400 )
At 31 January 2024 15,048,359 80,673 1,000 15,130,032

The group and company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.

Capital redemption reserve account

The capital redemption reserve account relates to the purchase and cancellation of own shares.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of any dividends paid and other adjustments.

22. Contingent liabilities

The is a contingent liability at year end in respect of contract bonds which amounted to £350,535 (2023 - £nil).

23. Capital commitments
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 1,305,831

24. Related party disclosures

Within other loans < 1 year are amounts owed to a director of £nil (2023 - £143,242) .

Within other creditors > 1 year are directors loan account balances of £516,067 (2023 - £267,763). During the year there were advances and credits of £164,240 and £412,544 respectively.

25. Post balance sheet events

After the year end, the company purchased a property amounting to £559,529.

SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


26. Ultimate controlling party

The controlling party is A J Cotton.