Company registration number 02463108 (England and Wales)
ACCURATE SECTION BENDERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
ACCURATE SECTION BENDERS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 12
ACCURATE SECTION BENDERS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M W Mocroft
Mr N J Mocroft
Secretary
Mrs B Mocroft
Company number
02463108
Registered office
Dawley Brook Road
Kingswinford
West Midlands
England
DY 6 7AU
Auditor
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
ACCURATE SECTION BENDERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
561,958
539,798
Investment properties
5
190,000
190,000
751,958
729,798
Current assets
Stocks
47,675
101,694
Debtors
6
424,727
504,432
Cash at bank and in hand
593,671
815,064
1,066,073
1,421,190
Creditors: amounts falling due within one year
7
(401,022)
(516,921)
Net current assets
665,051
904,269
Total assets less current liabilities
1,417,009
1,634,067
Provisions for liabilities
(5,100)
(4,869)
Net assets
1,411,909
1,629,198
Capital and reserves
Called up share capital
8
50
100
Revaluation reserve
59,520
59,520
Capital redemption reserve
50
Profit and loss reserves
1,352,289
1,569,578
Total equity
1,411,909
1,629,198
ACCURATE SECTION BENDERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr M W Mocroft
Mr N J Mocroft
Director
Director
Company Registration No. 02463108
The notes on pages 5 to 12 form part of these financial statements
ACCURATE SECTION BENDERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
100
59,520
1,421,451
1,481,071
Year ended 31 March 2023:
Profit for the year
-
-
-
348,127
348,127
Other comprehensive income:
Fair value adjustments reclassified to profit or loss
-
-
(40,000)
(40,000)
Total comprehensive income for the year
308,127
348,127
Dividends
-
-
-
(200,000)
(200,000)
Balance at 31 March 2023
100
59,520
1,569,578
1,629,198
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
182,711
182,711
Own shares acquired
-
-
-
(400,000)
(400,000)
Redemption of shares
8
(50)
-
50
Balance at 31 March 2024
50
59,520
50
1,352,289
1,411,909
The notes on pages 5 to 12 form part of these financial statements
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
1
Accounting policies
Company information
Accurate Section Benders Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dawley Brook Road, Kingswinford, West Midlands, England, DY 6 7AU.
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 and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
The turnover shown in the statement of comprehensive income represents amounts receivable for the year, adjusted for the movement in the year in unbilled receivables, exclusive of Value Added Tax, with regards to the bending of steel sections. Rental income from investment property is recorded under other operating income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% motor vehicles
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.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stock is measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Stock is held on a Just in Time basis. Low basis level stock is maintained as a buffer on frequently used stock.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
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.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are described below.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
The annual depreciation charge is sensitive to the changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually.
Raw materials are valued at cost. With regards to work in progress, only items 100% complete are valued as complete as products tend not to be left part machined and the directors/production staff state that materials can be reshaped back into their raw form and therefore unless completed to 100%, these items hold no greater recoverable value.
The value of the investment property is re-assessed annually by the directors. The directors use market rate to determine the fair value. Changes to the fair value reserves are applied accordingly.
There were no other key sources of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
22
22
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
823,525
986,530
84,419
120,105
2,014,579
Additions
16,995
54,249
71,244
At 31 March 2024
823,525
1,003,525
84,419
174,354
2,085,823
Depreciation and impairment
At 1 April 2023
415,029
906,731
68,827
84,194
1,474,781
Depreciation charged in the year
16,470
14,517
2,339
15,758
49,084
At 31 March 2024
431,499
921,248
71,166
99,952
1,523,865
Carrying amount
At 31 March 2024
392,026
82,277
13,253
74,402
561,958
At 31 March 2023
408,496
79,799
15,592
35,911
539,798
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
190,000
The investment property was valued at £150,000 on an open market basis on 12 July 2018 by Select Property Management.
The value was uplifted to £190,000 as at 31 March 2021 to reflect the current market value. The directors believe this value to still be accurate.
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
380,535
462,859
Other debtors
44,192
41,573
424,727
504,432
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
201,058
321,108
Corporation tax
71,951
89,529
Other taxation and social security
100,606
87,202
Other creditors
10,284
Accruals and deferred income
17,123
19,082
401,022
516,921
8
Called up share capital
2024
2023
2024
2023
Share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50
100
50
100
The company's share capital consists of 50 A shares.
Last year the company's share capital consisted of 50 A shares and 50 B shares.
During the year the company purchased its own 50 B shares which were immediately cancelled on 22nd December 2023.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
ACCURATE SECTION BENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Audit report information
(Continued)
- 12 -
Senior Statutory Auditor:
Dean Pullen FCCA
Statutory Auditor:
TC Group
Date of audit report:
28 October 2024
10
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
£
£
6,050
2024-03-312023-04-01false28 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr M W MocroftMr N J MocroftMrs Hannah L LeonardiMrs B Mocroftfalsefalse024631082023-04-012024-03-3102463108bus:Director12023-04-012024-03-3102463108bus:Director22023-04-012024-03-3102463108bus:CompanySecretary12023-04-012024-03-3102463108bus:Director32023-04-012024-03-3102463108bus:RegisteredOffice2023-04-012024-03-31024631082024-03-31024631082023-03-3102463108core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3102463108core:PlantMachinery2024-03-3102463108core:FurnitureFittings2024-03-3102463108core:MotorVehicles2024-03-3102463108core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3102463108core:PlantMachinery2023-03-3102463108core:FurnitureFittings2023-03-3102463108core:MotorVehicles2023-03-3102463108core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102463108core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102463108core:CurrentFinancialInstruments2024-03-3102463108core:CurrentFinancialInstruments2023-03-3102463108core:ShareCapital2024-03-3102463108core:ShareCapital2023-03-3102463108core:RevaluationReserve2024-03-3102463108core:RevaluationReserve2023-03-3102463108core:CapitalRedemptionReserve2024-03-3102463108core:CapitalRedemptionReserve2023-03-3102463108core:RetainedEarningsAccumulatedLosses2024-03-3102463108core:RetainedEarningsAccumulatedLosses2023-03-3102463108core:ShareCapital2022-03-3102463108core:RevaluationReserve2022-03-3102463108core:CapitalRedemptionReserve2022-03-3102463108core:RetainedEarningsAccumulatedLosses2022-03-31024631082022-03-3102463108core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31024631082022-04-012023-03-3102463108core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102463108core:RevaluationReserve12022-04-012023-03-310246310822022-04-012023-03-3102463108core:ShareCapital2022-04-012023-03-3102463108core:RevaluationReserve2022-04-012023-03-3102463108core:CapitalRedemptionReserve2022-04-012023-03-3102463108core:ShareCapital2023-04-012024-03-3102463108core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3102463108core:PlantMachinery2023-04-012024-03-3102463108core:FurnitureFittings2023-04-012024-03-3102463108core:MotorVehicles2023-04-012024-03-3102463108core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3102463108core:PlantMachinery2023-03-3102463108core:FurnitureFittings2023-03-3102463108core:MotorVehicles2023-03-31024631082023-03-3102463108core:WithinOneYear2024-03-3102463108core:WithinOneYear2023-03-3102463108bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102463108bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3102463108bus:FRS1022023-04-012024-03-3102463108bus:Audited2023-04-012024-03-3102463108bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP