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Registration number: 00798460

Batley Foundry Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Batley Foundry Limited

(Registration number: 00798460)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,145,663

1,161,433

Current assets

 

Stocks

100,820

103,179

Debtors

5

1,944,634

2,331,502

Cash at bank and in hand

 

342,411

374,056

 

2,387,865

2,808,737

Creditors: Amounts falling due within one year

6

(787,815)

(1,242,012)

Net current assets

 

1,600,050

1,566,725

Total assets less current liabilities

 

2,745,713

2,728,158

Creditors: Amounts falling due after more than one year

6

(29,168)

(54,769)

Provisions for liabilities

(126,124)

(74,478)

Net assets

 

2,590,421

2,598,911

Capital and reserves

 

Called up share capital

9

15,000

15,000

Revaluation reserve

676,557

697,426

Retained earnings

1,898,864

1,886,485

Shareholders' funds

 

2,590,421

2,598,911

 

Batley Foundry Limited

(Registration number: 00798460)
Balance Sheet as at 31 March 2024

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 


Mr M A Powell
Director

   
 

Batley Foundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registration number: 00798460

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.

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 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 and deferred 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 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.

 

Batley Foundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost or valuation, 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.

The revaluation method has been applied to the tangible asset class of freehold property. The basis of the valuation was market value as assessed by an independent valuer.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% per annum on written down value

Freehold property

2% per annum 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 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.

 

Batley Foundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

The business utilises an invoice financing facility. Financial assets and liabilities arising from a sale
are recorded at the transaction price.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Batley Foundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 24 (2023 - 29).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

1,000,000

916,122

1,916,122

Additions

-

27,090

27,090

At 31 March 2024

1,000,000

943,212

1,943,212

Depreciation

At 1 April 2023

40,000

714,689

754,689

Charge for the year

20,000

22,860

42,860

At 31 March 2024

60,000

737,549

797,549

Carrying amount

At 31 March 2024

940,000

205,663

1,145,663

At 31 March 2023

960,000

201,433

1,161,433

Revaluation

The fair value of the company's freehold property was revalued on 31 March 2021 by an independent valuer. The basis of the valuation was market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £220,481 (2023 - £228,843).

5

Debtors

2024
£

2023
£

Trade debtors

704,837

854,938

Amounts owed by group undertakings

1,205,686

1,442,453

Other debtors

34,111

34,111

1,944,634

2,331,502

 

Batley Foundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

427,513

707,660

Trade creditors

 

202,254

376,220

Social security and other taxes

 

126,132

126,024

Wages and salaries control

 

602

-

Accruals

 

31,314

32,108

 

787,815

1,242,012

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

29,168

54,769

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

25,000

25,000

HP and finance lease liabilities

-

1,206

Invoice finance creditor

402,513

681,454

427,513

707,660

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,168

54,167

HP and finance lease liabilities

-

602

29,168

54,769

 

Batley Foundry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Bank borrowings are secured against the assets of the company.

The HP liabilities are secured against the assets to which they relate.

The invoice finance creditor is secured upon the book debts of the company.

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus on freehold property revaluation net of deferred tax movement

(20,869)

20,869

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus on freehold property revaluation net of deferred tax movement

(11,638)

11,638

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

15,000

15,000

15,000

15,000