30 29 November 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,500 8,000 16,500 3,028 3,916 6,944 9,556 5,472 xbrli:pure xbrli:shares iso4217:GBP 09950341 2023-03-01 2024-02-29 09950341 2024-02-29 09950341 2023-02-28 09950341 2022-03-01 2023-02-28 09950341 2023-02-28 09950341 2022-02-28 09950341 core:NetGoodwill 2023-03-01 2024-02-29 09950341 core:PlantMachinery 2023-03-01 2024-02-29 09950341 core:FurnitureFittings 2023-03-01 2024-02-29 09950341 core:MotorVehicles 2023-03-01 2024-02-29 09950341 bus:Director1 2023-03-01 2024-02-29 09950341 core:NetGoodwill 2023-02-28 09950341 core:NetGoodwill 2024-02-29 09950341 core:PlantMachinery 2023-02-28 09950341 core:FurnitureFittings 2023-02-28 09950341 core:MotorVehicles 2023-02-28 09950341 core:PlantMachinery 2024-02-29 09950341 core:FurnitureFittings 2024-02-29 09950341 core:MotorVehicles 2024-02-29 09950341 core:WithinOneYear 2024-02-29 09950341 core:WithinOneYear 2023-02-28 09950341 core:AfterOneYear 2024-02-29 09950341 core:AfterOneYear 2023-02-28 09950341 core:ShareCapital 2024-02-29 09950341 core:ShareCapital 2023-02-28 09950341 core:RetainedEarningsAccumulatedLosses 2024-02-29 09950341 core:RetainedEarningsAccumulatedLosses 2023-02-28 09950341 core:BetweenOneFiveYears 2024-02-29 09950341 core:BetweenOneFiveYears 2023-02-28 09950341 core:MoreThanFiveYears 2024-02-29 09950341 core:MoreThanFiveYears 2023-02-28 09950341 core:NetGoodwill 2023-02-28 09950341 core:PlantMachinery 2023-02-28 09950341 core:FurnitureFittings 2023-02-28 09950341 core:MotorVehicles 2023-02-28 09950341 bus:SmallEntities 2023-03-01 2024-02-29 09950341 bus:Audited 2023-03-01 2024-02-29 09950341 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 09950341 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 09950341 bus:FullAccounts 2023-03-01 2024-02-29
COMPANY REGISTRATION NUMBER: 09950341
SHS BALUSTRADES & HANDRAILS LIMITED
FILLETED FINANCIAL STATEMENTS
29 February 2024
SHS BALUSTRADES & HANDRAILS LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Intangible assets
5
9,556
5,472
Tangible assets
6
40,690
73,028
--------
--------
50,246
78,500
CURRENT ASSETS
Stocks
126,249
292,106
Debtors
7
169,438
261,264
Cash at bank and in hand
16,823
32,822
---------
---------
312,510
586,192
CREDITORS: amounts falling due within one year
8
1,282,754
1,358,566
------------
------------
NET CURRENT LIABILITIES
970,244
772,374
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 919,998)
( 693,874)
CREDITORS: amounts falling due after more than one year
9
12,405
30,635
---------
---------
NET LIABILITIES
( 932,403)
( 724,509)
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
110
110
Profit and loss account
( 932,513)
( 724,619)
---------
---------
SHAREHOLDERS DEFICIT
( 932,403)
( 724,509)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 09950341
SHS BALUSTRADES & HANDRAILS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29 FEBRUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit E6/E7 West Point, Middlemore Lane West, Aldridge, Walsall, WS9 8BG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from group companies. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 30 (2023: 34 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 March 2023
8,500
Additions
8,000
--------
At 29 February 2024
16,500
--------
Amortisation
At 1 March 2023
3,028
Charge for the year
3,916
--------
At 29 February 2024
6,944
--------
Carrying amount
At 29 February 2024
9,556
--------
At 28 February 2023
5,472
--------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
79,414
828
39,336
119,578
Additions
1,000
1,000
Disposals
( 10,495)
( 10,495)
--------
----
--------
---------
At 29 February 2024
80,414
828
28,841
110,083
--------
----
--------
---------
Depreciation
At 1 March 2023
40,416
467
5,667
46,550
Charge for the year
16,987
146
8,334
25,467
Disposals
( 2,624)
( 2,624)
--------
----
--------
---------
At 29 February 2024
57,403
613
11,377
69,393
--------
----
--------
---------
Carrying amount
At 29 February 2024
23,011
215
17,464
40,690
--------
----
--------
---------
At 28 February 2023
38,998
361
33,669
73,028
--------
----
--------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
39,139
33,712
Amounts owed by group undertakings and undertakings in which the company has a participating interest
71,076
Other debtors
130,299
156,476
---------
---------
169,438
261,264
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
20,777
42,480
Trade creditors
255,746
354,622
Amounts owed to group undertakings and undertakings in which the company has a participating interest
523,060
440,011
Social security and other taxes
207,823
166,051
Other creditors
275,348
355,402
------------
------------
1,282,754
1,358,566
------------
------------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,405
30,635
--------
--------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
140,000
140,000
Later than 1 year and not later than 5 years
560,000
560,000
Later than 5 years
186,667
326,667
---------
------------
886,667
1,026,667
---------
------------
11. SUMMARY AUDIT OPINION
The auditor's report dated 29 November 2024 was unqualified .
The senior statutory auditor was David Kelland FCA , for and on behalf of Meadows & Co Limited .
12. RELATED PARTY TRANSACTIONS
During the year there were the following transactions with directors: Repayments of loans from directors totalling £37,031 (2023: £57,031), interest charged on loans from directors totalling £2,880 (2023: £4,543) and loans advanced from directors of £Nil (2023: £20,000). As at 29 February 2024 amounts due to directors totalled £38,971 (2023: £73,121). The company has taken advantage of the provisions available under FRS 102 not to disclose transactions and balances with companies within a 100% owned group.
13. PARENT UNDERTAKING
The smallest group which prepares consolidated accounts which includes the results of SHS Balustrades & Handrails Limited is headed by Silvanito Holdings Limited , a company incorporated in England and Wales. The registered office of Silvanito Holdings Limited is Qictrims Radclive Road, Gawcott, Buckingham, United Kingdom, MK18 4BL .
14. GOING CONCERN
The directors have considered the period to 30 November 2025 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.