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REGISTERED NUMBER: 00571301 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

COLD FORMED PRODUCTS LIMITED

COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


COLD FORMED PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: A G J Palmer





SECRETARY: A G J Palmer





REGISTERED OFFICE: 50 Seymour Street
London
W1H 7JG





REGISTERED NUMBER: 00571301 (England and Wales)





AUDITORS: Orcom Civvals Audit Limited
Chartered Accountants and
Statutory Auditors
50 Seymour Street
London
W1H 7JG

COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 1,255,142 1,337,806

CURRENT ASSETS
Stocks 698,754 629,715
Debtors 6 1,285,547 1,165,771
Cash at bank and in hand 275,719 594,237
2,260,020 2,389,723
CREDITORS
Amounts falling due within one year 7 1,600,209 1,488,071
NET CURRENT ASSETS 659,811 901,652
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,914,953

2,239,458

CREDITORS
Amounts falling due after more than
one year

8

(66,756

)

(218,971

)

PROVISIONS FOR LIABILITIES (279,395 ) (292,512 )
NET ASSETS 1,568,802 1,727,975

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 1,568,702 1,727,875
SHAREHOLDERS' FUNDS 1,568,802 1,727,975

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 January 2025 and were signed by:





A G J Palmer - Director


COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Cold Formed Products 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

Going concern
The director considers the going concern basis of preparation of the financial statements to be appropriate.

In making his assessment, the director has prepared budgets and cash flow forecasts covering a period of 12 months from the date of approval of these financial statements (the going concern assessment period). Based on his assessment, the director considers that the company will have sufficient funds to meet its working capital requirements during that period.

Significant judgements and estimates
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The notes to the financial statements set out areas involving a higher degree of judgement, or areas where assumptions are significant to the reporting entity and its financial report such as:
- useful economic lives of tangible assets
- fair value of assets and liabilities
- recoverability of tax receivables, deferred tax assets and measurement of current and deferred tax liabilities can require significant judgement, particularly where the recoverability of such tax balances relies on the estimation of future taxable profits and management's determination of the likelihood that uncertain tax positions will be accepted by the relevant taxation authority
- the timing of derecognition of assets and liabilities following the disposal of an investment, including the measurement of the associated gain or loss

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Management believes that the estimates used in preparing this financial statements are reasonable. Actual results in the future may differ from those reported and it is therefore reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from management's assumptions and estimates could require an adjustment to the carrying amounts of the reported assets and liabilities in future reporting periods.

COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

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

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery10% on reducing balance
Fixtures, fittings &
equipment

at variable rates on reducing
balance

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

At each reporting date, stocks are assessed to determine whether a provision for any impairment is required by comparing the carrying amount of each item of stock (or group of similar items) with its selling price less costs to complete and sell.

If an item of stock (or group of similar items) is impaired, the carrying amount of the stock (or the group of similar items) is reduced to its selling price less costs to complete and sell. That reduction is an impairment loss and it is recognised immediately in profit or loss

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Hire purchase and operating leases
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.

Debtors
Trade debtors are amounts due from customers for merchandises sold or services performed in the ordinary course of business. Trade debtors are recognised at the undiscounted amount of cash receivable, which is normally the invoice price, less any allowance for doubtful debts.

COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised at the undiscounted amount owed to the supplier, which is normally the invoice price.

Cash cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 36 ) .

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings
machinery & equipment Totals
£    £    £   
COST
At 1 May 2023 4,070,659 595,625 4,666,284
Additions 58,087 7,721 65,808
At 30 April 2024 4,128,746 603,346 4,732,092
DEPRECIATION
At 1 May 2023 2,834,358 494,120 3,328,478
Charge for year 129,438 19,034 148,472
At 30 April 2024 2,963,796 513,154 3,476,950
NET BOOK VALUE
At 30 April 2024 1,164,950 90,192 1,255,142
At 30 April 2023 1,236,301 101,505 1,337,806

COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 196,463
DEPRECIATION
At 1 May 2023 37,328
Charge for year 15,913
At 30 April 2024 53,241
NET BOOK VALUE
At 30 April 2024 143,222
At 30 April 2023 159,135

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,196,614 1,127,365
Other debtors 35,240 12,835
VAT 45,809 18,019
Prepayments 7,884 7,552
1,285,547 1,165,771

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 89,163 183,093
Hire purchase contracts 31,382 30,122
Trade creditors 1,156,426 883,123
Taxation 115,088 183,852
Social security and other taxes 46,453 44,624
Accrued expenses 161,697 163,257
1,600,209 1,488,071

COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 50,000
Bank loans - 2-5 years - 70,834
Hire purchase contracts 66,756 98,137
66,756 218,971

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 89,163 133,093
Bank loans - 170,834
89,163 303,927

The bank overdraft and the long term loan are secured by a fixed and floating charge over all current and future assets of the company.


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

The company has one class of ordinary shares. Ordinary shares have full rights in the company with respect to voting, dividend and capital distribution.

11. RESERVES
Retained
earnings
£   

At 1 May 2023 1,727,875
Profit for the year 325,609
Dividends (484,782 )
At 30 April 2024 1,568,702

COLD FORMED PRODUCTS LIMITED (REGISTERED NUMBER: 00571301)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aamir Kazi (Senior Statutory Auditor)
for and on behalf of Orcom Civvals Audit Limited

13. RELATED PARTY DISCLOSURES

Administrative expenses for the year include rent of £158,000 (2023: £156,000) paid to an entity in which the directors had a participating interest. All transactions were on normal commercial terms and at fair value prices.

14. POST BALANCE SHEET EVENTS

After the year end, the company bought back 52 shares in issue which was financed by an invoice discounting agreement with its bankers. This facility is secured by fixed and floating charges over the assets of the company.

The director considers the above to be non-adjusting post balance sheet events.

There were no material events subsequent to 30 April 2024 and up until the authorisation of the financial statements for issue, that have not been disclosed elsewhere in the financial statements.