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COMPANY REGISTRATION NUMBER: 6211313
Hedon Steel Fabrications & Engineering Limited
Filleted Unaudited Financial Statements
30 April 2024
Hedon Steel Fabrications & Engineering Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
70,402
78,539
Current assets
Stocks
52,540
90,826
Debtors
7
60,662
164,381
Cash at bank and in hand
173,914
216,541
---------
---------
287,116
471,748
Creditors: amounts falling due within one year
8
169,590
259,293
---------
---------
Net current assets
117,526
212,455
---------
---------
Total assets less current liabilities
187,928
290,994
Creditors: amounts falling due after more than one year
9
29,215
42,526
Provisions
Taxation including deferred tax
13,377
15,857
---------
---------
Net assets
145,336
232,611
---------
---------
Capital and reserves
Called up share capital
10
4
4
Profit and loss account
145,332
232,607
---------
---------
Shareholders funds
145,336
232,611
---------
---------
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.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hedon Steel Fabrications & Engineering Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Peter Cane
Director
Company registration number: 6211313
Hedon Steel Fabrications & Engineering Limited
Notes to the Financial Statements
Year ended 30 April 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 A, Ferndale Park, Newfield Industrial Estate, Hull, East Yorkshire, HU12 8FB.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. No disclosure has been given for the aggregate remuneration of key management personnel.
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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less, or to receive more tax.
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
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 6 (2023: 10 ).
5. Taxation on ordinary activities
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
4,159
16,190
Deferred tax:
Origination and reversal of timing differences
( 2,480)
5,370
-------
--------
Taxation on ordinary activities
1,679
21,560
-------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
111,898
7,542
77,491
196,931
Additions
20,000
20,000
Disposals
( 8,300)
( 8,300)
---------
-------
--------
---------
At 30 April 2024
123,598
7,542
77,491
208,631
---------
-------
--------
---------
Depreciation
At 1 May 2023
63,827
1,886
52,679
118,392
Charge for the year
15,851
1,414
6,203
23,468
Disposals
( 3,631)
( 3,631)
---------
-------
--------
---------
At 30 April 2024
76,047
3,300
58,882
138,229
---------
-------
--------
---------
Carrying amount
At 30 April 2024
47,551
4,242
18,609
70,402
---------
-------
--------
---------
At 30 April 2023
48,071
5,656
24,812
78,539
---------
-------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 April 2024
11,810
11,810
----
--------
--------
At 30 April 2023
41,980
58,190
100,170
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
60,662
164,381
--------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,022
9,628
Trade creditors
105,314
68,524
Accruals and deferred income
42,051
122,051
Corporation tax
4,159
16,190
Social security and other taxes
4,674
34,277
Obligations under finance leases and hire purchase contracts
3,196
7,261
Director loan accounts
174
612
Other creditors
750
---------
---------
169,590
259,293
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
18,248
28,364
Obligations under finance leases and hire purchase contracts
10,967
14,162
--------
--------
29,215
42,526
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
'A' Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
4
4
4
4
----
----
----
----
11. Director's advances, credits and guarantees
During the year there were no directors' advances, credits and guarantees.