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Registration number: 08148249

Cumbria Steel Fabrications Limited

Unaudited Financial Statements

31 July 2024

image-name

 

Cumbria Steel Fabrications Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cumbria Steel Fabrications Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cumbria Steel Fabrications Limited for the year ended 31 July 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cumbria Steel Fabrications Limited, as a body, in accordance with the terms of our engagement letter dated 16 October 2023. Our work has been undertaken solely to prepare for your approval the accounts of Cumbria Steel Fabrications Limited and state those matters that we have agreed to state to the Board of Directors of Cumbria Steel Fabrications Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cumbria Steel Fabrications Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cumbria Steel Fabrications Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Cumbria Steel Fabrications Limited. You consider that Cumbria Steel Fabrications Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cumbria Steel Fabrications Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

14 January 2025

 

Cumbria Steel Fabrications Limited

(Registration number: 08148249)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,032,618

714,603

Current assets

 

Stocks

45,490

56,273

Debtors

6

107,262

55,231

Cash at bank and in hand

 

623,467

726,396

 

776,219

837,900

Creditors: Amounts falling due within one year

7

(572,403)

(528,018)

Net current assets

 

203,816

309,882

Total assets less current liabilities

 

1,236,434

1,024,485

Creditors: Amounts falling due after more than one year

7

(44,551)

(35,778)

Provisions for liabilities

(141,964)

(100,726)

Net assets

 

1,049,919

887,981

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

1,049,819

887,881

Total equity

 

1,049,919

887,981

 

Cumbria Steel Fabrications Limited

(Registration number: 08148249)
Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 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 14 January 2025 and signed on its behalf by:
 

.........................................

N F Carrick

Director

 

Cumbria Steel Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
Unit 7 Brisco Burn Business Park
Longtown
Carlisle
CA6 5TR

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 sales/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 income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Cumbria Steel Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, 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.

Included within tangible assets are buildings which are of mixed use. There is no reliable way to split this figure between tangible assets and investment property and the whole value is therefore fully included as a tangible asset.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

2% straight line

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

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 the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

 

Cumbria Steel Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

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.

Trade 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 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Cumbria Steel Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

40,000

40,000

At 31 July 2024

40,000

40,000

Amortisation

At 1 August 2023

40,000

40,000

At 31 July 2024

40,000

40,000

Carrying amount

At 31 July 2024

-

-

 

Cumbria Steel Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 August 2023

334,123

403,045

128,650

28,598

894,416

Additions

162,134

250,150

41,500

1,250

455,034

Disposals

-

(80,595)

(16,500)

(6,388)

(103,483)

At 31 July 2024

496,257

572,600

153,650

23,460

1,245,967

Depreciation

At 1 August 2023

23,944

93,697

43,922

18,250

179,813

Charge for the year

8,844

46,141

26,021

2,800

83,806

Eliminated on disposal

-

(36,072)

(9,052)

(5,146)

(50,270)

At 31 July 2024

32,788

103,766

60,891

15,904

213,349

Carrying amount

At 31 July 2024

463,469

468,834

92,759

7,556

1,032,618

At 31 July 2023

310,179

309,348

84,728

10,348

714,603

6

Debtors

2024
£

2023
£

Trade debtors

49,785

21,697

Other debtors

57,477

33,534

107,262

55,231

 

Cumbria Steel Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

121,644

36,554

Trade creditors

 

219,682

224,921

Taxation and social security

 

5,636

6,794

Corporation tax liability

 

48,143

39,797

Other creditors

 

177,298

219,952

 

572,403

528,018

Due after one year

 

Loans and borrowings

8

44,551

35,778

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

110,228

6,228

Other borrowings

1,416

20,326

121,644

36,554

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

10,000

10,000

Finance lease liabilities

110,228

6,228

120,228

16,228

Bank loans are secured by freehold property and other assets owned by the company.

Finance lease liabilities are secured on the asset to which they relate.

 

Cumbria Steel Fabrications Limited

Notes to the Financial Statements for the Year Ended 31 July 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

9,172

19,172

Finance lease liabilities

35,379

16,606

44,551

35,778

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

9,172

19,172

Finance lease liabilities

35,379

16,606

44,551

35,778

Bank loans are secured by freehold property and other assets owned by the company.

Finance lease liabilities are secured on the asset to which they relate.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,395 (2023 - £12,375).