REGISTERED NUMBER: |
Kirkby Steel Tubes Limited |
Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Kirkby Steel Tubes Limited |
Financial Statements |
for the Year Ended 30 April 2024 |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Kirkby Steel Tubes Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Sterling House |
97 Lichfield Street |
Tamworth |
Staffordshire |
B79 7QF |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Kirkby Steel Tubes Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. |
The directors have reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason, together with the continued support of the directors, wider group and strong associates, they are continuing to adopt the going concern basis. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position. |
- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability. |
- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not. |
- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement. |
- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate. |
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values. |
Turnover |
Revenue is recognised upon despatch of goods. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings freehold | - not provided (see below) |
Plant and machinery etc | - 20% on cost, 10% on cost and 5% on cost |
The directors have assessed the difference between the residual value and the original cost of the assets as being not material and have decided not to provide for any depreciation on the grounds that the aggregate depreciation to be provided over the life of the asset is not material. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Hire purchase and leasing commitments |
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. |
Defined benefit |
The company participated in a defined benefit pension scheme which is administered by the parent company. The scheme was closed to new members in April 2009 and future accrual of benefits ceased. The employers contributions are affected by a deficit in the scheme and the directors are unable to separately identify the company's share of the underlying liabilities as the scheme is exposed to actuarial risk associated with current and former employees of the group as a whole. Under those circumstances the contributions of the scheme are treated as if they were a defined contribution scheme and charged to the profit and loss as they accrue. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2022 | 1,638,262 | - | 1,638,262 |
Cost | 1,711,738 | 2,435,347 | 4,147,085 |
3,350,000 | 2,435,347 | 5,785,347 |
The net book value of other tangible fixed assets includes £495,300 (2023: £548,415) in respect of assets held under hire purchase contracts. The depreciation charge in respect of such assets amounted to £53,115 (2023: £54,480) for the year. |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
PROVISIONS |
At 1 May 2023 |
and 30 April 2024 | 161,044 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 85,251 | 158,322 |
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned. |
Kirkby Steel Tubes Limited (Registered number: 00881802) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 30 April 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 30,000 | 30,000 |
12. | RESERVES |
Revaluation |
reserve |
£ |
At 1 May 2023 |
and 30 April 2024 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | CONTINGENT LIABILITIES |
The company has given cross guarantees to National Westminster Bank PLC in respect of amounts outstanding from fellow group and connected companies. At the balance sheet date, these amounted to £3,783,090 (2023: £2,590,516). |
15. | ULTIMATE CONTROLLING PARTY |
As at the year end, the company is a wholly owned subsidiary of Watts Clift Holdings Limited, a company incorporated in England & Wales. Group financial statements are prepared by the parent company and copies may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ. |
Shortly post year end, as a direct result of a management buyout and wider group reorganisation, the ultimate parent company is EBW Holdings Ltd, a company incorporated in England and Wales. P Burns holds the controlling interest in the issued share capital of the ultimate parent company. |