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REGISTERED NUMBER: 00881802 (England and Wales)











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: P G Mclean
P B Burns
R A Davies
A W Weeds
G L Lyon





SECRETARY: P B Burns





REGISTERED OFFICE: Westgate
Aldridge
West Midlands
WS9 8DJ





REGISTERED NUMBER: 00881802 (England and Wales)





AUDITORS: Haines Watts
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 4,329,794 4,417,534
Investments 5 15,000 15,000
4,344,794 4,432,534

CURRENT ASSETS
Stocks 814,459 1,062,842
Debtors 6 1,052,854 1,636,731
Cash at bank 999,810 644,414
2,867,123 3,343,987
CREDITORS
Amounts falling due within one year 7 1,431,243 1,973,286
NET CURRENT ASSETS 1,435,880 1,370,701
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,780,674

5,803,235

CREDITORS
Amounts falling due after more than one year 8 (12,179 ) (85,250 )

PROVISIONS FOR LIABILITIES 10 (185,854 ) (193,611 )
NET ASSETS 5,582,641 5,524,374

CAPITAL AND RESERVES
Called up share capital 11 30,000 30,000
Revaluation reserve 12 1,638,262 1,638,262
Retained earnings 3,914,379 3,856,112
SHAREHOLDERS' FUNDS 5,582,641 5,524,374

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 Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





P B Burns - Director


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 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 23 (2023 - 22 ) .

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 3,350,000 2,357,331 5,707,331
Additions - 101,213 101,213
Disposals - (23,197 ) (23,197 )
At 30 April 2024 3,350,000 2,435,347 5,785,347
DEPRECIATION
At 1 May 2023 - 1,289,797 1,289,797
Charge for year - 188,953 188,953
Eliminated on disposal - (23,197 ) (23,197 )
At 30 April 2024 - 1,455,553 1,455,553
NET BOOK VALUE
At 30 April 2024 3,350,000 979,794 4,329,794
At 30 April 2023 3,350,000 1,067,534 4,417,534

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 176,044
PROVISIONS
At 1 May 2023
and 30 April 2024 161,044
NET BOOK VALUE
At 30 April 2024 15,000
At 30 April 2023 15,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 925,457 1,600,364
Amounts owed by group undertakings 771 22,698
Other debtors 126,626 13,669
1,052,854 1,636,731

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 73,072 73,072
Trade creditors 1,028,089 1,370,525
Amounts owed to group undertakings 46,105 53,247
Taxation and social security 184,008 317,749
Other creditors 99,969 158,693
1,431,243 1,973,286

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 12,179 85,250

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 185,854 193,611

Deferred
tax
£   
Balance at 1 May 2023 193,611
Credit to Income Statement during year (7,757 )
Balance at 30 April 2024 185,854

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30,000 Ordinary £1 30,000 30,000

12. RESERVES
Revaluation
reserve
£   
At 1 May 2023
and 30 April 2024 1,638,262

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

The Report of the Auditors was unqualified.

Darren Barlow (Senior Statutory Auditor)
for and on behalf of Haines Watts

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.