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REGISTERED NUMBER: 04789673 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

SHEFFIELD GAUGE PLATE LIMITED

SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHEFFIELD GAUGE PLATE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: D Salmons
N H Southern
S Todi
A Todi
V K Todi





SECRETARY: N H Southern





REGISTERED OFFICE: Bastock Road
Hillsborough
Sheffield
S6 2AE





REGISTERED NUMBER: 04789673 (England and Wales)





ACCOUNTANTS: Marriott Gibbs Rees Wallis Limited
Chartered Certified Accountants
First Floor
Unit 4, Broadfield Court
Sheffield
South Yorkshire
S8 0XF

SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 (35,313 ) (44,270 )
Tangible assets 5 505,715 528,791
470,402 484,521

CURRENT ASSETS
Stocks 6,610,000 6,200,000
Debtors 6 723,994 852,654
Cash at bank and in hand 138,770 42,657
7,472,764 7,095,311
CREDITORS
Amounts falling due within one year 7 7,905,234 7,533,879
NET CURRENT LIABILITIES (432,470 ) (438,568 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,932

45,953

CREDITORS
Amounts falling due after more than one
year

8

(229,370

)

(239,767

)

PROVISIONS FOR LIABILITIES (81,246 ) (85,645 )
NET LIABILITIES (272,684 ) (279,459 )

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Fair value reserve 10 201,005 206,805
Retained earnings 10 (533,689 ) (546,264 )
(272,684 ) (279,459 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)

BALANCE SHEET - continued
31 MAY 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:





N H Southern - Director


SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Sheffield Gauge Plate 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. 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.

Going concern
The financial statements have been prepared on a going concern basis. The company is dependant for much of its working capital on funds being provided by its directors, its majority shareholder Reform Tools Private Ltd and the bank.

The directors are confident that the company can continue in operational existence for the foreseeable future by the meeting its obligations as they fall due for payment. As with any company placing reliance on its lenders for financial support, the directors acknowledge that there can be no certainty that this will continue, although at the date of approval these financial statements they have no reason to believe that they will not do so.

The financial statements do not include and adjustments which would result from the basis of preparation being inappropriate.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period of precision ground tool steels, machine knives and subcontract engineering.

Negative goodwill and amortisation
Negative goodwill is included in fixed assets and released to the profit and loss account over the expected useful life of the fixed assets acquired.

Tangible fixed assets
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset ClassDepreciation method and rate
Freehold landNot depreciated
Freehold buildingsStraight line over 25 years
Plant and machinery15% reducing balance
Fixtures, fittings and equipment25% reducing balance
Motor vehicles25% reducing balance

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. Net realisable value is based on selling price less anticipated costs to completion and selling costs.


SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange difference are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 (481,600 )
AMORTISATION
At 1 June 2023 (437,330 )
Charge for year (8,957 )
At 31 May 2024 (446,287 )
NET BOOK VALUE
At 31 May 2024 (35,313 )
At 31 May 2023 (44,270 )

SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 800,000 189,958 989,958
DEPRECIATION
At 1 June 2023 297,733 163,434 461,167
Charge for year 17,600 5,476 23,076
At 31 May 2024 315,333 168,910 484,243
NET BOOK VALUE
At 31 May 2024 484,667 21,048 505,715
At 31 May 2023 502,267 26,524 528,791

Included in cost or valuation of land and buildings is freehold land of £ 360,000 (2023 - £ 360,000 ) which is not depreciated.

Cost or valuation at 31 May 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2005 465,000 - 465,000
Cost 335,000 189,958 524,958
800,000 189,958 989,958

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 335,000 335,000
Aggregate depreciation 132,583 125,183

Value of land in freehold land and buildings 150,000 150,000

Freehold land and buildings were valued on a deemed cost basis on 1 June 2015 by the directors in accordance with FRS 102 .

SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 659,443 787,875
Other debtors 64,551 64,779
723,994 852,654

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,535 9,956
Trade creditors 1,613,330 1,243,141
Taxation and social security 64,728 54,434
Other creditors 6,216,641 6,226,348
7,905,234 7,533,879

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 229,370 239,767

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 175,777 190,935

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 239,905 249,723

The bank loan is secured on the company's property and by a fixed and floating charge over other assets.

SHEFFIELD GAUGE PLATE LIMITED (REGISTERED NUMBER: 04789673)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 June 2023 (546,264 ) 206,805 (339,459 )
Profit for the year 6,775 6,775
Transfer realised profits 10,200 (10,200 ) -
Deferred tax movement (4,400 ) 4,400 -
At 31 May 2024 (533,689 ) 201,005 (332,684 )

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
D Salmons
Balance outstanding at start of year - -
Amounts advanced 8,732 -
Amounts repaid (1,900 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,832 -

12. RELATED PARTY DISCLOSURES

During the year the company made the following related party transactions:

Directors
The directors provided an interest free loans to the company. At the balance sheet date the amount due to the directors was £875 (2023 - £1,247). The directors received an interest free loan from the company. At the balance sheet date the amount due from the directors was £6,832 (2023 - £0).

Reform Tools Private Ltd
(Parent company)
During the year Sheffield Gauge Plate Limited purchased goods amounting to £1,946,589 (2023 - £1,772,415) from Reform Tools Private Ltd and sold goods amounting to £37,830 (2023 - £323,106). At the balance sheet date the amount due to Reform Tools Private Ltd was £1,420,332 (2023 - £968,697).





13. ULTIMATE CONTROLLING PARTY

The company is controlled by Reform Tools Private Ltd, its immediate and ultimate parent undertaking. Reform Tools Private Ltd is registered in India.