REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
SHEFFIELD GAUGE PLATE LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 | ( |
) | ( |
) |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings | 10 | ( |
) | ( |
) |
( |
) | ( |
) |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 Class | Depreciation method and rate |
Freehold land | Not depreciated |
Freehold buildings | Straight line over 25 years |
Plant and machinery | 15% reducing balance |
Fixtures, fittings and equipment | 25% reducing balance |
Motor vehicles | 25% 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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 | ( |
) |
AMORTISATION |
At 1 June 2023 | ( |
) |
Charge for year | ( |
) |
At 31 May 2024 | ( |
) |
NET BOOK VALUE |
At 31 May 2024 | ( |
) |
At 31 May 2023 | ( |
) |
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 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
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 | ( |
) | (339,459 | ) |
Profit for the year |
Transfer realised profits | 10,200 | (10,200 | ) | - |
Deferred tax movement | (4,400 | ) | 4,400 | - |
At 31 May 2024 | ( |
) | (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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |