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Registration number: 03801155

Satin Stainless Fabrications Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Satin Stainless Fabrications Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Satin Stainless Fabrications Ltd

(Registration number: 03801155)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

35,862

27,352

Current assets

 

Stocks

5

17,718

200

Debtors

6

368,151

68,249

Cash at bank and in hand

 

329,616

459,559

 

715,485

528,008

Creditors: Amounts falling due within one year

7

(180,428)

(240,802)

Net current assets

 

535,057

287,206

Total assets less current liabilities

 

570,919

314,558

Provisions for liabilities

(8,965)

(7,248)

Net assets

 

561,954

307,310

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

551,954

297,310

Shareholders' funds

 

561,954

307,310

For the financial year ending 31 May 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 12 February 2025 and signed on its behalf by:
 

 

Satin Stainless Fabrications Ltd

(Registration number: 03801155)
Statement of Financial Position as at 31 May 2024 (continued)


G I Johnson
Director

 

Satin Stainless Fabrications Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Tallford House
38 Walliscote Road
Weston-super-Mare
Somerset
BS23 1LP

Principal activity

The principal activity of the company is that of architectural metalwork specialists.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Satin Stainless Fabrications Ltd

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

 

Satin Stainless Fabrications Ltd

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

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Satin Stainless Fabrications Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

17,603

39,505

57,108

Additions

-

26,995

26,995

Disposals

-

(15,710)

(15,710)

At 31 May 2024

17,603

50,790

68,393

Depreciation

At 1 June 2023

8,607

21,150

29,757

Charge for the year

3,418

10,095

13,513

Eliminated on disposal

-

(10,739)

(10,739)

At 31 May 2024

12,025

20,506

32,531

Carrying amount

At 31 May 2024

5,578

30,284

35,862

At 31 May 2023

8,996

18,356

27,352

 

Satin Stainless Fabrications Ltd

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

5

Stocks

2024
£

2023
£

Work in progress

17,518

-

Finished goods and goods for resale

200

200

17,718

200

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

103,396

5,006

Amounts owed by related parties

9

20,978

17,810

Other debtors

 

224,875

27,531

Prepayments

 

18,902

17,902

 

368,151

68,249

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

74,279

165,751

Taxation and social security

86,095

18,070

Accruals and deferred income

9,939

42,919

Other creditors

10,115

14,062

180,428

240,802

Other creditors include secured hire purchase debt of £Nil (2023 - £2,517).

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Satin Stainless Fabrications Ltd

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

9

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

At 31 May 2024
£

Directors' loans

1,386

36,139

37,525

       
     

 

2023

At 1 June 2022
£

Advances to director
£

At 31 May 2023
£

Directors' loans

-

1,386

1,386

 

The Directors' loans are interest free and repayable on demand.

Summary of transactions with other related parties

During the period, net credits of £60,000 (fees £84,070) were receivable from Satin Stainless Contracts Limited in respect of managerial services, Mr I Johnson, a Director, is the sole Director and shareholder of Satin Stainless Contracts Limited.

At the year end, the company owed its parent company, Satin Stainless Holdings Limited, £20,978 (2023 £17,467).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Satin Stainless Holdings Limited, incorporated in England and Wales.