Company No:
Contents
Note | 25.01.2024 | 31.01.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
1,879,096 | 845,676 | |||
Current assets | ||||
Stocks | 4 |
|
|
|
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
3,368,358 | 4,091,868 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current (liabilities)/assets | (257,694) | 878,137 | ||
Total assets less current liabilities | 1,621,402 | 1,723,813 | ||
Creditors: amounts falling due after more than one year | 7 | (
|
(
|
|
Provision for liabilities | 8 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 9 |
|
|
|
Share premium account |
|
|
||
Profit and loss account |
|
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of L.H. Stainless Limited (registered number:
R E Forsyth
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
L.H. Stainless Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Morayshire Copperworks, Rothes, Aberlour, AB38 7AD, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The reporting period for these financial statements covers the period from 1 February 2023 to 25 January 2024 due to ownership changes in the Parent Company.
Revenue from contracts for the manufacture and supply of products is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Land and buildings |
|
Plant and machinery |
|
Vehicles |
|
Office equipment |
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
At each reporting date, an assessment is made for impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Period from 01.02.2023 to 25.01.2024 |
Year ended 31.01.2023 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
|
|
Land and buildings | Plant and machinery | Vehicles | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 February 2023 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 25 January 2024 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 February 2023 |
|
|
|
|
|
||||
Charge for the financial period |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 25 January 2024 |
|
|
|
|
|
||||
Net book value | |||||||||
At 25 January 2024 |
|
|
|
|
|
||||
At 31 January 2023 |
|
|
|
|
|
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Stocks |
|
|
|
Work in progress |
|
|
|
|
|
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Corporation tax |
|
|
|
Other debtors |
|
|
|
|
|
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
Other creditors |
|
|
|
|
|
Bank loans are secured over the assets of the company.
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Bank loans |
|
|
|
Obligations under finance leases and hire purchase contracts |
|
|
|
|
|
Bank loans are secured over the assets of the company.
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Deferred tax |
|
|
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
within one year |
|
|
|
between one and five years |
|
|
|
|
|
The operating lease commitment disclosed above represents a property lease which expires in 2027.
Transactions with owners holding a participating interest in the entity
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Amounts due to entities with control, joint control or significant influence over the company. | 811,567 | 25,762 |
This balance is interest free and has no fixed terms of repayment.
Transactions with the entity's directors
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Amounts (to) key management personnel | (4,182) | (2,025) |
Interest has been charged at 2.25% on any balances due to the company during the year. There are no fixed terms of repayment
Other related party transactions
25.01.2024 | 31.01.2023 | ||
£ | £ | ||
Amounts due from other related parties | 76,792 | 318,182 |
This balance is interest free and has no fixed terms of repayment.