Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-302023-10-01falseSteel fabrication3535truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01113635 2023-10-01 2024-09-30 01113635 2022-10-01 2023-09-30 01113635 2024-09-30 01113635 2023-09-30 01113635 2022-10-01 01113635 c:Director2 2023-10-01 2024-09-30 01113635 d:PlantMachinery 2023-10-01 2024-09-30 01113635 d:MotorVehicles 2023-10-01 2024-09-30 01113635 d:FurnitureFittings 2023-10-01 2024-09-30 01113635 d:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 01113635 d:OtherPropertyPlantEquipment 2024-09-30 01113635 d:OtherPropertyPlantEquipment 2023-09-30 01113635 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01113635 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-10-01 2024-09-30 01113635 d:CurrentFinancialInstruments 2024-09-30 01113635 d:CurrentFinancialInstruments 2023-09-30 01113635 d:Non-currentFinancialInstruments 2024-09-30 01113635 d:Non-currentFinancialInstruments 2023-09-30 01113635 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 01113635 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 01113635 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 01113635 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 01113635 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 01113635 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 01113635 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 01113635 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 01113635 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-09-30 01113635 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-30 01113635 d:ShareCapital 2024-09-30 01113635 d:ShareCapital 2023-09-30 01113635 d:RetainedEarningsAccumulatedLosses 2024-09-30 01113635 d:RetainedEarningsAccumulatedLosses 2023-09-30 01113635 c:OrdinaryShareClass1 2023-10-01 2024-09-30 01113635 c:OrdinaryShareClass1 2024-09-30 01113635 c:OrdinaryShareClass2 2023-10-01 2024-09-30 01113635 c:OrdinaryShareClass2 2024-09-30 01113635 c:OrdinaryShareClass3 2023-10-01 2024-09-30 01113635 c:OrdinaryShareClass3 2024-09-30 01113635 c:OrdinaryShareClass4 2023-10-01 2024-09-30 01113635 c:OrdinaryShareClass4 2024-09-30 01113635 c:OrdinaryShareClass5 2023-10-01 2024-09-30 01113635 c:OrdinaryShareClass5 2024-09-30 01113635 c:FRS102 2023-10-01 2024-09-30 01113635 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 01113635 c:FullAccounts 2023-10-01 2024-09-30 01113635 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01113635 d:HirePurchaseContracts d:WithinOneYear 2024-09-30 01113635 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 01113635 d:HirePurchaseContracts d:MoreThanFiveYears 2024-09-30 01113635 d:HirePurchaseContracts d:MoreThanFiveYears 2023-09-30 01113635 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-30 01113635 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 01113635 2 2023-10-01 2024-09-30 01113635 6 2023-10-01 2024-09-30 01113635 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 01113635 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 01113635 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2024-09-30 01113635 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2023-09-30 01113635 d:LeasedAssetsHeldAsLessee 2024-09-30 01113635 d:LeasedAssetsHeldAsLessee 2023-09-30 01113635 2 2024-09-30 01113635 2 2023-09-30 01113635 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01113635









STEAD & WILKINS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
STEAD & WILKINS LIMITED
REGISTERED NUMBER: 01113635

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,545,445
1,742,928

Fixed asset investments
 5 
-
-

  
1,545,445
1,742,928

Current assets
  

Stocks
 6 
169,521
332,657

Debtors
 7 
1,222,726
1,005,488

Cash at bank and in hand
 8 
1,068,787
1,397,341

  
2,461,034
2,735,486

Creditors: amounts falling due within one year
 9 
(775,218)
(1,173,332)

Net current assets
  
 
 
1,685,816
 
 
1,562,154

Total assets less current liabilities
  
3,231,261
3,305,082

Creditors: amounts falling due after more than one year
 10 
(620,644)
(756,872)

Provisions for liabilities
  

Deferred tax
 13 
(363,312)
(407,871)

Net assets
  
2,247,305
2,140,339


Capital and reserves
  

Called up share capital 
 14 
20,030
20,030

Profit and loss account
  
2,227,275
2,120,309

  
2,247,305
2,140,339


Page 1

 
STEAD & WILKINS LIMITED
REGISTERED NUMBER: 01113635
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G J C Stead Esq
Director

Date: 18 February 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Stead & Wilkins Limited is a private company limited by shares and incorporated in England and Wales. The registered office of the company is Jolly Farmers Wharf, Thames Road, Crayford, Kent, DA1 4QH.
The principal activity of the company is that of steel fabrication. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases.


Plant & machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments held as fixed assets are shown at cost less provision for impairment.

Page 5

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Stocks and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2023 - 35).

Page 6

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 October 2023
2,823,077


Additions
233,776


Disposals
(322,867)



At 30 September 2024

2,733,986



Depreciation


At 1 October 2023
1,080,149


Charge for the year on owned assets
133,281


Charge for the year on financed assets
93,050


Disposals
(117,939)



At 30 September 2024

1,188,541



Net book value



At 30 September 2024
1,545,445



At 30 September 2023
1,742,928

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Other fixed assets
490,573
388,059

490,573
388,059

Page 7

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Fixed asset investments





Unlisted investments

£





At 1 October 2023
43,093


Disposals
(43,093)



At 30 September 2024

-





At 1 October 2023
43,093


Impairment on disposals
(43,093)



At 30 September 2024

-



Net book value



At 30 September 2024
-



At 30 September 2023
-


6.


Stocks

2024
2023
£
£

Raw materials and consumables
1,721
1,721

Work in progress
167,800
330,936

169,521
332,657


Page 8

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Debtors


2024
2023
£
£

Due after more than one year

Amounts owed by group undertakings
660,451
494,422

Due within one year

Trade debtors
561,925
510,348

Prepayments and accrued income
350
718

1,222,726
1,005,488



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,068,787
1,397,341

Less: bank overdrafts
(6,746)
(5,008)

1,062,041
1,392,333



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
6,746
5,008

Bank loans
26,146
25,833

Trade creditors
129,545
219,729

Corporation tax
113,663
276,208

Other taxation and social security
116,628
196,610

Obligations under finance lease and hire purchase contracts
181,942
77,778

Other creditors
20,265
21,253

Accruals and deferred income
180,283
350,913

775,218
1,173,332


Page 9

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
432,608
451,651

Net obligations under finance leases and hire purchase contracts
188,036
305,221

620,644
756,872


Finance leases and hire purchase contracts are secured against the assets to which they relate.
The bank loans are secured by way of gross guarantee between all companies within the Stead (Holdings) Limited group, and by way of debenture against the company's assets.


11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
26,146
25,833

Amounts falling due 1-2 years

Bank loans
27,359
26,980

Amounts falling due 2-5 years

Bank loans
89,350
87,821

Amounts falling due after more than 5 years

Bank loans
315,899
336,850

458,754
477,484


Page 10

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
289,890
64,189

Between 1-5 years
186,607
267,343

Over 5 years
1,429
-

477,926
331,532


13.


Deferred taxation




2024
2023


£

£






At beginning of year
(407,871)
(267,178)


(Charged)/credited to profit or loss
44,559
(140,693)



At end of year
(363,312)
(407,871)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(363,312)
(407,871)

(363,312)
(407,871)

Page 11

 
STEAD & WILKINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 Ordinary A shares of £1.00 each
10,000
10,000
10,000 Ordinary B shares of £1.00 each
10,000
10,000
10 Ordinary C shares of £1.00 each
10
10
10 Ordinary D shares of £1.00 each
10
10
10 Ordinary E shares of £1.00 each
10
10

20,030

20,030



15.


Pension commitments

The company operates two defined contribution pension schemes. Contributions totaling £3,559 were payable to the schemes at the year end (2023: £4,167). The pensions cost charge represents contributions payable by the company to the funds and amounted to £171,340 (2023: £299,182).


16.


Ultimate parent undertaking

The ultimate parent undertaking is Stead (Holdings) Limited.

 
Page 12