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REGISTERED NUMBER: 04703544 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2024

FOR

J & K SHEETMETAL LIMITED

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & K SHEETMETAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: G Dabson
J S Easton
Ms J Dabson





SECRETARY: Ms J Dabson





REGISTERED OFFICE: Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE





REGISTERED NUMBER: 04703544 (England and Wales)





ACCOUNTANTS: Spain Brothers & Co
Chartered Accountants
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 806,476 716,713

CURRENT ASSETS
Stocks 5 40,000 18,000
Debtors 6 133,340 249,828
Cash at bank and in hand 333 4
173,673 267,832
CREDITORS
Amounts falling due within one year 7 369,353 353,470
NET CURRENT LIABILITIES (195,680 ) (85,638 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

610,796

631,075

CREDITORS
Amounts falling due after more than one
year

8

(425,339

)

(496,074

)

PROVISIONS FOR LIABILITIES (108,676 ) (86,136 )
NET ASSETS 76,781 48,865

CAPITAL AND RESERVES
Called up share capital 122 122
Revaluation reserve 78,093 -
Retained earnings (1,434 ) 48,743
SHAREHOLDERS' FUNDS 76,781 48,865

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

BALANCE SHEET - continued
31ST 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th February 2025 and were signed on its behalf by:




G Dabson - Director J S Easton - Director




Ms J Dabson - Director


J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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


1. STATUTORY INFORMATION

J & K Sheetmetal 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 (£).


The company's functional currency is the Pound Sterling (£).

The principal activity of the company was that of precision metalwork and specialist welding services.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transactions will flow in the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold Improvements - in accordance with the property
Plant and machinery - 15% reducing balance and 33 1/3% on cost
Office and photographic equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property with improvements is depreciated over an estimated useful life of 50 years. However, as the residual value of the freehold property exceeds the carrying amount shown in the financial statements no depreciation charge has been provided.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Amounts recoverable on contracts is stated at the lower of cost plus attributable overheads, and estimated selling price less costs to complete and sell, less progress payments made.

Cost is defined as the actual cost of raw materials and an appropriate proportion of labour and overheads in the case of amounts recoverable on contracts.


J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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


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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 19 ) .

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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


4. TANGIBLE FIXED ASSETS
Freehold Freehold Plant and
property Improvements machinery
£    £    £   
COST OR VALUATION
At 1st June 2023 379,012 46,732 936,012
Additions - - 38,856
Disposals - - (4,950 )
Revaluations 104,256 - -
Transfer 46,732 (46,732 ) -
At 31st May 2024 530,000 - 969,918
DEPRECIATION
At 1st June 2023 - - 683,182
Charge for year - - 42,690
Eliminated on disposal - - (3,440 )
At 31st May 2024 - - 722,432
NET BOOK VALUE
At 31st May 2024 530,000 - 247,486
At 31st May 2023 379,012 46,732 252,830

Office
and
photographic Motor
equipment vehicles Totals
£    £    £   
COST OR VALUATION
At 1st June 2023 92,500 30,578 1,484,834
Additions 455 - 39,311
Disposals - - (4,950 )
Revaluations - - 104,256
Transfer - - -
At 31st May 2024 92,955 30,578 1,623,451
DEPRECIATION
At 1st June 2023 71,912 13,027 768,121
Charge for year 5,216 4,388 52,294
Eliminated on disposal - - (3,440 )
At 31st May 2024 77,128 17,415 816,975
NET BOOK VALUE
At 31st May 2024 15,827 13,163 806,476
At 31st May 2023 20,588 17,551 716,713

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st May 2024 is represented by:

Office
and
Freehold Plant and photographic Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
Valuation in 2024 104,256 - - - 104,256
Cost 425,744 969,918 92,955 30,578 1,519,195
530,000 969,918 92,955 30,578 1,623,451

If Freehold Property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 425,744 -

Freehold Property was valued on the open market basis on 31st May 2024 by the Directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1st June 2023 99,000 28,438 127,438
Additions 32,000 - 32,000
At 31st May 2024 131,000 28,438 159,438
DEPRECIATION
At 1st June 2023 38,202 5,332 43,534
Charge for year 12,320 - 12,320
At 31st May 2024 50,522 5,332 55,854
NET BOOK VALUE
At 31st May 2024 80,478 23,106 103,584
At 31st May 2023 60,798 23,106 83,904

5. STOCKS
2024 2023
£    £   
Raw materials and consumables 10,000 10,000
Work-in-progress 30,000 8,000
40,000 18,000

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 100,493 217,798
Other debtors 6,158 6,688
Prepayments 26,689 25,342
133,340 249,828

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 160,220 219,633
Hire purchase contracts (see note 9) 28,409 22,009
Trade creditors 83,429 45,670
Tax 19,833 19,833
Social security and other taxes 5,900 6,805
VAT 57,489 27,625
Other creditors 743 743
Company credit card 3,108 2,138
Directors' current accounts 13 2,014
Accruals 10,209 7,000
369,353 353,470

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 47,500 47,500
Bank loans - 2-5 years 58,500 88,500
Bank loans more 5 yr by instal 146,496 161,556
Hire purchase contracts (see note 9) 31,843 32,518
Directors' loan accounts 141,000 166,000
425,339 496,074

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 146,496 161,556

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 28,409 22,009
Between one and five years 31,843 32,518
60,252 54,527

Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,235 5,159
Between one and five years 25,600 22,000
30,835 27,159

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 112,870 172,283
Bank loans 299,846 344,906
Hire purchase contracts 60,252 54,527
472,968 571,716

The Bank loan is secured by a legal charge over the freehold property owned by the company. The charge also contains a negative pledge, with the chargor acting as a bare trustee for the property.

£82,500 of the stated bank loan relates to a Coronavirus Business Loan which is guaranteed by the government.

Fixed and floating charges are also held by the company's bankers over all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

Obligations under Finance Leases and Hire Purchase Contracts are secured on the assets concerned.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The Company occupies leased premises which are owned by the Directors and their family. Rental payments in the year amounted to £25,600 (2023 £22,000).

The Company occupies leased premises which are owned by a Self Invested Personal Pension Scheme. One of the Company's Directors has benefits accruing in this pension scheme. Rental payments are paid on an arms length basis at full market rates.

J & K SHEETMETAL LIMITED (REGISTERED NUMBER: 04703544)

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


12. POST BALANCE SHEET EVENTS AND GOING CONCERN

The company expects to have adequate resources available to meet its obligations for at least the next twelve months and therefore the directors consider it appropriate to prepare the financial statements on a going concern basis.