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REGISTERED NUMBER: 06699670 (England and Wales)












Unaudited Financial Statements for the Year Ended 31 October 2024

for

SRM Industries Limited

SRM Industries Limited (Registered number: 06699670)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SRM Industries Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: M J Spare
P R Barton
J N Rodgers



SECRETARY: M J Spare



REGISTERED OFFICE: Castleview Industrial Estate
Station Road
Hatton
Derbyshire
DE65 5EL



REGISTERED NUMBER: 06699670 (England and Wales)



ACCOUNTANTS: The Profit Key Limited
Prince William House
10 Lower Church Street
Ashby de la Zouch
Leicestershire
LE65 1AB



BANKERS: Lloyds Plc
114-116 Colmore Row
Birmingham
B3 3BD

SRM Industries Limited (Registered number: 06699670)

Statement of Financial Position
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 679,709 960,435

CURRENT ASSETS
Stocks 406,282 820,592
Debtors 5 2,347,219 2,213,949
Cash at bank and in hand 45,328 30,718
2,798,829 3,065,259
CREDITORS
Amounts falling due within one year 6 2,261,492 2,298,176
NET CURRENT ASSETS 537,337 767,083
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,217,046

1,727,518

CREDITORS
Amounts falling due after more than one
year

7

(635,001

)

(932,426

)

PROVISIONS FOR LIABILITIES (169,745 ) (233,617 )
NET ASSETS 412,300 561,475

CAPITAL AND RESERVES
Called up share capital 9 3,160 3,160
Retained earnings 409,140 558,315
SHAREHOLDERS' FUNDS 412,300 561,475

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

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

SRM Industries Limited (Registered number: 06699670)

Statement of Financial Position - continued
31 October 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 1 April 2025 and were signed on its behalf by:





M Spare - Director


SRM Industries Limited (Registered number: 06699670)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

SRM Industries 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
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.

SRM Industries Limited (Registered number: 06699670)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Loans from directors
Any loans from the directors to the company are interest free and repayable on demand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 66 (2023 - 77 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2023 20,417 2,952,287 161,044 12,881 3,146,629
Additions - 56,839 - 101,701 158,540
Disposals - (107,026 ) - - (107,026 )
At 31 October 2024 20,417 2,902,100 161,044 114,582 3,198,143
DEPRECIATION
At 1 November 2023 18,964 1,993,428 160,921 12,881 2,186,194
Charge for year 724 370,183 123 25,426 396,456
Eliminated on disposal - (64,216 ) - - (64,216 )
At 31 October 2024 19,688 2,299,395 161,044 38,307 2,518,434
NET BOOK VALUE
At 31 October 2024 729 602,705 - 76,275 679,709
At 31 October 2023 1,453 958,859 123 - 960,435

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,338,693 1,202,004
Owed by related parties 924,887 925,627
Prepayments 83,639 86,318
2,347,219 2,213,949

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,095,298 1,050,713
Hire purchase contracts 283,738 369,814
Trade creditors 467,665 494,461
Social security and other taxes 37,746 34,571
VAT 154,846 145,468
Other creditors 15,295 13,180
Owed to related parties 152,000 152,000
Accrued expenses 54,904 37,969
2,261,492 2,298,176

SRM Industries Limited (Registered number: 06699670)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 2-5 years 194,196 279,599
Hire purchase contracts 440,805 652,827
635,001 932,426

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,289,494 1,330,312
Hire purchase contracts 724,543 1,022,641
2,014,037 2,352,953

9. CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,100 Ordinary £1 3,100 3,100
10 Ordinary A £1 10 10
10 Ordinary B £1 10 10
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
10 Ordinary E £1 10 10
10 Ordinary F £1 10 10

3,160 3,160
==== ====

10. OTHER FINANCIAL COMMITMENTS

The company has operating lease commitments totalling £144,930 over the remaining period of the leases.

11. RELATED PARTY DISCLOSURES

The company is controlled by DGC Manufacturing Limited.


During the year the company made a loan of £nil (2023 - £nil) to DGC Manufacturing Limited - a company in which MJ Spare, P Barton and J Rodgers are directors and shareholders. At the balance sheet date the amount due to SRM Industries Limited was £924,887 (2023 - £925,627). The loan is interest free and repayable on demand.