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2023-05-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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04649111
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2024-04-30
04649111
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04649111
2023-04-30
04649111
2022-05-01
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04649111
2023-04-30
04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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04649111
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COMPANY REGISTRATION NUMBER:
04649111
EUROPEAN STEEL FABRICATIONS (UK) LIMITED |
|
FILLETED FINANCIAL STATEMENTS |
|
EUROPEAN STEEL FABRICATIONS (UK) LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
30 April 2024
Fixed assets
Tangible assets |
4 |
|
1,017 |
1,556 |
|
|
|
|
|
Current assets
Stocks |
1,812 |
|
1,812 |
Debtors |
5 |
53,093 |
|
51,874 |
Cash at bank and in hand |
4,040 |
|
1,326 |
|
--------- |
|
--------- |
|
58,945 |
|
55,012 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
962,768 |
|
959,271 |
|
---------- |
|
---------- |
Net current liabilities |
|
903,823 |
904,259 |
|
|
---------- |
---------- |
Total assets less current liabilities |
|
(
902,806) |
(
902,703) |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
260) |
268 |
|
|
---------- |
---------- |
Net liabilities |
|
(
902,546) |
(
902,971) |
|
|
---------- |
---------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
(
902,646) |
(
903,071) |
|
|
---------- |
---------- |
Shareholders deficit |
|
(
902,546) |
(
902,971) |
|
|
---------- |
---------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
31 March 2025
, and are signed on behalf of the board by:
Company registration number:
04649111
EUROPEAN STEEL FABRICATIONS (UK) LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 APRIL 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
10% straight line |
|
Fixtures and fittings |
- |
15% straight line |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.
4.
Tangible assets
|
Plant and machinery |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 May 2023 and 30 April 2024 |
140,430 |
73,448 |
213,878 |
|
---------- |
--------- |
---------- |
Depreciation |
|
|
|
At 1 May 2023 |
138,931 |
73,391 |
212,322 |
Charge for the year |
533 |
6 |
539 |
|
---------- |
--------- |
---------- |
At 30 April 2024 |
139,464 |
73,397 |
212,861 |
|
---------- |
--------- |
---------- |
Carrying amount |
|
|
|
At 30 April 2024 |
966 |
51 |
1,017 |
|
---------- |
--------- |
---------- |
At 30 April 2023 |
1,499 |
57 |
1,556 |
|
---------- |
--------- |
---------- |
|
|
|
|
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
53,093 |
51,874 |
|
--------- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
141,784 |
140,723 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
801,366 |
796,430 |
Amounts owed to related parties |
14,750 |
14,750 |
Other creditors |
4,868 |
7,368 |
|
---------- |
---------- |
|
962,768 |
959,271 |
|
---------- |
---------- |
|
|
|
7.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2024 |
2023 |
|
£ |
£ |
Included in provisions |
(
260) |
268 |
|
---- |
---- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
£ |
£ |
Accelerated capital allowances |
(
260) |
268 |
|
---- |
---- |
|
|
|
8.
Summary audit opinion
The auditor's report dated
31 March 2025
was
unqualified
.
The senior statutory auditor was
David Guest FCA
, for and on behalf of
UHY Hacker Young (S.E.) Limited
.
9.
Related party transactions
At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £14,750(2023: £14,750), in respect of a director's loan account. The loan is interest free, unsecured and repayable on demand. The company is less than 100% owned within the group and had the following transactions and balances with fellow group undertakings, namely: At 30 April 2024, creditors, amounts falling due within one year, included amounts owed to group undertakings and undertakings in which the company has a participating interest, amounting to £801,366 (2023: £796,430), in respect of loans. The loans are interest free, unsecured and repayable on demand. At 30 April 2024, debtors included amounts due from group undertakings and undertakings in which the company has a participating interest, amounting to £1,080 (2023: £nil), in respect of loans. The loans are interest free, unsecured and repayable on demand. During the year, the company recognised income receivable amounting to £900 (2023: £931), from related parties under common control.
10.
Controlling party
The company is a 80% subsidiary of European Glass Group Limited, a company registered in England & Wales and which prepares consolidated accounts. The registered office of European Glass Group Limited is 168 Church Road, Hove, East Sussex, BN3 2DL. The ultimate controlling parties are M Johal and F Johal through their control of European Glass Group Limited.