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No description of principal activity
2023-10-01
Sage Accounts Production Advanced 2024 - FRS102_2024
xbrli:pure
xbrli:shares
iso4217:GBP
09278245
2023-10-01
2024-09-30
09278245
2024-09-30
09278245
2023-09-30
09278245
2022-10-01
2023-09-30
09278245
2023-09-30
09278245
2022-09-30
09278245
core:LandBuildings
core:LongLeaseholdAssets
2023-10-01
2024-09-30
09278245
core:FurnitureFittings
2023-10-01
2024-09-30
09278245
core:MotorVehicles
2023-10-01
2024-09-30
09278245
bus:LeadAgentIfApplicable
2023-10-01
2024-09-30
09278245
bus:Director2
2023-10-01
2024-09-30
09278245
core:WithinOneYear
2024-09-30
09278245
core:WithinOneYear
2023-09-30
09278245
core:AfterOneYear
2024-09-30
09278245
core:AfterOneYear
2023-09-30
09278245
core:ShareCapital
2024-09-30
09278245
core:ShareCapital
2023-09-30
09278245
core:RetainedEarningsAccumulatedLosses
2024-09-30
09278245
core:RetainedEarningsAccumulatedLosses
2023-09-30
09278245
core:BetweenOneFiveYears
2024-09-30
09278245
core:BetweenOneFiveYears
2023-09-30
09278245
core:MoreThanFiveYears
2023-09-30
09278245
bus:Director1
2023-10-01
2024-09-30
09278245
bus:SmallEntities
2023-10-01
2024-09-30
09278245
bus:AuditExemptWithAccountantsReport
2023-10-01
2024-09-30
09278245
bus:SmallCompaniesRegimeForAccounts
2023-10-01
2024-09-30
09278245
bus:PrivateLimitedCompanyLtd
2023-10-01
2024-09-30
09278245
bus:AbridgedAccounts
2023-10-01
2024-09-30
09278245
core:ComputerEquipment
2023-10-01
2024-09-30
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Stainless Metals & Alloys Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
09278245
STAINLESS METALS & ALLOYS LIMITED |
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
STAINLESS METALS & ALLOYS LIMITED |
|
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
STAINLESS METALS & ALLOYS LIMITED |
|
YEAR ENDED 30 SEPTEMBER 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Stainless Metals & Alloys Limited for the year ended 30 September 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
11 April 2025
STAINLESS METALS & ALLOYS LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
30 September 2024
Fixed assets
Tangible assets |
5 |
|
109,830 |
|
91,001 |
|
|
|
|
|
|
Current assets
Stocks |
1,225,974 |
|
1,199,575 |
|
Debtors |
2,629,769 |
|
2,213,944 |
|
Cash at bank and in hand |
184,023 |
|
89,229 |
|
|
-------------- |
|
-------------- |
|
|
4,039,766 |
|
3,502,748 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
3,603,669 |
|
3,103,004 |
|
|
-------------- |
|
-------------- |
|
Net current assets |
|
436,097 |
|
399,744 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
545,927 |
|
490,745 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
8,674 |
|
18,642 |
|
|
------------ |
|
------------ |
Net assets |
|
537,253 |
|
472,103 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
104 |
|
104 |
Profit and loss account |
|
537,149 |
|
471,999 |
|
|
------------ |
|
------------ |
Shareholder funds |
|
537,253 |
|
472,103 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
STAINLESS METALS & ALLOYS LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
30 September 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
11 April 2025
, and are signed on behalf of the board by:
Company registration number:
09278245
STAINLESS METALS & ALLOYS LIMITED |
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 30 SEPTEMBER 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 Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of Compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been drawn up on a going concern basis. The company has reviewed its ability to continue to trade and has considered the trading conditions for the next twelve months. The company has invoice discounting facilities in place.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
|
Leasehold Property |
- |
10% straight line |
|
Fixtures & Fittings |
- |
15% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
Equipment |
- |
33% reducing balance |
|
|
|
|
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 valued at the lower of average cost based on an exchange rate ruling at the time of the transaction and net realisable value, after making due allowance for obsolete and slow moving items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
13
(2023:
11
).
5.
Tangible Assets
|
£ |
Cost |
|
At 1 October 2023 |
262,021 |
Additions |
50,981 |
Disposals |
(
10,727) |
|
------------ |
At 30 September 2024 |
302,275 |
|
------------ |
Depreciation |
|
At 1 October 2023 |
171,020 |
Charge for the year |
27,278 |
Disposals |
(
5,853) |
|
------------ |
At 30 September 2024 |
192,445 |
|
------------ |
Carrying amount |
|
At 30 September 2024 |
109,830 |
|
------------ |
At 30 September 2023 |
91,001 |
|
------------ |
|
|
6.
Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
|
Not later than 1 year |
42,750 |
42,750 |
|
Later than 1 year and not later than 5 years |
163,875 |
171,000 |
|
Later than 5 years |
– |
35,625 |
|
|
------------ |
------------ |
|
|
206,625 |
249,375 |
|
|
------------ |
------------ |
|
|
|
|
7.
Contingencies
The company has an invoice discounting facility with Close Brothers Commercial Finance. This facility is secured by a fixed and floating charge over the company's assets.