Company Registration No. 01292937 (England and Wales)
ESCAFELD FASTENERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ESCAFELD FASTENERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ESCAFELD FASTENERS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
148,592
166,183
Current assets
Stocks
376,470
388,460
Debtors
4
525,586
454,195
Cash at bank and in hand
17,419
14,954
919,475
857,609
Creditors: amounts falling due within one year
5
(586,398)
(575,597)
Net current assets
333,077
282,012
Total assets less current liabilities
481,669
448,195
Creditors: amounts falling due after more than one year
6
(12,045)
(29,187)
Provisions for liabilities
(17,964)
(22,138)
Net assets
451,660
396,870
Capital and reserves
Called up share capital
7
489
489
Profit and loss reserves
451,171
396,381
Total equity
451,660
396,870
ESCAFELD FASTENERS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
L A Williams
Director
Company Registration No. 01292937
ESCAFELD FASTENERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Escafeld Fasteners Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 60, Stakehill Industrial Estate, Touchet Hall Road, Middleton, Manchester, M24 2FL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
10% straight line
Plant and equipment
15% straight line
Motor vehicles
33% straight line
Computer equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

ESCAFELD FASTENERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

ESCAFELD FASTENERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
8
3
Tangible fixed assets
Property improvements
Plant and equipment
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
110,769
139,351
90,193
25,534
365,847
Additions
-
0
2,240
-
0
7,625
9,865
Disposals
-
0
(8,289)
-
0
(9,845)
(18,134)
At 31 December 2024
110,769
133,302
90,193
23,314
357,578
Depreciation and impairment
At 1 January 2024
16,710
71,956
90,191
20,807
199,664
Depreciation charged in the year
11,077
13,654
2
2,723
27,456
Eliminated in respect of disposals
-
0
(8,289)
-
0
(9,845)
(18,134)
At 31 December 2024
27,787
77,321
90,193
13,685
208,986
Carrying amount
At 31 December 2024
82,982
55,981
-
0
9,629
148,592
At 31 December 2023
94,059
67,395
2
4,727
166,183
ESCAFELD FASTENERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
475,885
433,850
Amounts owed by group undertakings
16,494
-
0
Other debtors
12,500
148
Prepayments and accrued income
20,707
20,197
525,586
454,195

Trade debtors include trade debts outstanding, subject to invoice discounting at 31 December 2024 of £475,885 (2023 - gross factored trade debts £433,850).

5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,225
9,973
Obligations under finance leases
6,918
17,385
Trade creditors
278,218
280,868
Amounts owed to group undertakings
-
0
8,506
Corporation tax
89,513
79,996
Other taxation and social security
34,809
50,946
Other creditors
129,897
88,618
Accruals and deferred income
36,818
39,305
586,398
575,597

Proceeds of invoice discounting debt of £126,400 (2023 - £86,443) are secured by the company and by a personal guarantee by the directors of the company.

 

Obligations under finance leases are secured upon the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,344
21,568
Hire purchase liabilities
701
7,619
12,045
29,187

Obligations under finance leases are secured upon against the assets to which they relate.

ESCAFELD FASTENERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
489
489
489
489
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
589,542
681,956
9
Directors' transactions

At 31 December 2024 £Nil (2023 - £148) was owed to the company by the directors.

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