Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-302023-10-01truetrue81false83truefalsefalse 02016366 2023-10-01 2024-09-30 02016366 2022-10-01 2023-09-30 02016366 2024-09-30 02016366 2023-09-30 02016366 2022-10-01 02016366 2 2023-10-01 2024-09-30 02016366 3 2023-10-01 2024-09-30 02016366 3 2022-10-01 2023-09-30 02016366 4 2023-10-01 2024-09-30 02016366 4 2022-10-01 2023-09-30 02016366 5 2023-10-01 2024-09-30 02016366 5 2022-10-01 2023-09-30 02016366 6 2023-10-01 2024-09-30 02016366 6 2022-10-01 2023-09-30 02016366 d:Director1 2023-10-01 2024-09-30 02016366 d:Director2 2023-10-01 2024-09-30 02016366 d:Director3 2023-10-01 2024-09-30 02016366 d:Director4 2023-10-01 2024-09-30 02016366 d:Director5 2023-10-01 2024-09-30 02016366 d:Director6 2023-10-01 2024-09-30 02016366 d:Director7 2023-10-01 2024-09-30 02016366 d:Director8 2023-10-01 2024-09-30 02016366 d:Director8 2024-09-30 02016366 d:RegisteredOffice 2023-10-01 2024-09-30 02016366 e:Buildings 2023-10-01 2024-09-30 02016366 e:Buildings 2024-09-30 02016366 e:Buildings 2023-09-30 02016366 e:Buildings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02016366 e:PlantMachinery 2023-10-01 2024-09-30 02016366 e:PlantMachinery 2024-09-30 02016366 e:PlantMachinery 2023-09-30 02016366 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02016366 e:MotorVehicles 2023-10-01 2024-09-30 02016366 e:MotorVehicles 2024-09-30 02016366 e:MotorVehicles 2023-09-30 02016366 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02016366 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02016366 e:CurrentFinancialInstruments 2024-09-30 02016366 e:CurrentFinancialInstruments 2023-09-30 02016366 e:Non-currentFinancialInstruments 2024-09-30 02016366 e:Non-currentFinancialInstruments 2023-09-30 02016366 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 02016366 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 02016366 e:Non-currentFinancialInstruments e:AfterOneYear 2024-09-30 02016366 e:Non-currentFinancialInstruments e:AfterOneYear 2023-09-30 02016366 e:UKTax 2023-10-01 2024-09-30 02016366 e:UKTax 2022-10-01 2023-09-30 02016366 e:ShareCapital 2024-09-30 02016366 e:ShareCapital 2023-09-30 02016366 e:ShareCapital 2022-10-01 02016366 e:RevaluationReserve 2024-09-30 02016366 e:RevaluationReserve 2 2023-10-01 2024-09-30 02016366 e:RevaluationReserve 5 2023-10-01 2024-09-30 02016366 e:RevaluationReserve 2023-09-30 02016366 e:RevaluationReserve 2022-10-01 02016366 e:RevaluationReserve 5 2022-10-01 2023-09-30 02016366 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 02016366 e:RetainedEarningsAccumulatedLosses 2024-09-30 02016366 e:RetainedEarningsAccumulatedLosses 2 2023-10-01 2024-09-30 02016366 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02016366 e:RetainedEarningsAccumulatedLosses 2023-09-30 02016366 e:RetainedEarningsAccumulatedLosses 2022-10-01 02016366 d:OrdinaryShareClass1 2023-10-01 2024-09-30 02016366 d:OrdinaryShareClass1 2024-09-30 02016366 d:OrdinaryShareClass2 2023-10-01 2024-09-30 02016366 d:OrdinaryShareClass2 2024-09-30 02016366 d:FRS102 2023-10-01 2024-09-30 02016366 d:Audited 2023-10-01 2024-09-30 02016366 d:FullAccounts 2023-10-01 2024-09-30 02016366 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02016366 e:HirePurchaseContracts e:WithinOneYear 2024-09-30 02016366 e:HirePurchaseContracts e:WithinOneYear 2023-09-30 02016366 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-09-30 02016366 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-09-30 02016366 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02016366










SHUFFLEBOTTOM LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SHUFFLEBOTTOM LIMITED
 
 
COMPANY INFORMATION


Directors
C M Bartholomew 
D Curnock 
M Gibson 
J T Sapak 
R A McAdam          (appointed 20 January 2025) 
D A Davies              (resigned 24 September 2024) 
E A Shufflebottom   (resigned 24 September 2024) 
W W Shufflebottom (resigned 24 September 2024)




Registered number
02016366



Registered office
Cross Hands Business Park
Heol Parc Mawr

Cross Hands

Llanelli

Dyfed

SA14 6RE




Independent auditors
MHA

MHA House

Charter Court

Phoenix Way

Swansea

SA7 9FS





 
SHUFFLEBOTTOM LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 4
Independent Auditors' Report
5 - 8
Income Statement
9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 26


 
SHUFFLEBOTTOM LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 30 September 2024. 

Business review
 
The results for the year and financial position of the company are as shown in the annexed financial statements. 

Principal risks and uncertainties
 
The company operates in a competitive market which is a continuing risk to the company and could result in losing sales to its key competitors. The company manages this risk by providing value added services to its customers, having fast response times to customer queries and maintaining strong relationships with its customers. 

Contract work in progress could result in losses if costs are not controlled. This risk is managed by closely monitoring costs of projects and engaging in good buying practices through a number of suppliers. 

Price risk : The company is exposed to price risk as a result of its operations, in particular adverse fluctuations in steel prices. The directors manage steel price fluctuations by monitoring movements in pricing and anticipating significant price increases. However, in the opinion of the directors, given the size of the company's operations, the costs of managing exposure to this price risk via hedging, exceed the potential benefits. The directors will review the appropriateness of this policy should the company's operations change in size or nature. 

Financial key performance indicators
 
The company's key measurements of the effectiveness of its operations are gross profit margin. The company's gross margin has remained at 26% in 2023 and 26% in 2024. 

Other key performance indicators
 
The company's profit before tax has decreased from £2,423,783 in 2023 to £1,791,725 in 2024. 


This report was approved by the board on 17 April 2025 and signed on its behalf.



M Gibson               
Director

Page 1

 
SHUFFLEBOTTOM LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company in the year under review was that of metal fabrication and the erection of prefabricated buildings.
There have not been any significant changes in the company's principal activities in the year under review. The directors are not aware, at the date of this report, of any likely changes in the company's activities in the forthcoming year. 

Results and dividends

The profit for the year, after taxation, amounted to £1,314,441 (2023 - £1,802,538).

Directors

The directors who served during the year were:

C M Bartholomew 
D Curnock 
M Gibson 
J T Sapak 
D A Davies              (resigned 24 September 2024) 
E A Shufflebottom   (resigned 24 September 2024) 
W W Shufflebottom (resigned 24 September 2024)

Page 2

 
SHUFFLEBOTTOM LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Future developments

The directors are satisfied with the company's performance for the financial year and are confident that it will continue to be profitable in the forthcoming financial year. The directors consider that the company is well placed to manage fluctuations in demand in the agricultural and industrial sectors.

Financial instruments

The company's principal financial instruments comprise bank balances, trade debtors and creditors, and finance lease agreements. The main purpose of these instruments is to finance the company's operations. 
The company's approach to managing risks applicable to the financial instruments concerned is discussed within the strategic report.

Going concern

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. The directors believe that the company is well placed to manage its business risks described above successfully despite the current uncertain economic outlook and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Charitable contributions

During the year the company made charitable donations of £7,640 (2023 - £11,441) to a number of local and national organisations for general purposes.

Disclosure in the strategic report

Included in the company's strategic report is a review of the business and a description of the principal risks and uncertainties facing the company. 
 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
 
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 
 
Page 3

 
SHUFFLEBOTTOM LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

This report was approved by the board on 17 April 2025 and signed on its behalf.
 





M Gibson
Director

Page 4

 
SHUFFLEBOTTOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHUFFLEBOTTOM LIMITED
 

Opinion


We have audited the financial statements of Shufflebottom Limited (the 'Company') for the year ended 30 September 2024, which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
SHUFFLEBOTTOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHUFFLEBOTTOM LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
SHUFFLEBOTTOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHUFFLEBOTTOM LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud ; 
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias ; 
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred ; 
- Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulation ;  
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 7

 
SHUFFLEBOTTOM LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHUFFLEBOTTOM LIMITED (CONTINUED)





Brian Garland BA ACA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Swansea, United Kingdom

17 April 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). 
Page 8

 
SHUFFLEBOTTOM LIMITED
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
20,351,978
24,483,372

Cost of sales
  
(15,127,253)
(18,043,591)

Gross profit
  
5,224,725
6,439,781

Distribution costs
  
(297,857)
(356,159)

Administrative expenses
  
(3,364,413)
(3,825,202)

Other operating income
 3 
27,741
3,292

Operating profit
  
1,590,196
2,261,712

Interest receivable and similar income
 6 
206,960
166,599

Interest payable and similar expenses
 7 
(5,432)
(4,527)

Profit before tax
  
1,791,724
2,423,784

Tax on profit
 8 
(477,283)
(621,246)

Profit for the financial year
  
1,314,441
1,802,538

The notes on pages 13 to 26 form part of these financial statements.

Page 9

 
SHUFFLEBOTTOM LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£


Profit for the financial year

  

1,314,441
1,802,538

Other comprehensive income
  


Unrealised surplus on revaluation of tangible fixed assets
  
-
20,580

Realised surplus on revaluation of tangible fixed assets
  
(1,249,256)
-

Other comprehensive income for the year
  
(1,249,256)
20,580

Total comprehensive income for the year
  
65,185
1,823,118

The notes on pages 13 to 26 form part of these financial statements.

Page 10

 
SHUFFLEBOTTOM LIMITED
REGISTERED NUMBER: 02016366

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
1,323,265
4,642,815

  
1,323,265
4,642,815

Current assets
  

Stocks
 10 
870,912
951,553

Debtors: amounts falling due within one year
 11 
10,891,201
5,896,103

Bank and cash balances
  
816,727
5,500,236

  
12,578,840
12,347,892

Creditors: amounts falling due within one year
 12 
(4,324,645)
(5,687,455)

Net current assets
  
 
 
8,254,195
 
 
6,660,437

Total assets less current liabilities
  
9,577,460
11,303,252

Creditors: amounts falling due after more than one year
 14 
(51,501)
(66,040)

Provisions for liabilities
  

Deferred tax
  
(315,033)
(495,896)

  
 
 
(315,033)
 
 
(495,896)

Net assets
  
9,210,926
10,741,316


Capital and reserves
  

Called up share capital 
 16 
101
101

Revaluation reserve
  
-
1,249,256

Profit and loss account
  
9,210,825
9,491,959

  
9,210,926
10,741,316


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.




M Gibson
Director

The notes on pages 13 to 26 form part of these financial statements.

Page 11

 
SHUFFLEBOTTOM LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
101
1,228,676
7,363,440
8,592,217


Comprehensive income for the year

Profit for the year
-
-
1,802,538
1,802,538

Surplus on revaluation of freehold property
-
20,580
625,981
646,561


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(300,000)
(300,000)



At 1 October 2023
101
1,249,256
9,491,959
10,741,316


Comprehensive income for the year

Profit for the year
-
-
1,314,441
1,314,441

Surplus on revaluation of freehold property
-
-
1,249,256
1,249,256

Realised surplus on revaluation of freehold propety
-
(1,249,256)
-
(1,249,256)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,844,831)
(2,844,831)


At 30 September 2024
101
-
9,210,825
9,210,926


The notes on pages 13 to 26 form part of these financial statements.

Page 12

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Shufflebottom Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02016366 and registered office address is Cross Hands Industrial Estate, Cross Hands, Dyfed, United Kingdom, SA14 6RE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in Sterling (£). Monetary amounts are rounded to nearest £. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Embrace Steel Group Ltd as at 31 December 2024 and these financial statements may be obtained from the Registrar of Companies, Crown Way, Maindy, CF14 3UZ.

  
2.3

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose   related party transactions with wholly owned subsidiaries within the group.  
 

  
2.4

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.

Page 13

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.5

Recoverability of debtors

The directors assess the recoverability of related party debtor balances at the reporting date and make provisions against balances where deemed necessary. The directors review the financial position of related party companies to assess their ability to repay the debt.

  
2.6

Bad debt provision

A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not recoverable.

  
2.7

Impairment of assets

Assets are assessed for indicators of impairment at each statement of financial position date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.

  
2.8

Tangible fixed assets - Useful economic life

The annual depreciation charges for tangible fixed assets are sensitive to changes in the estimated useful economic lives and residual values, and these are re-assessed annually. They are amended when necessary to reflect current estimates based on developments, economic utilization and physical condition.

  
2.9

Stock obsolescence

Stock provisions are made to reflect the estimated value of stock held at the year end that is expected to be disposed of after the year end due to damage or reduced quality. The provision is set with reference to aged stock records and nature of stocks.

  
2.10

Amounts recoverable on contracts

At the statement of financial position date, the directors quantify the amounts recoverable on each contract in progress. Costs of work done to date, including materials and sub-contractor costs, are taken into consideration before arriving at a valuation by reference to the stage of completion. The company includes provisions in their valuations for unforeseen costs based on their risk and likelihood of costs being incurred.

  
2.11

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Page 14

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.12

Turnover and revenue recognition

Turnover represents amounts derived from the provision of goods which fall within the company's ordinary activities after deduction of trade discounts and value added tax. The turnover, which arises in the United Kingdom, is attributable to the company's principal activity.
Revenue from the provision of goods is recognised on despatch or, in the case of non-refundable deposits, when invoices are issued.
Turnover relating to long-term contracts is determined by reference to the value of work carried out to date. These amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
Provision is made for all losses expected to arise on completion of contracts at the statement of financial position date.

 
2.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 15

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is provided on the following basis:

Freehold buildings
-
2% on cost or revalued amount
Plant and machinery
-
10% - 25% on cost after deducting estimated residual value
Motor vehicles
-
25% on cost after deducting estimated residual value



 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 16

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.17

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

  
2.18

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the statement of financial position and are depreciated over the shorter of the lease term and the assets' useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged in the income statement on a straight line basis over the lease term.

  
2.19

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.

  
2.20

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cashflows.
The company has continued to be profit making and has a cash at bank balance of £816,727 at 30 September 2024.
At the date of signing the financial statements, after making appropriate enquiries and examining those areas which could give rise to financial exposure, the directors are satisfied that the company will have adequate resources to continue its operations for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 17

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Other operating income

2024
2023
£
£

Other operating income
27,741
-

Insurance claims receivable
-
2,414

Sundry receipts
-
878

27,741
3,292



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Hire of plant and machinery
109,619
253,609

Depreciation - owned assets
295,136
310,271

Depreciation - assets on hire purchase contracts
25,749
23,603

Profit on disposal of fixed assets
(33,474)
(29,725)

Auditors' remuneration
30,000
25,000

Taxation compliance services
6,500
5,100

Other non-audit services
14,400
5,530

Page 18

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,197,182
3,819,643

Social security costs
323,433
531,637

Pensions
55,982
128,859

3,576,597
4,480,139


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
51
49



Administration
30
29



Directors
2
3

83
81


6.


Interest receivable

2024
2023
£
£


Deposit account interest
206,960
166,599

206,960
166,599


7.


Interest payable and similar expenses

2024
2023
£
£


Hire purchase interest
5,432
4,527

5,432
4,527

Page 19

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Taxation


2024
2023
£
£



Current tax on profits for the year and deferred tax
477,283
621,246


477,283
621,246


Total current and deferred tax
477,283
621,246

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,791,724
2,423,784


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
447,931
533,475

Effects of:


Expenses not deductible for tax purposes
21,993
3,399

Depreciation on non qualifying assets
7,359
12,888

Other tax charge (relief)
-
80,183

Super-deduction
-
(8,699)

Total tax charge for the year
477,283
621,246

Page 20

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2023
3,895,996
3,491,541
221,604
7,609,141


Additions
-
198,084
-
198,084


Disposals
(3,895,996)
(168,352)
(15,500)
(4,079,848)



At 30 September 2024

-
3,521,273
206,104
3,727,377



Depreciation


At 1 October 2023
695,996
2,180,139
90,190
2,966,325


Charge for the year on owned assets
29,435
244,673
46,777
320,885


Disposals
(725,431)
(142,167)
(15,500)
(883,098)



At 30 September 2024

-
2,282,645
121,467
2,404,112



Net book value



At 30 September 2024
-
1,238,628
84,637
1,323,265



At 30 September 2023
3,200,000
1,311,401
131,414
4,642,815



The net book value of tangible fixed assets include £53,643 (2023 - £79,392) in respect of assets held under hire purchase as at 30 September 2024.  

Page 21

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


Stocks

2024
2023
£
£

Raw materials and consumables
796,793
917,928

Work in progress
74,119
33,625

870,912
951,553



11.


Debtors

2024
2023
£
£


Trade debtors
1,877,962
624,805

Amounts owed by group undertakings
8,444,507
2,860,404

Amounts owed by related parties
30,740
9,331

Other debtors
2,322
280,344

Prepayments and accrued income
422,822
184,449

Amounts recoverable on long-term contracts
112,848
1,936,770

10,891,201
5,896,103


Page 22

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,570,882
2,886,457

Corporation tax
321,329
428,606

Other taxation and social security
180,332
110,447

Hire purchase contracts
14,539
14,539

Other creditors
112,649
91,725

Accruals and deferred income
1,124,914
2,155,681

4,324,645
5,687,455


The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
66,041
80,580

66,041
80,580

Details of security provided:

Hire purchase contracts are secured on the assets to which they relate.


13.

Leasing agreements

Minimum lease payments fall due as follows: 
Net obligations repayable:





Non-cancellable operating leases

2024
2023
        £
        £
Within one year

287,379

23,000
 
Between one and five years

2,521,894

75,000
 

Page 23

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
51,501
66,040

51,501
66,040



15.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
14,539
14,539

Between 1-5 years
51,501
66,040

66,040
80,579

Page 24

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30 Ordinary shares of £1.00 each
30
30
71 A shares of £1.00 each
71
71

101

101

Ordinary and A Ordinary shares rank pari passu in all respects, including voting rights, the right to attend shareholder meetings and rank equally on winding up of the company. Dividends can be paid on one class of shares to the exclusion of the other.


Retained earnings
Revaluation reserve
Totals
        £
        £
        £

At 1 October 2022

9,491,959

1,249,256

10,741,215
 
Profit for the year

1,314,442

-

1,314,442
 
Realisation of revaluation surplus

1,249,256

(1,249,256)

-
 
Dividends

(2,844,831)

-

(2,844,831)
 

9,210,826

-

9,210,826
 


17.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the pension schemes are held separately from those of the company in independently administered funds. The pension cost charge  represents contributions payable by the company to the fund and amounted to £55,981 (2023 - £128,859) during the year. At the statement of financial position date, unpaid contributions £3,133 (2023 - £3,224) were due to the fund.  

Page 25

 
SHUFFLEBOTTOM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Related party transactions

Amounts owed by group undertakings includes £8,430,616 (2023 - £Nil) due from ESG BIDCO 2 Limited, the controlling party of parent company, WAA (Holdings) Limited. The balance owing from ESG BIDCO 2 Limited is interest-free and repayable on demand.
A balance of £Nil (2023 - £2,844,830) is due from WAA (Holdings) Limited, the parent company. The balance owing from WAA (Holdings) Limited is interest-free and repayable on demand.
A balance is due from Celtic Cladding Services Ltd in respect of a trading debt of £13,891 (2023 - £15,575), which has been repaid in full after the year end.
Shufflebottom Limited have borne the cost of £2,750
 (2023 - £2,750), in respect of the audit of WAA (Holdings) Limited without the right to reimbursement.
Dividends of £2,844,831 (2023 - £300,000) were payable to WAA (Holdings) Limited during the year.


19.


Controlling party

The controlling party is ESG Bidco 2 Ltd.     

 
Page 26