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Registered number: 04729462









FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
REGISTERED NUMBER: 04729462

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
                                                                       Note
£
£

Fixed assets
  

Tangible assets
 4 
29,059
41,565

  
29,059
41,565

Current assets
  

Stocks
 5 
185,052
214,242

Debtors: amounts falling due within one year
 6 
454,249
306,965

Cash at bank and in hand
 7 
109,648
-

  
748,949
521,207

Creditors: amounts falling due within one year
 8 
(537,395)
(324,694)

Net current assets
  
 
 
211,554
 
 
196,513

Total assets less current liabilities
  
240,613
238,078

  

Net assets
  
240,613
238,078


Capital and reserves
  

Called up share capital 
 11 
30,000
30,000

Profit and loss account
 12 
210,613
208,078

  
240,613
238,078


Page 1

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
REGISTERED NUMBER: 04729462
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 May 2025.

T Childs
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

FSC Stainless & Alloys Ltd ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is 17 Aden Road, Enfield, England, EN3 7SU. 
The company's principal activities are that of rolling and supplying of metals with an embossed pattern and a variety of finishes.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Domino Investments Holdings Limited  as at 31 August 2024 and these financial statements may be obtained from 17 Aden Road, Enfield, Middlesex, United Kingdom, EN3 7SU.

  
2.3

Consolidated financial statements

The company is a wholly owned subsidiary company of Rimex Metals Group Limited (incorporated in England and Wales), its immediate parent undertaking. The ultimate parent undertaking is Domino Investments Holdings Limited. The company is included in the consolidated financial statements of Domino Investments Holdings Limited which are publically available.

  
2.4

Going concern

The company meets its day-to-day working capital requirements through careful management of working capital positions. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate without other third party support. After making enquires, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 3

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.5

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.
The company recognises revenue when: (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company’s sales channels have been met, as described below:
(i) The company produces surface finishes on stainless steel and other metals and provides these finished metals to both domestic and international customers. 
Revenue is recognised when the company has despatched the metals to the customer. The risks and rewards of the product are considered to have been transferred to either the customer or to a third party when the products have been despatched from the company's warehouse.
(ii) The company also receives income on the sale of scrap metal. Revenue on the sale of the scrap metal is recognised when the company has delivered the scrap metal to the customer. The risks and rewards of the product are considered to have been transferred to the customer when the products are delivered to the location specified by the customer and the customer has accepted the product.
All sales are normally made with credit terms, unless settled immediately in cash. The element of financing is deemed immaterial and disregarded in the measurement of revenue.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Taxation

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 balance sheet date in the countries where the company operates and generates income.

  
2.13

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

  
2.14

Related party transactions

The company discloses transactions with related parties which are not wholly owned within the same Group. It does not disclose transactions with members of the same Group that are wholly owned.

Page 5

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.15

Employee benefits

The company provides a range of benefits to employees, including paid holiday arrangements.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Termination benefits
The company is committed, by legislation and/or contractual obligations, to make payments to employees when the company terminates their employment. Such payments are termination benefits. Because termination benefits do not provide the company with future economic benefits, the company recognises these as an expense in the profit and loss account immediately. The company will only recognise termination benefits as a liability and an expense when the company is demonstrably committed to terminate the employment of an employee or group of employees before the normal retirement date.

 
2.16

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following annual basis:

Plant and machinery
-
20%
reducing balance & 33% straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 4).

Page 7

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost 


At 1 September 2023
57,058
24,859
17,103
99,020


Additions
-
-
3,858
3,858



At 31 August 2024

57,058
24,859
20,961
102,878



Depreciation


At 1 September 2023
33,586
15,021
8,848
57,455


Charge for the year on owned assets
7,920
4,701
3,743
16,364



At 31 August 2024

41,506
19,722
12,591
73,819



Net book value



At 31 August 2024
15,552
5,137
8,370
29,059



At 31 August 2023
23,472
9,838
8,255
41,565

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
-
11,448


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
185,052
214,242


Page 8

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors

2024
2023
£
£


Trade debtors
396,840
251,852

Amounts owed by group undertakings
36,000
36,000

Prepayments and accrued income
21,409
19,113

454,249
306,965



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
109,648
-

Less: bank overdrafts
-
(18,042)

109,648
(18,042)



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
18,042

Trade creditors
423,967
218,526

Amounts owed to group undertakings
37,152
18,152

Corporation tax
10,649
-

Other taxation and social security
22,253
16,276

Obligations under finance lease and hire purchase contracts
-
2,165

Accruals and deferred income
43,374
51,533

537,395
324,694


The bank borrowings of the Company are secured by way of debenture including a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital and plant and machinery dated 16 November 2010. 

Page 9

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Creditors: Amounts falling due after more than one year



Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
2,165

-
2,165


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



30,000 (2023 - 30,000) Ordinary shares of £1.00 each
30,000
30,000

There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.



12.


Reserves

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £6,098 (2023 - £16,098). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date.

Page 10

 
FSC STAINLESS & ALLOYS LTD (FORMERLY KNOWN AS EAP METALS LIMITED)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is Rimex Metals Group Limited.
At the year end, the ultimate parent undertaking is Domino Investments Holdings Limited, a company registered in England. Domino Investments Holdings Limited prepares consolidated accounts which include this company, copies of which can be obtained from its registered office, 17 Aden Road, Enfield, Middlesex, United Kingdom, EN3 7SU.
At the year end, the ultimate controlling party is Mr T Childs by virtue of his controlling shareholding in the ultimate parent company. 


15.


Related party transactions

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2024 was unqualified.

The audit report was signed on 27 May 2025 by Adam Dodds (Senior Statutory Auditor) on behalf of Barnes Roffe LLP.

 
Page 11