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Filleted

Registration number: 06076342

Steel Fabricators (Wales) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2025

 

Steel Fabricators (Wales) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Steel Fabricators (Wales) Ltd

Company Information

Director

Mr G Davies

Company secretary

Ms T J Tarman

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Steel Fabricators (Wales) Ltd

(Registration number: 06076342)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

101,362

107,096

Current assets

 

Stocks

6

112,012

125,588

Debtors

7

89,300

77,468

Cash at bank and in hand

 

3,806

16,268

 

205,118

219,324

Creditors: Amounts falling due within one year

8

(209,238)

(227,665)

Net current liabilities

 

(4,120)

(8,341)

Total assets less current liabilities

 

97,242

98,755

Creditors: Amounts falling due after more than one year

8

(20,252)

(35,729)

Net assets

 

76,990

63,026

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

76,890

62,926

Total equity

 

76,990

63,026

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Steel Fabricators (Wales) Ltd

(Registration number: 06076342)
Balance Sheet as at 31 January 2025

Approved and authorised by the director on 5 June 2025
 

.........................................
Mr G Davies
Director

   
     
 

Steel Fabricators (Wales) Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
2 Forest Lane
Llangybi
Lampeter
SA48 8LZ

These financial statements were authorised for issue by the director on 5 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Steel Fabricators (Wales) Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Office Equipment

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Steel Fabricators (Wales) Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Steel Fabricators (Wales) Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2024 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

18,594

17,629

 

Steel Fabricators (Wales) Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

216,880

1,783

38,080

256,743

Additions

8,337

253

4,270

12,860

At 31 January 2025

225,217

2,036

42,350

269,603

Depreciation

At 1 February 2024

121,799

280

27,568

149,647

Charge for the year

15,260

439

2,895

18,594

At 31 January 2025

137,059

719

30,463

168,241

Carrying amount

At 31 January 2025

88,158

1,317

11,887

101,362

At 31 January 2024

95,081

1,503

10,512

107,096

6

Stocks

2025
£

2024
£

Work in progress

63,512

90,588

Other inventories

48,500

35,000

112,012

125,588

7

Debtors

2025
£

2024
£

Trade debtors

80,428

64,394

Prepayments

5,489

4,811

Other debtors

3,383

8,263

89,300

77,468

 

Steel Fabricators (Wales) Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Bank loans and overdrafts

10

41,884

43,824

Trade creditors

 

95,347

108,253

Taxation and social security

 

1,526

6,668

Other related parties

 

40,649

28,407

Outstanding defined contribution pension costs

 

124

860

Corporation tax liability

 

1,097

-

Other creditors

 

28,611

39,653

 

209,238

227,665

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

20,252

35,729

9

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Steel Fabricators (Wales) Ltd

Notes to the Financial Statements for the Year Ended 31 January 2025

10

Loans and borrowings

2025
£

2024
£

Non-current loans and borrowings

Bank borrowings

5,383

15,765

HP and finance lease liabilities

14,869

19,964

20,252

35,729

2025
£

2024
£

Current loans and borrowings

Bank borrowings

10,284

10,020

Bank overdrafts

22,464

26,844

HP and finance lease liabilities

9,136

6,960

41,884

43,824

11

Related party transactions

Transactions with directors

2025

At 1 February 2024
£

Advances to director
£

Repayments by director
£

At 31 January 2025
£

Mr G Davies

Interest free loan repayable on demand

(28,407)

3,745

(15,987)

(40,649)

         
       

 

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr G Davies

Interest free loan repayable on demand

(30,681)

4,670

(2,395)

(28,407)