Silverfin false false 31/03/2025 01/04/2024 31/03/2025 S M Goodlad 27/12/2013 N E Palmer 20/12/2010 12 June 2025 07458736 2025-03-31 07458736 bus:Director1 2025-03-31 07458736 bus:Director2 2025-03-31 07458736 2024-03-31 07458736 core:CurrentFinancialInstruments 2025-03-31 07458736 core:CurrentFinancialInstruments 2024-03-31 07458736 core:Non-currentFinancialInstruments 2025-03-31 07458736 core:Non-currentFinancialInstruments 2024-03-31 07458736 core:ShareCapital 2025-03-31 07458736 core:ShareCapital 2024-03-31 07458736 core:SharePremium 2025-03-31 07458736 core:SharePremium 2024-03-31 07458736 core:CapitalRedemptionReserve 2025-03-31 07458736 core:CapitalRedemptionReserve 2024-03-31 07458736 core:FurtherSpecificReserve3ComponentTotalEquity 2025-03-31 07458736 core:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 07458736 core:RetainedEarningsAccumulatedLosses 2025-03-31 07458736 core:RetainedEarningsAccumulatedLosses 2024-03-31 07458736 core:Goodwill 2024-03-31 07458736 core:Goodwill 2025-03-31 07458736 core:LandBuildings 2024-03-31 07458736 core:PlantMachinery 2024-03-31 07458736 core:Vehicles 2024-03-31 07458736 core:OfficeEquipment 2024-03-31 07458736 core:LandBuildings 2025-03-31 07458736 core:PlantMachinery 2025-03-31 07458736 core:Vehicles 2025-03-31 07458736 core:OfficeEquipment 2025-03-31 07458736 core:CostValuation 2024-03-31 07458736 core:CostValuation 2025-03-31 07458736 core:ProvisionsForImpairmentInvestments 2024-03-31 07458736 core:ImpairmentLossProvisionsForImpairmentInvestments 2025-03-31 07458736 core:ProvisionsForImpairmentInvestments 2025-03-31 07458736 core:ShareCapital 2023-03-31 07458736 core:CapitalRedemptionReserve 2023-03-31 07458736 2024-04-01 2025-03-31 07458736 bus:FilletedAccounts 2024-04-01 2025-03-31 07458736 bus:SmallEntities 2024-04-01 2025-03-31 07458736 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 07458736 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 07458736 bus:Director1 2024-04-01 2025-03-31 07458736 bus:Director2 2024-04-01 2025-03-31 07458736 core:Goodwill core:TopRangeValue 2024-04-01 2025-03-31 07458736 core:Goodwill 2024-04-01 2025-03-31 07458736 core:LandBuildings core:BottomRangeValue 2024-04-01 2025-03-31 07458736 core:LandBuildings core:TopRangeValue 2024-04-01 2025-03-31 07458736 core:PlantMachinery core:BottomRangeValue 2024-04-01 2025-03-31 07458736 core:PlantMachinery core:TopRangeValue 2024-04-01 2025-03-31 07458736 core:Vehicles core:TopRangeValue 2024-04-01 2025-03-31 07458736 core:OfficeEquipment core:TopRangeValue 2024-04-01 2025-03-31 07458736 2023-04-01 2024-03-31 07458736 core:LandBuildings 2024-04-01 2025-03-31 07458736 core:PlantMachinery 2024-04-01 2025-03-31 07458736 core:Vehicles 2024-04-01 2025-03-31 07458736 core:OfficeEquipment 2024-04-01 2025-03-31 07458736 core:CurrentFinancialInstruments 2024-04-01 2025-03-31 07458736 core:Non-currentFinancialInstruments 2024-04-01 2025-03-31 07458736 core:ShareCapital 1 2024-04-01 2025-03-31 07458736 core:CapitalRedemptionReserve 1 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure

Company No: 07458736 (England and Wales)

EPS SERVICES & TOOLING LIMITED

Annual Report and Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

EPS SERVICES & TOOLING LIMITED

Annual Report and Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

EPS SERVICES & TOOLING LIMITED

DIRECTORS' REPORT

For the financial year ended 31 March 2025
EPS SERVICES & TOOLING LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 March 2025

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company during the financial year was the manufacturing and servicing of blades for the timber industry.

Directors' commentary

Overview
EPS’s core activity continued to be the manufacturing and servicing of wide bandsaw blades and tooling for the timber industry. Demand remained steady despite broader economic headwinds, with turnover increasing to £3.84m (2024: £3.33m), reflecting the resilience of our customer base and organic sales growth.

Financial Performance
Profit before taxation for the year was £342k (2024: £863k). The prior year’s result included exceptional income from the sale and leaseback of our Wiveliscombe site, generating a gain of approximately £612k.
Cash reserves strengthened to £535k (2024: £248k), supported by tighter working capital management and a focus on operational efficiency.
Net assets rose to £1.83m (2024: £1.75m).
The Company also completed a share capital reduction during the year, repurchasing 11,780 shares for £35,340.

Gerrymet Limited
On 31 December 2024, the trade, assets, and liabilities of Gerrymet Limited were transferred to EPS, its parent company. This marked the successful completion of a planned intra-group consolidation, simplifying group structure and enabling more effective resource deployment. Gerrymet Ltd ceased trading as an entity on this date and is now dormant. Its final accounts reflect a closing profit of £30k (2024: £21k).

Operational Highlights
Staffing increased to an average of 56 employees (2024: 45), largely due to the transfer of colleagues from Gerrymet Limited.
Ongoing capital investment of nearly £290k was directed at modernising core equipment—central to maintaining our long-term competitiveness.
Gross margin improved modestly to 53.4% (2024: 51.7%), reflecting operational efficiencies despite rising wage and energy costs.

Environmental and Social Commitment
EPS remains committed to responsible and sustainable manufacturing. In partnership with Voestalpine, from June 2024 our bandsaw blades are produced using Green Steel, reducing carbon emissions by over 80% compared to conventional material. EPS is proud to be one of only two companies globally supplying Green Steel to the timber industry.

Outlook
Whilst the broader economic outlook remains uncertain, the timber and tooling sectors continue to show resilience. EPS is well-positioned to support customers with a stable platform, streamlined operations, and a focused team. As we enter 2025/26, we are actively reviewing strategic investments to support controlled earnings growth and enhance long-term shareholder value.

We would like to extend my thanks to our investors, employees, customers, and suppliers for their continued support during these challenging times. We remain committed to supporting sustainable growth everywhere we operate.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

S M Goodlad
N E Palmer

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

N E Palmer
Director

12 June 2025

EPS SERVICES & TOOLING LIMITED

BALANCE SHEET

As at 31 March 2025
EPS SERVICES & TOOLING LIMITED

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Intangible assets 3 918 6,418
Tangible assets 4 1,288,376 1,187,159
Investments 5 300 454,054
1,289,594 1,647,631
Current assets
Stocks 6 410,100 440,135
Debtors 7 772,005 687,089
Cash at bank and in hand 535,377 248,119
1,717,482 1,375,343
Creditors: amounts falling due within one year 8 ( 737,064) ( 739,237)
Net current assets 980,418 636,106
Total assets less current liabilities 2,270,012 2,283,737
Creditors: amounts falling due after more than one year 9 ( 164,660) ( 336,366)
Provision for liabilities ( 272,412) ( 198,424)
Net assets 1,832,940 1,748,947
Capital and reserves
Called-up share capital 10 268,320 280,100
Share premium account 190,000 190,000
Capital redemption reserve 10 131,784 120,004
Undistributable reserve 21,990 0
Profit and loss account 1,220,846 1,158,843
Total shareholders' funds 1,832,940 1,748,947

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

Directors' responsibilities:

The financial statements of EPS Services & Tooling Limited (registered number: 07458736) were approved and authorised for issue by the Board of Directors on 12 June 2025. They were signed on its behalf by:

N E Palmer
Director
EPS SERVICES & TOOLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
EPS SERVICES & TOOLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

EPS Services & Tooling Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 2, Edwards Industrial Estate Sandys Moor, Wiveliscombe, Taunton, TA4 2TU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other debtors or other creditors in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
10 - 25 years straight line
Plant and machinery 3 - 15 years straight line
Vehicles 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. 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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

Share premium

Share premium account includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.

Revaluation reserve

Revaluation reserve is the surplus or deficit arising on the revaluation of an asset of a company.

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the company.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 56 45

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2024 727,822 727,822
At 31 March 2025 727,822 727,822
Accumulated amortisation
At 01 April 2024 721,404 721,404
Charge for the financial year 5,500 5,500
At 31 March 2025 726,904 726,904
Net book value
At 31 March 2025 918 918
At 31 March 2024 6,418 6,418

4. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2024 25,596 2,186,528 310,389 30,822 2,553,335
Additions 0 238,165 49,483 2,737 290,385
Disposals 0 ( 43,672) ( 26,375) 0 ( 70,047)
At 31 March 2025 25,596 2,381,021 333,497 33,559 2,773,673
Accumulated depreciation
At 01 April 2024 4,191 1,186,408 146,442 29,135 1,366,176
Charge for the financial year 1,766 96,645 39,547 1,810 139,768
Disposals 0 ( 2,184) ( 18,463) 0 ( 20,647)
At 31 March 2025 5,957 1,280,869 167,526 30,945 1,485,297
Net book value
At 31 March 2025 19,639 1,100,152 165,971 2,614 1,288,376
At 31 March 2024 21,405 1,000,120 163,947 1,687 1,187,159

5. Fixed asset investments

Investments in subsidiaries

2025
£
Cost
At 01 April 2024 454,054
At 31 March 2025 454,054
Provisions for impairment
At 01 April 2024 0
Impairment 453,754
At 31 March 2025 453,754
Carrying value at 31 March 2025 300
Carrying value at 31 March 2024 454,054

The investment relates the to the company's 100% shareholding in Gerrymet Ltd.

As disclosed in note 12, the trade and assets of Gerrymet Ltd were hived up to EPS Services & Tooling Limited on 31 December 2024. The investment has been impaired following the hive up to reduce the carrying value to £300 being the nominal amount of the issued share capital held by EPS Services & Tooling Limited.

6. Stocks

2025 2024
£ £
Stocks 378,667 412,965
Work in progress 31,433 27,170
410,100 440,135

7. Debtors

2025 2024
£ £
Trade debtors 677,535 533,702
Other debtors 94,470 153,387
772,005 687,089

8. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 40,000 40,000
Trade creditors 309,237 188,770
Amounts owed to Group undertakings 300 50,000
Taxation and social security 206,440 114,166
Obligations under finance leases and hire purchase contracts (secured) 82,482 129,427
Other creditors 98,605 216,874
737,064 739,237

Creditors include net obligations under finance lease and hire purchase contracts which are secured, these total £82,482 (2024 - £129,427).

9. Creditors: amounts falling due after more than one year

2025 2024
£ £
Bank loans 40,000 80,000
Obligations under finance leases and hire purchase contracts (secured) 51,266 98,364
Other creditors 73,394 158,002
164,660 336,366

Creditors includes obligations under finance lease and hire purchase contracts which are secured of £51,266 (2024 - £98,364).

10. Changes in equity

Called-up share capital Capital redemption reserve
£ £
At 01 April 2024 280,100 120,004
Share buy back ( 11,780) 11,780
At 31 March 2025 268,320 131,784
At 01 April 2023 280,100 120,004
At 31 March 2024 280,100 120,004

During the year the company purchased 11,780 of its own Ordinary A shares. The shares were purchased for a consideration of £35,340.

11. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £2,001,051. Of this, £172,167 (2024 - £145,187) is due within one year, £599,609 (2024 - £549,728) is due between 2-5 years, and £1,229,275 (2024 £1,370,548) - is due over 5 years.

12. Related party transactions

Other related party transactions

On 31 December 2024, the trade, assets and liabilities of Gerrymet Limited were transferred to EPS Services and Tooling Limited. The assets acquired by EPS totalled £545,013 and the liabilities, £131,689. On this date EPS also received a dividend of £413,324 from Gerrymet Limited.