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REGISTERED NUMBER: 01727856 (England and Wales)















OAKHAM SHEET METAL COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 JUNE 2024






OAKHAM SHEET METAL COMPANY LIMITED (REGISTERED NUMBER: 01727856)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OAKHAM SHEET METAL COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 JUNE 2024







DIRECTORS: Mrs K Broadhurst
Mr A J Hickman
Mr A McManus
Mr V A Pepperell





REGISTERED OFFICE: Jubilee Works, Jubilee Estate
Gorsey Lane
Coleshill
Birmingham
West Midlands
B46 1JU





REGISTERED NUMBER: 01727856 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

OAKHAM SHEET METAL COMPANY LIMITED (REGISTERED NUMBER: 01727856)

BALANCE SHEET
29 JUNE 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 305,458 341,735

CURRENT ASSETS
Stocks 87,797 126,738
Debtors 5 656,517 785,203
Cash at bank and in hand 85,435 35,666
829,749 947,607
CREDITORS
Amounts falling due within one year 6 1,031,816 1,104,476
NET CURRENT LIABILITIES (202,067 ) (156,869 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

103,391

184,866

CREDITORS
Amounts falling due after more than one
year

7

(175,730

)

(283,158

)

PROVISIONS FOR LIABILITIES (73,334 ) (85,434 )
NET LIABILITIES (145,673 ) (183,726 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (146,673 ) (184,726 )
(145,673 ) (183,726 )

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2025 and were signed on its behalf by:





Mr A J Hickman - Director


OAKHAM SHEET METAL COMPANY LIMITED (REGISTERED NUMBER: 01727856)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2024


1. STATUTORY INFORMATION

Oakham Sheet Metal Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Notwithstanding net liabilities of £216,571 the financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment alongside the financial support provided by the company's parent company, Absolute Group Holdings Limited..

The parent company has indicated its intention to continue to make available such funds as are needed by the company for a period or at least 12 months from the date of signed accounts. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do.

Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore the financial statements have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable on metal fabricated products, excluding value added tax.

Turnover from the sale of metal fabricated products is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

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

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

OAKHAM SHEET METAL COMPANY LIMITED (REGISTERED NUMBER: 01727856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


2. ACCOUNTING POLICIES - continued

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

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

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 and loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under
finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

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 current liabilities.

OAKHAM SHEET METAL COMPANY LIMITED (REGISTERED NUMBER: 01727856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


2. ACCOUNTING POLICIES - continued

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

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

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortised cost using the
effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

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

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 22 ) .

OAKHAM SHEET METAL COMPANY LIMITED (REGISTERED NUMBER: 01727856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 30 June 2023 518,598 10,356 40,752 10,134 579,840
Additions 2,780 - - - 2,780
Disposals (209 ) - - - (209 )
At 29 June 2024 521,169 10,356 40,752 10,134 582,411
DEPRECIATION
At 30 June 2023 204,593 7,344 22,412 3,756 238,105
Charge for year 31,540 907 4,585 2,025 39,057
Eliminated on disposal (209 ) - - - (209 )
At 29 June 2024 235,924 8,251 26,997 5,781 276,953
NET BOOK VALUE
At 29 June 2024 285,245 2,105 13,755 4,353 305,458
At 29 June 2023 314,005 3,012 18,340 6,378 341,735

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 563,253 698,025
Amounts owed by group undertakings 54,348 46,500
Tax - 13,803
Prepayments 38,916 26,875
656,517 785,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts (see note 8) 54,686 56,106
Trade creditors 524,225 611,771
Amounts owed to group undertakings 46,296 5,025
Taxation and social security 57,080 95,252
Other creditors 319,529 306,322
1,031,816 1,104,476

OAKHAM SHEET METAL COMPANY LIMITED (REGISTERED NUMBER: 01727856)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JUNE 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 60,000 90,000
Hire purchase contracts (see note 8) 86,836 140,339
Other creditors 28,894 52,819
175,730 283,158

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 54,686 56,106
Between one and five years 86,836 140,339
141,522 196,445

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,499 3,350
Between one and five years - 4,498
1,499 7,848

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Hegney (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP

10. CONTINGENT LIABILITIES

Lloyds Bank Plc have an omnibus guarantee and set-off agreement in place securing all liabilities due to them within each individual company against the assets of all companies within the agreement. The companies included in this agreement are Absolute Group Holdings UK Limited, Absolute Building and Maintenance Limited, Absolute Roof Tiling Limited, Absolute Waterproofing Limited, Absolute Roofing Solutions Limited, Absolute Solar Solutions and J.P.M. Press Brake Limited as well as Oakham Sheet Metal Company Limited.

11. ULTIMATE CONTROLLING PARTY

The parent company of Oakham Sheet Metal Company Limited is Absolute Group Holdings Limited and its registered office is Jubilee Works, Jubilee Industrial Estate, Gorsey Lane, Coleshill, B46 1JU,