IRIS Accounts Production
v25.1.4.42
00222877
Board of Directors
1.1.24
31.12.24
31.12.24
true
false
true
false
false
true
false
Ordinary A
1.00000
Ordinary B
1.00000
Ordinary C, D, E, F
25.00000
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| REGISTERED NUMBER: 00222877 (England and Wales) |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
|
Certified Accountants' Report |
2 |
|
|
Notes to the Financial Statements |
5 |
|
|
REGISTERED OFFICE: |
James Freel Close |
|
REGISTERED NUMBER: |
00222877 (England and Wales) |
|
ACCOUNTANTS: |
R F Miller & Co |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us. |
| This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this 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 director for our work or for this report. |
| You have acknowledged on the balance sheet as at 31 December 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year. |
| We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements. |
| Tangible assets |
4 |
215,940 |
|
289,832 |
|
|
| Debtors |
6 |
649,286 |
|
492,980 |
|
|
| Amounts falling due within one year |
7 |
680,552 |
|
588,544 |
|
|
| NET CURRENT ASSETS |
470,273 |
|
427,300 |
|
|
| TOTAL ASSETS LESS CURRENT LIABILITIES |
686,512 |
|
730,331 |
|
|
Amounts falling due after more than one year |
8 |
(13,308 |
) |
(22,429 |
) |
|
| PROVISIONS FOR LIABILITIES |
(45,660 |
) |
(37,593 |
) |
|
| NET ASSETS |
627,544 |
|
670,309 |
|
|
| Called up share capital |
10 |
104,651 |
|
104,651 |
|
|
| Capital redemption reserve |
11 |
45,449 |
|
45,449 |
|
|
| Retained earnings |
11 |
477,444 |
|
520,209 |
|
|
| SHAREHOLDERS' FUNDS |
627,544 |
|
670,309 |
|
|
| The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006. |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| 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 25 June 2025 and were signed on its behalf by: |
|
T.Ward & Son,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. |
|
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. |
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
|
Freehold property |
- |
1% on cost |
|
Long leasehold |
- |
33% on cost |
|
Plant and machinery |
- |
at varying rates on cost |
|
Fixtures and fittings |
- |
at varying rates on cost |
|
Motor vehicles |
- |
at varying rates on cost |
|
Computer equipment |
- |
at varying rates on cost |
|
INVESTMENTS IN SUBSIDIARIES |
|
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale. |
| 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 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. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
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. |
| 3. |
EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was 68 (2023 - 77 ) . |
|
property |
|
leasehold |
|
machinery |
|
At 1 January 2024 |
154,784 |
|
- |
|
173,559 |
|
|
|
Additions |
- |
|
19,081 |
|
32,245 |
|
|
|
Disposals |
(154,784 |
) |
- |
|
(6,135 |
) |
|
|
At 31 December 2024 |
- |
|
19,081 |
|
199,669 |
|
|
|
At 1 January 2024 |
37,564 |
|
- |
|
141,993 |
|
|
|
Charge for year |
750 |
|
- |
|
16,035 |
|
|
|
Eliminated on disposal |
(38,314 |
) |
- |
|
(6,135 |
) |
|
|
At 31 December 2024 |
- |
|
- |
|
151,893 |
|
|
|
At 31 December 2024 |
- |
|
19,081 |
|
47,776 |
|
|
|
At 31 December 2023 |
117,220 |
|
- |
|
31,566 |
|
|
|
fittings |
|
vehicles |
|
equipment |
|
Totals |
|
At 1 January 2024 |
53,381 |
|
368,150 |
|
214,861 |
|
964,735 |
|
|
|
Additions |
- |
|
76,333 |
|
5,354 |
|
133,013 |
|
|
|
Disposals |
(1,074 |
) |
(45,500 |
) |
(23,419 |
) |
(230,912 |
) |
|
|
At 31 December 2024 |
52,307 |
|
398,983 |
|
196,796 |
|
866,836 |
|
|
|
At 1 January 2024 |
52,405 |
|
233,371 |
|
209,570 |
|
674,903 |
|
|
|
Charge for year |
425 |
|
57,140 |
|
3,044 |
|
77,394 |
|
|
|
Eliminated on disposal |
(1,073 |
) |
(32,460 |
) |
(23,419 |
) |
(101,401 |
) |
|
|
At 31 December 2024 |
51,757 |
|
258,051 |
|
189,195 |
|
650,896 |
|
|
|
At 31 December 2024 |
550 |
|
140,932 |
|
7,601 |
|
215,940 |
|
|
|
At 31 December 2023 |
976 |
|
134,779 |
|
5,291 |
|
289,832 |
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
|
Transfer to ownership |
(74,950 |
) |
|
|
Transfer to ownership |
(22,123 |
) |
|
|
At 31 December 2023 |
52,827 |
|
|
| 5. |
FIXED ASSET INVESTMENTS |
|
At 31 December 2024 |
16,280 |
|
|
|
and 31 December 2024 |
15,981 |
|
|
|
At 31 December 2023 |
13,199 |
|
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
Nature of business: Dormant |
|
Aggregate capital and reserves |
(110,919 |
) |
(110,919 |
) |
|
|
Nature of business: Dormant |
|
Aggregate capital and reserves |
100 |
|
100 |
|
|
|
Nature of business: Dormant |
|
Aggregate capital and reserves |
99 |
|
99 |
|
|
|
Furness Engineering and Technology Limited |
|
Nature of business: Engineering and general consultancy |
|
Aggregate capital and reserves |
- |
|
494,420 |
|
|
|
Profit for the year |
- |
|
183,529 |
|
|
| This subsidiary is now wholly owned by Sequoia Operations Limited following a share for share exchange being undertaken. The 2024 information is shown within the parent company accounts. |
| 6. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Trade debtors |
441,657 |
|
422,432 |
|
|
|
Amounts owed by group undertakings |
137,900 |
|
- |
|
|
|
Other debtors |
12,555 |
|
19,652 |
|
|
|
Prepayments and accrued income |
57,174 |
|
50,896 |
|
|
| 7. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
Bank loans and overdrafts |
208,186 |
|
119,372 |
|
|
|
Hire purchase contracts |
- |
|
501 |
|
|
|
Trade creditors |
174,621 |
|
176,834 |
|
|
|
Amounts owed to group undertakings |
112,483 |
|
104,097 |
|
|
|
Social security and other taxes |
43,712 |
|
47,274 |
|
|
|
Other creditors |
4,836 |
|
7,353 |
|
|
|
Accruals and deferred income |
46,328 |
|
57,152 |
|
|
| 8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
|
|
Bank loans - 1-2 years |
10,380 |
|
10,401 |
|
|
|
Bank loans - 2-5 years |
2,928 |
|
12,028 |
|
|
|
The following secured debts are included within creditors: |
|
Bank overdrafts |
198,062 |
|
109,230 |
|
|
|
Hire purchase contracts |
- |
|
501 |
|
|
|
Barclays Bank PLC has a debenture over the assets of the company and also a first charge over the freehold property. |
| 10. |
CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
|
Number: |
Class: |
Nominal |
2024 |
2023 |
|
|
34,851 |
Ordinary A |
£1 |
104,551 |
|
34,851 |
|
|
|
69,700 |
Ordinary B |
£1 |
- |
|
69,700 |
|
|
|
4 |
Ordinary C, D, E, F |
£25 |
100 |
|
100 |
|
|
|
At 1 January 2024 |
520,209 |
|
45,449 |
|
565,658 |
|
|
|
Deficit for the year |
(42,765 |
) |
(42,765 |
) |
|
|
At 31 December 2024 |
477,444 |
|
45,449 |
|
522,893 |
|
|
| 12. |
CONTINGENT LIABILITIES |
|
Barclays Bank PLC has a debenture over the assets of all other members of the group as security for the bank overdraft and loans. The company also has a cross guarantee against bank borrowings of the group. The maximum potential liability at 31 December 2024 was £23,432 (2023 - £32,571). |
| 13. |
RELATED PARTY DISCLOSURES |
|
During the year, the following dividends were paid: |
|
Mr T Redshaw received a dividend of £nil (2023: £17,677). |
|
J E Redshaw received a dividend of £nil (2023: £14,570) |
|
A H P Redshaw received a dividend of £nil (2023: £46,262) |
|
L T M Lewis received a dividend of £nil (2023: £46,262) |
| 14. |
ULTIMATE CONTROLLING PARTY |
|
The company was under the control of Sequoia Operations Ltd at the year end following a share for share exchange on 1 December 2023 with all shareholders participating in the exchange on a 1 for 1 basis.The company was under the control of Mrs L R Redshaw in the current year up until the share for share exchange and throughout the previous year. |