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COMPANY REGISTRATION NUMBER: 02496082
Sawcraft UK Limited
Filleted Unaudited Financial Statements
31 December 2024
Sawcraft UK Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
974,675
827,066
Current assets
Stocks
494,786
561,688
Debtors
6
251,080
238,281
Cash at bank and in hand
1,408
7,859
--------
--------
747,274
807,828
Creditors: amounts falling due within one year
7
387,784
432,760
--------
--------
Net current assets
359,490
375,068
-----------
-----------
Total assets less current liabilities
1,334,165
1,202,134
Creditors: amounts falling due after more than one year
8
127,025
36,416
Provisions
Taxation including deferred tax
180,304
153,982
-----------
-----------
Net assets
1,026,836
1,011,736
-----------
-----------
Capital and reserves
Called up share capital
3,000
3,000
Capital redemption reserve
45,000
45,000
Fair value reserve
494,625
494,625
Profit and loss account
484,211
469,111
-----------
-----------
Shareholders funds
1,026,836
1,011,736
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sawcraft UK Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
Mr A Hicks Mrs K Hicks
Director Director
Company registration number: 02496082
Sawcraft UK Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Penncricket Lane, Rowley Regis, West Midlands, B65 0RE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
700,000
501,262
53,129
96,041
57,807
1,408,239
Additions
114,586
77,028
1,200
192,814
--------
--------
-------
--------
-------
-----------
At 31 Dec 2024
700,000
615,848
53,129
173,069
59,007
1,601,053
--------
--------
-------
--------
-------
-----------
Depreciation
At 1 Jan 2024
419,925
49,067
58,641
53,540
581,173
Charge for the year
18,407
609
24,271
1,918
45,205
--------
--------
-------
--------
-------
-----------
At 31 Dec 2024
438,332
49,676
82,912
55,458
626,378
--------
--------
-------
--------
-------
-----------
Carrying amount
At 31 Dec 2024
700,000
177,516
3,453
90,157
3,549
974,675
--------
--------
-------
--------
-------
-----------
At 31 Dec 2023
700,000
81,337
4,062
37,400
4,267
827,066
--------
--------
-------
--------
-------
-----------
Tangible assets held at valuation
Freehold property was revalued by Scrivens & Co. in February 2024 at a market value of £700,000.
6. Debtors
2024
2023
£
£
Trade debtors
250,775
237,809
Prepayments and accrued income
305
472
--------
--------
251,080
238,281
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
145,004
245,474
Accruals and deferred income
3,400
2,950
Corporation tax
7,080
28,926
Social security and other taxes
42,135
30,432
Obligations under finance leases and hire purchase contracts
63,297
5,887
Director loan accounts
65,095
53,696
Other creditors
61,773
65,395
--------
--------
387,784
432,760
--------
--------
Included within other creditors is £61,773 (2023: £64,578) that relates to a discounting loan secure upon the company's trade debtors. Hire purchase liabilities are secured upon the asset to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
127,025
36,416
--------
-------
Hire purchase liabilities are secured upon the asset to which they relate.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A M Hicks
( 26,848)
( 5,699)
( 32,547)
Mrs K Hicks
( 26,848)
( 5,700)
( 32,548)
-------
-------
-------
( 53,696)
( 11,399)
( 65,095)
-------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A M Hicks
( 4,201)
( 22,647)
( 26,848)
Mrs K Hicks
( 4,201)
( 22,647)
( 26,848)
------
-------
-------
( 8,402)
( 45,294)
( 53,696)
------
-------
-------
10. Related party transactions
The company was under the control of Mr A Hicks and Mrs K Hicks throughout the current and previous year. Mr A Hicks and Mrs K Hicks are equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.