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Registration number: 02782093

Stevenage Sheet Metal Co. Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025

 

Stevenage Sheet Metal Co. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Stevenage Sheet Metal Co. Limited

(Registration number: 02782093)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Intangible assets

4

6,389

8,306

Tangible assets

5

3,342,273

3,363,752

 

3,348,662

3,372,058

Current assets

 

Stocks

6

89,321

226,527

Debtors

7

8,053,732

7,082,138

Cash at bank and in hand

 

362,906

142,435

 

8,505,959

7,451,100

Creditors: Amounts falling due within one year

8

(2,933,413)

(1,773,012)

Net current assets

 

5,572,546

5,678,088

Total assets less current liabilities

 

8,921,208

9,050,146

Creditors: Amounts falling due after more than one year

8

(1,760,229)

(2,245,397)

Provisions for liabilities

(326,122)

(293,487)

Net assets

 

6,834,857

6,511,262

Capital and reserves

 

Called up share capital

1,000

1,000

Capital redemption reserve

2,000

2,000

Retained earnings

6,831,857

6,508,262

Shareholders' funds

 

6,834,857

6,511,262

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Stevenage Sheet Metal Co. Limited

(Registration number: 02782093)
Balance Sheet as at 31 January 2025

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................
Mr J Dudley-Toole
Director

 

Stevenage Sheet Metal Co. Limited

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

1

General information

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

The address of its registered office is:
Unit 1 Jubilee Trade Centre
Letchworth Garden City
Hertfordshire
SG6 1SP

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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

 

Stevenage Sheet Metal Co. Limited

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

Tax

The tax expense for the period comprises current and deferred 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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

Long leasehold

Nil

Plant and machinery

20% straight line

Fixtures, fittings and computer equipment

10% - 20% straight line

Motor vehicles

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

20% straight line

 

Stevenage Sheet Metal Co. Limited

Notes to the Unaudited 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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance lease 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 useful lives or the lease term, whichever is 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.

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 directors) during the year, was 48 (2024 - 50).

 

Stevenage Sheet Metal Co. Limited

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

4

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 February 2024

9,583

9,583

At 31 January 2025

9,583

9,583

Amortisation

At 1 February 2024

1,278

1,278

Amortisation charge

1,916

1,916

At 31 January 2025

3,194

3,194

Carrying amount

At 31 January 2025

6,389

6,389

At 31 January 2024

8,306

8,306

 

Stevenage Sheet Metal Co. Limited

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

5

Tangible assets

Long leasehold
£

Furniture, fittings and computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2024

1,969,314

344,513

288,730

2,769,746

5,372,303

Additions

-

28,266

247,303

83,500

359,069

Disposals

-

-

-

(7,950)

(7,950)

At 31 January 2025

1,969,314

372,779

536,033

2,845,296

5,723,422

Depreciation

At 1 February 2024

-

151,012

136,898

1,720,641

2,008,551

Charge for the year

-

55,722

81,946

242,880

380,548

Eliminated on disposal

-

-

-

(7,950)

(7,950)

At 31 January 2025

-

206,734

218,844

1,955,571

2,381,149

Carrying amount

At 31 January 2025

1,969,314

166,045

317,189

889,725

3,342,273

At 31 January 2024

1,969,314

193,501

151,832

1,049,105

3,363,752

Included within the net book value of land and buildings above is £1,969,314 (2024 - £1,969,314) in respect of long leasehold land and buildings.
 

 

Stevenage Sheet Metal Co. Limited

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

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes motor vehicles of £317,189 (2024 - £151,832) which are held under finance leases and hire purchase contracts.

The net carrying amount of tangible assets includes plant and machinery of £547,132 (2024 - £701,808) which are held under finance leases and hire purchase contracts.

6

Stocks

2025
£

2024
£

Other inventories

89,321

226,527

7

Debtors

Current

2025
£

2024
£

Trade debtors

1,290,829

785,403

Owed by group undertakings

6,691,636

6,191,636

Prepayments

61,996

88,698

Other debtors

9,271

16,401

 

8,053,732

7,082,138

 

Stevenage Sheet Metal Co. Limited

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

8

Creditors

Creditors: amounts falling due within one year

2025
£

2024
£

Due within one year

Loans and borrowings

1,763,461

1,051,350

Trade creditors

494,358

440,639

Taxation and social security

401,902

205,040

Accruals and deferred income

253,020

70,551

Other creditors

20,672

5,432

2,933,413

1,773,012

Current loans and borrowings

2025
£

2024
£

Bank borrowings

513,800

425,286

HP and finance lease liabilities

229,047

166,325

Other borrowings

1,020,614

459,739

1,763,461

1,051,350

Creditors: amounts falling due after more than one year

2025
£

2024
£

Due after one year

Loans and borrowings

980,229

1,625,397

Other financial liabilities

780,000

620,000

1,760,229

2,245,397

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

414,200

1,041,514

HP and finance lease liabilities

566,029

583,883

980,229

1,625,397

 

Stevenage Sheet Metal Co. Limited

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

Included within other borrowings is £1,020,614 (2024: £459,739) in relation to an invoice discount facility which is secured by a fixed and floating charge dated 1 March 2021 over the companies debtors and property of the company.

Included within bank borrowings is £928,000 (2024: £1,466,800) in relation to bank loans secured by a fixed and floating charge dated 21 June 2021 against the freehold property and plant and machinery to which they relate.

Included within other non-current liabilities is £300,000 (2024: £300,000) in relation to a loan from G Byatt which is secured by a floating charge dated 25 April 2023 against 19 Jubilee Trade Centre, which itself is included in the long leasehold properties balance. This charge was satisfied on 21 July 2025.

Hire purchase contracts are secured against the assets to which they relate.

9

Parent and ultimate parent undertaking

The company's immediate parent is Alderley Engineering Limited, incorporated in England and Wales., company number 10302175, registered office 7 - 9 Macon Court, Crewe, Cheshire, England. CW1 6EA.

The shareholders of Alderley Engineering Limited are considered to be the ultimate controlling parties.