Company registration number 1624325 (England and Wales)
C & D (SHEET METAL) ENGINEERING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
C & D (SHEET METAL) ENGINEERING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 8
C & D (SHEET METAL) ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,468,677
949,016
Investment property
4
2,372,000
2,372,000
3,840,677
3,321,016
Current assets
Stocks
43,694
60,470
Debtors
5
638,960
653,795
Cash at bank and in hand
3,059,942
3,733,207
3,742,596
4,447,472
Creditors: amounts falling due within one year
6
(434,266)
(638,926)
Net current assets
3,308,330
3,808,546
Total assets less current liabilities
7,149,007
7,129,562
Provisions for liabilities
(265,195)
(134,688)
Net assets
6,883,812
6,994,874
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
468,630
468,630
Profit and loss reserves
6,415,082
6,526,144
Total equity
6,883,812
6,994,874

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 July 2025 and are signed on its behalf by:
R W Dawson
Director
Company registration number 1624325 (England and Wales)
C & D (SHEET METAL) ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
100
624,388
6,146,516
6,771,004
Year ended 31 March 2024:
Profit
-
-
379,628
379,628
Other comprehensive income:
Revaluation of tangible fixed assets
-
(207,679)
-
(207,679)
Tax relating to other comprehensive income
-
51,921
-
0
51,921
Total comprehensive income
-
(155,758)
379,628
223,870
Balance at 31 March 2024
100
468,630
6,526,144
6,994,874
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
270,388
270,388
Dividends
-
-
(381,450)
(381,450)
Balance at 31 March 2025
100
468,630
6,415,082
6,883,812
C & D (SHEET METAL) ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

C & D (Sheet Metal) Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Monarch Works, Station Road North, Belvedere, Kent, DA17 6JL.

1.1
Accounting convention

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Turnover
Turnover represents the invoiced value of goods sold and services rendered as principal excluding value added tax and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
See note below
Plant and machinery
25% reducing balance
Computer equipment
33.33% straight line
Motor vehicles
25% reducing balance

A nil depreciation rate is provided in respect of the freehold factory pr emises, which is shown at cost.

The company has a policy and practice of regular maint e nance and repair (the charges for which are recognised in the profit and loss account), such that the resulting high residual value of the freehold premises (from which the company operates) would render any depreciation charge immaterial.

This accounting policy is a departure from the applicable accounting standard, FRS 102 and a lso from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard would prevent the financial statements from presenting a true and fair view. Depreciation or amortisation is only one of many factors reflected in the revaluation of the premises and the amount of this which might otherwise have been charged, cannot be separately identified or quantified.

In making their decision not to depreciate, the directors have considered the open market value of nearby similar properties.

C & D (SHEET METAL) ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

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.

1.4
Investment properties

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently t hey are measured at fair value a t the reporting end date.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

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.

1.7
Cash at bank and in hand

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.

1.8
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 statement of financial position 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.

C & D (SHEET METAL) ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
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 paymen ts 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. A m ounts 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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

C & D (SHEET METAL) ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 32 (2024 - 33).

2025
2024
Number
Number
Total
32
33
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
765,860
1,453,619
2,219,479
Additions
-
0
611,575
611,575
Disposals
-
0
(352,500)
(352,500)
At 31 March 2025
765,860
1,712,694
2,478,554
Depreciation and impairment
At 1 April 2024
-
0
1,270,463
1,270,463
Depreciation charged in the year
-
0
88,469
88,469
Eliminated in respect of disposals
-
0
(349,055)
(349,055)
At 31 March 2025
-
0
1,009,877
1,009,877
Carrying amount
At 31 March 2025
765,860
702,817
1,468,677
At 31 March 2024
765,860
183,156
949,016

The factory premises (from which the company operates) ha s a book value of £766K. These premises were informally assessed on the basis of existing-use market value, by reputable, independent valuers not connected with the company. The assessment conform ed to International Valuation Standards and was based on prevailing market transactions on arm's length terms for similar properties.

The open market value was estimated to be £2.7m. Based on this assessment, there would be a deferred taxation liability of £200K on any potential disposal. The inclusion of this post-tax valuation in the financial statements would increase the net asset value of the company by £1.7m.

4
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
2,372,000
C & D (SHEET METAL) ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Investment property
(Continued)
- 7 -

The freehold investment propert ies have been independently revalued by firm s of qualified Chartered Surveyors, who we re not connected with the company. Each independent valuer held a recognised and relevant professional qualification and had experience in the location and class of the investment properties being valued.

The valuations we re undertaken with reference to evidence of rental market yields and transaction prices for similar (local) properties.

The open market value s w ere estimated by the directors, to be in the region of £2.37m at 31 March 2025 (but with certain caveats), as the impact of inherent uncertainties in the UK property market cannot be fully determined. Their valuation was does not materially differ from that of the independent valuers.

.

5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
580,112
631,392
Corporation tax recoverable
40,378
-
0
Other debtors
18,470
22,403
638,960
653,795
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
224,617
314,841
Corporation tax
201
135,158
Other taxation and social security
156,033
153,098
Other creditors
53,415
35,829
434,266
638,926
7
Called up share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Revaluation reserve

The reserve is non-distributable, as the revaluation surplus is unrealised.

C & D (SHEET METAL) ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

We have audited the financial statements of C & D (Sheet Metal) Engineering Limited (the 'company') for the year ended 31 March 2025 which comprise , the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Senior Statutory Auditor:
Roy O'Gorman FCA
Statutory Auditor:
Leigh Carr
Date of audit report:
29 July 2025
10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
-
0
21,600
11
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
-
750,000
12
Directors' transactions

Dividends totalling £381,450 (2024 - £0) were paid in the year in respect of shares held by the company's directors.

13
Auditor's liability limitation agreement

The auditor's aggregate liability, whether to C & D (Sheet Metal) Engineering Limited or any other party, of whatever nature, whether in contract, tort of otherwise, for any losses whatsoever and howsoever caused arising from or in any way connected with this engagement, shall not exceed our yearly fees charged for services provided.

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