REGISTERED NUMBER: 02107615 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Service Metals (South) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

220,814

216,526

CURRENT ASSETS

Stocks

718,483

775,718

Debtors

5

1,222,676

1,527,239

Cash at bank and in hand

952,435

1,108,790

2,893,594

3,411,747

CREDITORS

Amounts falling due within one year

6

1,375,078

2,276,268

NET CURRENT ASSETS

1,518,516

1,135,479

TOTAL ASSETS LESS CURRENT LIABILITIES

1,739,330

1,352,005

PROVISIONS FOR LIABILITIES

45,120

41,834

NET ASSETS

1,694,210

1,310,171

CAPITAL AND RESERVES

Called up share capital

8,650

8,650

Capital redemption reserve

1,350

1,350

Retained earnings

1,684,210

1,300,171

SHAREHOLDERS' FUNDS

1,694,210

1,310,171

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 9 September 2025 and were signed on its behalf by:

J M Winn - Director

1.	STATUTORY INFORMATION

Service Metals (South) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02107615

Registered office:

Howley Park Industrial Estate

Howley Park Road East

Morley

West Yorkshire

LS27 0BN

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

The company has not applied any significant judgements or estimates which could have a significant effect on the amounts recognised in its financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

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

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

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.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction costs, including transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

104,654

495,304

599,958

Additions

-

82,170

82,170

Disposals

-

(46,219

)

(46,219

)

At 31 December 2024

104,654

531,255

635,909

DEPRECIATION

At 1 January 2024

99,217

284,215

383,432

Charge for year

1,097

72,158

73,255

Eliminated on disposal

-

(41,592

)

(41,592

)

At 31 December 2024

100,314

314,781

415,095

NET BOOK VALUE

At 31 December 2024

4,340

216,474

220,814

At 31 December 2023

5,437

211,089

216,526

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

653,541

992,575

Amounts owed by related companies

500,000

500,000

Prepayments

69,135

34,664

1,222,676

1,527,239

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

671,211

1,169,154

Tax

124,727

60,365

Social security and other taxes

15,788

17,613

VAT

61,698

84,412

Directors' current accounts

137,500

187,000

Accrued expenses

364,154

757,724

1,375,078

2,276,268

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

There is a cross guarantee in connection with the banking facilities of all related and group companies as follows:- Gablesea Limited, Gablesea Glassfibre Limited, Servemet (NW) Limited, Service Metals (Midlands) Limited, Service Metals (South) Limited, Service Metals (North) Limited, Service Metals (East Anglia) Limited, Service Metals Painting & Fabrications Limited, Switchblade Metals Limited, J B Components Limited, Service Metals (Ireland) Limited. The amount of overdraft guaranteed in respect of all related and group companies is £3,000,000 at the date of producing these financial accounts. In addition the company also have a debenture on all assets of the company dated 28/10/1992.

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

8.	RELATED PARTY DISCLOSURES