REGISTERED NUMBER: 02730640 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Service Metals (East Anglia) Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

242,202

125,779

CURRENT ASSETS

Stocks

602,557

612,760

Debtors

5

477,550

711,518

Cash at bank and in hand

300,397

689,163

1,380,504

2,013,441

CREDITORS

Amounts falling due within one year

6

670,286

1,195,109

NET CURRENT ASSETS

710,218

818,332

TOTAL ASSETS LESS CURRENT LIABILITIES

952,420

944,111

PROVISIONS FOR LIABILITIES

37,930

15,835

NET ASSETS

914,490

928,276

CAPITAL AND RESERVES

Called up share capital

94

94

Capital redemption reserve

6

6

Retained earnings

914,390

928,176

SHAREHOLDERS' FUNDS

914,490

928,276

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 4 September 2025 and were signed on its behalf by:

J M Winn - Director

1.	STATUTORY INFORMATION

Service Metals (East Anglia) 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:

02730640

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

Fixtures and fittings

-

25% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under hire finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

221,061

19,577

400,816

641,454

Additions

9,108

-

195,884

204,992

Disposals

-

-

(112,157

)

(112,157

)

At 31 December 2024

230,169

19,577

484,543

734,289

DEPRECIATION

At 1 January 2024

202,162

19,158

294,355

515,675

Charge for year

5,508

105

73,129

78,742

Eliminated on disposal

-

-

(102,330

)

(102,330

)

At 31 December 2024

207,670

19,263

265,154

492,087

NET BOOK VALUE

At 31 December 2024

22,499

314

219,389

242,202

At 31 December 2023

18,899

419

106,461

125,779

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

379,516

527,621

Tax

24,611

-

Prepayments

73,423

183,897

477,550

711,518

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

467,621

708,535

Tax

-

24,611

Social security and other taxes

15,033

16,981

VAT

25,439

12,715

Directors' current accounts

44,000

110,000

Accrued expenses

118,193

322,267

670,286

1,195,109

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 20/10/1996.

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

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sharon Westbury FCA (Senior Statutory Auditor)

for and on behalf of Milnes & Co

9.	ULTIMATE CONTROLLING PARTY