Registration number: 06848135

Sheffield Industrial Saws Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Sheffield Industrial Saws Limited

(Registration number: 06848135)

Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	3	-	20,346
Tangible assets	4	161,634	220,192
		161,634	240,538
Current assets
Stocks		913,542	1,055,017
Debtors	5	384,506	689,695
Cash at bank and in hand		49,788	87,987
		1,347,836	1,832,699
Creditors: Amounts falling due within one year	6	(2,597,473)	(2,663,400)
Net current liabilities		(1,249,637)	(830,701)
Total assets less current liabilities		(1,088,003)	(590,163)
Creditors: Amounts falling due after more than one year	6	(57,500)	(113,333)
Net liabilities		(1,145,503)	(703,496)
Capital and reserves
Called up share capital		204	204
Share premium reserve		499,896	499,896
Revaluation reserve		16,816	21,204
Retained earnings		(1,662,419)	(1,224,800)
Shareholders' deficit		(1,145,503)	(703,496)

Sheffield Industrial Saws Limited

(Registration number: 06848135)

Balance Sheet as at 31 December 2024 (continued)

For the financial 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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised by the director on 29 September 2025
 

......................................... A Egley Director

Sheffield Industrial Saws Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	Accounting policies

Statutory information

Sheffield Industrial Saws Limited is a private company, limited by shares, domiciled in England and Wales, company number 06848135. The registered office is at Imperial Works, Sheffield Road, Tinsley, Sheffield, S9 2YL.

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The company has net liabilities of £1,130,159 at 31 December 2024. The financial statements have been drawn up on the going concern basis on the grounds that the company has received support from it's principal shareholder and supplier.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Sheffield Industrial Saws Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

1	Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in statement of income and retained earnings, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost or valuation, 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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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
Goodwill	10 years straight line

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Sheffield Industrial Saws Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

1	Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 31 (2023 - 29).

3	Intangible assets

	Goodwill  £	Total £
Cost
At 1 January 2024	50,020	50,020
At 31 December 2024	50,020	50,020
Amortisation
At 1 January 2024	29,674	29,674
Amortisation charge	20,346	20,346
At 31 December 2024	50,020	50,020
Carrying amount
At 31 December 2024	-	-
At 31 December 2023	20,346	20,346

The company has fully impaired the carrying value of Goodwill in the year.

Sheffield Industrial Saws Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Plant and machinery £	Total £
Cost
At 1 January 2024	564,520	564,520
At 31 December 2024	564,520	564,520
Depreciation
At 1 January 2024	344,328	344,328
Charge for the year	58,558	58,558
At 31 December 2024	402,886	402,886
Carrying amount
At 31 December 2024	161,634	161,634
At 31 December 2023	220,192	220,192

Revaluation

The fair value of the company's plant and machinery was revalued on 30 November 2013. An independent valuer was not involved. The basis of this valuation was market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £129,168 (2023 - £155,101).

5

Debtors

	2024 £	2023 £
Trade debtors	301,913	603,122
Prepayments	22,951	26,334
Other debtors	59,642	60,239
	384,506	689,695

Sheffield Industrial Saws Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Loans and borrowings	288,733	316,524
Trade creditors	2,184,888	2,079,907
Taxation and social security	47,433	116,906
Accruals and deferred income	52,440	82,499
Other creditors	23,979	67,564
	2,597,473	2,663,400