Registration number:
Sherwood Stainless And Aluminium Ltd
for the Year Ended 31 March 2025
Sherwood Stainless And Aluminium Ltd
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Sherwood Stainless And Aluminium Ltd
Company Information
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Directors |
Mr P Thurston Mr T Franklin |
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Company secretary |
Miss K Powis |
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Registered office |
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Auditors |
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Sherwood Stainless And Aluminium Ltd
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the group is that of processing and distributing stainless steel and aluminium, and the production of plastic injection moulded components to customers across a variety of business sectors in Europe and worldwide.
Fair review of the business
The Directors are pleased to report that the business has weathered a challenging year and has emerged stronger due to its continued focus on the transformation strategy. This year, in common with other manufacturing companies, the business faced several external challenges, including wage, energy, tariff and interest rate pressures. These compounded the pressure from the previous year and have made underlying costs a key issue. Equally challenging, but strategically essential, has been the investment in new business creation, capability, skills, capacity, processes and efficiency. These changes, part of the business transformation strategy, have absorbed time, resource and cost, but provide the foundations for future profitable growth and a platform for future business success.
This year Sherwood made massive strides in its digitisation, with the implementation of a new, world class, Enterprise Resource Planning (ERP) software. This has been a technological, behavioural and cultural shift, impacting on every aspect of the business. Sherwood have exited the year transformed in terms of an ability to manage with data, information and control. 2025 will see the company leverage this to drive efficiency in every department and to use technology, re-imaging business processes, including the first steps in the use of AI.
Conscious of the business continuity threat posed by cybercrime, the business has transformed its cyber security capabilities with a new external IT provider being engaged. The digital capability that our new ERP system provides has enabled the enhancement of all aspects of hardware and software, and a move to a more cloud based, technology-led and secure way of working. Sherwood is more cyber-secure and data driven than at any time in its history and is working actively to achieve the Cyber Essentials Plus accreditation.
A new, state of the art, powder coating paint line was commissioned and became a key focus for the business, both generating commercial revenue, but more significantly enabling the business to take on technically and logistically challenging work which it had previously been incapable of accessing. This is a key aspect of the value-add strategy that continues to differentiate Sherwood. The paint line essentially created a new business which absorbed significant resources throughout the year while an orderbook and capability were being built. The paint line has exited the year with a strong orderbook and is delivering profitable growth for the wider business. The Qualicoat accreditation process has been initiated and 2025 will see this investment delivering on its potential to add significantly to the value creation and differentiation strategy.
Addressing the external cost challenge has continued to be a focus for the business, with 2025 seeing the introduction of significant skills and capability, through investment in new people, training, and equipment all aimed at driving productivity and efficiency. The year saw new starters at every level, from senior leadership appointments to unprecedented levels of technical and digital apprenticeships. While initially adding cost, these new people have brought skills and cultural change that is already transforming production and methods of working.
Sherwood Stainless And Aluminium Ltd
Strategic Report for the Year Ended 31 March 2025
The investment in people has been matched by and investment in equipment, including more 5 axis long length CNCs at Sherwood, and laser inspection metrology and 4th axis machining at both Sherwood and Neville. Introducing new ways of working, particularly aligned with the digitisation of production processes, has represented a significant challenge, but skills, innovation and efficiency are now locked into our culture. Neville Precision Engineering and Sherwood have recoupled their integration and technical collaboration, with both businesses benefiting from ideas exchange. This has extended to a new approach to sales, with the results for the Group being optimised by matching the right order to each processing site, and to make use of capacity, with each business supporting the other to achieve customer lead times. The integration of sales across the group continues with UB plastics being supported to provide added value to traditional aluminium customers in Neville and Sherwood. The business turnaround that this culture supports has been remarkable and is already demonstrating capability and productivity gains that are enabling new, profitable growth.
Exploiting the opportunity created by the step change in our internal capabilities, Sherwood Group has continued to selective grow, focussing on value creation and profitability. This approach has led to a higher margin mix of business and reflects the company’s ability to differentiate from competitors and to keep adding value to customers.
The director’s and leadership are committed to strong Environmental, Social Governance and sustainability. Safety, service and quality are embodied in every aspect of the business. The safety culture within Sherwood continues to strengthen, as does the ongoing support for employee’s health and wellbeing. The business is a net generator of renewable electricity, and the supply of low carbon products to customers continues to grow, in line with net zero commitments.
In a tough year the business has emerged stronger, and more capable and secure, with the transformation strategy initiated in previous years being delivered. Realising the opportunity for profitable growth provided by this platform will be the focus in the coming years.
The group's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
35,656,672 |
37,612,223 |
|
Gross profit |
£ |
8,421,524 |
10,019,723 |
|
Profit/(Loss) before tax |
£ |
(799,704) |
1,699,144 |
Approved and authorised by the
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......................................... |
Sherwood Stainless And Aluminium Ltd
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the for the year ended 31 March 2025.
Directors of the group
The directors who held office during the year were as follows:
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors Jordan & Company are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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......................................... |
Sherwood Stainless And Aluminium Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Sherwood Stainless And Aluminium Ltd
Independent Auditor's Report to the Members of Sherwood Stainless And Aluminium Ltd
Opinion
We have audited the financial statements of Sherwood Stainless And Aluminium Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Sherwood Stainless And Aluminium Ltd
Independent Auditor's Report to the Members of Sherwood Stainless And Aluminium Ltd
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Sherwood Stainless And Aluminium Ltd
Independent Auditor's Report to the Members of Sherwood Stainless And Aluminium Ltd
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We gained knowledge and understanding of the legal and regulatory framework which the company must adhere to in line with government and industry standards. An examination of company procedures and operations were undertaken in order to evaluate the risk of acting in contrast to these statutes. Such laws and regulations include: Companies Act 2006, Financial Reporting Standards and Generally Accepted Accounting Practice.
Applicable audit tests were tailored to mitigate the risk of material misrepresentation by using system interrogation methods which recognises the fact fraud is an act of deliberate concealment and deception. Audit tests undertaken included testing the accounting system for completeness, occurrence, accuracy and cut-off. Account balances were tested for existence and calculations reviewed. Sufficient and appropriate audit evidence was obtained to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
We obtained an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
We also evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Sherwood Stainless And Aluminium Ltd
Independent Auditor's Report to the Members of Sherwood Stainless And Aluminium Ltd
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Knighton House
62 Hagley Road
West Midlands
DY8 1QD
Sherwood Stainless And Aluminium Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Distribution costs |
( |
( |
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating (loss)/profit |
( |
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(290,681) |
(289,893) |
||
|
(Loss)/profit before tax |
( |
|
|
|
Tax on (loss)/profit |
( |
( |
|
|
(Loss)/profit for the financial year |
( |
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
( |
|
Sherwood Stainless And Aluminium Ltd
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2025
|
2025 |
2024 |
|
|
(Loss)/profit for the year |
( |
|
|
Deficit on revaluation of other assets |
( |
( |
|
Total comprehensive income for the year |
( |
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
( |
|
Sherwood Stainless And Aluminium Ltd
(Registration number: 02412308)
Consolidated Statement of Financial Position as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Revaluation reserve |
|
|
|
|
Retained earnings |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
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Sherwood Stainless And Aluminium Ltd
(Registration number: 02412308)
Statement of Financial Position as at 31 March 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Capital redemption reserve |
|
|
|
|
Revaluation reserve |
|
|
|
|
Retained earnings |
|
|
|
|
Shareholders' funds |
|
|
The company made a loss after tax for the financial year of £1,205,630 (2024 - profit of £1,057,726).
Approved and authorised by the
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Sherwood Stainless And Aluminium Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
|
|
At 1 April 2024 |
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
|
Other comprehensive income |
- |
- |
( |
- |
|
Total comprehensive income |
- |
- |
( |
( |
|
Dividends |
- |
- |
- |
( |
|
Transfers |
- |
- |
- |
1,860 |
|
At 31 March 2025 |
|
|
|
|
|
Total |
Total equity |
|
|
At 1 April 2024 |
|
|
|
Loss for the year |
( |
( |
|
Other comprehensive income |
( |
( |
|
Total comprehensive income |
( |
( |
|
Dividends |
( |
( |
|
Transfers |
1,860 |
1,860 |
|
At 31 March 2025 |
|
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
|
|
At 1 April 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
( |
- |
|
Total comprehensive income |
- |
- |
( |
|
|
Dividends |
- |
- |
- |
( |
|
Transfers |
- |
- |
- |
1,860 |
|
At 31 March 2024 |
25,000 |
25,000 |
47,914 |
9,631,324 |
Sherwood Stainless And Aluminium Ltd
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company
|
Total |
Total equity |
|
|
At 1 April 2023 |
|
|
|
Profit for the year |
|
|
|
Other comprehensive income |
( |
( |
|
Total comprehensive income |
|
|
|
Dividends |
( |
( |
|
Transfers |
1,860 |
1,860 |
|
At 31 March 2024 |
9,729,238 |
9,729,238 |
Sherwood Stainless And Aluminium Ltd
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
|
|
At 1 April 2024 |
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
|
Other comprehensive income |
- |
- |
( |
- |
|
Total comprehensive income |
- |
- |
( |
( |
|
Dividends |
- |
- |
- |
( |
|
Transfers |
- |
- |
- |
1,860 |
|
At 31 March 2025 |
|
|
|
|
|
Total |
|
|
At 1 April 2024 |
|
|
Loss for the year |
( |
|
Other comprehensive income |
( |
|
Total comprehensive income |
( |
|
Dividends |
( |
|
Transfers |
1,860 |
|
At 31 March 2025 |
|
|
Share capital |
Capital redemption reserve |
Revaluation reserve |
Retained earnings |
|
|
At 1 April 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
Other comprehensive income |
- |
- |
( |
- |
|
Total comprehensive income |
- |
- |
( |
|
|
Dividends |
- |
- |
- |
( |
|
Transfers |
- |
- |
- |
1,860 |
|
At 31 March 2024 |
25,000 |
25,000 |
47,914 |
9,301,912 |
Sherwood Stainless And Aluminium Ltd
Statement of Changes in Equity for the Year Ended 31 March 2025
|
Total |
|
|
At 1 April 2023 |
|
|
Profit for the year |
|
|
Other comprehensive income |
( |
|
Total comprehensive income |
|
|
Dividends |
( |
|
Transfers |
1,860 |
|
At 31 March 2024 |
9,399,826 |
Sherwood Stainless And Aluminium Ltd
Consolidated Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
( |
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Corporation tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
(Increase)/decrease in trade debtors |
( |
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Increase/(decrease) in deferred income, including government grants |
|
( |
|
|
Cash generated from operations |
( |
|
|
|
Corporation taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Repayment of other borrowing |
|
( |
|
|
Payments to finance lease creditors |
|
|
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
604,193 |
467,756 |
|
Sherwood Stainless And Aluminium Ltd
Statement of Cash Flows for the Year Ended 31 March 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
|
(Loss)/profit for the year |
( |
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Corporation tax expense |
( |
|
|
|
( |
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Decrease in trade debtors |
|
|
|
|
Increase/(decrease) in trade creditors |
|
( |
|
|
Cash generated from operations |
( |
|
|
|
Corporation taxes received |
- |
|
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
( |
|
|
Repayment of other borrowing |
|
|
|
|
Payments to finance lease creditors |
|
|
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 April |
|
( |
|
|
Cash and cash equivalents at 31 March |
85,414 |
201,014 |
|
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
No Statement of Comprehensive Income is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss after tax for the financial year of £1,205,630 (2024 - profit of £1,057,726).
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group 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 group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
|
Freehold property |
2% straight line |
|
Long leasehold property |
apportioned over 15 year lease on a straight line basis |
|
Plant and machinery |
12% straight line, 20% and 25% reducing balance basis |
|
Fixtures and fittings |
12% straight line, 20% and 25% reducing balance basis |
|
Motor vehicles |
25% straight line and 25% reducing balance basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
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 |
over 10 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 statement of comprehensive income 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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 statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Grants and subsidies |
31,780 |
- |
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of tangible assets |
|
|
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Foreign exchange losses |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Other finance costs |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Distribution |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
27,500 |
25,250 |
|
Taxation |
Tax charged/(credited) in the consolidated statement of comprehensive income
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
273,568 |
103,650 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
|
( |
|
Tax increase from changes in tax provisions due to legislation |
- |
|
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
Company
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated tax depreciation |
- |
|
|
- |
|
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
Group
|
Goodwill |
Trademarks, patents and licenses |
Total |
|
|
Cost or valuation |
|||
|
At 1 April 2024 |
|
|
|
|
At 31 March 2025 |
|
|
|
|
Amortisation |
|||
|
At 1 April 2024 |
|
- |
|
|
Amortisation charge |
|
- |
|
|
At 31 March 2025 |
|
- |
|
|
Carrying amount |
|||
|
At 31 March 2025 |
|
|
|
|
At 31 March 2024 |
|
|
|
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Tangible assets |
Group
|
Land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
||||
|
Cost or valuation |
|||||||
|
At 1 April 2024 |
|
|
|
|
|||
|
Additions |
|
- |
|
|
|||
|
Disposals |
- |
- |
- |
( |
|||
|
At 31 March 2025 |
|
|
|
|
|||
|
Depreciation |
|||||||
|
At 1 April 2024 |
|
|
|
|
|||
|
Charge for the year |
|
|
|
|
|||
|
Eliminated on disposal |
- |
- |
- |
( |
|||
|
At 31 March 2025 |
|
|
|
|
|||
|
Carrying amount |
|||||||
|
At 31 March 2025 |
|
|
|
|
|||
|
At 31 March 2024 |
|
|
|
|
|||
|
Office equipment |
Motor vehicles |
Total |
|||||
|
Cost or valuation |
|||||||
|
At 1 April 2024 |
|
|
|
||||
|
Additions |
- |
|
|
||||
|
Disposals |
- |
( |
( |
||||
|
At 31 March 2025 |
|
|
|
||||
|
Depreciation |
|||||||
|
At 1 April 2024 |
|
|
|
||||
|
Charge for the year |
|
|
|
||||
|
Eliminated on disposal |
- |
( |
( |
||||
|
At 31 March 2025 |
|
|
|
||||
|
Carrying amount |
|||||||
|
At 31 March 2025 |
|
|
|
||||
|
At 31 March 2024 |
|
|
|
||||
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Included within the net book value of land and buildings above is £4,135,954 (2024 - £4,200,376) in respect of freehold land and buildings, £10,219 (2024 - £15,376) in respect of long leasehold land and buildings and £Nil (2024 - £Nil) in respect of short leasehold land and buildings.
Company
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
||
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
- |
- |
( |
|
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
|
|
At 31 March 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
|
Total |
|||||
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
||||
|
Additions |
|
||||
|
Disposals |
( |
||||
|
At 31 March 2025 |
|
||||
|
Depreciation |
|||||
|
At 1 April 2024 |
|
||||
|
Charge for the year |
|
||||
|
Eliminated on disposal |
( |
||||
|
At 31 March 2025 |
|
||||
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
||||
|
At 31 March 2024 |
|
||||
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
Included within the net book value of land and buildings above is £3,087,015 (2024 - £3,125,907) in respect of freehold land and buildings.
Impairment of non-financial assets
Assets are reviewed for impairment if there is an indication that the carrying value of the asset may have been impaired. Where there are indicators of impairment of individual assets, the Company performs impairment tests based on fair value less costs to sell or a value in use calculation. Where an impairment review is required, the carrying value of the assets is measured against their value in use based on future estimated cash flows, discounted by the appropriate cost of capital, resulting from the use of those assets. Assets are grouped at the lowest level for which there is a separately identifiable cash flow (cash generating unit). An impairment loss is recognised for the amount at which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Sherwood Stainless and Aluminium Ltd,
|
|
|
|
|
England |
||||
|
|
Centenary Works,
|
|
|
|
|
England |
||||
|
|
Centenary Works,
|
|
|
|
|
England |
||||
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
* indicates direct investment of the company
Subsidiary undertakings
|
Neville Precision Engineering Limited The principal activity of Neville Precision Engineering Limited is |
|
UB Plastics Limited The principal activity of UB Plastics Limited is |
|
A&S Holdings Burton Limited The principal activity of A&S Holdings Burton Limited is |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
|
|
Work in progress |
|
|
- |
- |
|
Other inventories |
|
|
- |
- |
|
|
|
|
|
|
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Corporation tax asset |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
|
|
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
604,193 |
467,756 |
85,414 |
201,014 |
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
|
|
Other payables |
|
|
- |
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
273,568 |
143,513 |
- |
- |
|
|
Deferred income |
|
|
- |
- |
|
|
|
|
|
|
||
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Deferred income |
|
|
- |
- |
|
|
|
|
|
|
||
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 March 2025 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 March 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
25,000 |
|
25,000 |
Sherwood Stainless And Aluminium Ltd
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
|
|
|
Bank overdrafts |
|
|
|
|
|
Hire purchase contracts |
|
|
|
|
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|