REGISTERED NUMBER: 02972457 (England and Wales)

Lycett Fabrications Limited

Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J E V Ratledge

D A Kenning

J W Ratledge

REGISTERED OFFICE:

Unit 108, Mariner

Lichfield Road Ind Estate

Tamworth

Staffordshire

B79 7UL

REGISTERED NUMBER:

02972457 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

Sterling House

97 Lichfield Street

Tamworth

Staffordshire

B79 7QF

FIXED ASSETS

Tangible assets

4

480,880

149,056

CURRENT ASSETS

Stocks

245,376

294,193

Debtors

5

2,816,756

3,311,282

Cash at bank and in hand

3,948,171

3,116,660

7,010,303

6,722,135

CREDITORS

Amounts falling due within one year

6

2,524,057

2,476,301

NET CURRENT ASSETS

4,486,246

4,245,834

TOTAL ASSETS LESS CURRENT LIABILITIES

4,967,126

4,394,890

CREDITORS

Amounts falling due after more than one year

7

-

(12,021

)

PROVISIONS FOR LIABILITIES

10

(117,595

)

(34,281

)

NET ASSETS

4,849,531

4,348,588

CAPITAL AND RESERVES

Called up share capital

11

103,000

103,000

Capital redemption reserve

12

5,000

5,000

Retained earnings

12

4,741,531

4,240,588

SHAREHOLDERS' FUNDS

4,849,531

4,348,588

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 23 October 2025 and were signed on its behalf by:

J E V Ratledge - Director

1.	STATUTORY INFORMATION

Lycett Fabrications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Going concern

The financial statement have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment.. Based on these assessments and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

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 the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

- 20% on cost

Fixtures and fittings

- 20% on cost

Motor vehicles

- 25% on cost

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

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.

At each year-end the company reviews the book values of its fixed assets to determine whether there is any indication of impairment loss. The recoverable amount of the asset is estimated and then compared to the book value. Any shortfall is charged to profit or loss as an impairment write off. Reversals of impairment write offs are also credited to profit or loss.

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 stock to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

Financial instruments

The company has elected to adopt the small company exemption from the provisions of Section 11 'Basic Financial instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 in relation to all of its financial instruments.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Employee benefits

The cost of short-term employee benefits are recognised as a liability and as an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2024 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2024

14,555

849,370

863,925

Additions

-

395,887

395,887

At 31 March 2025

14,555

1,245,257

1,259,812

DEPRECIATION

At 1 April 2024

14,555

700,314

714,869

Charge for year

-

64,063

64,063

At 31 March 2025

14,555

764,377

778,932

NET BOOK VALUE

At 31 March 2025

-

480,880

480,880

At 31 March 2024

-

149,056

149,056

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

50,748

DEPRECIATION

At 1 April 2024

11,891

Charge for year

16,018

At 31 March 2025

27,909

NET BOOK VALUE

At 31 March 2025

22,839

At 31 March 2024

38,857

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

484,109

976,820

Amounts owed by group undertakings

2,190,176

2,290,697

Tax

59,973

-

VAT

36,234

-

Prepayments and accrued income

46,264

43,765

2,816,756

3,311,282

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

12,021

13,226

Trade creditors

565,211

432,595

Amounts owed to group undertakings

1,722,996

1,618,396

Tax

-

142,676

Social security and other taxes

18,435

20,648

VAT

-

62,705

Other creditors

9,015

9,877

Accruals and deferred income

196,379

176,178

2,524,057

2,476,301

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

-

12,021

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

12,021

13,226

Between one and five years

-

12,021

12,021

25,247

Non-cancellable

operating leases

2025

2024

£

£

Within one year

4,619

4,619

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

12,021

25,247

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

117,595

34,281

Deferred

tax

£

Balance at 1 April 2024

34,281

Provided during year

83,314

Balance at 31 March 2025

117,595

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

103,000

Ordinary

£1

103,000

103,000

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2024

4,240,588

5,000

4,245,588

Profit for the year

500,943

500,943

At 31 March 2025

4,741,531

5,000

4,746,531

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

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)

for and on behalf of TC Group

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	PARENT COMPANY

The parent company is Lycett Holdings Limited, a company registered in England and Wales.

The ultimate parent company is Tamworth Steel Stockholders Limited, a company registered in England and Wales. Group accounts are available at Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.