Hygienic Stainless Steels Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02027413 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HYGIENIC STAINLESS STEELS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mrs M Linford

REGISTERED OFFICE:

Unit 8

Charnley Fold Industrial Estate

Bamber Bridge

Preston

Lancashire

PR5 6PS

REGISTERED NUMBER:

02027413 (England and Wales)

AUDITORS:

RFM Audit Services LLP, Statutory Auditor

Unit 1, Guest House Farm

Runshaw Lane

Euxton

Chorley

Lancashire

PR7 6HD

FIXED ASSETS

Tangible assets

4

488

1,026

CURRENT ASSETS

Stocks

5

295,607

367,595

Debtors

6

547,218

506,233

Cash in hand

525

557

843,350

874,385

CREDITORS

Amounts falling due within one year

7

474,359

513,592

NET CURRENT ASSETS

368,991

360,793

TOTAL ASSETS LESS CURRENT LIABILITIES

369,479

361,819

CREDITORS

Amounts falling due after more than one
year

8

7,601

17,601

NET ASSETS

361,878

344,218

CAPITAL AND RESERVES

Called up share capital

11

102

Retained earnings

361,776

344,116

SHAREHOLDERS' FUNDS

361,878

344,218

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

Mrs M Linford - Director

1.	STATUTORY INFORMATION

Hygienic Stainless Steels 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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The director's have reviewed the company's forecasts and projections and, in particular, have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the overall economy remains uncertain, the directors are confident that the company will continue to grow based on its current order book and incoming enquiries. The company therefore continues to adopt the going concern basis in preparing these 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.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

FINANCIAL INSTRUMENTS

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

5,150

18,509

17,500

22,832

63,991

DEPRECIATION

At 1 January 2024

5,150

17,818

17,500

22,497

62,965

Charge for year

-

424

-

114

538

At 31 December 2024

5,150

18,242

17,500

22,611

63,503

NET BOOK VALUE

At 31 December 2024

-

267

-

221

488

At 31 December 2023

-

691

-

335

1,026

5.

STOCKS

2024

2023

£

Finished goods

295,607

367,595

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

313,852

269,651

Other debtors

233,366

236,582

547,218

506,233

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

109,072

134,856

Trade creditors

135,469

168,722

Taxation and social security

49,875

24,011

Other creditors

179,943

186,003

474,359

513,592

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans

7,601

17,601

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank overdrafts

99,072

124,856

Bank loans

17,601

27,601

116,673

152,457

Bank loans, overdrafts and other loans are secured by way of a debenture creating a fixed and floating charge over the assets of the company and a charge over the debtor book.

10.	PROVISIONS FOR LIABILITIES

Deferred

tax

£

Accelerated Capital Allowances

122

Tax losses carried forward

(122

)

Balance at 31 December 2024

-

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

102

A Ordinary Shares

1

102

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

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

As disclosed in Note 14 regarding post balance sheet events, the Company has made a provision against certain trade debtors following legal action initiated after the reporting date. We have not been unable to obtain sufficient evidence to provide an opinion on the value of trade debtors for the period ended 31 December 2024 of £88,938. We were also unable to satisfy ourselves by alternative means using other audit procedures. Consequently, we were unable to determine whether any adjustments to this amount were necessary, and if there was any consequential effect on the turnover for the period.

Sarah Flynn FCA (Senior Statutory Auditor)

for and on behalf of RFM Audit Services LLP, Statutory Auditor

13.	RELATED PARTY DISCLOSURES

2024

2023

£

Key management personnel of the entity (in the aggregate)

Consultancy fees paid

88,000

95,000

Interest-free loans due to the company

120,000

Other related parties

Consultancy fees income

-

Amount owed to the company

60,000

14.	POST BALANCE SHEET EVENTS

After the year end, the business has looked into legal action against a supplier, due to a breach on the exclusivity agreement held with them regarding the worldwide sale of one of their products. As a result of this, a provision has been made to trade debtors and turnover for compensation to be applied of $111,000, and has been recognised in these financial statements of £88,938.