For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Easton Sheetmetal Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31-38 South Road, Templefields, Harlow, Essex, UK, CM20 2AR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Freehold property acquired and revalued under the Fair Value model and depreciated over the useful life of the asset. The assets residual values are reviewed, and adjusted, if appropriate at the end of each reporting period.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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 stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and 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 in 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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The Company holds stock at the year end which is stated at the lower of cost and estimated selling price less costs to complete and sell, in accordance with Section 13 of FRS 102. In determining the appropriate valuation, management is required to exercise judgement in assessing the net realisable value of stock. This includes consideration of factors such as forecast sales prices, future demand, ageing of stock, and any potential obsolescence or slow-moving items. These estimates are based on the most reliable evidence available at the time and are reviewed regularly. Actual outcomes may differ from these estimates, which could result in material adjustments to the carrying amount of stock in future periods.

The carrying value of freehold property is subject to estimation uncertainty. The valuation involves assumptions and judgements regarding prevailing market conditions, comparable property transactions and other relevant property-specific considerations. Changes in these assumptions or in market conditions could result in a material change to the carrying value of the property in future reporting periods.

The directors consider the estimates and assumptions used in determining the carrying value of the freehold property to be appropriate based on the information available at the reporting date.

The average monthly number of persons (including directors) employed by the company during the year was:

Freehold property comprises two properties with a carrying amount of £552,146 (2025: £565,567) at the year end, based on the directors' valuation. The valuation was made on 31 March 2024 on an open market basis by reference to market evidence of transaction prices for similar properties.

The carrying amount of the properties which would have been recognised if held under the cost model would be £98,204 (2025: £102,119).

The liabilities of the company are secured by a debenture to the benefit of National Westminster Bank PLC, over the properties held, created on 18th April 1983.

At the balance sheet date, the total of non-distributable reserves were £399,181 (2025: £412,448).

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

During the year the company paid rent to the Easton Sheetmetal Limited Retirement Benefit Scheme, for the use of its property, totalling £257,702 (2025: £257,702).

At the balance sheet date the company was owed £51,056 (2025: £47,536) by the Pension scheme.

All balances with related parties are unsecured, and no guarantees have been given or received by any such party. Outstanding balances accrue interest at rates in line with the Bank of England.

There are no provisions for uncollectible receivables related to the amount of outstanding balances, and no expense has been recognised during the period in respect of bad or doubtful debts due from related parties.

All liabilities are to be settled via a transfer of funds to the related parties.

At the balance sheet date the company owed £7,785 (2025: £1,020) to the directors.

A prior year adjustment has been made in order to derecognise the present value adjustment of a debtor and the associated interest received on unwinding of the discount, as well as to reclassify the debtor from debtors due in over one year to debtors due within one year.

As a result, the following adjustments were made to the prior year financial statements:

Profit and loss

• Reduction to interest receivable and similar income of £20,599 due to the derecognition of the interest arising from unwinding of the present value discount.

Balance sheet

• Decrease to debtors due in over year one year of £480,324, due to the reclassification of the debtor balance to debtors due within one year.

• Increase to debtors due within one year of £548,969, of which £480,324 related to the reclassification of the previously recognised debtors due in over one year balance, and £68,645 related to the derecognition of prior discounting adjustments and associated interest received on unwinding of the discount.

• Decrease to the profit and loss reserve of £32,076 due to the derecognition of the interest received on unwinding the present value discount of the debtor balance arising before the start of the prior accounting period.

• Increase to the equity reserve brought forward of £120,839, resulting from the derecognition of the present value discount of the debtor balance arising before the start of the prior accounting period.

• Increase to the equity reserve movements in the year of £482, resulting from the derecognition of the present value discount of the debtor arising within the prior accounting period.

Effect on brought forward equity

As a result of the prior period adjustments, the brought forward profit and loss reserve has decreased by £52,675, and the brought forward equity reserve has increased by £121,321.