SHERBURN_METALWORK_LTD - Accounts


Company Registration No. 07724596 (England and Wales)
SHERBURN METALWORK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2020
31 December 2020
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
SHERBURN METALWORK LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SHERBURN METALWORK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
199,999
238,387
Current assets
Stocks
216,472
372,673
Debtors
4
366,320
546,442
Cash at bank and in hand
82,810
223,152
665,602
1,142,267
Creditors: amounts falling due within one year
5
(850,013)
(1,143,137)
Net current liabilities
(184,411)
(870)
Total assets less current liabilities
15,588
237,517
Provisions for liabilities
(10,479)
(10,976)
Net assets
5,109
226,541
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,009
226,441
Total equity
5,109
226,541

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

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

The financial statements were approved by the board of directors and authorised for issue on 11 August 2021 and are signed on its behalf by:
J S Hartley
Director
Company Registration No. 07724596
SHERBURN METALWORK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information

Sherburn Metalwork Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Britannia House, Junction Street, Darwen, Lancashire, BB3 2RB.

 

The company's trading address is 12 Seafox Court, Sherburn Industrial Estate, Sherburn-In-Elmet, Leeds, LS25 6PL.

1.1
Accounting convention

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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

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.

1.3
Tangible fixed assets

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

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

Plant and equipment
10% straight line
Fixtures and fittings
20% straight line

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.

1.4
Impairment of fixed assets

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).

SHERBURN METALWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of either cost or 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.

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.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

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.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.

 

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.

1.8
Taxation

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

Current 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

Deferred tax liabilities are generally recognised for all timing differences.

 

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.

SHERBURN METALWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the was 64 (2019: 41)

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2020 and 31 December 2020
366,179
Depreciation and impairment
At 1 January 2020
127,792
Depreciation charged in the year
38,388
At 31 December 2020
166,180
Carrying amount
At 31 December 2020
199,999
At 31 December 2019
238,387
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
315,286
495,915
Corporation tax recoverable
-
0
646
Amounts owed by group undertakings
13,082
35,673
Other debtors
37,952
14,208
366,320
546,442
Amounts owed to group undertakings are interest free and repayable on demand.
SHERBURN METALWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
59,877
267,843
Amounts owed to group undertakings
396,763
710,997
Corporation tax
145
-
0
Other taxation and social security
310,866
101,728
Other creditors
82,362
62,569
850,013
1,143,137

Amounts owed to group undertakings are interest free and repayable on demand.

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was David Gorton FCA CTA.
The auditor was PM+M Solutions for Business LLP.
7
Operating lease commitments

At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2020
2019
£
£
Total
476,667
606,667
2020-12-312020-01-01false11 August 2021CCH SoftwareCCH Accounts Production 2021.200No description of principal activityThis audit opinion is unqualifiedJ S HartleyW A WildW TierneyA B Sedgley077245962020-01-012020-12-31077245962020-12-31077245962019-12-3107724596core:OtherPropertyPlantEquipment2020-12-3107724596core:OtherPropertyPlantEquipment2019-12-3107724596core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3107724596core:CurrentFinancialInstrumentscore:WithinOneYear2019-12-3107724596core:CurrentFinancialInstruments2020-12-3107724596core:CurrentFinancialInstruments2019-12-3107724596core:ShareCapital2020-12-3107724596core:ShareCapital2019-12-3107724596core:RetainedEarningsAccumulatedLosses2020-12-3107724596core:RetainedEarningsAccumulatedLosses2019-12-3107724596core:CapitalRedemptionReservecore:RestatedAmount2018-12-3107724596bus:Director12020-01-012020-12-3107724596core:PlantMachinery2020-01-012020-12-3107724596core:FurnitureFittings2020-01-012020-12-31077245962019-01-012019-12-3107724596core:OtherPropertyPlantEquipment2019-12-3107724596core:OtherPropertyPlantEquipment2020-01-012020-12-3107724596core:WithinOneYear2020-12-3107724596core:WithinOneYear2019-12-3107724596bus:PrivateLimitedCompanyLtd2020-01-012020-12-3107724596bus:SmallCompaniesRegimeForAccounts2020-01-012020-12-3107724596bus:FRS1022020-01-012020-12-3107724596bus:Audited2020-01-012020-12-3107724596bus:Director22020-01-012020-12-3107724596bus:Director32020-01-012020-12-3107724596bus:CompanySecretary12020-01-012020-12-3107724596bus:FullAccounts2020-01-012020-12-31xbrli:purexbrli:sharesiso4217:GBP