SHERBURN_METALWORK_LTD - Accounts


Company Registration No. 07724596 (England and Wales)
SHERBURN METALWORK LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
31 December 2022
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 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
149,667
172,635
Current assets
Stocks
269,756
177,905
Debtors
4
350,633
440,934
Cash at bank and in hand
111,464
50,808
731,853
669,647
Creditors: amounts falling due within one year
5
(981,162)
(842,933)
Net current liabilities
(249,309)
(173,286)
Total assets less current liabilities
(99,642)
(651)
Provisions for liabilities
(10,219)
(13,417)
Net liabilities
(109,861)
(14,068)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(109,961)
(14,168)
Total equity
(109,861)
(14,068)

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 28 June 2023 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 2022
- 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
Going concern

The financial statements have been prepared on the going concern basis. This assumes that the amount owed to group undertakings will not be repaid within one year and that the parent company will provide support for the foreseeable future. At the time of approving the financial statements, this support has been assured and 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.true

 

1.3
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.

1.4
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.

SHERBURN METALWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
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).

1.6
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.

1.7
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.

1.8
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.

1.9
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.

SHERBURN METALWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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.

1.10
Retirement benefits

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

1.11
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.

1.12
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 31 (2021: 58).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
377,203
Additions
20,210
At 31 December 2022
397,413
Depreciation and impairment
At 1 January 2022
204,568
Depreciation charged in the year
43,178
At 31 December 2022
247,746
Carrying amount
At 31 December 2022
149,667
At 31 December 2021
172,635
SHERBURN METALWORK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
277,227
395,871
Amounts owed by group undertakings
54,426
19,948
Other debtors
18,980
25,115
350,633
440,934
Amounts owed by group undertakings are interest free and not subject to any formal agreement.
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
91,778
50,831
Amounts owed to group undertakings
670,551
600,757
Corporation tax
145
145
Other taxation and social security
111,786
109,637
Other creditors
106,902
81,563
981,162
842,933

Amounts owed to group undertakings are interest free and not subject to any formal agreement.

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.

Senior Statutory Auditor:
Ceri Dixon BSc ACA
Statutory Auditor:
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:

2022
2021
£
£
Total
216,667
346,667
2022-12-312022-01-01false28 June 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedJ S HartleyW TierneyA B Sedgley077245962022-01-012022-12-31077245962022-12-31077245962021-12-3107724596core:OtherPropertyPlantEquipment2022-12-3107724596core:OtherPropertyPlantEquipment2021-12-3107724596core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107724596core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3107724596core:CurrentFinancialInstruments2022-12-3107724596core:CurrentFinancialInstruments2021-12-3107724596core:ShareCapital2022-12-3107724596core:ShareCapital2021-12-3107724596core:RetainedEarningsAccumulatedLosses2022-12-3107724596core:RetainedEarningsAccumulatedLosses2021-12-3107724596core:CapitalRedemptionReservecore:RestatedAmount2020-12-3107724596bus:Director12022-01-012022-12-3107724596core:PlantMachinery2022-01-012022-12-3107724596core:FurnitureFittings2022-01-012022-12-31077245962021-01-012021-12-3107724596core:OtherPropertyPlantEquipment2021-12-3107724596core:OtherPropertyPlantEquipment2022-01-012022-12-3107724596core:WithinOneYear2022-12-3107724596core:WithinOneYear2021-12-3107724596bus:PrivateLimitedCompanyLtd2022-01-012022-12-3107724596bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3107724596bus:FRS1022022-01-012022-12-3107724596bus:Audited2022-01-012022-12-3107724596bus:Director22022-01-012022-12-3107724596bus:CompanySecretary12022-01-012022-12-3107724596bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP