South Yorkshire Ducting Supplies Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 02671387 (England and Wales)

Financial Statements for the Year Ended 31 December 2022

for

SOUTH YORKSHIRE DUCTING SUPPLIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Reynolds

REGISTERED OFFICE:

80 Burton Road

Sheffield

South Yorkshire

S3 8BX

REGISTERED NUMBER:

02671387 (England and Wales)

ACCOUNTANTS:

S Burgess & Co Ltd

11 Slayleigh Avenue

Sheffield

South Yorkshire

S10 3RA

FIXED ASSETS

Tangible assets

4

176,201

120,618

CURRENT ASSETS

Stocks

408,856

438,655

Debtors

5

505,178

557,030

Cash at bank and in hand

102,459

24,912

1,016,493

1,020,597

CREDITORS

Amounts falling due within one year

6

657,949

677,465

NET CURRENT ASSETS

358,544

343,132

TOTAL ASSETS LESS CURRENT LIABILITIES

534,745

463,750

CREDITORS

Amounts falling due after more than one year

7

(86,725

)

(66,674

)

PROVISIONS FOR LIABILITIES

9

(43,030

)

(21,672

)

PENSION LIABILITY

12

(123,000

)

(219,000

)

NET ASSETS

281,990

156,404

CAPITAL AND RESERVES

Called up share capital

10

2

2

Fair value reserve

11

47,000

(53,000

)

Retained earnings

234,988

209,402

SHAREHOLDER FUNDS

281,990

156,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 12 May 2023 and were signed by:

J Reynolds - Director

1.	STATUTORY INFORMATION

South Yorkshire Ducting Supplies 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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover comprises the invoiced value of the supply of coiled ductwork and ancillary products, excluding valued added tax. Turnover is recognised on delivery to the customer.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks, which comprise coiled ductwork, steel coil, and ancillary products, are valued at purchase cost. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates both a defined contribution pension scheme, and a defined benefit pension scheme.

Contributions payable to the company's defined contribution pension scheme are charged to profit or loss in the period to which they relate

For the defined benefit pension scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. Actuarial gains and losses are recognised in full in the period in which they occur and are shown in Other Comprehensive Income. Current and past service costs, along with settlements or curtailments, are charged to the Income statement. Interest on pension plan liabilities are recognised within finance expenses.

Debtors and creditors due within one year

Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income within administrative expenses.

Impairment

At each balance sheet date, assets are reviewed to determine whether there is any indication that any of the individual assets have suffered an impairment. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2022

320,694

35,360

47,620

23,757

427,431

Additions

78,704

2,894

-

2,323

83,921

At 31 December 2022

399,398

38,254

47,620

26,080

511,352

DEPRECIATION

At 1 January 2022

251,972

14,749

17,680

22,412

306,813

Charge for year

16,976

3,118

7,485

759

28,338

At 31 December 2022

268,948

17,867

25,165

23,171

335,151

NET BOOK VALUE

At 31 December 2022

130,450

20,387

22,455

2,909

176,201

At 31 December 2021

68,722

20,611

29,940

1,345

120,618

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

449,198

365,890

Other debtors

15,075

5,390

Directors' current accounts

30,000

185,750

Prepayments

10,905

-

505,178

557,030

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

9,872

9,617

Hire purchase contracts (see note 8)

36,054

38,293

Trade creditors

239,412

257,701

Corporation tax

41,062

59,482

Social security and other taxes

13,531

4,213

VAT

54,221

38,269

Other creditors

17,557

5,654

RBS invoice discounting

230,165

252,735

Accruals & deferred income

16,075

11,501

657,949

677,465

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

25,797

35,670

Hire purchase contracts (see note 8)

60,928

31,004

86,725

66,674

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.22

31.12.21

£

£

Net obligations repayable:

Within one year

36,054

38,293

Between one and five years

60,928

31,004

96,982

69,297

Non-cancellable

operating leases

31.12.22

31.12.21

£

£

Within one year

50,830

50,830

9.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

43,030

21,672

Deferred

tax

£

Balance at 1 January 2022

21,672

Accelerated capital allowances

21,358

Balance at 31 December 2022

43,030

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

4

Ordinary

10p

-

-

16

A Ordinary

10p

2

2

2

2

11.

RESERVES

Fair

value

reserve

£

At 1 January 2022

(53,000

)

Actuarial Loss / Gain

100,000

At 31 December 2022

47,000

12.	EMPLOYEE BENEFIT OBLIGATIONS

The company has agreed to fund a defined benefit pension scheme in respect of key employees. The most recent actuarial valuation of the obligations of £123,000 (2021 £219,000) was on 31 December 2022. During the year the expense incurred was £4,000 (2021 £3,000).

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

31.12.22

31.12.21

£

£

Present value of funded obligations

-

-

Fair value of plan assets

-

-

-

-

Present value of unfunded obligations

(123,000

)

(219,000

)

Deficit

(123,000

)

(219,000

)

Net liability

(123,000

)

(219,000

)

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

31.12.22

31.12.21

£

£

Current service cost

-

-

Net interest from net defined benefit asset/liability

4,000

3,000

Past service cost

-

-

4,000

3,000

Actual return on plan assets

-

-

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

31.12.22

31.12.21

£

£

Opening defined benefit obligation

219,000

220,000

Interest cost

4,000

3,000

Actuarial losses/(gains)

(100,000

)

(4,000

)

123,000

219,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

31.12.22

31.12.21

£

£

-

-

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

31.12.22

31.12.21

£

£

Actuarial gain /(losses)

100,000

4,000

100,000

4,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

31.12.22

31.12.21

£

£

-

-

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.22

31.12.21

Discount rate

4.70%

1.80%

Inflation RPI

3.10%

3.60%

Inflation CPI

2.20%

2.70%

Pre and post retirement mortality - S3PMA tables with improvements in the CMI 2020 model and a long term rate of improvement of 1%.

Defined contribution scheme

There were no amounts owing to the defined contribution pension scheme at the year end.

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the beginning of the year, the director's current account of J Reynolds was overdrawn in the sum of £185,750. The sum was repaid to the company via a cash injection of £140,000 on 20 September 2022; and by a dividend of £45,750 declared on 20 September 2022. The maximum amount owing in the year to the company was £185,750. No interest has been charged by the company on the figure of £185,750.

The director's current account of J Reynolds also became overdrawn later on in the year from 18 November 2022, with a loan of £30,000. At 31 December 2022 the amount owing to the company was £30,000. No interest has been charged by the company on this loan.