Redman Sheet Metal Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02173515 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Redman Sheet Metal Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J A Hyland

Mrs C Hyland

Mr P D R Tanner

Mrs L A Tanner

Mr N Curtis

Mr A Smart

Mrs H Smart

SECRETARY:

Mr P D R Tanner

REGISTERED OFFICE:

Unit 13

ISIS Trading Estate

Stratton Road

SWINDON

Wiltshire

SN1 2PG

REGISTERED NUMBER:

02173515 (England and Wales)

FIXED ASSETS

Tangible assets

4

162,240

225,566

CURRENT ASSETS

Stocks

162,071

144,273

Debtors

5

223,147

408,885

Cash at bank and in hand

328,944

254,229

714,162

807,387

CREDITORS

Amounts falling due within one year

6

243,075

433,649

NET CURRENT ASSETS

471,087

373,738

TOTAL ASSETS LESS CURRENT LIABILITIES

633,327

599,304

PROVISIONS FOR LIABILITIES

37,005

39,562

NET ASSETS

596,322

559,742

CAPITAL AND RESERVES

Called up share capital

15,878

15,878

Capital redemption reserve

60,238

60,238

Retained earnings

520,206

483,626

SHAREHOLDERS' FUNDS

596,322

559,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 September 2023 and were signed on its behalf by:

Mr P D R Tanner - Director

1.	STATUTORY INFORMATION

Redman Sheet Metal 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 as modified by the revaluation of certain assets.

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 is derived from the processing of sheet metal. It is measured at the fair value of the consideration received or receivable for goods supplied net of returns, discounts and rebates allowed by the company and value added taxes.

Turnover from the sale of goods is recognised when the goods are physically delivered 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on straight line basis and 10% on straight line basis

Motor vehicles

-

25% on reducing balance

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 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.

Hire purchase and leasing commitments

Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases.

Finance leases are capitalised at commencement of the lease as assets at their value of the lease asset.

Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date.

The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding.

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Employee benefits

The company provides a range of benefits to employees, including paid holiday arrangements and defined benefit and defined contribution pension plans.

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

The company operate an annual bonus plan for employees. An expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made.

Cash and cash equivalent

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances, are recognised at transaction price.

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are recognised at initial transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Distributions to equity holders

Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 25 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 June 2022

1,131,321

34,954

1,166,275

Additions

562

-

562

At 31 May 2023

1,131,883

34,954

1,166,837

DEPRECIATION

At 1 June 2022

906,653

34,056

940,709

Charge for year

63,663

225

63,888

At 31 May 2023

970,316

34,281

1,004,597

NET BOOK VALUE

At 31 May 2023

161,567

673

162,240

At 31 May 2022

224,668

898

225,566

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 June 2022

271,700

Transfer to ownership

(271,700

)

At 31 May 2023

-

DEPRECIATION

At 1 June 2022

135,850

Transfer to ownership

(135,850

)

At 31 May 2023

-

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

135,850

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

205,888

390,449

Prepayments and accrued income

17,259

18,436

223,147

408,885

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 7)

-

34,578

Trade creditors

142,518

190,764

Taxation

50,264

95,116

Social security and other taxes

40,598

82,998

Accruals and deferred income

9,695

30,193

243,075

433,649

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

-

34,578

Non-cancellable operating

leases

2023

2022

£

£

Within one year

16,873

35,080

Between one and five years

-

4,999

16,873

40,079

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

-

34,578

Amounts owed under hire purchase agreements are secured over the individual assets.