Registered number:
01312065
RANDALLS FABRICATIONS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MAY 2022
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RANDALLS FABRICATIONS LIMITED
REGISTERED NUMBER:
01312065
BALANCE SHEET
AS AT
31 MAY 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 13 form part of these financial statements.
Page 1
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RANDALLS FABRICATIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MAY 2022
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 3 to 13 form part of these financial statements.
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Page 2
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
The Company is a private limited company incorporated in England and Wales and is limited by shares. The registration number is 01312065. The registered office and trading address are:
Trading address:
Hoyle Mill Road
Kinsley,
Pontefract,
West Yorkshire,
WF9 5JB
Registered office:
Block D,
Sinfin Industrial Estate,
Derby
DE24 9GL
The nature of the company's operations and principal activities are the manufacture and sale of skips.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The financial statements are prepared in Sterling which is the functional currency of the Company and are rounded to the nearest pound.
The following principal accounting policies have been applied:
Page 3
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙
the Company has transferred the significant risks and rewards of ownership to the buyer;
∙
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the transaction; and
∙
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 4
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
Defined contribution pension plan
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 contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 5
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 6
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
2.
Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The following judgments and estimates have been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements:
Property deemed cost
At the transition date to FRS 102, being 1 June 2014, the company has elected to apply an independent external valuation to the freehold property undertaken in July 2016 as being the fair value of the property as at 1 June 2014. This has been determined based on there being no material movements in commercial property indices from 2014 to 2016 and through discussions with the independent valuer. The company has also elected to opt for this valuation to be the deemed cost of the property from the date of transition.
Depreciation
Tangible fixed assets are depreciated over their useful economic life. The useful life is based on management's estimate of the period that the assets will generate revenue and will be reviewed annually for continued appropriateness.
Provisions
Provisions are made for holiday pay, bad debt, and legal expenditure. These provisions are based on management judgemental using all the information available and are updated regularly when circumstances change.
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The average monthly number of employees, including directors, during the year was 30
(2021 -
30
)
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Page 7
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Charge for the year on owned assets
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Charge for the year on financed assets
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The company has elected to carry freehold property at deemed cost on transition to FRS 102 based on a valuation at an open market rate. The historical cost equivalent of the asset is £275,589 (2021: £275,589).
The bank has a legal charge over the land and buildings.
Buildings are not depreciated on the basis that a charge would be immaterial to the financial statements.
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Page 8
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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A provision of £27,341 (2021: £27,600) has been made against trade debtors.
An impairment of £6,240 (2021: £300) has been recognised during the year.
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Cash and cash equivalents
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Page 9
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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The following liabilities were secured:
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Details of security provided:
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There is an unlimited cross company guarantee with the ultimate parent company Stamps Holdings Limited and all subsidiaries.
A fixed and floating charge is in place with HSBC.
The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
Page 10
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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The loan is for a period of 20 years and interest is charged at 1.98% above Base Rate.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Page 11
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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100
(2021 -
100
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Ordinary shares
shares of £
1.00
each
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Other reserves
Included are the revaluation reserves.
Profit and loss account
Included are all current and prior period profit and losses. These relate to distributable reserves.
The Company operates a defined contributions scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £
20,283
(2021: £
16,292
). There were £
1,512
outstanding contributions as at 31 May 2022 (2021: £
1,233
)
Page 12
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RANDALLS FABRICATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2022
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Related party transactions
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The Company has taken advantage of the exemptions available under FRS 102 not to disclose details of any transactions between itself and its fellow group undertakings on the basis that it is a subsidiary undertaking where 100% of the voting rights are controlled within the Group whose consolidated financial statements are publicly available.
Amounts due to companies under common control and participators are interest free and repayable on demand.
The Directors consider there to be no employees that are regarded as key management personnel.
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At 31 May 2022, the ultimate parent undertaking was Stamps Holdings Limited due to their 100% interest in the equity share capital of the Company. Consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
The ultimate controlling party is R Stamps by virtue of his 90% interest in the equity of the holding Company.
The auditors' report on the financial statements for the year ended 31 May 2022 was unqualified.
The audit report was signed on
12 January 2023
by
James Delve
(Senior statutory auditor) on behalf of
PKF Smith Cooper Audit Limited
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Page 13
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