REGISTERED NUMBER:
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Strategic Report, |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 January 2021 |
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for |
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SHEET PILING (UK) LIMITED |
REGISTERED NUMBER:
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Strategic Report, |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 January 2021 |
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for |
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SHEET PILING (UK) LIMITED |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Contents of the Financial Statements |
for the year ended 31 January 2021 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 9 |
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Statement of Financial Position | 10 |
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Statement of Changes in Equity | 11 |
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Statement of Cash Flows | 12 |
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Notes to the Statement of Cash Flows | 13 |
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Notes to the Financial Statements | 15 |
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SHEET PILING (UK) LIMITED |
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Company Information |
for the year ended 31 January 2021 |
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Directors: |
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Secretary: |
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Registered office: |
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Registered number: |
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Independent auditors : |
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Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Strategic Report |
for the year ended 31 January 2021 |
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The directors present their strategic report for the year ended 31 January 2021. |
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Principal activity |
Sheet Piling (UK) Limited are one of the United Kingdom's leading sheet piling contractors with our head office in Preston. |
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We specialise in all forms of driven or hydraulically pressed sheet piling works including permanent basements and retaining walls; and temporary works including sheet piling and steelwork bracing. |
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Our expertise covers a wide range of sectors including industrial, commercial and residential, road and rail infrastructure, ports and harbours and utilities. |
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Review of business |
The results for the company show a pre-tax profit of £2,251,188 for the year ended January 2021 from a turnover of £30,739,916. |
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The operating profit margin has remained constant at around 7.7% which is attributable to on-going realisation of the company's long term business strategy along with improved cost controls. |
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The directors are satisfied with the performance of the company during the financial year. |
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Despite the Covid-19 pandemic which impacted on the United Kingdom from early 2020; the company was able to remain financially stable and secure mainly due to a number of long term projects on infrastructure schemes. In fact turnover increased in 2021 to £30.7 million (2020 - £21.9 million) as a result of such long term projects and the government's directive for the construction industry to remain operational during enforced lockdowns in 2020. |
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The directors remain optimistic regarding the company's future prospects particularly given the government's commitment to spending on key infrastructure projects as the country emerges from the impact of Covid-19. |
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Principal risks and uncertainties |
The company is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through appropriate credit control procedures. The company is exposed to market risk as it predominantly supplies the construction industry. The company does not actively use financial instruments as part of its financial risk management. The nature of its other financial instruments means that they are not subject to price risk or liquidity risk. |
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The company recognises the exposure to the foreign exchange risk associated with purchasing company assets using foreign currencies. Whilst Brexit has impacted upon the fluctuation of exchange rates in foreign currencies, the company has minimised its effect by continuously monitoring the rate, arranging forward purchasing of foreign currency and retaining high stock levels. Brexit has had minimal impact on projects as work is primarily based in the UK. |
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Financial key performance indicators |
The directors consider increasing operating margins and maintaining a manageable and sustainable turnover to be the key performance indicators, together with generating cash. See review of business paragraph above for movements in key performance indicators. |
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Future developments |
Future developments include: |
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- Generation of increased stock assets from retained profits; |
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- Modernisation and upgrading of plant and machinery; |
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- General improvements in overall efficiency of the group. |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Strategic Report |
for the year ended 31 January 2021 |
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Research and development |
The company remains committed to innovation within the market sector of steel sheet piling. |
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On behalf of the board: |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Report of the Directors |
for the year ended 31 January 2021 |
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The directors present their report with the financial statements of the company for the year ended 31 January 2021. |
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Principal activity |
The principal activity of the company in the year under review was that of sheet piling contractors. |
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Going concern |
In response to the Covid 19 pandemic, the directors have assessed that it has had minimal impact on the business, due to the Government classifying construction works as 'essential work' and continuing with infrastructure projects. The directors have concluded that they have all the resources to complete the work in-house and can continue to adopt the going concern basis in the preparing the annual report and accounts. |
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Dividends |
No dividends will be distributed for the year ended 31 January 2021. |
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Events since the end of the year |
Information relating to events since the end of the year is given in the notes to the financial statements. |
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Directors |
The directors shown below have held office during the whole of the period from 1 February 2020 to the date of this report. |
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Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Report of the Directors |
for the year ended 31 January 2021 |
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Auditors |
The auditors, Haines Watts Manchester Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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On behalf of the board: |
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Report of the Independent Auditors to the Members of |
Sheet Piling (UK) Limited |
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Opinion |
We have audited the financial statements of Sheet Piling (UK) Limited (the 'company') for the year ended 31 January 2021 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 January 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The Directors' view on the impact of COVID-19 is disclosed in the Report of the Directors. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Sheet Piling (UK) Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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- identifying and assessing the design and effectiveness of controls that management has in place to prevent and detect fraud; |
- identifying and testing journal entries, in particular journals we consider to be unusual; |
- sampling stock take physical verification to final stock records, and undertaking stock valuation procedures; |
- sampling physical verification of fixed assets from the fixed asset register, and undertaking asset valuation procedures; |
- assess managements estimates of contract work and agreeing to third party evidence; |
- assessing the extent of compliance with applicable laws and regulations, alongside maintaining professional scepticism. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Sheet Piling (UK) Limited |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Statement of Comprehensive |
Income |
for the year ended 31 January 2021 |
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2021 | 2020 |
Notes | £ | £ |
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Turnover | 4 |
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Cost of sales |
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Gross profit |
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Administrative expenses | ( |
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2,192,540 | 1,705,681 |
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Other operating income |
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Gain/loss on revaluation of investments | (41,119 | ) | - |
Operating profit | 6 |
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Interest receivable and similar income |
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2,355,834 | 1,717,405 |
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Interest payable and similar expenses | 7 | ( |
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Profit before taxation |
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Tax on profit | 8 | ( |
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Profit for the financial year |
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Other comprehensive income | - | - |
Total comprehensive income for the year |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Statement of Financial Position |
31 January 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 9 |
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Tangible assets | 10 |
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Current assets |
Stocks | 11 |
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Debtors | 12 |
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Investments | 13 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 14 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
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15 |
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Provisions for liabilities | 19 | ( |
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Net assets |
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Capital and reserves |
Called up share capital | 20 |
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Share premium | 21 |
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Retained earnings | 21 |
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Shareholders' funds |
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The financial statements were approved by the Board of Directors and authorised for issue on
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Statement of Changes in Equity |
for the year ended 31 January 2021 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 February 2019 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 January 2020 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 January 2021 |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Statement of Cash Flows |
for the year ended 31 January 2021 |
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2021 | 2020 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest paid | ( |
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Interest element of hire purchase payments
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Finance costs paid | (12,966 | ) | (9,387 | ) |
Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Purchase of current asset investment | (1,000,000 | ) | (995,000 | ) |
Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Capital repayments in year | ( |
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Net cash from financing activities |
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Increase/(decrease) in cash and cash equivalents |
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Cash and cash equivalents at beginning
of year |
2 |
993,304 |
2,497,503 |
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Cash and cash equivalents at end of year | 2 |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Notes to the Statement of Cash Flows |
for the year ended 31 January 2021 |
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1. | Reconciliation of profit before taxation to cash generated from operations |
2021 | 2020 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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(Profit)/loss on disposal of fixed assets | ( |
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Loss on revaluation of fixed assets | 41,119 | - |
Finance costs | 104,646 | 99,647 |
Finance income | (3,221 | ) | (11,724 | ) |
3,441,175 | 2,632,893 |
Decrease/(increase) in stocks |
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Decrease/(increase) in trade and other debtors |
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Decrease in trade and other creditors | ( |
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Cash generated from operations |
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2. | Cash and cash equivalents |
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The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
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Year ended 31 January 2021 |
31/1/21 | 1/2/20 |
£ | £ |
Cash and cash equivalents | 4,090,364 | 1,662,611 |
Bank overdrafts | ( |
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3,913,623 | 993,304 |
Year ended 31 January 2020 |
31/1/20 | 1/2/19 |
£ | £ |
Cash and cash equivalents | 1,662,611 | 2,497,503 |
Bank overdrafts | ( |
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993,304 | 2,497,503 |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Notes to the Statement of Cash Flows |
for the year ended 31 January 2021 |
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3. | Analysis of changes in net debt |
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Other |
non-cash |
At 1/2/20 | Cash flow | changes | At 31/1/21 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,662,611 | 2,427,753 | 4,090,364 |
Bank overdrafts | (669,307 | ) | 492,566 | (176,741 | ) |
993,304 |
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3,913,623 |
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Liquid resources |
Current asset |
investments | 995,000 | 958,881 | - | 1,953,881 |
995,000 | 958,881 | - | 1,953,881 |
Debt |
Finance leases | (1,368,872 | ) | 525,274 | - | (2,617,700 | ) |
Debts falling due |
within 1 year | (708,558 | ) | (1,404,338 | ) | - | (2,112,896 | ) |
Debts falling due |
after 1 year | (1,350,659 | ) | (1,706,905 | ) | - | (3,057,564 | ) |
(3,428,089 | ) | (2,585,969 | ) | - | (7,788,160 | ) |
Total | (1,439,785 | ) | 1,293,231 | - | (1,920,656 | ) |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Notes to the Financial Statements |
for the year ended 31 January 2021 |
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1. | Statutory information |
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Sheet Piling (UK) Limited is a
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2. | Statement of compliance |
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3. | Accounting policies |
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Basis of preparing the financial statements |
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In response to the covid 19 pandemic, the directors have assessed that it has had minimal impact on the business, due to the Government classifying construction works as 'essential work' and continuing with infrastructure projects. The directors have concluded that they have all the resources to complete the work in-house and can continue to adopt the going concern basis in the preparing the annual report and accounts. |
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Long-term contracts |
Profit on long-term contracts is recognised as the work is carried out and if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out by recording turnover and related costs as contract activity progresses. Turnover is calculated as the revenue certified to date and adjustments for work completed not yet certified. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Sale of goods |
Revenue from sale of goods is recognised when all of the following conditions are satisfied: |
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- the company has transferred the significant risks and rewards of ownership to the buyer; |
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- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
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- the amount of revenue can be measured reliably; |
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- it is probable that the company will receive the consideration due under the transaction; and |
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- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with customer certification when all of the following conditions are satisfied: |
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- the amount of revenue can be measured reliably; |
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- it is probable that the company will receive the consideration due under the contract; and |
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- the stage of completion of the contract at the end of the reporting periods can be measured reliably. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
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3. | Accounting policies - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. |
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Government grants |
Government grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to the grant and the grant will be received. |
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For the monthly and weekly job retention scheme grant income, the income will be recognised in the period to which the underlying furloughed staff costs relate to. |
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Investments in subsidiaries |
Investment in subsidiaries are measured at cost less accumulated impairment. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
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Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other creditors that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 statement of financial position date. |
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SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
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Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
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3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
|
Current asset investments |
Current asset investments are initially measured at cost and are subsequently re-measured at their fair value. |
|
Significant judgements and estimates |
In preparing these financial statements, the directors have had to make the following judgements: |
|
- Determine whether leases entered into by the group either as a lessor or a lessee are operating finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
|
- Determine whether there are indicators of impairment of the group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is component of a larger cash-generating unit, the viability and expected future performance of that unit. |
|
Other key sources of estimation uncertainty |
|
Amounts recoverable on contracts valuation |
|
The valuation of amounts recoverable on contracts in excess of the amount certified involves a number of estimates including costs not yet certified and analysis of costs between the different stages of the project. |
|
Tangible fixed assets |
|
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on the number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
|
Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
|
|
4. | Turnover |
|
The turnover and profit before taxation are attributable to the one principal activity of the company. |
|
An analysis of turnover by geographical market is given below: |
|
2021 | 2020 |
£ | £ |
United Kingdom |
|
|
Ireland | - | 290,743 |
|
|
|
5. | Employees and directors |
2021 | 2020 |
£ | £ |
Wages and salaries |
|
|
Social security costs |
|
|
|
|
|
The average number of employees during the year was as follows: |
2021 | 2020 |
|
Management, technical and administration | 18 | 22 |
Site operations | 37 | 29 |
|
|
|
2021 | 2020 |
£ | £ |
Directors' remuneration |
|
|
|
Information regarding the highest paid director is as follows: |
2021 | 2020 |
£ | £ |
Emoluments etc |
|
|
|
6. | Operating profit |
|
The operating profit is stated after charging/(crediting): |
|
2021 | 2020 |
£ | £ |
Other operating leases |
|
|
Depreciation - owned assets |
|
|
(Profit)/loss on disposal of fixed assets | ( |
) |
|
Auditors' remuneration |
|
|
Taxation compliance services |
|
|
Taxation advisory services |
|
|
Foreign exchange differences | ( |
) |
|
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
|
Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
|
|
7. | Interest payable and similar expenses |
2021 | 2020 |
£ | £ |
Bank loan interest |
|
|
Hire purchase |
|
|
Unwinding of discount |
|
|
|
|
|
8. | Taxation |
|
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Deferred tax |
|
|
Tax on profit |
|
|
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
|
2021 | 2020 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2020 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Income not taxable for tax purposes | ( |
) |
|
Capital allowances in excess of depreciation | ( |
) | - |
Other timing differences leading to a decrease in taxation | - | (109,774 | ) |
R&D expenditure allowance | - | (197,600 | ) |
Deferred tax movement | 340,709 | 99,399 |
Losses utilised | (227,909 | ) | - |
Total tax charge | 340,709 | 99,399 |
|
Factors affecting future tax charges |
Future tax liabilities will be reduced by research and development claims. No claim has yet been made for the current year. |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
|
Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
|
|
9. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 February 2020 |
|
Disposals | ( |
) |
At 31 January 2021 |
|
Amortisation |
At 1 February 2020 |
|
Eliminated on disposal | ( |
) |
At 31 January 2021 |
|
Net book value |
At 31 January 2021 |
|
At 31 January 2020 |
|
|
10. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor | Office |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 February 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals | ( |
) |
|
|
|
( |
) |
At 31 January 2021 |
|
|
|
|
|
Depreciation |
At 1 February 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal | ( |
) |
|
|
|
( |
) |
At 31 January 2021 |
|
|
|
|
|
Net book value |
At 31 January 2021 |
|
|
|
|
|
At 31 January 2020 |
|
|
|
|
|
|
Included within the net book value of tangible fixed assets is £3,278,209 (2020 - £1,341,772) in respect of assets held under finance lease agreements. |
|
11. | Stocks |
2021 | 2020 |
£ | £ |
Finished goods |
|
|
|
The difference between purchase price or production cost of stocks and their replacement cost is not material. |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
|
Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
|
|
12. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Amounts recoverable on contract |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
Financial assets that are debt instruments measured at amortised cost include trade debtors and other debtors. |
|
13. | Current asset investments |
2021 | 2020 |
£ | £ |
Listed investments | 953,881 | 995,000 |
Other |
|
|
|
|
Market value of listed investments at 31 January 2021 - £ 1,956,873 (2020 - £ 995,000 ). |
|
The investment occurred on the balance sheet date. |
|
14. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 16) |
|
|
Other loans (see note 16) |
|
|
Hire purchase contracts (see note 17) |
|
|
Trade creditors |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
Financial liabilities measured at amortised cost include trade creditors, other creditors and other loans. |
|
15. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans (see note 16) |
|
|
Other loans (see note 16) |
|
|
Hire purchase contracts (see note 17) |
|
|
Other creditors |
|
|
|
|
|
Financial liabilities measured at amortised cost include other creditors and other loans. |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
|
Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
|
|
16. | Loans |
|
An analysis of the maturity of loans is given below: |
|
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
CBILS loan | 1,416,669 | - |
Other loans |
|
|
|
|
|
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
CBILS loan | 2,000,000 | - |
Other loans - 1-2 years | 177,935 |
|
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
CBILS loan | 583,331 | - |
Other loans - 2-5 years |
|
|
|
|
|
The effective interest rate applied on the long term loans is 6.85% based on the company's cost of debt. |
|
17. | Leasing agreements |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
2021 | 2020 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
|
Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
|
|
18. | Secured debts |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 2,617,700 | 1,368,872 |
|
|
|
The obligations under asset bank loans and finance/hire purchase contracts are secured by the assets to which they relate. |
|
19. | Provisions for liabilities |
2021 | 2020 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Other timing differences | (53,603 | ) | (158,175 | ) |
700,987 | 360,278 |
|
Deferred tax |
£ |
Balance at 1 February 2020 |
|
Provided during year |
|
Balance at 31 January 2021 |
|
|
20. | Called up share capital |
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | 1 | 12,667 | 12,667 |
|
A Ordinary | 1 | 667 | 667 |
13,334 | 13,334 |
SHEET PILING (UK) LIMITED (REGISTERED NUMBER: 08300227) |
|
Notes to the Financial Statements - continued |
for the year ended 31 January 2021 |
|
|
21. | Reserves |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 February 2020 |
|
|
5,560,497 |
Profit for the year |
|
- |
|
At 31 January 2021 |
|
|
7,470,976 |
|
The group and company's capital and reserves are as follows: |
|
Called up share capital |
|
Called up share capital represents the nominal value of the shares issued. |
|
Share premium account |
|
The share premium account includes the premium on issue of equity shares, net of any issue costs. |
|
Profit and loss account |
|
The profit and loss account represents cumulative profits or losses, net of any dividends paid and other adjustments. |
|
22. | Capital commitments |
2021 | 2020 |
£ | £ |
Contracted but not provided for in the |
financial statements |
|
|
|
23. | Related party disclosures |
|
Within other loans payable > 1 year is a balance of £nil (2020 - £325,529) with a company with a common director. |
|
Within other creditors > 1 year are directors loan account balances of £266,908 (2020 - £803,588). During the year there were advances and credits of £1,586,680 and £1,050,000 respectively. |
|
24. | Post balance sheet events |
|
After the year end, the company repaid a CBILS loan amounting to £2,000,000, sold an investment for £1,014,959 and purchased plant and machinery amounting to £1,033,226. |
|
The company is also planning to sell another investment post year, which is valued at year end £953,881. |
|
25. | Ultimate controlling party |
|
The controlling party is A J Cotton. |