MIRA INFORM REPORT

Report No. :	312629
Report Date :	16.03.2015

IDENTIFICATION DETAILS

Name :	YORKSHIRE STAINLESS LIMITED
Formerly Known As :	BARLEYMARSH LIMITED
Registered Office :	The Hart Shaw Building Europa Link Sheffield Business Park Sheffield S9 1XU
Country :	United Kingdom
Financials (as on) :	31.07.2014
Date of Incorporation :	30.04.1992
Com Reg. No.:	02711105
Legal Form :	Private limited with Share Capital
Line of Business :	Manufacture of metal structures and parts of structures Sale of stainless steel flanges.
No. of Employee :	29

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM ECONOMIC OVERVIEW

The UK, a leading TRADING power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

Source : CIA

Company name and address

YORKSHIRE STAINLESS LIMITED

COMPANY NO

02711105

REGISTERED ADDRESS

THE HART SHAW BUILDINGEUROPA LINK SHEFFIELD BUSINESSPARK SHEFFIELDS9 1XU

Company Summary

Registered Address	THE HART SHAW BUILDING EUROPA LINK SHEFFIELD BUSINESS PARK SHEFFIELD S9 1XU	Trading Address	Hart Shaw Building Sheffield Airport Business Park Europa Link, Park Sheffield, South Yorkshire S9 1XU
Website Address	http://www.yorkshirestainless.com
Telephone Number	--	Fax Number	--
TPS	--	FPS	No
Incorporation Date	30/04/1992
Previous Name	BARLEYMARSH LIMITED	Type	Private limited with Share Capita
FTSE Index	--	Date of Change	01/06/1992
Filing Date of Accounts	25/11/2014	Currency	GBP
Share Capital	£1,000	SIC07	25110
Charity Number	--
SIC07 Description	Manufacture of metal structures and parts of structures
Principal Activity	Sale of stainless steel flanges.

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder	Funds Employees
31/07/2014	£8,312,739	£587,891	£5,365,205	29
31/07/2013	£8,381,631	£880,434	£4,905,008	29
31/07/2012	£8,810,470	£1,654,854	£4,428,783	29

Mortgage Summary

Total Mortgage 4

Outstanding 4

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 5

Total Value of Documented Trade £23,124

Commentary

This company has been treated as a Medium company in respect of the rating/limit generated.

This company's ratio of total liabilities to total assets indicates the presence of moderate equity funding.

This company has made late payments on a very high percentage of invoices.

This company's bank loans and overdrafts (less cash) account for a high percentage of short term liabilities.

This company trades in an industry with a higher level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	2
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	5

Current Directors

Name	Steven Derek Osborne	Date of Birth	19/12/1957
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	15/05/1992
Address	7 Sherwood Close, Gomersal, Cleckheaton, West Yorkshire, BD19 4UA

Name	Wendy Ann Smith	Date of Birth	24/10/1970
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Director
Appointment Date	14/07/2010
Address	12 Oak Barn The Wapping, Hooton Roberts, Rotherham, South Yorkshire, S65 4PE

Current Company Secretary

Name	Sharon Osborne	Date of Birth	-
Officers Title	Ms	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	31/03/2004
Address	7 Sherwood Close, Gomersal, West Yorkshire, BD19 4UA

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
STEVEN DEREK OSBORNE	GBP	510	ORDINARY	1	51
SHARON OSBORNE	GBP	490	ORDINARY	1	49

Profit & Loss

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£8,312,739	-0.8%	£8,381,631	-4.9%	£8,810,470	15.3%	£7,639,560	20.2%	£6,354,803
Export	£379,344	1.7%	£373,046	-17.4%	£451,424	-	-	-	-
Cost of Sales	£6,584,472	1%	£6,521,289	4.7%	£6,230,111	-	-	-	-
Gross Profit	£1,728,267	-7.1%	£1,860,342	-27.9%	£2,580,359	-	-	-	-
Wages & Salaries	£993,179	5.3%	£942,933	4.1%	£905,627	-9.8%	£1,003,889	-0.6%	£1,010,062
Directors Emoluments	£221,945	43%	£155,189	-3.5%	£160,883	-48.7%	£313,651	2.3%	£306,479
Operating Profit	£631,218	-32.1%	£929,663	-45.2%	£1,695,826	54.5%	£1,097,960	92.1%	£571,463
Depreciation	£78,939	-19.4%	£97,946	-8.6%	£107,214	-6.6%	£114,775	22%	£94,101
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	£43,337	-12.2%	£49,354	20%	£41,142	-12.6%	£47,077	-12.2%	£53,642
Pre Tax Profit	£587,891	-33.2%	£880,434	-46.8%	£1,654,854	57.5%	£1,050,900	102.9%	£517,837
Taxation	-£127,694	37.5%	-£204,209	51.6%	-£422,137	-49.5%	-£282,310	-143.1%	-£116,152
Profit After Tax	£460,197	-31.9%	£676,225	-45.1%	£1,232,717	60.4%	£768,590	91.3%	£401,685
Dividends Payable	-	-100%	£200,000	-	£200,000	-	£200,000	33.3%	£150,000
Retained Profit	£460,197	-3.4%	£476,225	-53.9%	£1,032,717	81.6%	£568,590	125.9%	£251,685

Balance Sheet

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10
Tangible Assets	£658,692	-8.1%	£716,852	1.5%	£705,911	-5.2%	£744,453	-3%	£767,478
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£658,692	-8.1%	£716,852	1.5%	£705,911	-5.2%	£744,453	-3%	£767,478
Stock	£5,431,623	-1.3%	£5,505,779	3.6%	£5,316,262	44.3%	£3,685,034	7.4%	£3,431,613
Trade Debtors	£2,060,504	-8.2%	£2,244,931	-6.6%	£2,403,365	-2.7%	£2,469,938	34.9%	£1,830,403
Cash	£307,303	241.7%	£89,925	242.5%	£26,257	-81.5%	£141,975	35%	£105,156
Other Debtors	£5,365	-38.1%	£8,666	-32.5%	£12,838	107.5%	£6,187	-3.8%	£6,429
Miscellaneous Current Assets	0	-	0	-	0	-	0	-100%	£16,618
Total Current Assets	£7,804,795	-0.6%	£7,849,301	1.2%	£7,758,722	23.1%	£6,303,134	16.9%	£5,390,219
Trade Creditors	£717,991	-21%	£908,861	5.1%	£864,836	-12.3%	£986,531	-1.9%	£1,005,337
Bank Loans & Overdrafts	£1,628,944	-0.5%	£1,636,886	1%	£1,620,756	49.2%	£1,086,468	3.8%	£1,046,660
Other Short Term Finance	£201,935	-26.9%	£276,132	-43.6%	£489,566	21%	£404,726	22.7%	£329,838
Miscellaneous Current Liabilities	£515,928	-24%	£679,089	-1.8%	£691,696	5.6%	£654,763	136.1%	£277,301
Total Current Liabilities	£3,064,798	-12.5%	£3,500,968	-4.5%	£3,666,854	17.1%	£3,132,488	17.8%	£2,659,136
Bank Loans & Overdrafts and LTL	£1,662,428	-7.5%	£1,797,063	-9.7%	£1,989,752	23.9%	£1,605,501	-6.5%	£1,717,745
Other Long Term Finance	£12,384	434.9%	£2,315	-93.3%	£34,803	37.2%	£25,371	22.1%	£20,774
Total Long Term Liabilities	£33,484	-79.1%	£160,177	-56.6%	£368,996	-28.9%	£519,033	-22.7%	£671,085

.

Capital & Reserves

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10
Called Up Share Capital	£1,000	-	£1,000	-	£1,000	-	£1,000	-	£1,000
P & L Account Reserve	£5,364,205	9.4%	£4,904,008	10.8%	£4,427,783	30.4%	£3,395,066	20.1%	£2,826,476
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£5,365,205	9.4%	£4,905,008	10.8%	£4,428,783	30.4%	£3,396,066	20.1%	£2,827,476

Other Financial Items

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10
Net Worth	£5,365,205	9.4%	£4,905,008	10.8%	£4,428,783	30.4%	£3,396,066	20.1%	£2,827,476
Working Capital	£4,739,997	9%	£4,348,333	6.3%	£4,091,868	29.1%	£3,170,646	16.1%	£2,731,083
Total Assets	£8,463,487	-1.2%	£8,566,153	1.2%	£8,464,633	20.1%	£7,047,587	14.5%	£6,157,697
Total Liabilities	£3,098,282	-15.4%	£3,661,145	-9.3%	£4,035,850	10.5%	£3,651,521	9.6%	£3,330,221
Net Assets	£5,365,205	9.4%	£4,905,008	10.8%	£4,428,783	30.4%	£3,396,066	20.1%	£2,827,476

Cash Flow

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10
Net Cashflow from Operations	£731,693	-14.1%	£851,664	703.8%	£105,957	-81.7%	£578,762	-42.4%	£1,004,109
Net Cashflow before Financing	£382,235	44.3%	£264,938	171.9%	-£368,700	-353.6%	£145,396	-68.8%	£466,471
Net Cashflow from Financing	-£201,314	-0.3%	-£200,702	6.8%	-£215,268	18.7%	-£264,792	-150.2%	£527,539
Increase in Cash	£180,921	181.7%	£64,236	111%	-£583,968	-389.1%	-£119,396	-112%	£994,010

Miscellaneous

Date Of Accounts	31/07/14	(%)	31/07/13	(%)	31/07/12	(%)	31/07/11	(%)	31/07/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£5,398,689	6.6%	£5,065,185	5.6%	£4,797,779	22.5%	£3,915,099	11.9%	£3,498,561
Number of Employees	29	-	29	-	29	7.4%	27	12.5%	24

Auditors	HART SHAW LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	YORKSHIRE BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/07/14	31/07/13	31/07/12	31/07/11	31/07/10
Pre-tax profit margin %	7.07	10.50	18.78	13.76	8.15
Current ratio	2.55	2.24	2.12	2.01	2.03
Sales/Net Working Capital	1.75	1.93	2.15	2.41	2.33
Gearing %	31	36.60	44.90	47.30	60.80
Equity in %	63.40	57.30	52.30	48.20	45.90
Creditor Days	31.43	39.47	35.73	47	57.58
Debtor Days	90.22	97.49	99.29	117.68	104.84
Liquidity/Acid Test	0.77	0.66	0.66	0.83	0.73
Return On Capital Employed %	10.88	17.38	34.49	26.84	14.80
Return On Total Assets Employed %	6.94	10.27	19.55	14.91	8.40
Current Debt Ratio	0.57	0.71	0.82	0.92	0.94
Total Debt Ratio	0.57	0.74	0.91	1.07	1.17
Stock Turnover Ratio %	65.34	65.68	60.34	48.23	54
Return on Net Assets Employed %	10.95	17.94	37.36	30.94	18.31

Report Notes

There are no notes to display.

Status History

No Status History found

Event History

Date	Description
04/12/2014	New Accounts Filed
04/12/2014	New Accounts Filed
28/05/2014	Annual Returns
30/12/2013	New Accounts Filed
30/12/2013	New Accounts Filed
09/05/2013	Annual Returns
10/01/2013	New Accounts Filed
10/01/2013	New Accounts Filed
26/05/2012	Annual Returns
24/11/2011	New Accounts Filed
24/11/2011	New Accounts Filed
11/05/2011	Annual Returns
20/12/2010	New Accounts Filed
26/07/2010	New Board Member Ms W.A. Smith appointed
15/05/2010	Annual Returns

Previous Company Names

Date	Previous Name
01/06/1992	BARLEYMARSH LIMITED

Writ Details

No writs found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure Full

No group structure

Mortgage Details

Mortgage Type:	LEGAL MORTGAGE (OWN ACCOUNT)
Date Charge Created:	10/06/05
Date Charge Registered:	22/06/05
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	CLYDESDALE BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	UNIT 2 GATEWAY INDUSTRIAL ESTATE PARKGATE ROTHERHAM SOUTH YORKSHIRE S62 6LJ ASSIGNS THE GOODWILL OFALL BUSINESSESFROM TIME TO TIME CARRIED ON AT THE PROPERTY WITH THE BENEFIT OF ALL AUTHORISATIONS PERMITS REGISTRATION CERTIFICATES OR LICENCES OF ANY KIND ALSO BY WAY OF FIXED CHARGE THE EQUIPMENT AND GOODS (IF ANY) AND ALL OTHER FIXTURES FITTINGS PLANT AND MACHINERY AND BY WAY OF FLOATING CHARGE ON OTHER MOVEABLE PLANT MACHINERY FURNITURE EQUIPMENT GOODS AND OTHER EFFECTS WHICH FROM TIME TO TIMEON THE PROPERTY
Mortgage Type:	LEGAL MORTGAGE
Date Charge Created:	27/03/97
Date Charge Registered:	28/03/97
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	YORKSHIRE BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	PLOT 55 GATEWAY INDUSTRIAL ESTATE PARKGATE ROTHERHAM SOUTH YORKSHIRE THE COMPANY CHARGES TO THE BANKBY WAY OF LEGAL MORTGAGE THE PROPERTY AS DESCRIBED ABOVE, THE COMPANY ASSIGNS TO THE BANK THE GOODWILL OF THE BUSINESS AND THE BENEFIT OF ALL AUTHORISATIONS, PERMITS, REGISTRATION CERTIFICATES OR LICENCES, THE COMPANY ALSO CHARGES TO THE BANK BY WAY OF FIXEDCHARGE THE EQUIPMENT AND GOODS (IF ANY)AND ALL OTHER FIXTURES, FITTINGS, PLANTAND MACHINERY AND BY WAY OF FLOATING CHARGE ALL OTHER MOVEABLEPLANT, MACHINERY, FURNITURE, EQUIPMENT, GOODS AND OTHER EFFECTS. SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	20/10/94
Date Charge Registered:	07/11/94
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	YORKSHIRE BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	UNIT 1 GATEWAY CLOSE PARKGATE ROTHERHAMSOUTH YORKSHIRE ALL FIXTURES AND FITTINGS PLANT AND MACHINERYA FLOATING CHARGE OVER ALL MOVEABLE PLANT MACHINERY IMPLEMENTS UTENSILS FURNITURE AND EQUIPMENT
Mortgage Type:	DEBENTURE
Date Charge Created:	23/07/92
Date Charge Registered:	27/07/92
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	YORKSHIRE BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-
No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	5	£23,124
Company Name		Amount	Statement Date
Kington Process Ltd		£10,871	09/10/2012
Pipetech Design And Construction Limited		£8,001	19/02/2014
Pleatward Engineering Limited		£3,591	28/06/2011
Stamford Fabrications Limited		£365	15/11/2012
Halliwell Industrial & Marine Silencers Limited		£296	07/03/2014

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Glynn Brown	0	2
Michael Goodson	0	1
Steven Derek Osborne	2	2
WILDMAN & BATTELL LIMITED	1243	40368
SAME-DAY COMPANY SERVICES LIMITED	1449	40181
Average Invoice Value		£1684.94
Invoices available		78
Paid		75
Outstanding		3

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	12	8	3	45	7
Outstanding	0	1	2	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.67
UK Pound	1	Rs.93.16
Euro	1	Rs.66.42

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.