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Company Registration No. 07924198 (England and Wales)
Stainless Metal Solutions Limited Unaudited accounts for the year ended 31 December 2021
Stainless Metal Solutions Limited Unaudited accounts Contents
Page
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Stainless Metal Solutions Limited Statement of financial position as at 31 December 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
161,382 
60,585 
Current assets
Inventories
22,886 
20,736 
Debtors
32,565 
42,932 
Cash at bank and in hand
35,596 
13,499 
91,047 
77,167 
Creditors: amounts falling due within one year
(38,286)
(42,680)
Net current assets
52,761 
34,487 
Total assets less current liabilities
214,143 
95,072 
Creditors: amounts falling due after more than one year
(139,809)
(38,400)
Net assets
74,334 
56,672 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
74,234 
56,572 
Shareholders' funds
74,334 
56,672 
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 May 2022 and were signed on its behalf by
Nigel Mason Director Company Registration No. 07924198
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Stainless Metal Solutions Limited Notes to the Accounts for the year ended 31 December 2021
1
Statutory information
Stainless Metal Solutions Limited is a private company, limited by shares, registered in England and Wales, registration number 07924198. The registered office is Anchor Point, Walsall Road, Norton Canes, Cannock, WS11 9NS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Stainless Metal Solutions Limited Notes to the Accounts for the year ended 31 December 2021
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 January 2021
80,125 
8,500 
88,625 
Additions
105,000 
27,991 
132,991 
At 31 December 2021
185,125 
36,491 
221,616 
Depreciation
At 1 January 2021
23,120 
4,920 
28,040 
Charge for the year
24,301 
7,893 
32,194 
At 31 December 2021
47,421 
12,813 
60,234 
Net book value
At 31 December 2021
137,704 
23,678 
161,382 
At 31 December 2020
57,005 
3,580 
60,585 
5
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade debtors
32,565 
42,932 
6
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
VAT
9,150 
11,135 
Obligations under finance leases and hire purchase contracts
25,150 
14,400 
Taxes and social security
1,019 
- 
Loans from directors
2,967 
17,145 
38,286 
42,680 
7
Creditors: amounts falling due after more than one year
2021 
2020 
£ 
£ 
Bank loans
50,000 
- 
Obligations under finance leases and hire purchase contracts
89,809 
38,400 
139,809 
38,400 
8
Share capital
2021 
2020 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
9
Average number of employees
During the year the average number of employees was 3 (2020: 2).
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