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REGISTERED NUMBER: 04468589 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

STEELMATE AUTOMOTIVE (UK) LIMITED

STEELMATE AUTOMOTIVE (UK) LIMITED (REGISTERED NUMBER: 04468589)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STEELMATE AUTOMOTIVE (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 31 DECEMBER 2021







DIRECTOR: Mr K M Kay





SECRETARY: Mr K M Kay





REGISTERED OFFICE: Marlowe House
Watling Street
Hockliffe
Bedfordshire
LU7 9LS





REGISTERED NUMBER: 04468589 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

STEELMATE AUTOMOTIVE (UK) LIMITED (REGISTERED NUMBER: 04468589)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 80,261 83,506

CURRENT ASSETS
Stocks 87,547 55,363
Debtors 5 250,341 250,774
Cash at bank and in hand 270,083 307,856
607,971 613,993
CREDITORS
Amounts falling due within one year 6 68,749 117,500
NET CURRENT ASSETS 539,222 496,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

619,483

579,999

CREDITORS
Amounts falling due after more than one
year

7

(36,217

)

(45,833

)

PROVISIONS FOR LIABILITIES (10,005 ) (12,303 )
NET ASSETS 573,261 521,863

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 563,261 511,863
SHAREHOLDERS' FUNDS 573,261 521,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STEELMATE AUTOMOTIVE (UK) LIMITED (REGISTERED NUMBER: 04468589)

BALANCE SHEET - continued
31 DECEMBER 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 September 2022 and were signed by:





Mr K M Kay - Director


STEELMATE AUTOMOTIVE (UK) LIMITED (REGISTERED NUMBER: 04468589)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 DECEMBER 2021

1. STATUTORY INFORMATION

Steelmate Automotive (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods adjusted for discounts and distribution costs, excluding value added tax.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life, or held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery- 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

STEELMATE AUTOMOTIVE (UK) LIMITED (REGISTERED NUMBER: 04468589)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Hire purchase and leasing commitments
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2020 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 67,297 207,375 34,396 19,180 328,248
Additions 45,700 (1 ) - 500 46,199
Disposals (18,375 ) (23,610 ) (24,395 ) (15,097 ) (81,477 )
At 31 December 2021 94,622 183,764 10,001 4,583 292,970
DEPRECIATION
At 1 January 2021 51,273 162,540 16,267 14,662 244,742
Charge for year 15,068 10,386 791 508 26,753
Eliminated on disposal (16,925 ) (20,320 ) (9,431 ) (12,110 ) (58,786 )
At 31 December 2021 49,416 152,606 7,627 3,060 212,709
NET BOOK VALUE
At 31 December 2021 45,206 31,158 2,374 1,523 80,261
At 31 December 2020 16,024 44,835 18,129 4,518 83,506

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 84,818 71,209
Other debtors 160,882 172,038
Prepayments and accrued income 4,641 7,527
250,341 250,774

STEELMATE AUTOMOTIVE (UK) LIMITED (REGISTERED NUMBER: 04468589)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 DECEMBER 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 10,648 4,167
Trade creditors 7,837 10,271
Corporation tax 15,297 29,234
Taxation and social security 2,044 2,547
VAT 13,625 42,323
Other creditors 2,988 448
Director's loan account 860 610
Accrued expenses 15,450 27,900
68,749 117,500

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 1-2 years 21,297 20,000
Bank loans - 2-5 years 14,920 25,833
36,217 45,833

8. ULTIMATE CONTROLLING PARTY

The controlling party is Mr K M Kay.