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Registration number: NI627193

Steel Mac Distribution (SMD) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

Steel Mac Distribution (SMD) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Steel Mac Distribution (SMD) Ltd

Company Information

Director

James Roy Perry McMahon

Registered office

15 Queens Road
Titanic Works
Belfast
BT3 9DT

Accountants

Hopper & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

Steel Mac Distribution (SMD) Ltd

(Registration number: NI627193)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,364,280

400,079

Current assets

 

Stocks

5

733,286

240,275

Debtors

6

2,128,223

1,205,172

Cash at bank and in hand

 

-

15,091

 

2,861,509

1,460,538

Creditors: Amounts falling due within one year

7

(1,984,560)

(1,060,576)

Net current assets

 

876,949

399,962

Total assets less current liabilities

 

2,241,229

800,041

Creditors: Amounts falling due after more than one year

7

(1,077,341)

(242,979)

Net assets

 

1,163,888

557,062

Capital and reserves

 

Called up share capital

8

85,000

85,000

Profit and loss account

1,078,888

472,062

Shareholders' funds

 

1,163,888

557,062

For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 August 2022
 

.........................................
James Roy Perry McMahon
Director

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
15 Queens Road
Titanic Works
Belfast
BT3 9DT

These financial statements were authorised for issue by the director on 9 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax provision has not been made due to the ongoing availability of tax losses carried forward and claims to R&D tax relief being made

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

4% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2020 - 4).

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2020

471,959

471,959

Additions

983,142

983,142

At 30 September 2021

1,455,101

1,455,101

Depreciation

At 1 October 2020

71,880

71,880

Charge for the year

18,941

18,941

At 30 September 2021

90,821

90,821

Carrying amount

At 30 September 2021

1,364,280

1,364,280

At 30 September 2020

400,079

400,079

5

Stocks

2021
£

2020
£

Other inventories

733,286

240,275

6

Debtors

2021
£

2020
£

Trade debtors

1,876,574

1,204,347

Other debtors

251,649

825

2,128,223

1,205,172

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

210,479

302,171

Trade creditors

 

1,359,938

729,367

Taxation and social security

 

112,365

18,590

Accruals and deferred income

 

850

850

Other creditors

 

300,928

9,598

 

1,984,560

1,060,576

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

9

133,333

242,979

Deferred income

 

250,000

-

Other non-current financial liabilities

 

694,008

-

 

1,077,341

242,979

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Shares of £1 each

85,000

85,000

85,000

85,000

         
 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

9

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

133,333

240,000

Finance lease liabilities

-

2,979

133,333

242,979

2021
£

2020
£

Current loans and borrowings

Bank borrowings

79,999

-

Bank overdrafts

5,848

-

Finance lease liabilities

2,979

85,918

Other borrowings

121,653

216,253

210,479

302,171

10

Dividends

Final dividends paid

   

2021
£

 

2020
£

Final dividend of £Nil per each Ordinary Shares

 

-

 

-

         

Interim dividends paid

   

2021
£

 

2020
£

Interim dividend of £Nil per each Ordinary Shares

 

2,000

 

-

         
 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

11

Related party transactions

Transactions with the director

2021

At 1 October 2020
£

Advances to directors
£

Repayments by director
£

At 30 September 2021
£

James Roy Perry McMahon

Directors Current Account

(8,973)

17,654

(23,250)

(14,568)

         
       

 

2020

At 1 October 2019
£

Advances to directors
£

Repayments by director
£

At 30 September 2020
£

James Roy Perry McMahon

Directors Current Account

(24,240)

36,267

(21,000)

(8,973)

         
       

 

Directors' remuneration

The director's remuneration for the year was as follows:

2021
£

2020
£

Remuneration

18,084

21,445