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REGISTERED NUMBER: 03480979 (England and Wales)















CONSOLIDATED STEEL PRODUCTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






CONSOLIDATED STEEL PRODUCTS LIMITED (REGISTERED NUMBER: 03480979)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CONSOLIDATED STEEL PRODUCTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mrs. G. Broadhurst
Mr. J.K. Broadhurst
Mr. J.J. Broadhurst
Miss E. Broadhurst



SECRETARY: Mr. J.J. Broadhurst



REGISTERED OFFICE: 15-17 Church Street
Stourbridge
West Midlands
DY8 1LU



REGISTERED NUMBER: 03480979 (England and Wales)



AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU



BANKERS: National Westminster Bank Plc
103 Colmore Row
Birmingham
B3 3NR

CONSOLIDATED STEEL PRODUCTS LIMITED (REGISTERED NUMBER: 03480979)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 919,719 996,230
Investment property 5 1,712,450 1,712,450
2,632,169 2,708,680

CURRENT ASSETS
Stocks 429,845 399,991
Debtors 6 13,866,767 12,368,042
Cash at bank 137,244 181,188
14,433,856 12,949,221
CREDITORS
Amounts falling due within one year 7 836,770 1,202,327
NET CURRENT ASSETS 13,597,086 11,746,894
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,229,255

14,455,574

PROVISIONS FOR LIABILITIES 82,308 75,464
NET ASSETS 16,146,947 14,380,110

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 16,146,747 14,379,910
SHAREHOLDERS' FUNDS 16,146,947 14,380,110

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2023 and were signed on its behalf by:



Mrs. G. Broadhurst - Director



Mr. J.K. Broadhurst - Director


CONSOLIDATED STEEL PRODUCTS LIMITED (REGISTERED NUMBER: 03480979)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Consolidated Steel Products 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.

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of value added tax. The fair value of consideration takes into account trade discounts.

Revenue from the sale of goods is recognised when:
- the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods;
- the amount of the revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the entity; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Tangible fixed assets
Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Investment property-Not provided
Long leasehold-Not provided
Plant and machinery-15% on reducing balance
Motor vehicles-25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis.

At each reporting date, an assessment is made for impairment, being any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell. The impairment loss and any subsequent reversal is recognised in the statement of comprehensive income.


CONSOLIDATED STEEL PRODUCTS LIMITED (REGISTERED NUMBER: 03480979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

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.

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.

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 19 (2022 - 18 ) .

CONSOLIDATED STEEL PRODUCTS LIMITED (REGISTERED NUMBER: 03480979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2022 757,496 418,631 144,500 1,320,627
Additions - 22,000 89,598 111,598
Disposals - (49,600 ) (179,700 ) (229,300 )
At 31 March 2023 757,496 391,031 54,398 1,202,925
DEPRECIATION
At 1 April 2022 - 263,436 60,961 324,397
Charge for year - 20,361 19,212 39,573
Eliminated on disposal - (6,916 ) (73,848 ) (80,764 )
At 31 March 2023 - 276,881 6,325 283,206
NET BOOK VALUE
At 31 March 2023 757,496 114,150 48,073 919,719
At 31 March 2022 757,496 155,195 83,539 996,230

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 1,712,450
NET BOOK VALUE
At 31 March 2023 1,712,450
At 31 March 2022 1,712,450

Investment properties are valued by Mr. J.K. Broadhurst, a director of the company, at their approximate market value.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,868,242 10,891,058
Other debtors 1,998,525 1,476,984
13,866,767 12,368,042

CONSOLIDATED STEEL PRODUCTS LIMITED (REGISTERED NUMBER: 03480979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 600 2,698
Taxation and social security 179,782 493,629
Other creditors 656,388 706,000
836,770 1,202,327

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Meredith FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.