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Registration number: NI627193

Steel Mac Distribution (SMD) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2022

 

Steel Mac Distribution (SMD) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

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 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,521,419

1,364,280

Current assets

 

Stocks

5

767,730

733,286

Debtors

6

2,234,159

2,128,224

 

3,001,889

2,861,510

Creditors: Amounts falling due within one year

7

(2,434,372)

(1,984,561)

Net current assets

 

567,517

876,949

Total assets less current liabilities

 

2,088,936

2,241,229

Creditors: Amounts falling due after more than one year

7

(478,154)

(1,077,341)

Net assets

 

1,610,782

1,163,888

Capital and reserves

 

Called up share capital

8

85,000

85,000

Retained earnings

1,525,782

1,078,888

Shareholders' funds

 

1,610,782

1,163,888

For the financial year ending 30 September 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 10 October 2023
 

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

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

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 10 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

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 availability of tax losses carried forward and claims to R&D tax relief being made

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

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

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.

Borrowings

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

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 7 (2021 - 5).

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2021

-

1,455,101

1,455,101

Additions

133,434

85,318

218,752

At 30 September 2022

133,434

1,540,419

1,673,853

Depreciation

At 1 October 2021

-

90,821

90,821

Charge for the year

-

61,613

61,613

At 30 September 2022

-

152,434

152,434

Carrying amount

At 30 September 2022

133,434

1,387,985

1,521,419

At 30 September 2021

-

1,364,280

1,364,280

Included within the net book value of land and buildings above is £133,434 (2021 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

767,730

733,286

6

Debtors

Current

2022
£

2021
£

Trade debtors

2,234,159

1,876,574

Other debtors

-

251,650

 

2,234,159

2,128,224

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

172,153

210,479

Trade creditors

 

2,031,473

1,359,938

Taxation and social security

 

25,648

112,366

Accruals and deferred income

 

850

850

Other creditors

 

204,248

300,928

 

2,434,372

1,984,561

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

133,333

133,333

Deferred income

 

240,000

250,000

Other non-current financial liabilities

 

104,821

694,008

 

478,154

1,077,341

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

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 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

133,333

133,333

2022
£

2021
£

Current loans and borrowings

Bank borrowings

80,000

79,999

Bank overdrafts

9,912

5,848

Finance lease liabilities

-

2,979

Other borrowings

82,241

121,653

172,153

210,479

10

Dividends

Final dividends paid

   

2022
£

 

2021
£

Final dividend of £Nil per each Ordinary Shares

 

-

 

-

         

Interim dividends paid

   

2022
£

 

2021
£

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 2022

11

Related party transactions

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Transactions with the director

2022

At 1 October 2021
£

Repayments by director
£

At 30 September 2022
£

James Roy Perry McMahon

Directors Current Account

(14,568)

(3,521)

(18,089)

       
     

 

2021

At 1 October 2020
£

Advances to director
£

Repayments by director
£

At 30 September 2021
£

James Roy Perry McMahon

Directors Current Account

(8,973)

17,654

(23,250)

(14,568)

         
       

 

 

Steel Mac Distribution (SMD) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Director's remuneration

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

2022
£

2021
£

Remuneration

18,084

18,084