Registered number
06796308
Regional Steels (UK) Ltd
Filleted Accounts
31 March 2023
Regional Steels (UK) Ltd
Registered number: 06796308
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 999 178,551
Current assets
Stocks 98,286 98,286
Debtors 4 658,539 585,415
Cash at bank and in hand 365,446 235,200
1,122,271 918,901
Creditors: amounts falling due within one year 5 (479,655) (701,640)
Net current assets 642,616 217,261
Total assets less current liabilities 643,615 395,812
Creditors: amounts falling due after more than one year 6 (142,289) (214,793)
Net assets 501,326 181,019
Capital and reserves
Called up share capital 3 3
Profit and loss account 501,323 181,016
Shareholders' funds 501,326 181,019
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Leigh Williams
Director
Approved by the board on 12 May 2023
Regional Steels (UK) Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% reducing balance
Equipment 15% reducing balance
Motor vehicles 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 234,945 89,415 324,360
Additions - 38,650 38,650
Disposals (234,945) (128,065) (363,010)
At 31 March 2023 - - -
Depreciation
At 1 April 2022 115,271 30,538 145,809
Charge for the year 11,592 7,253 18,845
On disposals (126,863) (38,790) (165,653)
At 31 March 2023 - (999) (999)
Net book value
At 31 March 2023 - 999 999
At 31 March 2022 119,674 58,877 178,551
4 Debtors 2023 2022
£ £
Trade debtors 419,977 468,143
Other debtors 238,562 117,272
658,539 585,415
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 72,500 72,500
Trade creditors 308,400 409,734
Taxation and social security costs 62,017 82,972
Other creditors 36,738 136,434
479,655 701,640
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 142,289 214,793
7 Other information
Regional Steels (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
139 - 143 Union Street
Oldham
England
OL1 1TE
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