IRIS Accounts Production v23.1.0.753 01373109 Board of Directors 1.1.22 31.12.22 31.12.22 false true false false true false Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure013731092021-12-31013731092022-12-31013731092022-01-012022-12-31013731092020-12-31013731092021-01-012021-12-31013731092021-12-3101373109ns15:EnglandWales2022-01-012022-12-3101373109ns14:PoundSterling2022-01-012022-12-3101373109ns10:Director12022-01-012022-12-3101373109ns10:PrivateLimitedCompanyLtd2022-01-012022-12-3101373109ns10:SmallEntities2022-01-012022-12-3101373109ns10:AuditExempt-NoAccountantsReport2022-01-012022-12-3101373109ns10:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3101373109ns10:SmallCompaniesRegimeForAccounts2022-01-012022-12-3101373109ns10:FullAccounts2022-01-012022-12-3101373109ns10:OrdinaryShareClass12022-01-012022-12-3101373109ns10:Director22022-01-012022-12-3101373109ns10:RegisteredOffice2022-01-012022-12-3101373109ns5:CurrentFinancialInstruments2022-12-3101373109ns5:CurrentFinancialInstruments2021-12-3101373109ns5:Non-currentFinancialInstruments2022-12-3101373109ns5:Non-currentFinancialInstruments2021-12-3101373109ns5:ShareCapital2022-12-3101373109ns5:ShareCapital2021-12-3101373109ns5:RetainedEarningsAccumulatedLosses2022-12-3101373109ns5:RetainedEarningsAccumulatedLosses2021-12-3101373109ns5:PlantMachinery2022-01-012022-12-3101373109ns5:FurnitureFittings2022-01-012022-12-3101373109ns5:PlantMachinery2021-12-3101373109ns5:FurnitureFittings2021-12-3101373109ns5:PlantMachinery2022-12-3101373109ns5:FurnitureFittings2022-12-3101373109ns5:PlantMachinery2021-12-3101373109ns5:FurnitureFittings2021-12-3101373109ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101373109ns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-12-3101373109ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3101373109ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2021-12-3101373109ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3101373109ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2021-12-3101373109ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2022-12-3101373109ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2021-12-3101373109ns5:WithinOneYear2022-12-3101373109ns5:WithinOneYear2021-12-3101373109ns5:BetweenOneFiveYears2022-12-3101373109ns5:BetweenOneFiveYears2021-12-3101373109ns5:AllPeriods2022-12-3101373109ns5:AllPeriods2021-12-3101373109ns10:OrdinaryShareClass12022-12-31013731091ns10:Director12021-12-31013731091ns10:Director12020-12-31013731091ns10:Director12022-01-012022-12-31013731091ns10:Director12021-01-012021-12-31013731091ns10:Director12022-12-31013731091ns10:Director12021-12-31
REGISTERED NUMBER: 01373109 (England and Wales)














FOLEY STEELS LIMITED
TRADING AS
FOLEY STEELSTOCK

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022






FOLEY STEELS LIMITED (REGISTERED NUMBER: 01373109)
TRADING AS FOLEY STEELSTOCK






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FOLEY STEELS LIMITED
TRADING AS FOLEY STEELSTOCK

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2022







DIRECTORS: J E Dockerty
Mrs C V Dockerty





REGISTERED OFFICE: Bay 4 Northside
Millfields Road
Wolverhampton
West Midlands
WV4 6JG





REGISTERED NUMBER: 01373109 (England and Wales)

FOLEY STEELS LIMITED (REGISTERED NUMBER: 01373109)
TRADING AS FOLEY STEELSTOCK

BALANCE SHEET
31ST DECEMBER 2022

2022 2021
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 2,751 3,237

CURRENT ASSETS
Stocks 130,405 137,443
Debtors 5 639,706 692,324
Investments 6 7,805 4,232
Cash at bank 849,651 861,195
1,627,567 1,695,194
CREDITORS
Amounts falling due within one year 7 1,130,499 1,255,630
NET CURRENT ASSETS 497,068 439,564
TOTAL ASSETS LESS CURRENT
LIABILITIES

499,819

442,801

CREDITORS
Amounts falling due after more than one
year

8

33,215

42,500
NET ASSETS 466,604 400,301

CAPITAL AND RESERVES
Called up share capital 10 77,000 77,000
Retained earnings 389,604 323,301
SHAREHOLDERS' FUNDS 466,604 400,301

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FOLEY STEELS LIMITED (REGISTERED NUMBER: 01373109)
TRADING AS FOLEY STEELSTOCK

BALANCE SHEET - continued
31ST DECEMBER 2022


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 17th October 2023 and were signed on its behalf by:





J E Dockerty - Director


FOLEY STEELS LIMITED (REGISTERED NUMBER: 01373109)
TRADING AS FOLEY STEELSTOCK

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022

1. STATUTORY INFORMATION

Foley Steels 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Office equipment & fixtures - 10% on cost

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

Work in progress includes the cost of direct materials and labour, plus attributable overheads based on normal levels of activity,

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 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.

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.

FOLEY STEELS LIMITED (REGISTERED NUMBER: 01373109)
TRADING AS FOLEY STEELSTOCK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

2. ACCOUNTING POLICIES - continued

Listed investments
Listed investments which are publicly traded are stated at their fair value at each balance sheet date. Any gain or loss on revaluation to fair value is recognised in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 7 ) .

4. TANGIBLE FIXED ASSETS
Office
Plant and equipment &
machinery fixtures Totals
£ £ £
COST
At 1st January 2022
and 31st December 2022 104,772 45,990 150,762
DEPRECIATION
At 1st January 2022 101,535 45,990 147,525
Charge for year 486 - 486
At 31st December 2022 102,021 45,990 148,011
NET BOOK VALUE
At 31st December 2022 2,751 - 2,751
At 31st December 2021 3,237 - 3,237

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 629,024 681,570
Prepayments 10,682 10,754
639,706 692,324

6. CURRENT ASSET INVESTMENTS
2022 2021
£ £
Listed investments 7,805 4,232

FOLEY STEELS LIMITED (REGISTERED NUMBER: 01373109)
TRADING AS FOLEY STEELSTOCK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Bank loans and overdrafts 9,689 7,500
Trade creditors 634,899 707,859
Corporation tax 27,768 41,158
Social security and other taxes 33,010 49,478
Other creditors 5,083 9,468
Pension scheme loan 272,266 233,967
Directors' current accounts 126,210 167,550
Accrued expenses 21,574 38,650
1,130,499 1,255,630

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£ £
Bank loans - 1-2 years 9,934 10,000
Bank loans - 2-5 years 23,281 30,000
Bank loans more than 5 years repayable by
instalments

-

2,500
33,215 42,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years repayable by
instalments

-

2,500

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2022 2021
£ £
Within one year 46,000 46,000
Between one and five years 118,833 164,833
164,833 210,833

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
77,000 Ordinary shares £1 77,000 77,000

FOLEY STEELS LIMITED (REGISTERED NUMBER: 01373109)
TRADING AS FOLEY STEELSTOCK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2022

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2022 and 31st December 2021:

2022 2021
£ £
J E Dockerty
Balance outstanding at start of year - 95,564
Amounts repaid - (95,564 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

12. RELATED PARTY DISCLOSURES

Included in the financial statements are the following transactions in respect of Foley Steels Ltd Pension Scheme of which a director is a beneficiary.

Rent of trading premises owned by the scheme £46,000 (2021 - £46,000), interest charged £21,466 (which includes a historical adjustment of £12,238) (2021 - £3,200). and within creditors due within one year £263,038 (2021 - £233,967).