Registered number
08705703
New Steel Solutions Limited
Filleted Accounts
28 February 2023
New Steel Solutions Limited
Registered number: 08705703
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,452 23,268
Current assets
Stocks 10,000 72,500
Debtors 4 282,613 171,424
Cash at bank and in hand 2,031 36,135
294,644 280,059
Creditors: amounts falling due within one year 5 (183,364) (152,067)
Net current assets 111,280 127,992
Total assets less current liabilities 128,732 151,260
Creditors: amounts falling due after more than one year 6 (103,464) (127,261)
Net assets 25,268 23,999
Capital and reserves
Called up share capital 10 10
Profit and loss account 25,258 23,989
Shareholders' funds 25,268 23,999
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.
M Newbery
Director
Approved by the board on 10 October 2023
New Steel Solutions Limited
Notes to the Accounts
for the year ended 28 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 28,245 48,280 76,525
At 28 February 2023 28,245 48,280 76,525
Depreciation
At 1 March 2022 20,506 32,751 53,257
Charge for the year 1,934 3,882 5,816
At 28 February 2023 22,440 36,633 59,073
Net book value
At 28 February 2023 5,805 11,647 17,452
At 28 February 2022 7,739 15,529 23,268
4 Debtors 2023 2022
£ £
Trade debtors 281,013 169,824
Other debtors 1,600 1,600
282,613 171,424
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 27,301 1
Trade creditors 133,451 122,691
Taxation and social security costs 5,862 2,608
Other creditors 16,750 26,767
183,364 152,067
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 116,221 158,543
Other creditors (12,757) (31,282)
103,464 127,261
7 Other information
New Steel Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Honeysuckle Way
Melton Mowbray
Leics
LE13 0FU
10 Honeysuckle Way
Melton Mowbray
Leics
LE13 0FU
New Steel Solutions Limited 08705703 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts October 2023 M Newbery No description of principal activity 08705703 2021-03-01 2022-02-28 08705703 core:WithinOneYear 2022-02-28 08705703 core:AfterOneYear 2022-02-28 08705703 core:ShareCapital 2022-02-28 08705703 core:RetainedEarningsAccumulatedLosses 2022-02-28 08705703 2022-03-01 2023-02-28 08705703 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08705703 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 08705703 bus:Director40 2022-03-01 2023-02-28 08705703 1 2022-03-01 2023-02-28 08705703 2 2022-03-01 2023-02-28 08705703 core:PlantMachinery 2022-03-01 2023-02-28 08705703 core:Vehicles 2022-03-01 2023-02-28 08705703 countries:England 2022-03-01 2023-02-28 08705703 bus:FRS102 2022-03-01 2023-02-28 08705703 bus:FullAccounts 2022-03-01 2023-02-28 08705703 2023-02-28 08705703 core:WithinOneYear 2023-02-28 08705703 core:AfterOneYear 2023-02-28 08705703 core:ShareCapital 2023-02-28 08705703 core:RetainedEarningsAccumulatedLosses 2023-02-28 08705703 core:PlantMachinery 2023-02-28 08705703 core:Vehicles 2023-02-28 08705703 2022-02-28 08705703 core:PlantMachinery 2022-02-28 08705703 core:Vehicles 2022-02-28 iso4217:GBP xbrli:pure