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STEELFIELDS (HOLDINGS) LIMITED
Unaudited filleted financial statements
30 June 2023
Company registration number 03483012
STEELFIELDS (HOLDINGS) LIMITED
Contents
Statement of financial position
Notes to the financial statements
STEELFIELDS (HOLDINGS) LIMITED
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 5,146,242 5,093,872
Investments 6 51 51
_______ _______
5,146,293 5,093,923
Current assets
Debtors 7 910,411 300,278
Cash at bank and in hand 471,830 837,652
_______ _______
1,382,241 1,137,930
Creditors: amounts falling due
within one year 8 ( 236,923) ( 251,536)
_______ _______
Net current assets 1,145,318 886,394
_______ _______
Total assets less current liabilities 6,291,611 5,980,317
Provisions for liabilities ( 931,422) ( 918,033)
_______ _______
Net assets 5,360,189 5,062,284
_______ _______
Capital and reserves
Called up share capital 50 50
Fair value reserve 2,725,820 2,725,820
Profit and loss account 2,634,319 2,336,414
_______ _______
Shareholders funds 5,360,189 5,062,284
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 November 2023 , and are signed on behalf of the board by:
P Polhill
Director
Company registration number: 03483012
STEELFIELDS (HOLDINGS) LIMITED
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gads Hill, Gillingham, Kent, ME7 2RT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Investment properties are depreciated on a straight line over 50 years to net realisable value
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 July 2022 5,057,929 36,340 21,973 30,506 5,146,748
Additions - 68,479 - - 68,479
_______ _______ _______ _______ _______
At 30 June 2023 5,057,929 104,819 21,973 30,506 5,215,227
_______ _______ _______ _______ _______
Depreciation
At 1 July 2022 6,251 3,795 17,632 25,198 52,876
Charge for the year 5,793 8,338 651 1,327 16,109
_______ _______ _______ _______ _______
At 30 June 2023 12,044 12,133 18,283 26,525 68,985
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2023 5,045,885 92,686 3,690 3,981 5,146,242
_______ _______ _______ _______ _______
At 30 June 2022 5,051,678 32,545 4,341 5,308 5,093,872
_______ _______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 July 2022 and 30 June 2023 5,000,000
_______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 June 2023
Aggregate cost 1,365,573 1,365,573
Aggregate depreciation - -
_______ _______
Carrying amount 1,365,573 1,365,573
_______ _______
At 30 June 2022
Aggregate cost 1,365,573 1,365,573
Aggregate depreciation - -
_______ _______
Carrying amount 1,365,573 1,365,573
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 July 2022 and 30 June 2023 51 51
_______ _______
Impairment
At 1 July 2022 and 30 June 2023 - -
_______ _______
Carrying amount
At 30 June 2023 51 51
_______ _______
At 30 June 2022 51 51
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Steelfields Limited Gads Hill, Gillingham, Kent, ME7 2RT Ordinary 100
Steelfields (Bulgaria) Ltd Razlog 2760, 5 Karakyoy Street, Bulgaria Ordinary 100
7. Debtors
2023 2022
£ £
Trade debtors 98,510 117,333
Amounts owed by group undertakings and undertakings in which the company has a participating interest 172,945 182,945
Other debtors 638,956 -
_______ _______
910,411 300,278
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 48,535 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 23,667
Corporation tax 74,174 71,710
Social security and other taxes 22,629 30,782
Other creditors 91,585 125,377
_______ _______
236,923 251,536
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr H Polhill - 10,000 - 10,000
Mr P Polhill ( 25,000) - 25,000 -
_______ _______ _______ _______
( 25,000) 10,000 25,000 10,000
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr H Polhill - ( 25,000) 25,000 -
Mr P Polhill - ( 140,000) 115,000 ( 25,000)
_______ _______ _______ _______
- ( 165,000) 140,000 ( 25,000)
_______ _______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Loan to group company ( 10,000) - 172,945 182,945
Loan to connected company 628,956 - 628,956 -
Loan from group company 23,667 - - ( 23,667)
_______ _______ _______ _______
The above loans have been made interest free, they are unsecured and have no fixed repayment schedules .
11. Controlling party
The company is controlled by P Polhill and H Polhill , directors and each holders of 50% of the Company's issued share capital.