Company registration number 11698024 (England and Wales)
SOLENT STEEL STRUCTURES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
SOLENT STEEL STRUCTURES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SOLENT STEEL STRUCTURES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
34,658
16,520
Current assets
Stocks
1,000
10,000
Debtors
4
281,095
369,666
Cash at bank and in hand
487,206
16,254
769,301
395,920
Creditors: amounts falling due within one year
5
(610,762)
(307,719)
Net current assets
158,539
88,201
Total assets less current liabilities
193,197
104,721
Creditors: amounts falling due after more than one year
6
(215,010)
(254,598)
Provisions for liabilities
(8,665)
(2,000)
Net liabilities
(30,478)
(151,877)
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
(30,488)
(151,887)
Total equity
(30,478)
(151,877)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SOLENT STEEL STRUCTURES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 July 2023
Mr R Hill-Cousins
Director
Company Registration No. 11698024
SOLENT STEEL STRUCTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Solent Steel Structures Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19a Lymington Enterprise Centre, Ampress Lane, Lymington, Hampshire, SO41 8LZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
SOLENT STEEL STRUCTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.6
Taxation
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, 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
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
SOLENT STEEL STRUCTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
4
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
371
261
3,565
13,990
18,187
Additions
789
1,667
32,690
35,146
Disposals
(13,990)
(13,990)
At 31 March 2023
371
1,050
5,232
32,690
39,343
Depreciation and impairment
At 1 April 2022
142
143
1,382
1,667
Depreciation charged in the year
57
218
702
5,539
6,516
Eliminated in respect of disposals
(3,498)
(3,498)
At 31 March 2023
199
361
2,084
2,041
4,685
Carrying amount
At 31 March 2023
172
689
3,148
30,649
34,658
At 31 March 2022
229
118
2,183
13,990
16,520
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
231,313
345,010
Other debtors
49,782
24,656
281,095
369,666
SOLENT STEEL STRUCTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
47,822
44,188
Trade creditors
423,598
199,932
Taxation and social security
36,545
51,032
Other creditors
102,797
12,567
610,762
307,719
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
206,683
254,598
Other creditors
8,327
215,010
254,598
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.00
(8,715)
35,460
87
(4,769)
22,063
(8,715)
35,460
87
(4,769)
22,063