Company Registration No. 14288056 (England and Wales)
Elite Steel Works Ltd
Unaudited accounts
for the period from 10 August 2022 to 31 August 2023
Elite Steel Works Ltd
Unaudited accounts
Contents
Elite Steel Works Ltd
Company Information
for the period from 10 August 2022 to 31 August 2023
Director
Mukund Naran Dabasia
Company Number
14288056 (England and Wales)
Registered Office
5 Boundary Road
East Lane Business Park
Wembley
Middlesex
HA9 7NF
England
Elite Steel Works Ltd
Statement of financial position
as at 31 August 2023
Cash at bank and in hand
57,758
Creditors: amounts falling due within one year
(91,626)
Total assets less current liabilities
55,530
Provisions for liabilities
Called up share capital
300
Profit and loss account
50,948
Shareholders' funds
51,248
For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the period in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 20 November 2023 and were signed on its behalf by
Mukund Naran Dabasia
Director
Company Registration No. 14288056
Elite Steel Works Ltd
Notes to the Accounts
for the period from 10 August 2022 to 31 August 2023
Elite Steel Works Ltd is a private company, limited by shares, registered in England and Wales, registration number 14288056. The registered office is 5 Boundary Road, East Lane Business Park, Wembley, Middlesex, HA9 7NF, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% reducing balance
Fixtures & fittings
20% reducing balance
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Elite Steel Works Ltd
Notes to the Accounts
for the period from 10 August 2022 to 31 August 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Tangible fixed assets
Total
Charge for the period
2,553
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to director
-
300
300
-
Loans to directors are liable to interest at HMRC approves rates.
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Average number of employees
During the period the average number of employees was 7.