30 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-15 Sage Accounts Production Advanced 2021 - FRS102_2021 10,001 10,001 583 583 9,418 xbrli:pure xbrli:shares iso4217:GBP 14236996 2022-07-15 2023-02-28 14236996 2023-02-28 14236996 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-15 2023-02-28 14236996 core:FurnitureFittings 2022-07-15 2023-02-28 14236996 core:NetGoodwill 2022-07-15 2023-02-28 14236996 bus:Director1 2022-07-15 2023-02-28 14236996 core:NetGoodwill 2023-02-28 14236996 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 14236996 core:PlantMachinery 2023-02-28 14236996 core:FurnitureFittings 2023-02-28 14236996 core:PlantMachinery 2022-07-15 2023-02-28 14236996 core:MotorVehicles 2022-07-15 2023-02-28 14236996 core:WithinOneYear 2023-02-28 14236996 core:ShareCapital 2023-02-28 14236996 core:RetainedEarningsAccumulatedLosses 2023-02-28 14236996 core:BetweenOneFiveYears 2023-02-28 14236996 core:MoreThanFiveYears 2023-02-28 14236996 bus:SmallEntities 2022-07-15 2023-02-28 14236996 bus:AuditExemptWithAccountantsReport 2022-07-15 2023-02-28 14236996 bus:FullAccounts 2022-07-15 2023-02-28 14236996 bus:SmallCompaniesRegimeForAccounts 2022-07-15 2023-02-28 14236996 bus:PrivateLimitedCompanyLtd 2022-07-15 2023-02-28 14236996 core:ToolsEquipment 2022-07-15 2023-02-28 14236996 core:ToolsEquipment 2023-02-28
COMPANY REGISTRATION NUMBER: 14236996
STEELCRAFT (NE) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
STEELCRAFT (NE) LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
28 Feb 23
Note
£
£
FIXED ASSETS
Intangible assets
5
9,418
Tangible assets
6
56,914
--------
66,332
CURRENT ASSETS
Stocks
34,248
Debtors
7
238,859
Cash at bank and in hand
8,889
---------
281,996
CREDITORS: amounts falling due within one year
8
418,469
---------
NET CURRENT LIABILITIES
136,473
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 70,141)
--------
NET LIABILITIES
( 70,141)
--------
CAPITAL AND RESERVES
Called up share capital fully paid
150
Profit and loss account
( 70,291)
--------
SHAREHOLDERS DEFICIT
( 70,141)
--------
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.
For the period ending 28 February 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 period 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 .
STEELCRAFT (NE) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 14236996
STEELCRAFT (NE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 15 JULY 2022 TO 28 FEBRUARY 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 Unit 5 Alderman Wood Road, Tanfield South Industrial Estate, Tanfield Lea, County Durham, DH9 9XF.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the directors and creditors. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold improvements
-
20% straight line
Plant and machinery
-
10% and 33% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% straight line
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 30 .
5. INTANGIBLE ASSETS
Goodwill
£
Cost
Additions
10,001
--------
At 28 February 2023
10,001
--------
Amortisation
Charge for the period
583
--------
At 28 February 2023
583
--------
Carrying amount
At 28 February 2023
9,418
--------
6. TANGIBLE ASSETS
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 15 Jul 2022
Additions
45,512
33,324
4,995
20,000
4,200
108,031
Disposals
( 25,000)
( 1,000)
( 20,000)
( 4,000)
( 50,000)
--------
--------
-------
--------
-------
---------
At 28 Feb 2023
45,512
8,324
3,995
200
58,031
--------
--------
-------
--------
-------
---------
Depreciation
At 15 Jul 2022
Charge for the period
759
192
133
33
1,117
--------
--------
-------
--------
-------
---------
At 28 Feb 2023
759
192
133
33
1,117
--------
--------
-------
--------
-------
---------
Carrying amount
At 28 Feb 2023
44,753
8,132
3,862
167
56,914
--------
--------
-------
--------
-------
---------
7. DEBTORS
28 Feb 23
£
Trade debtors
37,428
Other debtors
201,431
---------
238,859
---------
8. CREDITORS: amounts falling due within one year
28 Feb 23
£
Trade creditors
86,778
Amounts owed to group undertakings and undertakings in which the company has a participating interest
256,992
Social security and other taxes
52,958
Other creditors
21,741
---------
418,469
---------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
28 Feb 23
£
Not later than 1 year
94,490
Later than 1 year and not later than 5 years
314,790
Later than 5 years
310,165
---------
719,445
---------
10. GOING CONCERN
The directors have considered the period to 30 November 2024 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.