REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
PROSTEEL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
PROSTEEL LIMITED |
PROSTEEL LIMITED (REGISTERED NUMBER: 04933460) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PROSTEEL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
61 Station Road |
Sudbury |
Suffolk |
CO10 2SP |
PROSTEEL LIMITED (REGISTERED NUMBER: 04933460) |
BALANCE SHEET |
31 OCTOBER 2023 |
31.10.22 | 31.10.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
( |
) | NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
8 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
PROSTEEL LIMITED (REGISTERED NUMBER: 04933460) |
BALANCE SHEET - continued |
31 OCTOBER 2023 |
31.10.22 | 31.10.23 |
£ | £ | Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PROSTEEL LIMITED (REGISTERED NUMBER: 04933460) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Prosteel Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of work completed during the year, by reference to invoiced sales and the movement between opening and closing trade debtor and work in progress balances. |
Goodwill |
Website |
Website costs are being amortised evenly over an estimated useful economic life of five years. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property - 10% on cost |
Plant and machinery - 10% on reducing balance |
Fixtures and fittings - 10% on reducing balance |
Motor vehicles - 10% on reducing balance |
Computer equipment - 10% on reducing balance |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value,after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts. |
PROSTEEL LIMITED (REGISTERED NUMBER: 04933460) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals | Goodwill | Website |
£ | £ | £ |
COST |
At 1 November 2022 |
and 31 October 2023 |
AMORTISATION |
At 1 November 2022 |
Amortisation for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
5. | TANGIBLE FIXED ASSETS |
Included in the above are fixtures & fittings, plant & machinery, motor vehicles, computer equipment and property improvements which have been purchased under hire purchase agreements. |
The net book value of these assets as at 31st October 2023 was £104,186 (2022- £85,194) and the depreciation charge for the year was £11,577 (2022 - £9,467). |
PROSTEEL LIMITED (REGISTERED NUMBER: 04933460) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 October 2023 is represented by: |
Improvements |
to | Plant and |
Totals | property | machinery |
£ | £ | £ |
Valuation in 2017 | 20,937 | 1,383 | 20,383 |
Cost | 553,413 | 21,574 | 361,736 |
574,350 | 22,957 | 382,119 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment |
£ | £ | £ |
Valuation in 2017 | (685 | ) | 26 | (170 | ) |
Cost | 7,425 | 143,838 | 18,840 |
6,740 | 143,864 | 18,670 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
PROSTEEL LIMITED (REGISTERED NUMBER: 04933460) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
Hire purchase contracts |