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COMPANY REGISTRATION NUMBER: 02893656
Steel Investments Limited
Filleted Financial Statements
31 July 2023
Steel Investments Limited
Financial Statements
Year ended 31 July 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Steel Investments Limited
Officers and Professional Advisers
The board of directors
Mr G J L Orchard
Mrs V J Orchard Bsc (Hons) MRICS
Mr B D Orchard
Mrs W A Orchard
Registered office
Maypole House
Maypole Street
Wombourne
Staffordshire
WV5 9JB
Auditor
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG
Steel Investments Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,859
4,375
Investments
6
5,461,000
5,461,000
------------
------------
5,462,859
5,465,375
Current assets
Debtors
7
173,839
142,389
Cash at bank and in hand
543,151
770,600
---------
---------
716,990
912,989
Creditors: amounts falling due within one year
8
1,167,932
1,284,538
------------
------------
Net current liabilities
450,942
371,549
------------
------------
Total assets less current liabilities
5,011,917
5,093,826
Creditors: amounts falling due after more than one year
9
2,116,421
2,287,544
Provisions
Taxation including deferred tax
10
105,834
96,754
------------
------------
Net assets
2,789,662
2,709,528
------------
------------
Capital and reserves
Called up share capital
12
200,000
200,000
Profit and loss account
13
2,589,662
2,509,528
------------
------------
Shareholders funds
2,789,662
2,709,528
------------
------------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Steel Investments Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 6 February 2024 , and are signed on behalf of the board by:
Mr G J L Orchard
Director
Company registration number: 02893656
Steel Investments Limited
Notes to the Financial Statements
Year ended 31 July 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 Maypole House, Maypole Street, Wombourne, Staffordshire, WV5 9JB.
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, 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
The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern as the directors are not aware of any reason why the company cannot meet its anticipated future financial obligations from its own working capital.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property rentals due in the year, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
10% straight line
Motor Vehicles
-
25% straight line
Computer Equipment
-
25% straight line
Investments
Investment property is initially recorded 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.
If a reliable measure of fair value is no longer available without undue cost or effort then that item of investment property, shall be transferred to tangible assets and treated as such until fair value can be reliably measured on an on-going basis.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Defined contribution pension scheme
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 as a finance cost 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 6 (2022: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2022
8,323
3,531
57,463
6,346
75,663
Disposals
( 8,323)
( 3,531)
( 11,854)
-------
-------
--------
-------
--------
At 31 July 2023
57,463
6,346
63,809
-------
-------
--------
-------
--------
Depreciation
At 1 August 2022
7,393
3,531
57,463
2,901
71,288
Charge for the year
227
1,586
1,813
Disposals
( 7,620)
( 3,531)
( 11,151)
-------
-------
--------
-------
--------
At 31 July 2023
57,463
4,487
61,950
-------
-------
--------
-------
--------
Carrying amount
At 31 July 2023
1,859
1,859
-------
-------
--------
-------
--------
At 31 July 2022
930
3,445
4,375
-------
-------
--------
-------
--------
6. Investments
Investment Properties
£
Cost
At 1 August 2022 and 31 July 2023
5,461,000
------------
Impairment
At 1 August 2022 and 31 July 2023
------------
Carrying amount
At 31 July 2023
5,461,000
------------
At 31 July 2022
5,461,000
------------
Included within investments properties are valuations carried out by Colliers International in March 2014 of £5,460,000 which the directors have incorporated in these financial statements. The valuations are market value at that time which the directors do not believe is materially different to that at the year end. The historical cost of the investment properties is £3,968,474 (2022: £3,968,474).
7. Debtors
2023
2022
£
£
Trade debtors
127,786
113,089
Prepayments and accrued income
46,053
29,300
---------
---------
173,839
142,389
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
227,626
104,885
Trade creditors
11,914
8,957
Accruals and deferred income
112,982
105,782
Corporation tax
25,733
103,700
Social security and other taxes
28,319
30,736
Director loan accounts
711,095
864,642
Other creditors
50,263
65,836
------------
------------
1,167,932
1,284,538
------------
------------
The security given by the company for the bank loan is a first legal charge over it's investment properties and debenture over it's assets.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
2,116,421
2,287,544
------------
------------
The security given by the company for the bank loan is a first legal charge over it's investment properties and debenture over it's assets.
Included within creditors amounts falling due after more than one year is an amount of £1,770,993 (2022: £1,829,349) in respect of liabilities payable or repayable by installments which fall due for payment after more than five years from the reporting date. This loan has an applicable interest rate of 8.10% as at 31st July 2023.
10. Provisions
Deferred tax (note 11)
£
At 1 August 2022
96,754
Additions
9,080
---------
At 31 July 2023
105,834
---------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
105,834
96,754
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
40,116
36,147
Fair value adjustment of investment property
65,718
60,607
---------
--------
105,834
96,754
---------
--------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
200,000
200,000
200,000
200,000
---------
---------
---------
---------
13. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. The profit and loss account includes £1,492,527 (2022: £1,492,527) of non distributable reserves, with the remainder being distributable.
14. Summary audit opinion
The auditor's report for the year dated 6 February 2024 was unqualified .
The senior statutory auditor was Hannah Justice FCA FCCA , for and on behalf of BSN Associates Limited .