REGISTERED NUMBER: |
CENTRAL STEEL PICKLING LIMITED |
Financial Statements for the Year Ended 31 July 2023 |
REGISTERED NUMBER: |
CENTRAL STEEL PICKLING LIMITED |
Financial Statements for the Year Ended 31 July 2023 |
CENTRAL STEEL PICKLING LIMITED (REGISTERED NUMBER: 01701555) |
Contents of the Financial Statements |
for the year ended 31 July 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 6 |
CENTRAL STEEL PICKLING LIMITED |
Company Information |
for the year ended 31 July 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
CUBO Birmingham |
Office 401, 4th Floor |
Birmingham |
West Midlands |
B3 3AX |
Bankers: |
81 High Street |
Stourbridge |
DY8 1EB |
CENTRAL STEEL PICKLING LIMITED (REGISTERED NUMBER: 01701555) |
Statement of Financial Position |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings |
Shareholders' funds |
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 |
CENTRAL STEEL PICKLING LIMITED (REGISTERED NUMBER: 01701555) |
Notes to the Financial Statements |
for the year ended 31 July 2023 |
1. | Statutory information |
Central Steel Pickling Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
The company's directors believe that the financial statements of the company should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements. They believe that no further disclosures relating to the ability of the company to continue as going concerns need to be made in the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Government grants |
Grants which are of a revenue nature are credited to the profit and loss account in the same period as the related expenditure. |
Tangible fixed assets |
All fixed assets are initially recorded at cost. |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Freehold Properties | - | 2% straight line |
Plant & Machinery | - | 10% reducing balance |
Fixtures & Fittings | - | 10% reducing balance |
Motor Vehicles | - | 20% reducing balance |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 statement of financial position date. |
CENTRAL STEEL PICKLING LIMITED (REGISTERED NUMBER: 01701555) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
2. | Accounting policies - continued |
Hire purchase and leasing commitments |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 August 2022 |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 July 2023 |
Depreciation |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
CENTRAL STEEL PICKLING LIMITED (REGISTERED NUMBER: 01701555) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 August 2022 |
Disposals | ( |
) |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Directors' loan accounts | 151,720 | - |
Prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 191,194 | 89,304 |
Other creditors |
Directors' loan accounts | - | 7,993 |
Accruals and deferred income |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
CENTRAL STEEL PICKLING LIMITED (REGISTERED NUMBER: 01701555) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
10. | Reserves |
Fair value |
reserve |
£ |
At 1 August 2022 |
Revaluation | (246,944 | ) |
At 31 July 2023 |
11. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | Directors' advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year | ( |
) | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The overdrawn amount has been repaid within 9 months of the year-end. |
13. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
P G Anderson, the director, is the controlling party by virtue of his shareholding in the parent company CSP Holdings Limited. |
At the end of the year the balance on P G Anderson's loan account was £151,720 owed to the company (2022: £7,993 due from the company) and this is included in debtors. During the year interest in the sum of £Nil (2022: £4,706) was charged and paid on the outstanding balance. |
During the year, the company also paid rent of £45,000 (2022: £45,000) to P G Anderson. |
14. | Ultimate parent company |
The immediate and ultimate parent company is C S P Holdings Limited, a company also incorporated and registered in England and Wales. |