REGISTERED NUMBER: |
The British Steel Frame Company Ltd |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
REGISTERED NUMBER: |
The British Steel Frame Company Ltd |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
The British Steel Frame Company Ltd (Registered number: 00297386) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The British Steel Frame Company Ltd |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Atlantic House |
8 Bell Lane |
Bellbrook Industrial Estate |
Uckfield |
East Sussex |
TN22 1QL |
The British Steel Frame Company Ltd (Registered number: 00297386) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
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 | 8 |
Fair value reserve | 9 |
Capital redemption 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. |
The British Steel Frame Company Ltd (Registered number: 00297386) |
Balance Sheet - continued |
31 January 2024 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The British Steel Frame Company Ltd (Registered number: 00297386) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
The British Steel Frame Company Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the fair value of certain assets. |
Turnover |
Rents from investment properties are credited to the profit and loss account when due. |
Other income |
Income from fixed asset investments including dividends and interest is credited to the profit and loss account when received in the year. Bank deposit interest is credited to the profit and loss account on an accruals basis. |
Investment property |
Investment property is shown at fair value at each reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
The investment property fair values of £3,455,000 (2023 - £2,060,000) and the gain of £1,395,000 (2023 - £24,000) included in the profit for the year were determined by Rayners Property Consultants (2023 - the directors). |
Investments |
Listed fixed asset investments are measured at fair value through the profit and loss account. The fair value of £2,128,419 (2023 - £2,163,857) and the loss of £119,227 (2023 - gain of £137,947) included in the profit for the year were determined by reference to the bid price at the year end date. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
The British Steel Frame Company Ltd (Registered number: 00297386) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,691,407 | 1,596,880 |
The British Steel Frame Company Ltd (Registered number: 00297386) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Revaluations | 1,395,000 |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
and 31 January 2024 | 2,933 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
If investment properties had not been valued on a fair basis they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 134,619 | 134,619 |
Aggregate depreciation | (2,933 | ) | (2,933 | ) |
Investment properties were valued on a fair value basis on 19 July 2023 by Rayners Commercial Property Consultants. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
The British Steel Frame Company Ltd (Registered number: 00297386) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 February 2023 |
Transfer of fair value gain | 1,395,000 |
Recognition of deferred tax | (430,128 | ) |
At 31 January 2024 |
10. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £42,448 were paid to the directors . |