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REGISTERED NUMBER: 01701555 (England and Wales)















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: Mr P Anderson
Mrs J Turner
Mr S J Tonks
Mr K Cresswell



Registered office: Nomex House
Powke Lane
Cradley Heath
West Midlands
B64 5PX



Registered number: 01701555 (England and Wales)



Auditors: Cooper Parry Group Limited
Statutory Auditor
CUBO Birmingham
Office 401, 4th Floor
Birmingham
West Midlands
B3 3AX



Bankers: Barclays Bank Plc
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 4 186,924 789,427
Investment property 5 - 581,241
186,924 1,370,668

Current assets
Stocks 2,938 2,909
Debtors 6 1,499,544 504,054
Cash at bank and in hand 1,457,461 1,437,424
2,959,943 1,944,387
Creditors
Amounts falling due within one year 7 419,780 385,795
Net current assets 2,540,163 1,558,592
Total assets less current liabilities 2,727,087 2,929,260

Provisions for liabilities 37,467 173,371
Net assets 2,689,620 2,755,889

Capital and reserves
Called up share capital 9 10,000 10,000
Fair value reserve 10 - 246,944
Retained earnings 2,679,620 2,498,945
Shareholders' funds 2,689,620 2,755,889

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 April 2024 and were signed on its behalf by:





Mr P Anderson - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 32 (2022 - 34 ) .

4. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 August 2022 963,433 755,797 35,836 63,950 1,819,016
Disposals (974,092 ) (13,316 ) - (292 ) (987,700 )
Reclassification/transfer 10,659 - - - 10,659
At 31 July 2023 - 742,481 35,836 63,658 841,975
Depreciation
At 1 August 2022 390,131 583,457 21,415 34,586 1,029,589
Charge for year - 17,148 1,439 5,846 24,433
Eliminated on disposal (413,971 ) (8,627 ) - (213 ) (422,811 )
Reclassification/transfer 23,840 - - - 23,840
At 31 July 2023 - 591,978 22,854 40,219 655,051
Net book value
At 31 July 2023 - 150,503 12,982 23,439 186,924
At 31 July 2022 573,302 172,340 14,421 29,364 789,427

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 581,241
Disposals (581,241 )
At 31 July 2023 -
Net book value
At 31 July 2023 -
At 31 July 2022 581,241

6. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 509,877 472,288
Amounts owed by group undertakings 800,840 -
Directors' loan accounts 151,720 -
Prepayments 37,107 31,766
1,499,544 504,054

7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 85,402 68,473
Corporation tax 75,990 81,383
Social security and other taxes 32,030 26,017
VAT 191,194 89,304
Other creditors 3,729 83,751
Directors' loan accounts - 7,993
Accruals and deferred income 31,435 28,874
419,780 385,795

8. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£ £
Within one year 4,628 2,574
Between one and five years 1,928 -
6,556 2,574

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,000 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 246,944
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.

Nichola Venables ACA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

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
£ £
Mr P Anderson
Balance outstanding at start of year (7,993 ) (114,370 )
Amounts advanced 159,713 241,083
Amounts repaid - (134,706 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 151,720 (7,993 )

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.