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REGISTERED NUMBER: 09594547 (England and Wales)















F M STEEL SERVICES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


F M STEEL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: F McMillan
L McMillan





REGISTERED OFFICE: Bay 2
Old Britannia Buildings
Dorset Road
Sheerness
Kent
ME12 1NB





REGISTERED NUMBER: 09594547 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
89 King Street
Maidstone
Kent
ME14 1BG

F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 59,004 66,220
59,004 66,220

CURRENT ASSETS
Debtors 7 199,171 264,007
Cash at bank 3,478 50,349
202,649 314,356
CREDITORS
Amounts falling due within one year 8 143,362 299,726
NET CURRENT ASSETS 59,287 14,630
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,291

80,850

CREDITORS
Amounts falling due after more than one
year

9

(40,396

)

(65,274

)

PROVISIONS FOR LIABILITIES (11,359 ) (15,369 )
NET ASSETS 66,536 207

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 66,436 107
SHAREHOLDERS' FUNDS 66,536 207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023


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 22 February 2024 and were signed on its behalf by:





F McMillan - Director


F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

F M Steel Services 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The directors consider it appropriate to continue to adopt the going concern basis in preparing the financial statements and are confident that the company will generate and retain sufficient resources to enable the company to continue to operate for the foreseeable future.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover represents net invoiced services provided, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

3. 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 7 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 10,000
AMORTISATION
At 1 June 2022
and 31 May 2023 10,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 191,491
Additions 10,999
At 31 May 2023 202,490
DEPRECIATION
At 1 June 2022 125,271
Charge for year 18,215
At 31 May 2023 143,486
NET BOOK VALUE
At 31 May 2023 59,004
At 31 May 2022 66,220

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 110,138 58,869
Other Debtors 16,899 44,673
Director's current account 27,233 119,417
VAT 16,408 -
Prepayments and accrued income 28,493 41,048
199,171 264,007

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans - less than 1 yr 12,069 12,069
Trade creditors 66,601 78,551
Other taxes and PAYE taxes 14,095 75,164
VAT - 10,933
Other creditors 36,000 96,223
Credit card 2,497 9,950
Accrued expenses 2,100 6,836
143,362 299,726

F M STEEL SERVICES LIMITED (REGISTERED NUMBER: 09594547)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 12,991 26,459
Other loans - 1-2 years 12,069 12,069
Other loans - 2-5 years 5,336 16,746
40,396 65,274

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
1 Share capital 1 100 100 100