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COMET STEEL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






COMET STEEL LTD (REGISTERED NUMBER: 08105610)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMET STEEL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: P Horrocks
L Ward
D R White
S White
Mrs K L White





REGISTERED OFFICE: 1 Heath Mount Road
Brighouse
West Yorkshire
HD6 3RS





REGISTERED NUMBER: 08105610 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

COMET STEEL LTD (REGISTERED NUMBER: 08105610)

BALANCE SHEET
30 JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,491 27,715

CURRENT ASSETS
Debtors 5 537,913 853,060
Cash at bank and in hand 201,821 379,697
739,734 1,232,757
CREDITORS
Amounts falling due within one year 6 439,875 773,190
NET CURRENT ASSETS 299,859 459,567
TOTAL ASSETS LESS CURRENT LIABILITIES 339,350 487,282

PROVISIONS FOR LIABILITIES 7 8,056 5,266
NET ASSETS 331,294 482,016

CAPITAL AND RESERVES
Called up share capital 8 10,003 10,003
Retained earnings 321,291 472,013
SHAREHOLDERS' FUNDS 331,294 482,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

COMET STEEL LTD (REGISTERED NUMBER: 08105610)

BALANCE SHEET - continued
30 JUNE 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





D R White - Director


COMET STEEL LTD (REGISTERED NUMBER: 08105610)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Comet Steel Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

COMET STEEL LTD (REGISTERED NUMBER: 08105610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 9,093 2,418 71,242 33,148 115,901
Additions - - 32,250 - 32,250
Disposals - - (15,229 ) - (15,229 )
At 30 June 2023 9,093 2,418 88,263 33,148 132,922
DEPRECIATION
At 1 July 2022 7,060 2,158 52,323 26,645 88,186
Charge for year 508 65 10,963 1,626 13,162
Eliminated on disposal - - (7,917 ) - (7,917 )
At 30 June 2023 7,568 2,223 55,369 28,271 93,431
NET BOOK VALUE
At 30 June 2023 1,525 195 32,894 4,877 39,491
At 30 June 2022 2,033 260 18,919 6,503 27,715

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 328,292 544,435
Other debtors 113,974 133,904
Directors' current accounts 90,852 172,997
VAT 4,795 1,724
537,913 853,060

COMET STEEL LTD (REGISTERED NUMBER: 08105610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 40,063 13,192
Trade creditors 328,763 266,148
Tax 32,453 109,563
Social security and other taxes 3,119 8,746
Other creditors 28,338 28,565
Directors' current accounts 1,939 10,660
Accrued expenses 5,200 336,316
439,875 773,190

The directors' loan accounts are interest free and repayable on demand.

7. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax 8,056 5,266

Deferred
tax
£   
Balance at 1 July 2022 5,266
Accelerated capital allowances 2,790
Balance at 30 June 2023 8,056

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
10,000 Ordinary £1 10,000 10,000
1 Ordinary A £1 1 1
1 Ordinary B £1 1 1
1 Ordinary C £1 1 1
10,003 10,003