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B G Steels Ltd
Registered Number:06025183
For the year ended 31 December 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 December 2023
B G Steels Ltd
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
06025183
As at 31 December 2023
B G Steels Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
23,973
23,372
2
23,973
23,372
Current assets
Trade and other receivables
22,663
23,405
3
22,702
Cash and cash equivalents
22,747
46,152
45,365
Trade and other payables: amounts falling due within one
year
(61,568)
(68,939)
4
(16,203)
(22,787)
Net current liabilities
Total assets less current liabilities
1,186
7,169
1,186
Net assets
7,169
Capital and reserves
Called up share capital
100
100
Retained earnings
1,086
7,069
1,186
7,169
Shareholders' funds
For the year ended 31 December 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr B.J. Hague Director
These financial statements were approved and authorised for issue by the Board on 14 March 2024 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 December 2023
B G Steels Ltd
Notes to the Financial Statements
Statutory Information
B G Steels Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration
number 06025183.
Registered address:
Omega Court
368 Cemetery Road
Sheffield
S11 8FT
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Turnover is recognised on the completion of each large contract assignment or small job, in accordance with the contract terms.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
25% Reducing balance
Fixtures and fittings
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the
expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such
depreciation would be immaterial. The directors undertake an annual impairment review of these properties.
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 the 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 timing differences. 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 future profits.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
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5
For the year ended 31 December 2023
B G Steels Ltd
Notes to the Financial Statements Continued
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
2. Property, plant and equipment
Total
Fixtures and
fittings
Leasehold
properties
£
£
£
Cost or
valuation
At 01 January 2023
34,821
12,165
22,656
1,041
1,041
-
Additions
At 31 December 2023
22,656
13,206
35,862
Provision for depreciation and impairment
At 01 January 2023
11,449
11,449
-
Charge for year
440
440
-
At 31 December 2023
11,889
11,889
-
At 31 December 2023
Net book value
22,656
1,317
23,973
At 31 December 2022
22,656
716
23,372
3. Trade and other receivables
2022
2023
£
£
Trade debtors
16,972
22,291
Other debtors
6,433
372
22,663
23,405
4. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Trade creditors
469
841
Taxation and social security
57,513
56,306
Other creditors
10,957
4,421
68,939
61,568
5. Related party transactions
The directors are also shareholders of the company. Dividends paid to the directors, as shareholders of the
company, during the year (with the previous year shown in brackets) were as follows: Mr A.W. Collington
£97,349 (£62,827); Mr B.J. Hague £96,448 (£59,300).
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6
For the year ended 31 December 2023
B G Steels Ltd
Notes to the Financial Statements Continued
6. Average number of persons employed
During the year the average number of employees was 4 (2022 : 6)
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