Company registration number 06951036 (England and Wales)
Steelwork Engineering Services Limited
Unaudited
financial statements
for the year ended 31 July 2023
PAGES FOR FILING WITH REGISTRAR
Steelwork Engineering Services Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Steelwork Engineering Services Limited
Statement of financial position
as at 31 July 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
29,656
26,627
Current assets
Stocks
29,949
110,098
Debtors
281,165
703,886
Cash at bank and in hand
110,656
149,701
421,770
963,685
Creditors: amounts falling due within one year
(298,301)
(698,163)
Net current assets
123,469
265,522
Total assets less current liabilities
153,125
292,149
Creditors: amounts falling due after more than one year
(20,156)
(191,254)
Provisions for liabilities
4
(8,648)
(5,059)
Net assets
124,321
95,836
Capital and reserves
Called up share capital
5
300
300
Profit and loss reserves
124,021
95,536
Total equity
124,321
95,836
Steelwork Engineering Services Limited
Statement of financial position (continued)
as at 31 July 2023
31 July 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 16 April 2024
D McCrudden
Director
Company registration number 06951036 (England and Wales)
Steelwork Engineering Services Limited
Notes to the Financial Statements
for the year ended 31 July 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration received for goods provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon provision of goods.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. the carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is the settled or the asset required, based on tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Steelwork Engineering Services Limited
Notes to the Financial Statements (continued)
for the year ended 31 July 2023
1
Accounting policies
(continued)
- 4 -
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
10
3
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
31,589
58,663
90,252
Additions
16,875
16,875
Disposals
(23,013)
(23,013)
At 31 July 2023
31,589
52,525
84,114
Depreciation and impairment
At 1 August 2022
15,447
48,178
63,625
Depreciation charged in the year
3,228
5,433
8,661
Eliminated in respect of disposals
(17,828)
(17,828)
At 31 July 2023
18,675
35,783
54,458
Carrying amount
At 31 July 2023
12,914
16,742
29,656
At 31 July 2022
16,142
10,485
26,627
4
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8,648
5,059
Steelwork Engineering Services Limited
Notes to the Financial Statements (continued)
for the year ended 31 July 2023
- 5 -
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
A Ordinary Shares of £1 each
100
100
100
100
B Ordinary Shares of £1 each
100
100
100
100
300
300
300
300
6
Parent company
The ultimate parent is JLD Holdings Ltd, a company registered in England And Wales. The registered office is Unit M, Airedale Trading Park, Skipton Road, Crosshills, BD20 7DS.
7
Company information
Steelwork Engineering Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit M, Airedale Trading Park, Skipton Road, Crosshills, BD20 7DS.