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Registration number: 01646686

Trefoil Steel Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Trefoil Steel Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Trefoil Steel Company Limited

Company Information

Directors

ED Bloor

SGG Bloor

RG Bloor

OC Bloor

Company secretary

ED Bloor

Registered office

Palm Tree Works
31 Staniforth Road
Sheffield
South Yorkshire
S9 3HB

 

Trefoil Steel Company Limited

(Registration number: 01646686)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

313,918

401,904

Current assets

 

Stocks

5

218,478

189,467

Debtors

6

1,070,152

1,128,106

Cash at bank and in hand

 

888,122

683,625

 

2,176,752

2,001,198

Creditors: Amounts falling due within one year

7

(1,173,164)

(1,159,951)

Net current assets

 

1,003,588

841,247

Total assets less current liabilities

 

1,317,506

1,243,151

Provisions for liabilities

(78,479)

(130,035)

Net assets

 

1,239,027

1,113,116

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,238,027

1,112,116

Shareholders' funds

 

1,239,027

1,113,116

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Trefoil Steel Company Limited

(Registration number: 01646686)
Balance Sheet as at 31 May 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
RG Bloor
Director

 

Trefoil Steel Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Palm Tree Works
31 Staniforth Road
Sheffield
South Yorkshire
S9 3HB
United Kingdom

These financial statements were authorised for issue by the Board on 1 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Trefoil Steel Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Loose tools

15% on reducing balance

Fixtures and fittings

15% on reducing balance

Motor vehicle

25% on reducing balance

Plant and machinery

25% on reducing balance

Computer equipment

25% on cost

Freehold property

at varying rates on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Trefoil Steel Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 22).

 

Trefoil Steel Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 June 2023

22,677

53,164

1,258,318

8,577

Additions

-

-

9,907

2,231

Disposals

-

-

(1,090)

-

At 31 May 2024

22,677

53,164

1,267,135

10,808

Depreciation

At 1 June 2023

12,081

48,942

924,920

8,576

Charge for the year

566

635

83,295

1,116

At 31 May 2024

12,647

49,577

1,008,215

9,692

Carrying amount

At 31 May 2024

10,030

3,587

258,920

1,116

At 31 May 2023

10,596

4,222

333,398

1

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

85,350

1,428,086

Additions

-

12,138

Disposals

-

(1,090)

At 31 May 2024

85,350

1,439,134

Depreciation

At 1 June 2023

31,663

1,026,182

Charge for the year

13,422

99,034

At 31 May 2024

45,085

1,125,216

Carrying amount

At 31 May 2024

40,265

313,918

At 31 May 2023

53,687

401,904

Included within the net book value of land and buildings above is £10,030 (2023 - £10,596) in respect of freehold land and buildings.
 

 

Trefoil Steel Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

45,058

69,013

Work in progress

173,420

120,454

218,478

189,467

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

949,572

897,119

Amounts owed by related parties

8

35,221

142,704

Prepayments

 

3,628

7,713

Other debtors

 

81,731

80,570

   

1,070,152

1,128,106

 

Trefoil Steel Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

118,818

145,254

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

470,999

368,997

Taxation and social security

 

150,004

108,649

Accruals and deferred income

 

385,036

492,814

Other creditors

 

48,307

44,237

 

1,173,164

1,159,951

8

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

RG Bloor

R G Bloor

5,684

-

(5,684)

-

OC Bloor

O C Bloor

-

7,345

-

7,345

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

RG Bloor

R G Bloor

2,461

3,223

-

5,684

OC Bloor

O C Bloor

5,224

-

(5,224)

-

 

Trefoil Steel Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Parent and ultimate parent undertaking

The company's immediate parent is Palm Tree Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Keighley Property Company Limited, incorporated in England and Wales.