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REGISTERED NUMBER: 09853803 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 November 2023

for

ABC Steelproducts Ltd

ABC Steelproducts Ltd (Registered number: 09853803)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABC Steelproducts Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTOR: J E Chitty





REGISTERED OFFICE: Airport House
Suite 43-45
Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 09853803 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

ABC Steelproducts Ltd (Registered number: 09853803)

Balance Sheet
30 November 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 312,900 382,510
Cash at bank 100,659 152,842
413,559 535,352
CREDITORS
Amounts falling due within one year 5 (45,499 ) (110,724 )
NET CURRENT ASSETS 368,060 424,628
TOTAL ASSETS LESS CURRENT
LIABILITIES

368,060

424,628

CREDITORS
Amounts falling due after more than one year 6 - (5,246 )
NET ASSETS 368,060 419,382

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Retained earnings 7 308,060 359,382
368,060 419,382

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

ABC Steelproducts Ltd (Registered number: 09853803)

Balance Sheet - continued
30 November 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 director and authorised for issue on 23 August 2024 and were signed by:





J E Chitty - Director


ABC Steelproducts Ltd (Registered number: 09853803)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

ABC Steelproducts 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.

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


The principal activity of the company continued to be that of steel trading.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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.

TURNOVER
Turnover represents amounts receivable for steel products net of VAT and trade discounts.

FINANCIAL INSTRUMENTS
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit and loss account 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 in respect of all material timing differences that have originated but not reversed at the balance sheet date.

PROVISION FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

ABC Steelproducts Ltd (Registered number: 09853803)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

FOREIGN EXCHANGE
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 176,585 357,236
Amounts owed by associates 150 98
Other debtors 136,165 25,176
312,900 382,510

The director considers the carrying value of trade and other receivables approximate to their fair values.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 2,008
Trade creditors 592 3,868
Taxation and social security 1,425 61,501
Other creditors 43,482 43,347
45,499 110,724

The director considers the carrying amounts of current liabilities approximate to their fair values. Amount included in other creditors are interest free and repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 5,246

The director considers the carrying amounts of long-term liabilities approximate to their fair values.

ABC Steelproducts Ltd (Registered number: 09853803)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

8. RELATED PARTY DISCLOSURES

At the balance sheet date, included in trade debtors is the amount due from Tresman Ltd of £171,508 (2022 - £354,159), a company in which J E Chitty is a director and majority shareholder.

At the balance sheet date, included in other creditors is the amount of £40,688 (2022 - £40,688) due to company - Tresman Ltd, a company in which J E Chitty is a director and majority shareholder and £49 (2022 - £49) due to company - Belmont & Knott Ltd, a company in which J E Chitty is a director.

At the balance sheet date, included in amounts owed by associates in debtors are the amount due from holding company - Gardener Steel Ltd of £150 (2022 - 98).