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REGISTERED NUMBER: 07108587 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st December 2023

for

Steelwork Services (Midlands) Limited

Steelwork Services (Midlands) Limited (Registered number: 07108587)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Steelwork Services (Midlands) Limited (Registered number: 07108587)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,634 10,324

CURRENT ASSETS
Stocks 40,000 40,000
Debtors 5 313,721 145,844
Cash at bank and in hand 11,158 44,153
364,879 229,997
CREDITORS
Amounts falling due within one year 6 289,279 178,987
NET CURRENT ASSETS 75,600 51,010
TOTAL ASSETS LESS CURRENT
LIABILITIES

143,234

61,334

CREDITORS
Amounts falling due after more than
one year

7

(65,963

)

(38,219

)

PROVISIONS FOR LIABILITIES (12,613 ) (1,709 )
NET ASSETS 64,658 21,406

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 63,658 20,406
SHAREHOLDERS' FUNDS 64,658 21,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

Steelwork Services (Midlands) Limited (Registered number: 07108587)

Balance Sheet - continued
31st December 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14th May 2024 and were signed by:





A Lally - Director


Steelwork Services (Midlands) Limited (Registered number: 07108587)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

Steelwork Services (Midlands) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07108587

Registered office: Nash Peak Works
Nash Peak Street
Tunstall
Stoke on Trent
Staffordshire
ST6 5BT

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


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 represents net invoiced sales of goods and services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied. Therefore, turnover also includes the element of work completed but not yet invoiced on service contracts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Steelwork Services (Midlands) Limited (Registered number: 07108587)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

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 10 (2022 - 8 ) .

Steelwork Services (Midlands) Limited (Registered number: 07108587)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st January 2023 50,960 12,685 1,536 65,181
Additions 24,923 52,000 2,748 79,671
Disposals - (8,220 ) - (8,220 )
At 31st December 2023 75,883 56,465 4,284 136,632
DEPRECIATION
At 1st January 2023 43,783 9,538 1,536 54,857
Charge for year 8,025 13,787 550 22,362
Eliminated on disposal - (8,221 ) - (8,221 )
At 31st December 2023 51,808 15,104 2,086 68,998
NET BOOK VALUE
At 31st December 2023 24,075 41,361 2,198 67,634
At 31st December 2022 7,177 3,147 - 10,324

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 50,000
At 31st December 2023 50,000
DEPRECIATION
Charge for year 12,500
At 31st December 2023 12,500
NET BOOK VALUE
At 31st December 2023 37,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 309,655 69,551
Other debtors 4,066 76,293
313,721 145,844

Steelwork Services (Midlands) Limited (Registered number: 07108587)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 5,956 5,957
Hire purchase contracts 10,000 -
Trade creditors 68,679 109,230
Taxation and social security 172,710 54,517
Other creditors 31,934 9,283
289,279 178,987

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 32,263 38,219
Hire purchase contracts 33,700 -
65,963 38,219

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 8,438 14,394