Registered number
07469612
M A H Steel Limited
Filleted Accounts
31 December 2023
M A H Steel Limited
Registered number: 07469612
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 401,022 386,876
Current assets
Stocks 84,650 174,900
Debtors 4 522,853 753,474
Cash at bank and in hand 3,236,870 2,405,377
3,844,373 3,333,751
Creditors: amounts falling due within one year 5 (1,450,283) (1,303,339)
Net current assets 2,394,090 2,030,412
Net assets 2,795,112 2,417,288
Capital and reserves
Called up share capital 130 130
Profit and loss account 2,794,982 2,417,158
Shareholders' funds 2,795,112 2,417,288
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Hall
Director
Approved by the board on 29 August 2024
M A H Steel Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Premises lease costs over 10 years
Plant and machinery 15% reducing balance
Fixtures, fittings and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 39 39
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 26,431 153,590 714,759 894,780
Additions - 9,875 99,500 109,375
Disposals - - (81,359) (81,359)
At 31 December 2023 26,431 163,465 732,900 922,796
Depreciation
At 1 January 2023 11,013 87,881 409,010 507,904
Charge for the year 2,643 11,021 74,728 88,392
On disposals - - (74,522) (74,522)
At 31 December 2023 13,656 98,902 409,216 521,774
Net book value
At 31 December 2023 12,775 64,563 323,684 401,022
At 31 December 2022 15,418 65,709 305,749 386,876
4 Debtors 2023 2022
£ £
Trade debtors 350,850 573,555
Other debtors 172,003 179,919
522,853 753,474
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 98 7,413
Trade creditors 872,815 1,038,604
Taxation and social security costs 561,543 246,114
Other creditors 15,827 11,208
1,450,283 1,303,339
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases
Within one year 225,000 225,000
Within two to five years 206,250
225,000 431,250
7 Other information
M A H Steel Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit G1-G2
Imperial Business Estate
West Mill
Gravesend
DA11 0DL
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