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REGISTERED NUMBER: 03850152 (England and Wales)






















Idacom Steel Buildings Limited

Financial Statements for the Year Ended 31st December 2023






Idacom Steel Buildings Limited (Registered number: 03850152)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Idacom Steel Buildings Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: P R Coates
M R Laverack
K L Brown





SECRETARY: Mrs P E Benmasaud





REGISTERED OFFICE: Lancaster Road
Carnaby Industrial Estate
Bridlington
East Yorkshire
YO15 3QY





REGISTERED NUMBER: 03850152 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire HU2 8BA

Idacom Steel Buildings Limited (Registered number: 03850152)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 198,216 213,292

CURRENT ASSETS
Stocks 5 292,370 205,793
Debtors 6 3,543,737 3,162,406
Cash at bank and in hand 32,529 113,803
3,868,636 3,482,002
CREDITORS
Amounts falling due within one year 7 689,600 543,910
NET CURRENT ASSETS 3,179,036 2,938,092
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,377,252

3,151,384

PROVISIONS FOR LIABILITIES 46,995 50,719
NET ASSETS 3,330,257 3,100,665

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 44,980 44,980
Capital redemption reserve 51 51
Retained earnings 3,285,126 3,055,534
SHAREHOLDERS' FUNDS 3,330,257 3,100,665

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd September 2024 and were signed on its behalf by:




P R Coates - Director M R Laverack - Director




K L Brown - Director


Idacom Steel Buildings Limited (Registered number: 03850152)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Idacom Steel Buildings Limited 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.

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.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of steel structures is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Construction contracts
When the outcome of a construction contact can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to costs incurred to date and estimated costs to complete.

Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable.

When it is probable that contact costs will exceed the total contact turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.

Interest and other income
Interest income is recognised using the effective interest method.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold improvements - 20% on cost
Plant and machinery etc - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.


Idacom Steel Buildings Limited (Registered number: 03850152)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

Employee 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.

When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operated a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Government grants
Government grants receivable have been accounted for under the accrual model. The Coronavirus Job Retention Scheme (CJRS) grant has been recognised as income on a systematic basis over the periods in which the entity has recognised the related costs for which the grant is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 19 ) .

Idacom Steel Buildings Limited (Registered number: 03850152)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 533,085
Additions 60,088
Disposals (8,950 )
At 31st December 2023 584,223
DEPRECIATION
At 1st January 2023 319,793
Charge for year 75,164
Eliminated on disposal (8,950 )
At 31st December 2023 386,007
NET BOOK VALUE
At 31st December 2023 198,216
At 31st December 2022 213,292

5. STOCKS
2023 2022
£    £   
Stocks 244,604 180,409
Work-in-progress 47,766 25,384
292,370 205,793

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 72,769 154,061
Amounts owed by group undertakings 3,444,962 2,988,880
Other debtors 26,006 19,465
3,543,737 3,162,406

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 489,336 132,763
Amounts owed to group undertakings 38,702 38,311
Taxation and social security 133,595 349,598
Other creditors 27,967 23,238
689,600 543,910

Idacom Steel Buildings Limited (Registered number: 03850152)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 59,439 59,840
Between one and five years 14,035 70,542
73,474 130,382

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

11. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

2023 2022
£ £
Sales 2,636,080 3,792,353
Purchases 14,423 12,403
Amount due from related party 3,444,962 2,988,880
Amount due to related party 38,702 38,311

12. CONTROL RELATIONSHIPS

The company is controlled, by P R Coates by virtue of his majority shareholding in Ideal Building Systems Holdings Limited, the ultimate parent company.

Ultimate parent company
The company's parent company is Ideal Building Systems Limited. The registered office of this company is the same as the address for this company which can be found on page 1 of these financial statements.

The company's ultimate parent company is Ideal Building Systems Holdings Limited. The registered office of this company is the same as can be found on page 1 of these financial statements.

The largest and smallest group in which the results of the company are consolidated is that headed by Ideal Building Systems Holdings Limited. The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

13. GOVERNMENT GRANTS

During the year the company received Government grants totalling £nil (2022: £169). All conditions associated with he grants have been fulfilled. The grant income has been recorded within other operating income.