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COMPANY REGISTRATION NUMBER: 03829753
Steelmart International Limited
Filleted Unaudited Financial Statements
30 September 2023
Steelmart International Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
83,471
74,207
Current assets
Stocks
124,851
130,464
Debtors
6
422,327
456,549
Cash at bank and in hand
12,422
11,345
---------
---------
559,600
598,358
Creditors: amounts falling due within one year
7
644,629
646,954
---------
---------
Net current liabilities
85,029
48,596
---------
---------
Total assets less current liabilities
( 1,558)
25,611
Creditors: amounts falling due after more than one year
8
56,197
80,352
---------
---------
Net liabilities
( 57,755)
( 54,741)
---------
---------
Capital and reserves
Called up share capital
9
150,003
150,003
Revaluation reserve
35,154
41,754
Profit and loss account
( 242,912)
( 246,498)
---------
---------
Shareholders deficit
( 57,755)
( 54,741)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Steelmart International Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
Mr J J Dorman
Director
Company registration number: 03829753
Steelmart International Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Waterloo Road, Wolverhampton, West Midlands, WV1 4DJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2022
102,687
1,832
11,678
4,031
120,228
Additions
20,662
20,662
---------
---------
---------
---------
---------
At 30 September 2023
123,349
1,832
11,678
4,031
140,890
---------
---------
---------
---------
---------
Depreciation
At 1 October 2022
29,247
1,064
11,679
4,031
46,021
Charge for the year
11,068
184
146
11,398
---------
---------
---------
---------
---------
At 30 September 2023
40,315
1,248
11,825
4,031
57,419
---------
---------
---------
---------
---------
Carrying amount
At 30 September 2023
83,034
584
( 147)
83,471
---------
---------
---------
---------
---------
At 30 September 2022
73,440
768
( 1)
74,207
---------
---------
---------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
387,711
352,208
Amounts owed by a related company
66,699
Prepayments and accrued income
11,836
15,038
Other debtors
22,780
22,604
---------
---------
422,327
456,549
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
23,354
22,553
Trade creditors
230,079
267,803
Accruals and deferred income
11,088
12,759
Social security and other taxes
46,746
35,554
Invoice discounting advances
333,362
308,285
---------
---------
644,629
646,954
---------
---------
Advances against debtors are secured against the debtors. See note 9 for details of bank loan.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
56,197
80,352
---------
---------
The company has two bank loans: The first loan is a Covid Bounce Back loan which is guaranteed by the government and is repayable by monthly instalments of £914. The second loan is a Covided Recovery loan which is guaranteed by the Government and is repayable by monthly instalments o£ £1,696.
9. Called up share capital
Authorised share capital
2023
2022
No
£
No
£
Ordinary shares of £ 1 each
200,000
200,000
200,000
200,000
Ordinary ''B'' Class shares of £ 1 each
50,000
50,000
50,000
50,000
---------
---------
---------
---------
250,000
250,000
250,000
250,000
---------
---------
---------
---------
Issued, called up and fully paid
2023
2022
No
£
No
£
Ordinary shares of £ 1 each
150,000
150,000
150,000
150,000
Ordinary ''B'' Class shares of £ 1 each
3
3
3
3
---------
---------
---------
---------
150,003
150,003
150,003
150,003
---------
---------
---------
---------
10. Directors' advances, credits and guarantees
The balance due from the directors at the balance sheet date was £22,331 (202-£22,604).
11. Related party transactions
The company was under the control of the director throughout the current and previous year. During the year the company has recharged various costs to a related company, Jackfield Tubes Limited. The balance due from Jackfield Tubes Limited at the balance sheet date was £0 (2022 - to £66,699).