Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 05132692 Mr Simon Hoult Mrs Emma Hoult Mrs Emma Hoult iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05132692 2022-12-31 05132692 2023-12-31 05132692 2023-01-01 2023-12-31 05132692 frs-core:CurrentFinancialInstruments 2023-12-31 05132692 frs-core:PlantMachinery 2023-12-31 05132692 frs-core:PlantMachinery 2023-01-01 2023-12-31 05132692 frs-core:PlantMachinery 2022-12-31 05132692 frs-core:ShareCapital 2023-12-31 05132692 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 05132692 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05132692 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 05132692 frs-bus:SmallEntities 2023-01-01 2023-12-31 05132692 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05132692 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05132692 frs-bus:Director1 2023-01-01 2023-12-31 05132692 frs-bus:Director2 2023-01-01 2023-12-31 05132692 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 05132692 1 2023-01-01 2023-12-31 05132692 frs-countries:EnglandWales 2023-01-01 2023-12-31 05132692 2021-12-31 05132692 2022-12-31 05132692 2022-01-01 2022-12-31 05132692 frs-core:CurrentFinancialInstruments 2022-12-31 05132692 frs-core:ShareCapital 2022-12-31 05132692 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 05132692 1 2022-01-01 2022-12-31
Registered number: 05132692
Steelmans Broaches UK Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05132692
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,540 3,286
1,540 3,286
CURRENT ASSETS
Stocks 5 8,229 23,379
Debtors 6 10,704 2,692
Cash at bank and in hand 29,040 74,619
47,973 100,690
Creditors: Amounts Falling Due Within One Year 7 (36,864 ) (93,915 )
NET CURRENT ASSETS (LIABILITIES) 11,109 6,775
TOTAL ASSETS LESS CURRENT LIABILITIES 12,649 10,061
PROVISIONS FOR LIABILITIES
Deferred Taxation (293 ) (624 )
NET ASSETS 12,356 9,437
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 12,354 9,435
SHAREHOLDERS' FUNDS 12,356 9,437
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Hoult
Director
12 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Steelmans Broaches UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05132692 . The registered office is 32 Mill Hill Wood Way, Ibstock, Leicestershire, LE67 6QB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
2 2
2 2
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 28,288
As at 31 December 2023 28,288
Depreciation
As at 1 January 2023 25,002
Provided during the period 1,746
As at 31 December 2023 26,748
Net Book Value
As at 31 December 2023 1,540
As at 1 January 2023 3,286
5. Stocks
2023 2022
£ £
Stock 8,229 23,379
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 2,692
Prepayments and accrued income 10,704 -
10,704 2,692
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 8,371 2,031
Corporation tax 5,942 11,911
Other taxes and social security 1,300 4,458
Accruals and deferred income 900 890
Directors' loan accounts 20,351 74,625
36,864 93,915
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8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
Page 5