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REGISTERED NUMBER: 01628791 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Masteel Limited

Masteel Limited (Registered number: 01628791)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Masteel Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: I F Ellis





REGISTERED OFFICE: 7 Lansdowne Road
Skegness
Lincolnshire
PE25 2DJ





REGISTERED NUMBER: 01628791 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

Masteel Limited (Registered number: 01628791)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 3,995,326 3,680,250

CURRENT ASSETS
Debtors 5 13,367 14,140
Cash at bank and in hand 66,407 98,343
79,774 112,483
CREDITORS
Amounts falling due within one year 6 239,516 200,262
NET CURRENT LIABILITIES (159,742 ) (87,779 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,835,584

3,592,471

CREDITORS
Amounts falling due after more than one
year

7

(486,745

)

(328,689

)

PROVISIONS FOR LIABILITIES (217,407 ) (217,407 )
NET ASSETS 3,131,432 3,046,375

CAPITAL AND RESERVES
Called up share capital 9 30 30
Capital redemption reserve 89,248 89,248
Fair value reserve 10 1,712,231 1,712,231
Retained earnings 1,329,923 1,244,866
SHAREHOLDERS' FUNDS 3,131,432 3,046,375

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

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

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 director and authorised for issue on 19 September 2024 and were signed by:





I F Ellis - Director


Masteel Limited (Registered number: 01628791)

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

1. STATUTORY INFORMATION

Masteel 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. INVESTMENT PROPERTY


Masteel Limited (Registered number: 01628791)

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

4. INVESTMENT PROPERTY - continued

COST OR VALUATION £   
At 1 January 2023 3,680,250
Additions 315,076
At 31 December 2023 3,995,326
NET BOOK VALUE
At 31 December 2023 3,995,326
At 31 December 2022 3,680,250
Cost or valuation at 31 December 2023 is represented by:
£   
Valuation in 2022 119,717
Valuation in 2021 120,000
Valuation in 2019 55,000
Valuation in 2018 (360,000 )
Valuation in 2017 635,000
Valuation in 2016 25,000
Valuation in 2015 1,334,921
Cost 2,065,688
3,995,326

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 11,983 10,579
Other debtors 1,384 3,561
13,367 14,140

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 75,552 50,990
Trade creditors 100,688 85,141
Taxation and social security 25,016 28,871
Other creditors 38,260 35,260
239,516 200,262

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 486,745 328,689

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 351,478 180,946

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 562,297 379,679

Masteel Limited (Registered number: 01628791)

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30 Ordinary £1 30 30

10. RESERVES
Fair
value
reserve
£   
At 1 January 2023
and 31 December 2023 1,712,231