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COMPANY REGISTRATION NUMBER: 13414274
Overdale Steels Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Overdale Steels Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Overdale Steels Limited
Officers and Professional Advisers
Director
Mr M D Chapman
Registered office
3 Millers Ave
Brynmenyn Ind Est
Bridgend
CF32 9TD
Accountants
Clay Shaw Thomas Ltd
2 Oldfield Road
Bocam Park
Bridgend
CF35 5LJ
Overdale Steels Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
121,533
120,638
Current assets
Debtors
6
25,103
154,692
Cash at bank and in hand
55,207
108,045
--------
---------
80,310
262,737
Creditors: amounts falling due within one year
7
96,064
249,626
--------
---------
Net current (liabilities)/assets
( 15,754)
13,111
---------
---------
Total assets less current liabilities
105,779
133,749
Creditors: amounts falling due after more than one year
8
13,537
Provisions
Taxation including deferred tax
30,258
---------
---------
Net assets
75,521
120,212
---------
---------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
10
75,520
120,211
--------
---------
Shareholders funds
75,521
120,212
--------
---------
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 income and retained earnings has not been delivered.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Overdale Steels Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr M D Chapman
Director
Company registration number: 13414274
Overdale Steels Limited
Notes to the Financial Statements
Year ended 31 December 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 3 Millers Ave, Brynmenyn Ind Est, Bridgend, CF32 9TD.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor vehicles
-
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
121,538
121,538
Additions
500
37,615
38,115
----
---------
---------
At 31 December 2023
500
159,153
159,653
----
---------
---------
Depreciation
At 1 January 2023
900
900
Charge for the year
37,220
37,220
----
---------
---------
At 31 December 2023
38,120
38,120
----
---------
---------
Carrying amount
At 31 December 2023
500
121,033
121,533
----
---------
---------
At 31 December 2022
120,638
120,638
----
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
130,999
Other debtors
25,103
23,693
--------
---------
25,103
154,692
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
347
57,390
Social security and other taxes
10,300
Other creditors
85,417
192,236
--------
---------
96,064
249,626
--------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
13,537
----
--------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
11. Related party transactions
During the year the company had the following related party transactions with Overdale Construction Limited, a company under common control.
2023 2022
£ £
Construction recharges 334,745 219,914
Administration recharges 10,000 5,000
Rent recharges 4,000
Insurance 4,981
At the reporting period the company owed 69,075 (2022: £175,299) in connection with these charges. During the year the company also provided interest free loans to the amount of £285,000 which were fully repaid on 31 December 2023.