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REGISTERED NUMBER: 08353619 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

GB Steels Limited

GB Steels Limited (Registered number: 08353619)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GB Steels Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: M J Barnsley





SECRETARY: Mrs T Barnsley





REGISTERED OFFICE: Unit 2
Bassett Road
Park Lane Industrial Estate
Halesowen
West Midlands
B63 2RE





REGISTERED NUMBER: 08353619 (England and Wales)





ACCOUNTANTS: Pride Accountants
Polymer Court
Hope Street
Dudley
West Midlands
DY2 8RS

GB Steels Limited (Registered number: 08353619)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,859 999

CURRENT ASSETS
Stocks 69,393 62,646
Debtors 5 158,611 177,790
Cash at bank 149,752 137,355
377,756 377,791
CREDITORS
Amounts falling due within one year 6 253,204 246,118
NET CURRENT ASSETS 124,552 131,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

133,411

132,672

CREDITORS
Amounts falling due after more than one
year

7

(7,475

)

(12,420

)

PROVISIONS FOR LIABILITIES 9 (1,683 ) (190 )
NET ASSETS 124,253 120,062

CAPITAL AND RESERVES
Called up share capital 10 1,006 1,006
Retained earnings 123,247 119,056
SHAREHOLDERS' FUNDS 124,253 120,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

GB Steels Limited (Registered number: 08353619)

Balance Sheet - continued
31 January 2024


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 27 June 2024 and were signed by:





M J Barnsley - Director


GB Steels Limited (Registered number: 08353619)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

GB Steels 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

GB Steels Limited (Registered number: 08353619)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 579 2,142 2,531 5,252
Additions 10,816 - - 10,816
At 31 January 2024 11,395 2,142 2,531 16,068
DEPRECIATION
At 1 February 2023 516 1,942 1,795 4,253
Charge for year 2,720 50 186 2,956
At 31 January 2024 3,236 1,992 1,981 7,209
NET BOOK VALUE
At 31 January 2024 8,159 150 550 8,859
At 31 January 2023 63 200 736 999

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 156,971 177,386
Other debtors 1,640 404
158,611 177,790

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 192,044 182,583
Taxation and social security 28,781 31,257
Other creditors 27,379 27,278
253,204 246,118

GB Steels Limited (Registered number: 08353619)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 7,475 12,420

8. SECURED DEBTS

HSBC Bank Plc hold a personal guarantee from the director in respect of the overdraft facility.

9. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 1,683 190

Deferred
tax
£   
Balance at 1 February 2023 190
Provided during year 1,493
Balance at 31 January 2024 1,683

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
1,002 Ordinary £1 1,002 1,002
4 Ordinary "Non Voting" £1 4 4
1,006 1,006

11. ULTIMATE CONTROLLING PARTY

The controlling party is M J Barnsley.