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REGISTERED NUMBER: SC105331 (Scotland)
















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Ayrshire Steels Limited

Ayrshire Steels Limited (Registered number: SC105331)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ayrshire Steels Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Robert Baxter
Valerie Anne Baxter





SECRETARY: Valerie Anne Baxter





REGISTERED OFFICE: 35 Glenburn Road
Prestwick
South Ayrshire
KA9 2NS





REGISTERED NUMBER: SC105331 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Ayrshire Steels Limited (Registered number: SC105331)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 77,438 72,039

CURRENT ASSETS
Stocks 151,432 199,900
Debtors 5 165,972 117,415
Cash at bank and in hand 78,153 139,101
395,557 456,416
CREDITORS
Amounts falling due within one year 6 173,873 172,120
NET CURRENT ASSETS 221,684 284,296
TOTAL ASSETS LESS CURRENT
LIABILITIES

299,122

356,335

CREDITORS
Amounts falling due after more than one
year

7

(24,658

)

(47,107

)

PROVISIONS FOR LIABILITIES (11,935 ) (7,685 )
NET ASSETS 262,529 301,543

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 257,529 296,543
SHAREHOLDERS' FUNDS 262,529 301,543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Ayrshire Steels Limited (Registered number: SC105331)

Balance Sheet - continued
29 February 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





Robert Baxter - Director


Ayrshire Steels Limited (Registered number: SC105331)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Ayrshire Steels Limited is a private company, limited by shares , registered in Scotland. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors review the working capital requirements of the company on a regular basis , which takes account of current resources, trading performance and future order levels all with a view to ensuring that adequate funds are available to meet obligations as they fall due . Having carried out this exercise the directors are satisfied that the accounts can be prepared on a going concern basis.

Turnover/revenue recognition
Turnover is derived from steel products and related services supplied by the company.

Turnover is measured at the fair value of services and products supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Ayrshire Steels Limited (Registered number: SC105331)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter of estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the terms of the lease.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 7 ) .

Ayrshire Steels Limited (Registered number: SC105331)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 14,372 121,937 54,998 8,277 199,584
Additions - 4,670 21,950 3,565 30,185
Disposals - - (31,995 ) - (31,995 )
At 29 February 2024 14,372 126,607 44,953 11,842 197,774
DEPRECIATION
At 1 March 2023 3,485 85,194 31,148 7,718 127,545
Charge for year 2,395 5,994 3,287 578 12,254
Eliminated on disposal - - (19,463 ) - (19,463 )
At 29 February 2024 5,880 91,188 14,972 8,296 120,336
NET BOOK VALUE
At 29 February 2024 8,492 35,419 29,981 3,546 77,438
At 28 February 2023 10,887 36,743 23,850 559 72,039

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 23,150 - 23,150
Additions - 21,950 21,950
At 29 February 2024 23,150 21,950 45,100
DEPRECIATION
At 1 March 2023 6,425 - 6,425
Charge for year 2,509 457 2,966
At 29 February 2024 8,934 457 9,391
NET BOOK VALUE
At 29 February 2024 14,216 21,493 35,709
At 28 February 2023 16,725 - 16,725

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 164,972 90,952
Other debtors 1,000 26,463
165,972 117,415

Ayrshire Steels Limited (Registered number: SC105331)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 14,605 4,630
Trade creditors 101,421 121,868
Taxation and social security 26,280 17,387
Other creditors 31,567 28,235
173,873 172,120

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 17,316 11,971
Other creditors 7,342 35,136
24,658 47,107

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,605 4,630
Between one and five years 17,316 11,971
31,921 16,601

Non-cancellable operating leases
2024 2023
£    £   
Within one year 42,713 57,000
Between one and five years 21,320 28,500
64,033 85,500

Ayrshire Steels Limited (Registered number: SC105331)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 35,136 60,571
Hire purchase contracts 31,921 16,601
67,057 77,172

The hire purchase liabilities are secured over the assets being financed.

The CBILS loan is supported by a 100% guarantee from the UK Government.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Robert Baxter and Valerie Anne Baxter
Balance outstanding at start of year 25,463 11,536
Amounts advanced - 13,927
Amounts repaid (25,760 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (297 ) 25,463