Company registration number 01818508 (England and Wales)
WEST LANCASHIRE STEEL SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
WEST LANCASHIRE STEEL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WEST LANCASHIRE STEEL SERVICES LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
436,371
455,560
Current assets
Stocks
33,070
80,299
Debtors
4
300,218
391,083
Cash at bank and in hand
7,839
7,766
341,127
479,148
Creditors: amounts falling due within one year
5
(525,796)
(609,809)
Net current liabilities
(184,669)
(130,661)
Total assets less current liabilities
251,702
324,899
Creditors: amounts falling due after more than one year
6
(39,712)
(124,660)
Provisions for liabilities
(12,162)
(14,356)
Net assets
199,828
185,883
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
188,252
191,659
Profit and loss reserves
10,576
(6,776)
Total equity
199,828
185,883

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
S A Howie
C S Howie
Director
Director
Company Registration No. 01818508
WEST LANCASHIRE STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold buildings
2% on cost or valuation
Plant and machinery
12.5% on cost
Fixtures, fittings & equipment
20% on cost
Motor vehicles
25% on cost
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Ordinary shares are classified as equity. There are two classes of Ordinary shares. There are no restrictions on the distribution of dividends or the repayment of capital.

WEST LANCASHIRE STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Company information

West Lancashire Steel Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Abbotsfield Road, Reginald Road Industrial Estate, St Helens, WA9 4HU.

WEST LANCASHIRE STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
9
3
Tangible fixed assets
Leasehold buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
550,000
230,323
38,996
63,900
883,219
Additions
-
0
11,575
-
0
-
0
11,575
At 30 April 2024
550,000
241,898
38,996
63,900
894,794
Depreciation and impairment
At 1 May 2023
159,226
184,637
31,002
52,794
427,659
Depreciation charged in the year
9,971
14,281
274
6,238
30,764
At 30 April 2024
169,197
198,918
31,276
59,032
458,423
Carrying amount
At 30 April 2024
380,803
42,980
7,720
4,868
436,371
At 30 April 2023
390,774
45,686
7,994
11,106
455,560

 

The freehold and leasehold land and buildings were valued on an open market basis by a firm of independent Chartered Surveyors.

 

If these properties were sold for their revalued amounts it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation.

2024
2023
£
£
Cost
366,451
366,451
Accumulated depreciation
(173,900)
(167,336)
Carrying value
192,551
199,115
WEST LANCASHIRE STEEL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
276,553
368,139
Other debtors
23,665
22,944
300,218
391,083
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
27,373
32,286
Trade creditors
210,834
276,980
Taxation and social security
88,770
63,049
Other creditors
198,819
237,494
525,796
609,809

Included in trade creditors is an amount of £134,326 (2023 - £172,150) which relates to amounts owed to The Royal Bank of Scotland Commercial Services Limited. This liability is secured on gross trade debtors of £276,555 (2023 - £369,025).

The bank loan is secured by a first legal mortgage over land at Abbotsfield Road, Reginald Road Industrial Estate, St Helens, WA9 4HU.

 

An additional bank loan was taken out. This is a government backed Coronavirus Business Interruption Loan Scheme and is due to be repaid over 5 years.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
27,799
Other creditors
39,712
96,861
39,712
124,660

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

 

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