IRIS Accounts Production v24.2.0.383 02294309 Board of Directors 1.5.23 30.4.24 30.4.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022943092023-04-30022943092024-04-30022943092023-05-012024-04-30022943092022-04-30022943092022-05-012023-04-30022943092023-04-3002294309ns15:EnglandWales2023-05-012024-04-3002294309ns14:PoundSterling2023-05-012024-04-3002294309ns10:Director12023-05-012024-04-3002294309ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3002294309ns10:SmallEntities2023-05-012024-04-3002294309ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3002294309ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3002294309ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3002294309ns10:FullAccounts2023-05-012024-04-300229430912023-05-012024-04-3002294309ns10:Director22023-05-012024-04-3002294309ns10:Director32023-05-012024-04-3002294309ns10:Director42023-05-012024-04-3002294309ns10:CompanySecretary12023-05-012024-04-3002294309ns10:RegisteredOffice2023-05-012024-04-3002294309ns5:CurrentFinancialInstruments2024-04-3002294309ns5:CurrentFinancialInstruments2023-04-3002294309ns5:ShareCapital2024-04-3002294309ns5:ShareCapital2023-04-3002294309ns5:RetainedEarningsAccumulatedLosses2024-04-3002294309ns5:RetainedEarningsAccumulatedLosses2023-04-3002294309ns5:NetGoodwill2023-05-012024-04-3002294309ns5:PlantMachinery2023-05-012024-04-3002294309ns5:FurnitureFittings2023-05-012024-04-3002294309ns5:MotorVehicles2023-05-012024-04-3002294309ns5:NetGoodwill2023-04-3002294309ns5:NetGoodwill2024-04-3002294309ns5:NetGoodwill2023-04-3002294309ns5:PlantMachinery2023-04-3002294309ns5:FurnitureFittings2023-04-3002294309ns5:MotorVehicles2023-04-3002294309ns5:PlantMachinery2024-04-3002294309ns5:FurnitureFittings2024-04-3002294309ns5:MotorVehicles2024-04-3002294309ns5:PlantMachinery2023-04-3002294309ns5:FurnitureFittings2023-04-3002294309ns5:MotorVehicles2023-04-3002294309ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3002294309ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-30
REGISTERED NUMBER: 02294309 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

LETCHWORTH STEEL LTD

LETCHWORTH STEEL LTD (REGISTERED NUMBER: 02294309)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LETCHWORTH STEEL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: S J Eldridge
R Currell
C Currell
Mrs D Eldridge





SECRETARY: S J Eldridge





REGISTERED OFFICE: Unit 29 Jubilee Trade Centre
Jubilee Road
Letchworth
Herts
SG6 1SP





REGISTERED NUMBER: 02294309 (England and Wales)





ACCOUNTANTS: Bradshaw Johnson
Chartered Accountants
Croft Chambers
11 Bancroft
Hitchin
Hertfordshire
SG5 1JQ

LETCHWORTH STEEL LTD (REGISTERED NUMBER: 02294309)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 71,215 54,253
71,215 54,253

CURRENT ASSETS
Stocks 440,461 531,944
Debtors 6 116,044 199,898
Cash at bank and in hand 304,192 226,394
860,697 958,236
CREDITORS
Amounts falling due within one year 7 351,003 447,382
NET CURRENT ASSETS 509,694 510,854
TOTAL ASSETS LESS CURRENT
LIABILITIES

580,909

565,107

PROVISIONS FOR LIABILITIES 13,900 (7,327 )
NET ASSETS 567,009 572,434

CAPITAL AND RESERVES
Called up share capital 1,002 1,002
Retained earnings 566,007 571,432
567,009 572,434

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

LETCHWORTH STEEL LTD (REGISTERED NUMBER: 02294309)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 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 Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





S J Eldridge - Director


LETCHWORTH STEEL LTD (REGISTERED NUMBER: 02294309)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Letchworth Steel Ltd 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 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 consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortized.

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 - 15% on reducing balance
Fixtures and fittings - 25% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


LETCHWORTH STEEL LTD (REGISTERED NUMBER: 02294309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 29 (2023 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 45,000
AMORTISATION
At 1 May 2023
and 30 April 2024 45,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

LETCHWORTH STEEL LTD (REGISTERED NUMBER: 02294309)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 167,093 59,669 133,863 360,625
Additions 453 1,404 33,100 34,957
At 30 April 2024 167,546 61,073 166,963 395,582
DEPRECIATION
At 1 May 2023 139,440 56,451 110,481 306,372
Charge for year 4,154 902 12,939 17,995
At 30 April 2024 143,594 57,353 123,420 324,367
NET BOOK VALUE
At 30 April 2024 23,952 3,720 43,543 71,215
At 30 April 2023 27,653 3,218 23,382 54,253

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 81,179 134,682
Other debtors 34,865 65,216
116,044 199,898

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 321,504 347,626
Taxation and social security 27,299 97,656
Other creditors 2,200 2,100
351,003 447,382