2023-04-012024-03-312024-03-31false04347092Northallerton Steel Erection 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Northallerton Steel Erection Limited

Registered Number
04347092
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Northallerton Steel Erection Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

HOGG, David
HOGG, Natalie Jane

Company Secretary

HOGG, Natalie Jane

Registered Address

Whiteways
Wooden Hill Lane Romanby
Northallerton
DL7 8UX

Registered Number

04347092 (England and Wales)
Northallerton Steel Erection Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,039,816792,836
1,039,816792,836
Current assets
Debtors4314,112318,925
Cash at bank and on hand226,22292,452
540,334411,377
Creditors amounts falling due within one year5(318,626)(287,739)
Net current assets (liabilities)221,708123,638
Total assets less current liabilities1,261,524916,474
Creditors amounts falling due after one year6(367,919)(353,626)
Provisions for liabilities8(252,400)(190,400)
Net assets641,205372,448
Capital and reserves
Called up share capital300300
Profit and loss account640,905372,148
Shareholders' funds641,205372,448
The financial statements were approved and authorised for issue by the Board of Directors on 29 September 2024, and are signed on its behalf by:
HOGG, Natalie Jane
Director
Registered Company No. 04347092
Northallerton Steel Erection Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles20
Office Equipment20
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year1214
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 231,177,077195,0486,5341,378,659
Additions285,000162,444-447,444
Disposals(220,000)--(220,000)
At 31 March 241,242,077357,4926,5341,606,103
Depreciation and impairment
At 01 April 23551,28329,1255,415585,823
Charge for year91,60546,042224137,871
On disposals(157,407)--(157,407)
At 31 March 24485,48175,1675,639566,287
Net book value
At 31 March 24756,596282,3258951,039,816
At 31 March 23625,794165,9231,119792,836
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables229,440264,629
Other debtors84,67253,296
Prepayments and accrued income-1,000
Total314,112318,925
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables13,29548,710
Bank borrowings and overdrafts10,00010,000
Taxation and social security69,54014,627
Finance lease and HP contracts204,361169,922
Other creditors4,05013,188
Accrued liabilities and deferred income17,38031,292
Total318,626287,739
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured on the assets of the business.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts12,89022,890
Other creditors355,029330,736
Total367,919353,626
Liabilities under finance leases and hire purchase are secured against the assets to which they relate.
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts355,029330,736
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)252,400190,400
Total252,400190,400
9.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £8,050 (2023 - £8,021). Contributions of £1,422 (2023 - £1,323) were payable to the funds at the reporting date.
10.Related party transactions
Included in other creditors is a loan from the directors. The loan is interest free with no set terms for repayment.