Steelmaster Products Ltd SC289345 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is The principal activity of the company during the year was manufacturing of tools. Digita Accounts Production Advanced 6.30.9574.0 true true SC289345 2023-04-01 2024-03-31 SC289345 2024-03-31 SC289345 core:RetainedEarningsAccumulatedLosses 2024-03-31 SC289345 core:ShareCapital 2024-03-31 SC289345 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 SC289345 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 SC289345 core:CurrentFinancialInstruments 2024-03-31 SC289345 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 SC289345 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 SC289345 core:Goodwill 2024-03-31 SC289345 core:MotorVehicles 2024-03-31 SC289345 core:OfficeEquipment 2024-03-31 SC289345 core:PlantMachinery 2024-03-31 SC289345 bus:SmallEntities 2023-04-01 2024-03-31 SC289345 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SC289345 bus:FilletedAccounts 2023-04-01 2024-03-31 SC289345 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 SC289345 bus:RegisteredOffice 2023-04-01 2024-03-31 SC289345 bus:Director1 2023-04-01 2024-03-31 SC289345 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-01 2024-03-31 SC289345 bus:OrdinaryShareClass2 bus:CumulativeShares 2023-04-01 2024-03-31 SC289345 bus:OrdinaryShareClass3 bus:CumulativeShares 2023-04-01 2024-03-31 SC289345 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC289345 core:Goodwill 2023-04-01 2024-03-31 SC289345 core:MotorVehicles 2023-04-01 2024-03-31 SC289345 core:OfficeEquipment 2023-04-01 2024-03-31 SC289345 core:PlantMachinery 2023-04-01 2024-03-31 SC289345 countries:Scotland 2023-04-01 2024-03-31 SC289345 2023-03-31 SC289345 core:Goodwill 2023-03-31 SC289345 core:MotorVehicles 2023-03-31 SC289345 core:OfficeEquipment 2023-03-31 SC289345 core:PlantMachinery 2023-03-31 SC289345 2022-04-01 2023-03-31 SC289345 2023-03-31 SC289345 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC289345 core:ShareCapital 2023-03-31 SC289345 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 SC289345 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 SC289345 core:CurrentFinancialInstruments 2023-03-31 SC289345 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 SC289345 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 SC289345 core:MotorVehicles 2023-03-31 SC289345 core:OfficeEquipment 2023-03-31 SC289345 core:PlantMachinery 2023-03-31 SC289345 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-04-01 2023-03-31 SC289345 bus:OrdinaryShareClass2 bus:CumulativeShares 2022-04-01 2023-03-31 SC289345 bus:OrdinaryShareClass3 bus:CumulativeShares 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: SC289345

Steelmaster Products Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Steelmaster Products Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 9

 

Steelmaster Products Ltd

(Registration number: SC289345)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

110,991

143,403

Current assets

 

Stocks

6

26,000

26,000

Debtors

7

51,603

47,698

Cash at bank and in hand

 

163,916

106,646

 

241,519

180,344

Creditors: Amounts falling due within one year

8

(74,675)

(51,228)

Net current assets

 

166,844

129,116

Total assets less current liabilities

 

277,835

272,519

Creditors: Amounts falling due after more than one year

8

-

(22,792)

Provisions for liabilities

(20,466)

(26,488)

Net assets

 

257,369

223,239

Capital and reserves

 

Called up share capital

6

6

Retained earnings

257,363

223,233

Shareholders' funds

 

257,369

223,239

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Income Statement.

 

Steelmaster Products Ltd

(Registration number: SC289345)
Statement of Financial Position as at 31 March 2024

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
Mr A B Jeans
Director

 

Steelmaster Products Ltd

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

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
15 Philip Street
Carnoustie
Angus
DD7 6ED

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

 

Steelmaster Products Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Straight Line

Motor Vehicles

30% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Steelmaster Products Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 5 (2023 - 4).

 

Steelmaster Products Ltd

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

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 April 2023

27,890

At 31 March 2024

27,890

Amortisation

At 1 April 2023

27,890

At 31 March 2024

27,890

Carrying amount

At 31 March 2024

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

301,124

5,081

59,043

365,248

Additions

-

775

-

775

At 31 March 2024

301,124

5,856

59,043

366,023

Depreciation

At 1 April 2023

205,639

1,583

14,623

221,845

Charge for the year

19,096

765

13,326

33,187

At 31 March 2024

224,735

2,348

27,949

255,032

Carrying amount

At 31 March 2024

76,389

3,508

31,094

110,991

At 31 March 2023

95,485

3,498

44,420

143,403

 

Steelmaster Products Ltd

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

6

Stocks

2024
£

2023
£

Other inventories

26,000

26,000

7

Debtors

2024
£

2023
£

Trade debtors

48,448

47,698

Other debtors

3,155

-

51,603

47,698

 

Steelmaster Products Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

22,792

27,351

Trade creditors

 

1,508

5,310

Taxation and social security

 

37,204

3,652

Accruals and deferred income

 

3,076

750

Other creditors

 

10,095

14,165

 

74,675

51,228

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

22,792

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

22,792

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

22,792

27,351

 

Steelmaster Products Ltd

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

10

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £2,300.00 (2023 - £2,100.00) per each Ordinary A

4,600

6,300

Final dividend of £2,300.00 (2023 - £2,100.00) per each Ordinary B

4,600

6,300

Final dividend of £2,300.00 (2023 - £Nil) per each Ordinary C

4,600

-

13,800

12,600