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Registered number: 04638645
Mansfield Steel Services Limited
Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04638645
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 377,057 381,725
377,057 381,725
CURRENT ASSETS
Stocks 5 36,218 41,049
Debtors 6 260,002 281,429
Cash at bank and in hand 175,509 273,284
471,729 595,762
Creditors: Amounts Falling Due Within One Year 7 (310,308 ) (355,698 )
NET CURRENT ASSETS (LIABILITIES) 161,421 240,064
TOTAL ASSETS LESS CURRENT LIABILITIES 538,478 621,789
Creditors: Amounts Falling Due After More Than One Year 8 (108,857 ) (136,707 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,244 ) (4,622 )
NET ASSETS 424,377 480,460
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 424,277 480,360
SHAREHOLDERS' FUNDS 424,377 480,460
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr W Patman
Director
7 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mansfield Steel Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04638645 . The registered office is The Broadway, Mansfield, Nottinghamshire, NG18 2RL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 50 years straight line
Leasehold 50 Years straight line
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 20% and 33% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 14)
10 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2023 397,110 68,956 23,938 9,256
Additions - - - 6,567
Disposals - - - -
As at 31 August 2024 397,110 68,956 23,938 15,823
Depreciation
As at 1 September 2023 39,711 54,002 18,304 6,734
Provided during the period 7,942 2,996 1,408 1,817
Disposals - - - -
As at 31 August 2024 47,653 56,998 19,712 8,551
Net Book Value
As at 31 August 2024 349,457 11,958 4,226 7,272
As at 1 September 2023 357,399 14,954 5,634 2,522
Computer Equipment Total
£ £
Cost
As at 1 September 2023 10,626 509,886
Additions 4,884 11,451
Disposals (3,740 ) (3,740 )
As at 31 August 2024 11,770 517,597
...CONTINUED
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Page 5
Depreciation
As at 1 September 2023 9,410 128,161
Provided during the period 1,904 16,067
Disposals (3,688 ) (3,688 )
As at 31 August 2024 7,626 140,540
Net Book Value
As at 31 August 2024 4,144 377,057
As at 1 September 2023 1,216 381,725
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Motor Vehicles - 5,621
5. Stocks
2024 2023
£ £
Stock 20,253 20,427
Work in progress 15,965 20,622
36,218 41,049
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 252,506 279,360
Prepayments and accrued income 1,414 1,231
Other debtors - retentions - 838
Other taxes and social security 6,082 -
260,002 281,429
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 1,874
Trade creditors 183,509 125,281
Bank loans and overdrafts 37,263 37,263
Corporation tax 56,174 98,376
Other taxes and social security - 2,602
VAT 25,510 66,994
Other creditors - 12,131
Accruals and deferred income 1,980 1,980
Bills of exchange 5,872 9,197
310,308 355,698
Page 5
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 108,857 136,707
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 1,874
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6