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COMPANY REGISTRATION NUMBER: 01165220
W.D. Steel Co. Limited
Filleted Unaudited Financial Statements
31 March 2024
W.D. Steel Co. Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
W.D. Steel Co. Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of W.D. Steel Co. Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of W.D. Steel Co. Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of W.D. Steel Co. Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of W.D. Steel Co. Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than W.D. Steel Co. Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that W.D. Steel Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of W.D. Steel Co. Limited. You consider that W.D. Steel Co. Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of W.D. Steel Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
8 November 2024
W.D. Steel Co. Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
74,700
76,500
Current assets
Debtors
5
779
779
Cash at bank and in hand
21,595
21,595
--------
--------
22,374
22,374
Creditors: amounts falling due within one year
6
11,822
11,822
--------
--------
Net current assets
10,552
10,552
--------
--------
Total assets less current liabilities
85,252
87,052
Provisions
Taxation including deferred tax
4,049
4,049
--------
--------
Net assets
81,203
83,003
--------
--------
Capital and reserves
Called up share capital
10,000
10,000
Fair value revaluation reserve
62,174
62,174
Profit and loss account
9,029
10,829
--------
--------
Shareholders funds
81,203
83,003
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
W.D. Steel Co. Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 November 2024 , and are signed on behalf of the board by:
Mr C Lilleyman
Mr N Lilleyman
Director
Director
Company registration number: 01165220
W.D. Steel Co. Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Downgate Drive, Sheffield, S4 8BU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
2% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, 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.
4. Tangible assets
Long leasehold property
£
Cost
At 1 April 2023 and 31 March 2024
90,000
--------
Depreciation
At 1 April 2023
13,500
Charge for the year
1,800
--------
At 31 March 2024
15,300
--------
Carrying amount
At 31 March 2024
74,700
--------
At 31 March 2023
76,500
--------
The company's long leasehold property was revalued by the directors as at 1 October 2015, the date the company transitioned to FRS 102. The value of the long leasehold property was determined as being £90,000 and, with this property originally costing £23,777, a sum of £66,223 has been transferred to the fair value revaluation reserve. A deferred tax provision of £4,049 (2023: £4,049) has been set against the fair value revaluation reserve sum of £66,223.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Long leasehold property
£
At 31 March 2024
Aggregate cost
23,777
Aggregate depreciation
(4,042)
--------
Carrying value
19,735
--------
At 31 March 2023
Aggregate cost
23,777
Aggregate depreciation
(3,567)
--------
Carrying value
20,210
--------
5. Debtors
2024
2023
£
£
Other debtors
779
779
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Related party loan
11,822
11,822
--------
--------
7. Related party transactions
The company is a wholly owned subsidiary of W D Steel (Holdings) Limited, which is controlled by Mr C Lilleyman and Mr N Lilleyman . At the balance sheet date, the company owed £11,822 to John S Shackleton (Sheffield) Ltd, a company related by common control. The loan is interest free, with no fixed repayment terms.