Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3118The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01false16falsetruefalse 04604424 2023-04-01 2024-03-31 04604424 2022-04-01 2023-03-31 04604424 2024-03-31 04604424 2023-03-31 04604424 2022-04-01 04604424 c:Director1 2023-04-01 2024-03-31 04604424 c:Director3 2023-04-01 2024-03-31 04604424 d:PlantMachinery 2023-04-01 2024-03-31 04604424 d:PlantMachinery 2024-03-31 04604424 d:PlantMachinery 2023-03-31 04604424 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04604424 d:MotorVehicles 2023-04-01 2024-03-31 04604424 d:MotorVehicles 2024-03-31 04604424 d:MotorVehicles 2023-03-31 04604424 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04604424 d:FurnitureFittings 2023-04-01 2024-03-31 04604424 d:FurnitureFittings 2024-03-31 04604424 d:FurnitureFittings 2023-03-31 04604424 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04604424 d:ComputerEquipment 2023-04-01 2024-03-31 04604424 d:ComputerEquipment 2024-03-31 04604424 d:ComputerEquipment 2023-03-31 04604424 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04604424 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04604424 d:CurrentFinancialInstruments 2024-03-31 04604424 d:CurrentFinancialInstruments 2023-03-31 04604424 d:Non-currentFinancialInstruments 2024-03-31 04604424 d:Non-currentFinancialInstruments 2023-03-31 04604424 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04604424 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04604424 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04604424 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04604424 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 04604424 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 04604424 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 04604424 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 04604424 d:ShareCapital 2024-03-31 04604424 d:ShareCapital 2023-03-31 04604424 d:RetainedEarningsAccumulatedLosses 2024-03-31 04604424 d:RetainedEarningsAccumulatedLosses 2023-03-31 04604424 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04604424 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04604424 d:OtherDeferredTax 2024-03-31 04604424 d:OtherDeferredTax 2023-03-31 04604424 c:OrdinaryShareClass1 2023-04-01 2024-03-31 04604424 c:OrdinaryShareClass1 2024-03-31 04604424 c:OrdinaryShareClass1 2023-03-31 04604424 c:FRS102 2023-04-01 2024-03-31 04604424 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04604424 c:FullAccounts 2023-04-01 2024-03-31 04604424 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04604424 d:WithinOneYear 2024-03-31 04604424 d:WithinOneYear 2023-03-31 04604424 d:BetweenOneFiveYears 2024-03-31 04604424 d:BetweenOneFiveYears 2023-03-31 04604424 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 04604424














D.M. STEELWORKS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
D.M. STEELWORKS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
D.M. STEELWORKS LIMITED
REGISTERED NUMBER:04604424

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
37,953
30,268

  
37,953
30,268

Current assets
  

Stocks
 5 
289,340
1,285,773

Debtors: amounts falling due within one year
 6 
753,042
718,115

Cash at bank and in hand
 7 
191,542
802,639

  
1,233,924
2,806,527

Creditors: amounts falling due within one year
 8 
(520,854)
(1,493,896)

Net current assets
  
 
 
713,070
 
 
1,312,631

Total assets less current liabilities
  
751,023
1,342,899

Creditors: amounts falling due after more than one year
 9 
(62,976)
(103,353)

Provisions for liabilities
  

Deferred tax
 11 
(4,289)
(5,347)

  
 
 
(4,289)
 
 
(5,347)

Net assets
  
683,758
1,234,199


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
683,658
1,234,099

  
683,758
1,234,199


1

 
D.M. STEELWORKS LIMITED
REGISTERED NUMBER:04604424
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D D Mitchell
P M Walters
Director
Director


Date: 11 November 2024

The notes on pages 3 to 9 form part of these financial statements.

2

 
D.M. STEELWORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

D.M. Steelworks Limited is a private company, limited by shares, registered in England and Wales, registration number 04604424. The registered offiice address is Unit H Braintree Industrial Estate, Braintree Road, Ruislip, Middlesex, HA4 0EJ.
 
The principal activity of the company continued to be the manufacture of structural steelwork, architectural metal work design, fabrication and erection services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover from manufacture of metal structures and parts of structure is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

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 Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

 
D.M. STEELWORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

4

 
D.M. STEELWORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

 Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.11

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

 Financial instruments

The company only 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.

 
2.13

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 18).

5

 
D.M. STEELWORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2023
20,514
79,749
4,203
8,554
113,020


Additions
-
17,557
-
-
17,557


Disposals
-
(25,594)
-
-
(25,594)



At 31 March 2024

20,514
71,712
4,203
8,554
104,983



Depreciation


At 1 April 2023
18,509
58,448
3,312
2,483
82,752


Charge for the year
501
6,013
223
1,518
8,255


Disposals
-
(23,977)
-
-
(23,977)



At 31 March 2024

19,010
40,484
3,535
4,001
67,030



Net book value



At 31 March 2024
1,504
31,228
668
4,553
37,953



At 31 March 2023
2,005
21,301
891
6,071
30,268


5.


Stocks

2024
2023
£
£

Work in progress
289,340
1,285,773



6.


Debtors

2024
2023
£
£


Trade debtors
512,868
505,496

Other debtors
176,656
123,141

Prepayments
63,518
89,478

753,042
718,115


6

 
D.M. STEELWORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
191,542
802,639



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
40,378
40,374

Trade creditors
447,934
1,415,313

Other taxation and social security
18,738
27,848

Other creditors
6,614
4,640

Accruals
7,190
5,721

520,854
1,493,896


The bank loan of £15,003 (2023 - £14,999) included in creditors due within one year is a Coronavirus Business Interruption Loan, 80% guaranteed by the government.   
The bank loan of £25,375 (2023 - £25,375) included in creditors due within one year is a Business Loan obtained from Barclays Bank UK PLC. 


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
62,976
103,353


The bank loan of £31,257 (2023 - £46,260) included due after more than one year is a Coronavirus Business Interruption Loan, 80% guaranteed by the government. 
The bank loan of £31,719 (2023 - £57,093) included due after more than one year is a Business Loan obtained from Barclays Bank UK PLC. 

7

 
D.M. STEELWORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
40,378
40,374

Amounts falling due 1-2 years

Bank loans
40,378
40,378

Amounts falling due 2-5 years

Bank loans
22,598
62,976


103,354
143,728



11.


Deferred taxation




2024
2023


£

£






At beginning of year
(5,347)
(5,416)


Charged to profit or loss
1,058
69



At end of year
(4,289)
(5,347)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(4,479)
(5,931)

Short term timing differences
190
584

(4,289)
(5,347)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


8

 
D.M. STEELWORKS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,048 (2023 - £16,918). Contributions totalling £1,780 (2023 - £2,335) were payable to the fund at the balance sheet date and are included in other creditors.


14.


Commitments under operating leases

At 31 March 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
9,586
9,586

Later than 1 year and not later than 5 years
25,561
35,147

35,147
44,733


15.


Related party transactions

During the year the company paid rent of £78,000 (2023 - £61,500) to a director, for use of the property.
Included within other creditors at the year end is balance totalling £4,832 (2023 - £2,301) due to the directors. The loan is interest free and payable on demand.
During the year, the directors have been paid dividends totalling £150,000 (2023 - £150,000).
 
9