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COMPANY REGISTRATION NUMBER: 00948812
Effingham Steel Services Limited
Filleted Unaudited Financial Statements
29 February 2024
Effingham Steel Services Limited
Financial Statements
Year ended 29 February 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 8
Effingham Steel Services Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Effingham Steel Services Limited
Year ended 29 February 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 Effingham Steel Services Limited for the year ended 29 February 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 Effingham Steel Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Effingham Steel Services Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Effingham Steel Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Effingham Steel Services 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 profit of Effingham Steel Services Limited. You consider that Effingham Steel Services 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 Effingham Steel Services 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
21 November 2024
Effingham Steel Services Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
840,654
730,481
Investments
6
34,260
31,252
---------
---------
874,914
761,733
Current assets
Stocks
28,415
58,692
Debtors
7
415,734
354,119
Cash at bank and in hand
67,229
148,384
---------
---------
511,378
561,195
Creditors: amounts falling due within one year
8
247,147
217,455
---------
---------
Net current assets
264,231
343,740
------------
------------
Total assets less current liabilities
1,139,145
1,105,473
Creditors: amounts falling due after more than one year
9
17,500
27,219
Provisions
Taxation including deferred tax
85,725
40,855
------------
------------
Net assets
1,035,920
1,037,399
------------
------------
Effingham Steel Services Limited
Statement of Financial Position (continued)
29 February 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
48
48
Fair value reserve
8,676
6,934
Capital redemption reserve
952
952
Profit and loss account
1,026,244
1,029,465
------------
------------
Shareholders funds
1,035,920
1,037,399
------------
------------
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 comprehensive income has not been delivered.
For the year ending 29 February 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 .
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mrs G A Bowler
Mr B R Howard
Director
Director
Company registration number: 00948812
Effingham Steel Services Limited
Notes to the Financial Statements
Year ended 29 February 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 Butterthwaite Lane, Ecclesfield, Sheffield, S35 9WA.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
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:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixture and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 11 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Mar 2023
715,799
656,253
9,382
109,703
8,636
1,499,773
Additions
78,937
750
98,298
630
178,615
---------
---------
--------
---------
-------
------------
At 29 Feb 2024
715,799
735,190
10,132
208,001
9,266
1,678,388
---------
---------
--------
---------
-------
------------
Depreciation
At 1 Mar 2023
198,039
496,406
5,637
63,179
6,031
769,292
Charge for the year
14,316
34,559
655
17,775
1,127
68,432
Disposals
10
10
---------
---------
--------
---------
-------
------------
At 29 Feb 2024
212,355
530,975
6,292
80,954
7,158
837,734
---------
---------
--------
---------
-------
------------
Carrying amount
At 29 Feb 2024
503,444
204,215
3,840
127,047
2,108
840,654
---------
---------
--------
---------
-------
------------
At 28 Feb 2023
517,760
159,847
3,745
46,524
2,605
730,481
---------
---------
--------
---------
-------
------------
Capital commitments
2024
2023
£
£
Contracted for but not provided for in the financial statements
72,100
----
--------
6. Investments
Other investments other than loans
£
Cost
At 1 March 2023
31,252
Additions
3,008
--------
At 29 February 2024
34,260
--------
Impairment
At 1 March 2023 and 29 February 2024
--------
Carrying amount
At 29 February 2024
34,260
--------
At 28 February 2023
31,252
--------
The fair value of the investment at the year end date is £34,260 (2023: £31,252), compared to the historical cost of £22,692, (2023: £22,692). The fair value movement during the year, included in the income statement, amounts to £3,008 (2023: £1,852). This amount has been transferred to the Fair Value reserve, and is subject to a deferred tax charge of £752 (2023: £352). In relation to change in tax rates, an additional amount of £515 has been transferred from the Fair Value reserve, to the deferred tax provisions.
7. Debtors
2024
2023
£
£
Trade debtors
381,810
325,348
Other debtors
33,924
28,771
---------
---------
415,734
354,119
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,282
Trade creditors
47,194
25,777
Corporation tax
75,669
86,623
Social security and other taxes
66,346
63,047
Other creditors
47,938
31,726
---------
---------
247,147
217,455
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,500
27,219
--------
--------
The balance falling due after 5 years relates to a bounce back loan, which is subject to interest at a rate of 2.5%.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
4,990
4,990
Later than 1 year and not later than 5 years
8,733
13,722
--------
--------
13,723
18,712
--------
--------