Registered number
09325366
Steel Trans Ltd
Filleted Accounts
30 November 2023
Steel Trans Ltd
Registered number: 09325366
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 42,827 50,332
Tangible assets 4 734,570 566,284
777,397 616,616
Current assets
Debtors 5 208,546 402,800
Cash at bank and in hand 37,936 2,982
246,482 405,782
Creditors: amounts falling due within one year 6 (592,419) (603,828)
Net current liabilities (345,937) (198,046)
Total assets less current liabilities 431,460 418,570
Creditors: amounts falling due after more than one year 7 (31,802) (38,042)
Net assets 399,658 380,528
Capital and reserves
Called up share capital 100 100
Profit and loss account 399,558 380,428
Shareholder's funds 399,658 380,528
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dragos Rusu
Director
Approved by the board on 19 November 2024
Steel Trans Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 4 years
Plant and machinery 25% on a reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Software development:
Cost
At 1 December 2022 75,053
At 30 November 2023 75,053
Amortisation
At 1 December 2022 24,721
Provided during the year 7,505
At 30 November 2023 32,226
Net book value
At 30 November 2023 42,827
At 30 November 2022 50,332
Software development is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 9,049 69,697 959,968 1,038,714
Additions - 16,849 618,250 635,099
Disposals - - (220,450) (220,450)
At 30 November 2023 9,049 86,546 1,357,768 1,453,363
Depreciation
At 1 December 2022 4,525 37,184 430,720 472,429
Charge for the year 2,262 12,340 231,762 246,364
At 30 November 2023 6,787 49,524 662,482 718,793
Net book value
At 30 November 2023 2,262 37,022 695,286 734,570
At 30 November 2022 4,524 32,512 529,248 566,284
5 Debtors 2023 2022
£ £
Trade debtors 16,777 20,751
Prepayments and accrued income 80,165 369,797
Director's current account 70,208 -
CT recoverable 23,695 -
Other debtors 17,701 12,252
208,546 402,800
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,300 5,435
Other commercial loans - 149,169
Trade creditors 355,708 33,660
Amounts owed to group undertakings and undertakings in which the company has a participating interest 144,626 304,588
Taxation and social security costs 41,641 61,962
Director's current account - 14,781
Accruals and deferred income 19,144 34,233
Other creditors 26,000 -
592,419 603,828
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 31,802 38,042
8 Other information
Steel Trans Ltd is a private company limited by shares and incorporated in England. Its registered office is at:
84 Wood Lane, Erdington, Birmingham, B24 9QL
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