26 29 November 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 10,001 583 1,000 1,583 8,418 9,418 xbrli:pure xbrli:shares iso4217:GBP 14236996 2023-03-01 2024-02-29 14236996 2024-02-29 14236996 2023-02-28 14236996 2022-07-15 2023-02-28 14236996 2023-02-28 14236996 2022-07-14 14236996 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 14236996 core:FurnitureFittings 2023-03-01 2024-02-29 14236996 core:NetGoodwill 2023-03-01 2024-02-29 14236996 bus:Director1 2023-03-01 2024-02-29 14236996 core:NetGoodwill 2023-02-28 14236996 core:NetGoodwill 2024-02-29 14236996 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 14236996 core:PlantMachinery 2023-02-28 14236996 core:FurnitureFittings 2023-02-28 14236996 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 14236996 core:PlantMachinery 2024-02-29 14236996 core:FurnitureFittings 2024-02-29 14236996 core:PlantMachinery 2023-03-01 2024-02-29 14236996 core:WithinOneYear 2024-02-29 14236996 core:WithinOneYear 2023-02-28 14236996 core:AfterOneYear 2024-02-29 14236996 core:ShareCapital 2024-02-29 14236996 core:ShareCapital 2023-02-28 14236996 core:RetainedEarningsAccumulatedLosses 2024-02-29 14236996 core:RetainedEarningsAccumulatedLosses 2023-02-28 14236996 core:BetweenOneFiveYears 2024-02-29 14236996 core:BetweenOneFiveYears 2023-02-28 14236996 core:MoreThanFiveYears 2024-02-29 14236996 core:MoreThanFiveYears 2023-02-28 14236996 core:NetGoodwill 2023-02-28 14236996 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 14236996 core:PlantMachinery 2023-02-28 14236996 core:FurnitureFittings 2023-02-28 14236996 bus:SmallEntities 2023-03-01 2024-02-29 14236996 bus:Audited 2023-03-01 2024-02-29 14236996 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 14236996 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 14236996 bus:FullAccounts 2023-03-01 2024-02-29 14236996 core:ComputerEquipment 2023-03-01 2024-02-29 14236996 core:ComputerEquipment 2023-02-28 14236996 core:ComputerEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 14236996
STEELCRAFT (NE) LIMITED
FILLETED FINANCIAL STATEMENTS
29 February 2024
STEELCRAFT (NE) LIMITED
STATEMENT OF FINANCIAL POSITION
29 February 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
8,418
9,418
Tangible assets
6
149,224
56,914
---------
--------
157,642
66,332
CURRENT ASSETS
Stocks
29,106
34,248
Debtors
7
226,585
238,859
Cash at bank and in hand
2,707
8,889
---------
---------
258,398
281,996
CREDITORS: amounts falling due within one year
8
743,741
418,469
---------
---------
NET CURRENT LIABILITIES
485,343
136,473
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 327,701)
( 70,141)
CREDITORS: amounts falling due after more than one year
9
42,627
PROVISIONS
4,598
---------
--------
NET LIABILITIES
( 374,926)
( 70,141)
---------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
150
150
Profit and loss account
( 375,076)
( 70,291)
---------
--------
SHAREHOLDERS DEFICIT
( 374,926)
( 70,141)
---------
--------
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.
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.
STEELCRAFT (NE) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 14236996
STEELCRAFT (NE) 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 Unit 5 Alderman Wood Road, Tanfield South Industrial Estate, Tanfield Lea, County Durham, DH9 9XF.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from group companies. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period, provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Leasehold improvements
-
20% straight line
Plant and machinery
-
10% and 33% straight line
Fixtures and fittings
-
20% straight line
Equipment
-
33% 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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 26 (2023: 30 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
10,001
--------
Amortisation
At 1 March 2023
583
Charge for the year
1,000
--------
At 29 February 2024
1,583
--------
Carrying amount
At 29 February 2024
8,418
--------
At 28 February 2023
9,418
--------
6. TANGIBLE ASSETS
Leasehold improvements
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
45,513
8,323
3,995
200
58,031
Additions
6,108
102,070
286
1,309
109,773
--------
---------
-------
-------
---------
At 29 February 2024
51,621
110,393
4,281
1,509
167,804
--------
---------
-------
-------
---------
Depreciation
At 1 March 2023
759
192
133
33
1,117
Charge for the year
5,439
10,643
894
487
17,463
--------
---------
-------
-------
---------
At 29 February 2024
6,198
10,835
1,027
520
18,580
--------
---------
-------
-------
---------
Carrying amount
At 29 February 2024
45,423
99,558
3,254
989
149,224
--------
---------
-------
-------
---------
At 28 February 2023
44,754
8,131
3,862
167
56,914
--------
---------
-------
-------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
63,489
37,428
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,112
Other debtors
157,984
201,431
---------
---------
226,585
238,859
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
209,703
86,778
Amounts owed to group undertakings and undertakings in which the company has a participating interest
426,674
256,992
Social security and other taxes
27,433
52,958
Other creditors
79,931
21,741
---------
---------
743,741
418,469
---------
---------
Included within other creditors are amounts totalling £37,506 relating to hire purchase agreements. These amounts are secured against the assets to which they relate.
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
42,627
--------
----
Included within other creditors are amounts totalling £42,627 relating to hire purchase agreements. These amounts are secured against the assets to which they relate.
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
105,185
94,490
Later than 1 year and not later than 5 years
273,777
314,790
Later than 5 years
245,993
310,165
---------
---------
624,955
719,445
---------
---------
11. SUMMARY AUDIT OPINION
The auditor's report dated 29 November 2024 was unqualified .
The senior statutory auditor was Gavin Snape ACA , for and on behalf of Meadows & Co Limited .
12. CONTROLLING PARTY
At the balance sheet date the ultimate controlling party was Silvanito Holdings Limited . The smallest group that prepares consolidated accounts which include the results of Steelcraft (NE) Limited is headed by Silvanito Holdings Limited, a company registered in England and Wales, which has a registered office of QICTrims Radclive Road, Gawcott, Buckingham, United Kingdom, MK18 4BL.
13. GOING CONCERN
The directors have considered the period to 30 November 2025 when assessing the company's ability to continue as a going concern. It is believed that the company will either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.