Registered number
06818507
Steel & Cladding Limited
Filleted Accounts
29 February 2024
Steel & Cladding Limited
Registered number: 06818507
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 97,682 124,993
Current assets
Stocks 58,295 7,147
Debtors 4 92,567 2,898
Cash at bank and in hand 134,280 307,549
285,142 317,594
Creditors: amounts falling due within one year 5 (92,617) (142,866)
Net current assets 192,525 174,728
Total assets less current liabilities 290,207 299,721
Creditors: amounts falling due after more than one year 6 (19,978) (30,674)
Net assets 270,229 269,047
Capital and reserves
Called up share capital 2 2
Profit and loss account 270,227 269,045
Shareholders' funds 270,229 269,047
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr I J Bullock
Director
Approved by the board on 29 November 2024
Steel & Cladding Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
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.
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:
Plant and machinery 25% reducing balance
Fixtures, fittings and office equip 25% reducing balance
Motor vehicle 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 257,727 20,538 278,265
Additions 4,500 - 4,500
At 29 February 2024 262,227 20,538 282,765
Depreciation
At 1 March 2023 133,601 19,671 153,272
Charge for the year 31,594 217 31,811
At 29 February 2024 165,195 19,888 185,083
Net book value
At 29 February 2024 97,032 650 97,682
At 28 February 2023 124,126 867 124,993
4 Debtors 2024 2023
£ £
Trade debtors 36,520 2,898
Other debtors 56,047 -
92,567 2,898
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 71,347 88,583
Corporation tax 7,857 20,437
Other taxes and social security costs 2,954 17,759
Other creditors 10,459 16,087
92,617 142,866
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,978 30,674
7 Controlling party
The company is controlled by its director.
8 Other information
Steel & Cladding Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 11, Sharade Business Estate
New Street
Bridgetown
Cannock
WS11 0DH
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