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Mayhew Steel Ltd
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 05294766
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 70,828 88,154
70,828 88,154
CURRENT ASSETS
Stocks 5 74,750 69,650
Debtors 6 283,385 100,563
Cash at bank and in hand 8,223 129,348
366,358 299,561
Creditors: Amounts Falling Due Within One Year 7 (129,827 ) (127,013 )
NET CURRENT ASSETS (LIABILITIES) 236,531 172,548
TOTAL ASSETS LESS CURRENT LIABILITIES 307,359 260,702
Creditors: Amounts Falling Due After More Than One Year 8 - (2,578 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,859 ) (4,117 )
NET ASSETS 305,500 254,007
CAPITAL AND RESERVES
Called up share capital 10 1 1
Income Statement 305,499 254,006
SHAREHOLDERS' FUNDS 305,500 254,007
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Jamie Watling
Director
27/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mayhew Steel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05294766 . The registered office is Unit 22 Hamlin Way, Hardwick Narrows, King's Lynn, England, PE30 4NG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold NA
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 14,961 41,508 125,296 1,711 183,476
Additions - - - 488 488
As at 31 March 2024 14,961 41,508 125,296 2,199 183,964
Depreciation
As at 1 April 2023 - 30,954 62,688 1,680 95,322
Provided during the period - 2,111 15,652 51 17,814
As at 31 March 2024 - 33,065 78,340 1,731 113,136
Net Book Value
As at 31 March 2024 14,961 8,443 46,956 468 70,828
As at 1 April 2023 14,961 10,554 62,608 31 88,154
5. Stocks
2024 2023
£ £
Stock 74,750 69,650
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 106,463 76,182
Other debtors 176,922 24,381
283,385 100,563
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 5,592
Trade creditors 111,199 88,733
Other creditors 847 4,043
Taxation and social security 17,781 28,645
129,827 127,013
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 2,578
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 5,592
Later than one year and not later than five years - 2,578
- 8,170
- 8,170
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Jamie Watling 382 - - - 382
The above loan is unsecured, interest free and repayable on demand.
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