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REGISTRAR
Company registration number: 1199594
Coseley Steel Services Limited
Unaudited filleted financial statements
30 April 2024
Coseley Steel Services Limited
Contents
Statement of financial position
Notes to the financial statements
Coseley Steel Services Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 298,724 309,536
Investments 6 1 1
_______ _______
298,725 309,537
Current assets
Debtors 7 62,129 109,240
Cash at bank and in hand 104,404 103,095
_______ _______
166,533 212,335
Creditors: amounts falling due
within one year 8 ( 192,987) ( 222,640)
_______ _______
Net current liabilities ( 26,454) ( 10,305)
_______ _______
Total assets less current liabilities 272,271 299,232
Creditors: amounts falling due
after more than one year 9 - ( 2,308)
_______ _______
Net assets 272,271 296,924
_______ _______
Capital and reserves
Called up share capital 10 100 100
Capital redemption reserve 55 55
Profit and loss account 272,116 296,769
_______ _______
Shareholders funds 272,271 296,924
_______ _______
For the year ending 30 April 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 November 2024 , and are signed on behalf of the board by:
J.W. Wade
Director
Company registration number: 1199594
Coseley Steel Services Limited
Notes to the financial statements
Year ended 30 April 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 Webb Street, Bilston, West Midlands, WV14 8XL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.The accounts are rounded to the nearest £1.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2023 225,890 617,071 13,917 128,927 985,805
Additions - 4,795 - - 4,795
_______ _______ _______ _______ _______
At 30 April 2024 225,890 621,866 13,917 128,927 990,600
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 - 533,708 13,634 128,927 676,269
Charge for the year - 15,466 141 - 15,607
_______ _______ _______ _______ _______
At 30 April 2024 - 549,174 13,775 128,927 691,876
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 225,890 72,692 142 - 298,724
_______ _______ _______ _______ _______
At 30 April 2023 225,890 83,363 283 - 309,536
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2023 and 30 April 2024 1 1
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 1 1
_______ _______
At 30 April 2023 1 1
_______ _______
7. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 62,129 109,240
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 192,987 222,640
_______ _______
Other creditors includes hire purchase creditor amounting to £2,308 (2022 : £6,923) which is secured on the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors - 2,308
_______ _______
Other creditors includes hire purchase creditor amounting to £- (2022 : £Nil) which is secured on the assets to which they relate.
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______