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Sussex Iron Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

Registration number: 14484797

 

Sussex Iron Ltd

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Sussex Iron Ltd

(Registration number: 14484797)
Statement of financial position as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

37,833

47,819

Current assets

 

Stocks

5

5,000

5,000

Debtors

6

72,148

31,900

Cash at bank and in hand

 

113,913

143,055

 

191,061

179,955

Creditors: Amounts falling due within one year

7

(107,843)

(154,261)

Net current assets

 

83,218

25,694

Total assets less current liabilities

 

121,051

73,513

Provisions for liabilities

(7,188)

(9,086)

Net assets

 

113,863

64,427

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

113,763

64,327

Shareholders' funds

 

113,863

64,427

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Sussex Iron Ltd

(Registration number: 14484797)
Statement of financial position as at 30 November 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
Mrs T Watts
Director

 

Sussex Iron Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 16 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Sussex Iron Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Sussex Iron Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

59,952

3,345

63,297

Additions

-

3,500

3,500

Disposals

-

(795)

(795)

At 30 November 2024

59,952

6,050

66,002

Depreciation

At 1 December 2023

14,840

638

15,478

Charge for the year

11,338

1,353

12,691

At 30 November 2024

26,178

1,991

28,169

Carrying amount

At 30 November 2024

33,774

4,059

37,833

At 30 November 2023

45,112

2,707

47,819

 

Sussex Iron Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Stocks

2024
£

2023
£

Other inventories

5,000

5,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

72,148

31,900

 

72,148

31,900

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

6,662

7,525

Taxation and social security

30,315

37,007

Accruals and deferred income

2,600

4,500

Other creditors

68,266

105,229

107,843

154,261

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100