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REGISTERED NUMBER: 01628791 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Masteel Limited

Masteel Limited (Registered number: 01628791)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Masteel Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: I F Ellis





REGISTERED OFFICE: 7 Lansdowne Road
Skegness
Lincolnshire
PE25 2DJ





REGISTERED NUMBER: 01628791 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Northgate House
Northgate
Sleaford
Lincolnshire
NG34 7BZ

Masteel Limited (Registered number: 01628791)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 4,540,000 3,995,326

CURRENT ASSETS
Debtors 5 14,168 13,367
Cash at bank 13,894 66,407
28,062 79,774
CREDITORS
Amounts falling due within one year 6 211,977 239,516
NET CURRENT LIABILITIES (183,915 ) (159,742 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,356,085

3,835,584

CREDITORS
Amounts falling due after more than one
year

7

(962,285

)

(486,745

)

PROVISIONS FOR LIABILITIES (272,928 ) (217,407 )
NET ASSETS 3,120,872 3,131,432

CAPITAL AND RESERVES
Called up share capital 9 30 30
Capital redemption reserve 89,248 89,248
Fair value reserve 10 1,603,925 1,712,231
Retained earnings 1,427,669 1,329,923
SHAREHOLDERS' FUNDS 3,120,872 3,131,432

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 February 2025 and were signed by:





I F Ellis - Director


Masteel Limited (Registered number: 01628791)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Masteel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY


Masteel Limited (Registered number: 01628791)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. INVESTMENT PROPERTY - continued

COST OR VALUATION £   
At 1 January 2024 3,995,326
Additions 597,460
Revaluation (52,786 )
At 31 December 2024 4,540,000
NET BOOK VALUE
At 31 December 2024 4,540,000
At 31 December 2023 3,995,326
Cost or valuation at 31 December 2024 is represented by:
£   
Valuation in 2024 (52,786 )
Valuation in 2022 119,717
Valuation in 2021 120,000
Valuation in 2019 55,000
Valuation in 2018 (360,000 )
Valuation in 2017 635,000
Valuation in 2016 25,000
Valuation in 2015 1,334,921
Cost 2,663,147
4,540,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 8,064 11,983
Other debtors 6,104 1,384
14,168 13,367

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 33,044 75,552
Trade creditors 106,365 100,688
Taxation and social security 31,308 25,016
Other creditors 41,260 38,260
211,977 239,516

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 962,285 486,745

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 185,883 351,478

Masteel Limited (Registered number: 01628791)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 995,329 562,297

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30 Ordinary £1 30 30

10. RESERVES
Fair
value
reserve
£   
At 1 January 2024 1,712,231
Revaluation in year (108,306 )

At 31 December 2024 1,603,925