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REGISTERED NUMBER: 00982504 (England and Wales)















ABRIDGED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

CARTER STEEL LIMITED

CARTER STEEL LIMITED (REGISTERED NUMBER: 00982504)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Abridged Balance Sheet 1

Notes to the Financial Statements 3


CARTER STEEL LIMITED (REGISTERED NUMBER: 00982504)

ABRIDGED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 812,185 832,246

CURRENT ASSETS
Stocks 335,156 460,904
Debtors 245,935 351,529
Cash at bank and in hand 211,727 190,290
792,818 1,002,723
CREDITORS
Amounts falling due within one year 393,251 448,970
NET CURRENT ASSETS 399,567 553,753
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,211,752

1,385,999

CREDITORS
Amounts falling due after more than one
year

(19,411

)

(37,821

)

PROVISIONS FOR LIABILITIES - (16,604 )
NET ASSETS 1,192,341 1,331,574

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Fair value reserve 5 720,059 720,059
Retained earnings 422,282 561,515
SHAREHOLDERS' FUNDS 1,192,341 1,331,574

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

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

The directors acknowledge their 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.

CARTER STEEL LIMITED (REGISTERED NUMBER: 00982504)

ABRIDGED BALANCE SHEET - continued
31 MAY 2024


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




Mrs J M Carter - Director Mr J G Carter - Director




Mr T E Carter - Director


CARTER STEEL LIMITED (REGISTERED NUMBER: 00982504)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Carter Steel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 00982504

Registered office: Spitfire House
19 Falcon Court
Preston Farm Ind. Est.
Stockton-on-Tees
TS18 3TU

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Freehold land and buildings are shown at current fair value. Any surplus on revaluation is taken to Reserves.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


CARTER STEEL LIMITED (REGISTERED NUMBER: 00982504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
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 12 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Totals
£
COST OR VALUATION
At 1 June 2023 1,040,534
Disposals (36,250 )
At 31 May 2024 1,004,284
DEPRECIATION
At 1 June 2023 208,288
Charge for year 19,662
Eliminated on disposal (35,851 )
At 31 May 2024 192,099
NET BOOK VALUE
At 31 May 2024 812,185
At 31 May 2023 832,246

In 2020 the directors revalued the freehold premises on an existing use basis as a steel stockholder business, in line with a professional valuation undertaken by Browns Chartered Surveyors on 8th September 2010. The directors considered this to be a prudent valuation for the purposes of preparing the financial statements, the company having received offers from third parties in recent years, subject to planning approval for change of use, of well in excess of this figure.

Cost or valuation at 31 May 2024 is represented by:

Totals
£
Valuation in 2020 720,059
Cost 284,225
1,004,284

CARTER STEEL LIMITED (REGISTERED NUMBER: 00982504)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. RESERVES
Fair value
reserve
£
At 1 June 2023
and 31 May 2024 720,059

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£ £
Mr J G Carter
Balance outstanding at start of year 7,934 8,934
Amounts repaid (2,927 ) (1,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,007 7,934

Mr T E Carter
Balance outstanding at start of year 3,200 -
Amounts advanced - 4,000
Amounts repaid (786 ) (800 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,414 3,200