25 false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2023 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03523526 2023-10-01 2024-09-30 03523526 2024-09-30 03523526 2023-09-30 03523526 2022-10-01 2023-09-30 03523526 2023-09-30 03523526 2022-09-30 03523526 core:LandBuildings core:ShortLeaseholdAssets 2023-10-01 2024-09-30 03523526 core:PlantMachinery 2023-10-01 2024-09-30 03523526 core:FurnitureFittings 2023-10-01 2024-09-30 03523526 core:MotorVehicles 2023-10-01 2024-09-30 03523526 bus:RegisteredOffice 2023-10-01 2024-09-30 03523526 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 03523526 bus:Director4 2023-10-01 2024-09-30 03523526 bus:Director6 2023-10-01 2024-09-30 03523526 bus:Director7 2023-10-01 2024-09-30 03523526 core:LandBuildings 2023-09-30 03523526 core:PlantMachinery 2023-09-30 03523526 core:FurnitureFittings 2023-09-30 03523526 core:MotorVehicles 2023-09-30 03523526 core:LandBuildings 2024-09-30 03523526 core:PlantMachinery 2024-09-30 03523526 core:FurnitureFittings 2024-09-30 03523526 core:MotorVehicles 2024-09-30 03523526 core:LandBuildings 2023-10-01 2024-09-30 03523526 core:WithinOneYear 2024-09-30 03523526 core:WithinOneYear 2023-09-30 03523526 core:AfterOneYear 2024-09-30 03523526 core:AfterOneYear 2023-09-30 03523526 core:ShareCapital 2024-09-30 03523526 core:ShareCapital 2023-09-30 03523526 core:CapitalRedemptionReserve 2024-09-30 03523526 core:CapitalRedemptionReserve 2023-09-30 03523526 core:RetainedEarningsAccumulatedLosses 2024-09-30 03523526 core:RetainedEarningsAccumulatedLosses 2023-09-30 03523526 core:BetweenOneFiveYears 2024-09-30 03523526 core:BetweenOneFiveYears 2023-09-30 03523526 core:LandBuildings 2023-09-30 03523526 core:PlantMachinery 2023-09-30 03523526 core:FurnitureFittings 2023-09-30 03523526 core:MotorVehicles 2023-09-30 03523526 bus:SmallEntities 2023-10-01 2024-09-30 03523526 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 03523526 bus:FullAccounts 2023-10-01 2024-09-30 03523526 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 03523526 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03523526 core:AfterOneYear 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 03523526
TM Steels Limited
Filleted Unaudited Financial Statements
30 September 2024
TM Steels Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
TM Steels Limited
Officers and Professional Advisers
The board of directors
R M Hemingway
J McConaghy
A E Walters
Registered office
Sheepbridge Works
Dunston Road
Chesterfield
Derbyshire
S41 9QD
Accountants
Hebblethwaites
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
TM Steels Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of TM Steels Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of TM Steels Limited for the year ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of TM Steels Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of TM Steels Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than TM Steels Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that TM Steels Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of TM Steels Limited. You consider that TM Steels Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of TM Steels Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hebblethwaites Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
4 March 2025
TM Steels Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
205,134
159,302
Current assets
Stocks
3,426,027
3,292,917
Debtors
6
1,113,098
1,473,431
Cash at bank and in hand
355
386,031
----------
----------
4,539,480
5,152,379
Creditors: amounts falling due within one year
7
1,904,411
2,538,965
----------
----------
Net current assets
2,635,069
2,613,414
----------
----------
Total assets less current liabilities
2,840,203
2,772,716
Creditors: amounts falling due after more than one year
8
43,770
20,339
Provisions
Taxation including deferred tax
43,659
31,714
----------
----------
Net assets
2,752,774
2,720,663
----------
----------
TM Steels Limited
Statement of Financial Position (continued)
30 September 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2,000
2,000
Capital redemption reserve
750
750
Profit and loss account
2,750,024
2,717,913
----------
----------
Shareholders funds
2,752,774
2,720,663
----------
----------
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.
For the year ending 30 September 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 were approved by the board of directors and authorised for issue on 22 February 2025 , and are signed on behalf of the board by:
R M Hemingway
Director
Company registration number: 03523526
TM Steels Limited
Notes to the Financial Statements
Year ended 30 September 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 Sheepbridge Works, Dunston Road, Chesterfield, Derbyshire, S41 9QD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. In the opinion of management, there are no judgements or key sources of estimation uncertainty that have a significant impact on the financial statements, other than those stated below.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. A sale is recognised on the day goods are dispatched.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less ) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Office equipment
-
25% straight line
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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 .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2023: 25 ).
5. Tangible assets
Office equipment
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
38,033
563,862
77,577
23,920
703,392
Additions
2,165
107,344
17,837
1,756
129,102
Disposals
( 4,113)
( 117,859)
( 14,938)
( 3,120)
( 140,030)
------
--------
------
------
--------
At 30 September 2024
36,085
553,347
80,476
22,556
692,464
------
--------
------
------
--------
Depreciation
At 1 October 2023
31,389
430,663
71,797
10,241
544,090
Charge for the year
3,029
29,844
4,892
3,859
41,624
Disposals
( 4,113)
( 76,233)
( 14,938)
( 3,100)
( 98,384)
------
--------
------
------
--------
At 30 September 2024
30,305
384,274
61,751
11,000
487,330
------
--------
------
------
--------
Carrying amount
At 30 September 2024
5,780
169,073
18,725
11,556
205,134
------
--------
------
------
--------
At 30 September 2023
6,644
133,199
5,780
13,679
159,302
------
--------
------
------
--------
6. Debtors
2024
2023
£
£
Trade debtors
1,072,415
1,421,217
Other debtors
40,683
52,214
----------
----------
1,113,098
1,473,431
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
863,103
1,281,970
Trade creditors
522,506
611,850
Amounts owed to group undertakings and undertakings in which the company has a participating interest
43,372
17,965
Corporation tax
235,108
223,800
Social security and other taxes
160,228
151,612
Other creditors
80,094
251,768
----------
----------
1,904,411
2,538,965
----------
----------
Included within the creditor above are bank borrowings of £710,161 (2023 £838,458) which are secured specifically on the trade debtors of the company. Included within other creditors are hire purchase liabilities of £46,177 (2023 £24,366), this debt is secured on the assets to which the liability relates.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
43,770
20,339
------
------
Included within other creditors are hire purchase liabilities of £43,770 (2023 £20,339) this debt is secured on the assets to which the liability relates.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
137,257
128,260
Later than 1 year and not later than 5 years
312,071
417,839
--------
--------
449,328
546,099
--------
--------
10. Related party transactions
TM Steels Holdings Limited, is the parent company owning 100% of shares in TM Steels Limited , both companies share the same Registered office.