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COMPANY REGISTRATION NUMBER: 11996792
TM Steels Holdings Limited
Filleted Unaudited Financial Statements
30 September 2024
TM Steels Holdings Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
TM Steels Holdings Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of TM Steels Holdings 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 Holdings 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 Holdings Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of TM Steels Holdings 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 Holdings 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 Holdings 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 Holdings Limited. You consider that TM Steels Holdings 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 Holdings 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 Holdings Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Investments
4
2,000
2,000
Current assets
Debtors
5
43,388
17,965
Cash at bank and in hand
31
14
--------
--------
43,419
17,979
Creditors: amounts falling due within one year
6
267
--------
--------
Net current assets
43,419
17,712
--------
--------
Total assets less current liabilities
45,419
19,712
--------
--------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
43,419
17,712
--------
--------
Shareholders funds
45,419
19,712
--------
--------
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 comprehensive income 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 4 March 2025 , and are signed on behalf of the board by:
Mr R M Hemingway
Director
Company registration number: 11996792
TM Steels Holdings 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, Chesterfield, 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.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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. 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.
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 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.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Investments
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
2,000
-------
Impairment
At 1 October 2023 and 30 September 2024
-------
Carrying amount
At 30 September 2024
2,000
-------
At 30 September 2023
2,000
-------
5. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
43,372
17,965
Other debtors
16
--------
--------
43,388
17,965
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
267
----
----
7. Employee ownership trust
On 18th March 2022 the TM Steels Employee Ownership Trust (EOT) acquired 100% of the issued share capital of the company for an agreed market value of £1,960,000. In connection with this transaction and change of ownership, the Board has made unconditional capital contributions or gifts to the EOT of £1,194,125, including £224,225 during the year (2023 £153,400), and is providing financial support to the EOT in respect of a Loan Agreement entered into between the EOT and the seller for the balance of the consideration payable. As at the balance sheet date, the amount oustanding and owed by the EOT to the seller is £775,675 (2023 £999,900). The Board have indicated that they will continue to support the change of ownership transaction and Loan agreement.
8. Related party transactions
The company is the parent of TM Steels Ltd, a wholly owned subsidiary. At the financial year-end, the company was owed £43,372 by TM Steels Ltd (2023 £17,965) by way of intercompany loans. The balance is not subject to interest and there are no fixed repayment terms.