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COMPANY REGISTRATION NUMBER: 08738092
Steelwell Consultancy Limited
Filleted Unaudited Financial Statements
31 March 2024
Steelwell Consultancy Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
139,591
148,380
Current assets
Debtors
5
22,283
3,810
Cash at bank and in hand
4,700
7,688
--------
--------
26,983
11,498
Creditors: amounts falling due within one year
6
722,375
684,278
---------
---------
Net current liabilities
695,392
672,780
---------
---------
Total assets less current liabilities
( 555,801)
( 524,400)
Provisions
Taxation including deferred tax
2,382
2,382
---------
---------
Net liabilities
( 558,183)
( 526,782)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 558,283)
( 526,882)
---------
---------
Shareholders deficit
( 558,183)
( 526,782)
---------
---------
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 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Steelwell Consultancy Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
Mr M Crane
Director
Company registration number: 08738092
Steelwell Consultancy Limited
Notes to the Financial Statements
Year ended 31 March 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 Gorse Lodge, Brandon Road, Stubton, Newark, NG23 5DA.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take into account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all timing differences to the extent that it is considered that a net liability may arise.
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:
Leasehold property
-
5% straight line
Fixtures & Fittings
-
20% reducing balance
Motor Vehicle
-
20% reducing balance
Equipment
-
20% 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.
4. Tangible assets
Improvements to property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
143,251
12,027
16,167
70,162
241,607
Additions
5,422
5,422
---------
--------
--------
--------
---------
At 31 March 2024
143,251
12,027
21,589
70,162
247,029
---------
--------
--------
--------
---------
Depreciation
At 1 April 2023
24,710
7,700
10,694
50,123
93,227
Charge for the year
7,163
865
2,179
4,004
14,211
---------
--------
--------
--------
---------
At 31 March 2024
31,873
8,565
12,873
54,127
107,438
---------
--------
--------
--------
---------
Carrying amount
At 31 March 2024
111,378
3,462
8,716
16,035
139,591
---------
--------
--------
--------
---------
At 31 March 2023
118,541
4,327
5,473
20,039
148,380
---------
--------
--------
--------
---------
5. Debtors
2024
2023
£
£
Trade debtors
22,283
3,810
--------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,918
11,337
Amounts owed to group undertakings and undertakings in which the company has a participating interest
703,378
669,788
Social security and other taxes
3,079
903
Other creditors
3,000
2,250
---------
---------
722,375
684,278
---------
---------
7. Related party transactions
During the year the company received an interest free loan repayable on demand to related parties. The amount outstanding at the balance sheet date was £703,378 (2023: £669,788). The company's immediate and ultimate parent company is Steelwell Holdings Limited,. The registered office of this company is Gorse Lodge, Brandon Road, Stubton, Newark, NG23 5DA.
8. Going concern
At 31 March 2024 the company's balance sheet showed an insolvent position. It is the intention of the director Mr M Crane to continue to support the company to enable it to meet its cashflow requirements and so these accounts have been prepared on a going concern basis.