Company registration number 00257653 (England and Wales)
STEEL MANAGEMENT SERVICES
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
STEEL MANAGEMENT SERVICES
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
STEEL MANAGEMENT SERVICES
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,517
2,038
Investment property
4
1,760,000
1,750,000
1,761,517
1,752,038
Current assets
Debtors
5
4,735
3,018
Cash at bank and in hand
122,836
124,807
127,571
127,825
Creditors: amounts falling due within one year
6
(12,050)
(10,153)
Net current assets
115,521
117,672
Total assets less current liabilities
1,877,038
1,869,710
Provisions for liabilities
(26,613)
(24,212)
Net assets
1,850,425
1,845,498
Capital and reserves
Called up share capital
7
10,000
10,000
Revaluation reserve
283,692
276,192
Profit and loss reserves
1,556,733
1,559,306
Total equity
1,850,425
1,845,498
STEEL MANAGEMENT SERVICES
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Miss C A Steel
Director
Company registration number 00257653 (England and Wales)
STEEL MANAGEMENT SERVICES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Steel Management Services is a private unlimited company registered in England and Wales. The registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and is shown net of discounts and VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Furniture and equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
STEEL MANAGEMENT SERVICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
Taxation
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, 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
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Tangible fixed assets
Furniture and equipment
£
Cost or valuation
At 1 November 2023 and 31 October 2024
13,170
Depreciation and impairment
At 1 November 2023
11,132
Depreciation charged in the year
521
At 31 October 2024
11,653
Carrying amount
At 31 October 2024
1,517
At 31 October 2023
2,038
STEEL MANAGEMENT SERVICES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 November 2023
1,750,000
Revaluations
10,000
At 31 October 2024
1,760,000
At 31 October 2024, the investment properties were valued individually by the company directors, at open market value.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Fair value at end of year
1,760,000
1,750,000
Historical cost
1,449,981
1,449,981
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,000
930
Other debtors
1,735
2,088
4,735
3,018
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
5,887
4,160
Other creditors
6,163
5,993
12,050
10,153
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
9,999
9,999
9,999
9,999
Ordinary 'B' shares of £1 each
1
1
1
1
10,000
10,000
10,000
10,000