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REGISTERED NUMBER: 04066302 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: I F D Nicholls





SECRETARY: Mrs H Nicholls





REGISTERED OFFICE: United Downs Industrial Estate
St Day
Redruth
Cornwall
TR16 5HY





REGISTERED NUMBER: 04066302 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 496,928 411,294

CURRENT ASSETS
Stocks 5 41,000 108,200
Debtors 6 319,309 621,726
Cash at bank and in hand 68,626 32,049
428,935 761,975
CREDITORS
Amounts falling due within one year 7 563,377 794,466
NET CURRENT LIABILITIES (134,442 ) (32,491 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

362,486

378,803

CREDITORS
Amounts falling due after more than one
year

8

(277,322

)

(238,472

)

PROVISIONS FOR LIABILITIES (65,675 ) (59,651 )

ACCRUALS AND DEFERRED INCOME (4,500 ) (9,000 )
NET ASSETS 14,989 71,680

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 14,988 71,679
SHAREHOLDERS' FUNDS 14,989 71,680

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2024


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

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

The financial statements were approved by the director and authorised for issue on 19 February 2025 and were signed by:





I F D Nicholls - Director


IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

In Steel (Blacksmiths & Fabricators) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover also includes applications in respect of work done to specific stages which has yet to be invoiced. Output VAT is accounted for at the earlier of payment for work done or the issue of a sales invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Office & computer equipment - 33% on cost and 15% on reducing balance

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 Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 40 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property Extension machinery
£    £    £   
COST
At 1 October 2023 332,837 78,995 619,185
Additions - - 166,687
Disposals - - (253,032 )
At 30 September 2024 332,837 78,995 532,840
DEPRECIATION
At 1 October 2023 299,553 - 423,026
Charge for year 16,642 - 52,305
Eliminated on disposal - - (242,706 )
At 30 September 2024 316,195 - 232,625
NET BOOK VALUE
At 30 September 2024 16,642 78,995 300,215
At 30 September 2023 33,284 78,995 196,159

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Office &
Motor computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 217,271 41,856 1,290,144
Additions 14,999 1,250 182,936
Disposals (13,729 ) (557 ) (267,318 )
At 30 September 2024 218,541 42,549 1,205,762
DEPRECIATION
At 1 October 2023 122,365 33,906 878,850
Charge for year 16,321 1,380 86,648
Eliminated on disposal (13,401 ) (557 ) (256,664 )
At 30 September 2024 125,285 34,729 708,834
NET BOOK VALUE
At 30 September 2024 93,256 7,820 496,928
At 30 September 2023 94,906 7,950 411,294

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2023 81,508 83,924 165,432
Additions 159,873 14,999 174,872
At 30 September 2024 241,381 98,923 340,304
DEPRECIATION
At 1 October 2023 31,452 12,465 43,917
Charge for year 31,489 11,675 43,164
At 30 September 2024 62,941 24,140 87,081
NET BOOK VALUE
At 30 September 2024 178,440 74,783 253,223
At 30 September 2023 50,056 71,459 121,515

5. STOCKS
30.9.24 30.9.23
£    £   
Stock and work in progress 41,000 108,200

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 287,019 570,187
Other debtors 25,440 27,531
Prepayments 6,850 24,008
319,309 621,726

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 40,780 35,869
Hire purchase contracts 52,230 24,189
Trade creditors 280,054 553,080
Corporation tax 70,105 66,505
Social security and other taxes 71,828 36,899
Other creditors 2,646 919
Directors' current accounts 1,004 275
Accruals and deferred income 38,500 70,933
Accrued expenses 6,230 5,797
563,377 794,466

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans - 1-2 years 35,789 35,869
Bank loans - 2-5 years 62,339 62,621
Bank loans due after more than
5 years by instalments 68,234 111,169
Hire purchase contracts 110,960 28,813
277,322 238,472

Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after more than
5 years by instalments 68,234 111,169
68,234 111,169

IN STEEL (BLACKSMITHS & FABRICATORS)
LIMITED (REGISTERED NUMBER: 04066302)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 207,142 245,528
Hire purchase contracts 163,190 53,002
370,332 298,530

The hire purchase liability and other loans are secured by way of a first charge over the asset(s) specified in the relevant agreements.

10. ULTIMATE CONTROLLING PARTY

The sole director, Mr I F D Nicholls controls the company as a result of him and his immediate family members owning 100% of the issued share capital.