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REGISTERED NUMBER: 10393791 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Ifab Steel Ltd

Ifab Steel Ltd (Registered number: 10393791)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ifab Steel Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: S L Bryer





REGISTERED OFFICE: Unit 9a-9b Bolding Barn Business Park
Henfield Road
Small Dole
Henfield
West Sussex
BN5 9XH





REGISTERED NUMBER: 10393791 (England and Wales)





ACCOUNTANTS: Reeves Wilkinson Limited trading as Botting & Co
Chartered Certified Accountants
41b Beach Road
Littlehampton
West Sussex
BN17 5JA

Ifab Steel Ltd (Registered number: 10393791)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 35,243 66,010

CURRENT ASSETS
Stocks 70,000 134,037
Debtors 5 323,408 237,580
Cash at bank 103,075 16,327
496,483 387,944
CREDITORS
Amounts falling due within one year 6 (344,440 ) (293,680 )
NET CURRENT ASSETS 152,043 94,264
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,286

160,274

CREDITORS
Amounts falling due after more than one
year

7

(63,308

)

(119,063

)

PROVISIONS FOR LIABILITIES (8,811 ) -
NET ASSETS 115,167 41,211

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 115,067 41,111
115,167 41,211

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Ifab Steel Ltd (Registered number: 10393791)

Balance Sheet - continued
31 March 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 27 March 2025 and were signed by:





S L Bryer - Director


Ifab Steel Ltd (Registered number: 10393791)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Ifab Steel Ltd 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
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 7 (2023 - 9 ) .

Ifab Steel Ltd (Registered number: 10393791)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 108,231
Disposals (27,247 )
At 31 March 2024 80,984
DEPRECIATION
At 1 April 2023 42,221
Charge for year 17,144
Eliminated on disposal (13,624 )
At 31 March 2024 45,741
NET BOOK VALUE
At 31 March 2024 35,243
At 31 March 2023 66,010

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 295,716 218,098
Other debtors 27,692 19,482
323,408 237,580

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 98,455 73,002
Hire purchase contracts 10,540 23,089
Trade creditors 123,588 96,468
Taxation and social security 66,858 25,637
Other creditors 44,999 75,484
344,440 293,680

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 37,083 69,583
Hire purchase contracts 26,225 49,480
63,308 119,063

Ifab Steel Ltd (Registered number: 10393791)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 36,765 72,569

The hire purchase liabilities are secured on the assets being acquired.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the director provided interest free loans to the company. At the balance sheet date, the company owed to the director £20,529 (2023 - £51,927).

10. RELATED PARTY DISCLOSURES

During the year, the company loaned funds to Ifix Steel Solutions Ltd, which is under common control. At the balance sheet date, the company was owed £21,872 (2023 - £17292).