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Registration number: 09559917

Steeltech Kinetix (Northern) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Steeltech Kinetix (Northern) Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Steeltech Kinetix (Northern) Ltd

Company Information

Directors

Mr D Stuart

Mr C Westney

Registered office

Bridge Mills
Gauxholme Fold
Rochdale Road
Todmorden
Lancashire
OL14 7PW

Accountants

Fitton & Co
Chartered Certified Accountants
Callis Mill
Woodland View
Hebden Bridge
West Yorkshire
HX7 6PJ

 

Steeltech Kinetix (Northern) Ltd

(Registration number: 09559917)
Statement of financial position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

71,569

79,054

Current assets

 

Stocks

6

10,800

11,800

Debtors

218,484

274,306

Cash at bank and in hand

 

108,309

63,218

 

337,593

349,324

Creditors: Amounts falling due within one year

(149,016)

(186,466)

Net current assets

 

188,577

162,858

Total assets less current liabilities

 

260,146

241,912

Creditors: Amounts falling due after more than one year

(10,155)

(24,811)

Provisions for liabilities

(18,966)

(20,949)

Net assets

 

231,025

196,152

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

230,925

196,052

Shareholders' funds

 

231,025

196,152

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

 

Steeltech Kinetix (Northern) Ltd

(Registration number: 09559917)
Statement of financial position as at 30 June 2024

.........................................
Mr D Stuart
Director

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridge Mills
Gauxholme Fold
Rochdale Road
Todmorden
Lancashire
OL14 7PW

These financial statements were authorised for issue by the Board on 20 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The directors have reviewed the carrying balances of the debtors and creditors and are of the opinion that their fair value is not materially different from those stated in the accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5% to 10% straight line

Fixtures and fittings

15% reducing balance

Motor vehicles

20% straight line

Office equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 13).

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

40,000

40,000

At 30 June 2024

40,000

40,000

Amortisation

At 1 July 2023

40,000

40,000

At 30 June 2024

40,000

40,000

Carrying amount

At 30 June 2024

-

-

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,755

107,354

10,083

52,900

172,092

Additions

5,000

2,469

599

-

8,068

Disposals

(1,755)

-

-

-

(1,755)

At 30 June 2024

5,000

109,823

10,682

52,900

178,405

Depreciation

At 1 July 2023

1,086

50,000

8,013

33,939

93,038

Charge for the year

153

7,688

795

6,248

14,884

Eliminated on disposal

(1,086)

-

-

-

(1,086)

At 30 June 2024

153

57,688

8,808

40,187

106,836

Carrying amount

At 30 June 2024

4,847

52,135

1,874

12,713

71,569

At 30 June 2023

669

57,354

2,070

18,961

79,054

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Finance lease and hire purchase contracts

Included within the net book value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Note

2024
 £

2023
 £

Motor vehicles

 

4,274

7,814

 

4,274

7,814

6

Stocks

2024
£

2023
£

Other inventories

10,800

11,800

7

Debtors

2024
 £

2023
 £

Trade debtors

190,427

196,141

Prepayments

54

403

Accrued income

28,003

77,762

Total current trade and other debtors

218,484

274,306

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

11

11,483

74,050

Trade creditors

 

55,290

65,626

Amounts due to related parties

13

7,770

7,656

Social security and other taxes

 

21,938

12,486

Accrued expenses

 

37,874

13,728

Income tax liability

14,661

12,920

 

149,016

186,466

Due after one year

 

Loans and borrowings

11

10,155

24,811

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

ordinary of £1 each

100

100

100

100

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

28,800

-

Later than one year and not later than five years

112,800

-

141,600

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,400 (2023 - £Nil).

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

9,167

19,167

Hire purchase contracts

988

5,644

10,155

24,811

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

4,769

7,320

Other borrowings

(3,286)

56,730

11,483

74,050

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

28,800

-

Later than one year and not later than five years

112,800

-

141,600

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £2,400 (2023 - £Nil).

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

12

Dividends

Note

2024
 £

2023
 £

Dividends on Ordinary shares

 

14,000

6,000

 

14,000

6,000

 

Steeltech Kinetix (Northern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

13

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr D Stuart

Loan advance to company

2,945

(10)

122

3,057

         
       

Mr C Westney

Loan advance to company

4,712

-

-

4,712

         
       

 

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr D Stuart

Loan advance to company

3,067

(122)

2,945

       
     

Mr C Westney

Loan advance to company

4,712

-

4,712

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

92,322

62,795