Company registration number 03372811 (England and Wales)
THE ALLOY STEEL MELTING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
THE ALLOY STEEL MELTING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE ALLOY STEEL MELTING COMPANY LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
729,921
756,314
Current assets
Stocks
66,775
70,670
Debtors
5
280,677
214,335
Cash at bank and in hand
125
125
347,577
285,130
Creditors: amounts falling due within one year
6
(367,891)
(297,039)
Net current liabilities
(20,314)
(11,909)
Total assets less current liabilities
709,607
744,405
Creditors: amounts falling due after more than one year
7
(216,527)
(242,271)
Provisions for liabilities
(8,100)
(17,000)
Net assets
484,980
485,134
Capital and reserves
Called up share capital
8
120,000
120,000
Share premium account
60,846
60,846
Capital redemption reserve
15,846
15,846
Profit and loss reserves
288,288
288,442
Total equity
484,980
485,134
THE ALLOY STEEL MELTING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 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 21 May 2025 and are signed on its behalf by:
E A Parramore
Director
Company registration number 03372811 (England and Wales)
THE ALLOY STEEL MELTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

The Alloy Steel Melting Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Cross Turner Street, Sheffield, S2 4AB.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net current liabilities at the year end of £20,314 (2023: £11,909). Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost and net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold property
2% straight line
Plant and machinery
10% - 20% straight line
Office equipment
20% straight line

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

THE ALLOY STEEL MELTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

THE ALLOY STEEL MELTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year :

2024
2023
Number
Number
Total
8
7
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
4,684
15,176
Adjustments in respect of prior periods
-
0
546
Total current tax
4,684
15,722
Deferred tax
Origination and reversal of timing differences
(8,900)
(5,000)
Total tax (credit)/charge
(4,216)
10,722
THE ALLOY STEEL MELTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
4
Tangible fixed assets
Leasehold property
Plant and machinery
Office equipment
Total
£
£
£
£
Cost
At 1 September 2023
780,455
435,549
14,719
1,230,723
Additions
-
0
3,250
960
4,210
Disposals
-
0
(63,549)
-
0
(63,549)
At 31 August 2024
780,455
375,250
15,679
1,171,384
Depreciation
At 1 September 2023
112,903
348,107
13,399
474,409
Depreciation charged in the year
14,906
14,498
507
29,911
Eliminated in respect of disposals
-
0
(62,857)
-
0
(62,857)
At 31 August 2024
127,809
299,748
13,906
441,463
Carrying amount
At 31 August 2024
652,646
75,502
1,773
729,921
At 31 August 2023
667,553
87,441
1,320
756,314
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
58,055
45,579
Corporation tax recoverable
53,841
40,381
Other debtors
168,781
128,375
280,677
214,335
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
62,992
62,603
Trade creditors
66,379
57,024
Corporation tax
84,204
66,060
Other taxation and social security
82,391
59,612
Other creditors
71,925
51,740
367,891
297,039

 

THE ALLOY STEEL MELTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -

The bank overdraft amounting to £32,424 (2023: £27,210) is secured by way of personal guarantee.

 

The bank loan amounting to £30,568 (2023: £35,393) due in less than one year is secured by a fixed and floating charge on the property and assets of the company.

 

Included in other creditors are loans due to directors amounting to £50,701 (2023: £48,825).These are unsecured and interest charged totalled £3,825 (2023: £3,207).

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
216,527
242,271

Included in bank loans is an amount of £204,902 (2023: £220,432) due in more than one year which is secured by fixed and floating charges on the property and assets of the company.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
120,000
120,000
120,000
120,000

 

9
Directors' transactions

An unsecured loan with no fixed repayment terms has been granted by the company to a director as follows:

 

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.25
120,171
103,944
3,168
(67,231)
160,052
120,171
103,944
3,168
(67,231)
160,052
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