3 3 GR Steel Ltd 12917633 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is wholesale of metal and metal ores Digita Accounts Production Advanced 6.30.9574.0 true true 12917633 2023-09-01 2024-08-31 12917633 2024-08-31 12917633 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-08-31 12917633 core:RetainedEarningsAccumulatedLosses 2024-08-31 12917633 core:ShareCapital 2024-08-31 12917633 core:CurrentFinancialInstruments 2024-08-31 12917633 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 12917633 core:FurnitureFittingsToolsEquipment 2024-08-31 12917633 core:MotorVehicles 2024-08-31 12917633 bus:SmallEntities 2023-09-01 2024-08-31 12917633 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 12917633 bus:FilletedAccounts 2023-09-01 2024-08-31 12917633 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 12917633 bus:RegisteredOffice 2023-09-01 2024-08-31 12917633 bus:Director2 2023-09-01 2024-08-31 12917633 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-09-01 2024-08-31 12917633 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 12917633 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 12917633 core:MotorVehicles 2023-09-01 2024-08-31 12917633 core:PlantMachinery 2023-09-01 2024-08-31 12917633 countries:EnglandWales 2023-09-01 2024-08-31 12917633 2023-08-31 12917633 core:FurnitureFittingsToolsEquipment 2023-08-31 12917633 core:MotorVehicles 2023-08-31 12917633 2022-09-01 2023-08-31 12917633 2023-08-31 12917633 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-08-31 12917633 core:RetainedEarningsAccumulatedLosses 2023-08-31 12917633 core:ShareCapital 2023-08-31 12917633 core:CurrentFinancialInstruments 2023-08-31 12917633 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 12917633 core:FurnitureFittingsToolsEquipment 2023-08-31 12917633 core:MotorVehicles 2023-08-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 12917633

GR Steel Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

GR Steel Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

GR Steel Ltd

(Registration number: 12917633)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

1,917

 

2,130

Current assets

   

 

Stocks

65,489

 

63,056

 

Debtors

5

1,408

 

27,860

 

Cash at bank and in hand

 

8,688

 

5,498

 

 

75,585

 

96,414

 

Creditors: Amounts falling due within one year

6

(87,242)

 

(120,827)

 

Net current liabilities

   

(11,657)

 

(24,413)

Net liabilities

   

(9,740)

 

(22,283)

Capital and reserves

   

 

Called up share capital

7

3

 

3

 

Retained earnings

(9,743)

 

(22,286)

 

Shareholders' deficit

   

(9,740)

 

(22,283)

For the financial year ending 31 August 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 and 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 Profit and Loss Account.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
C J Rika
Director

 

GR Steel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Unit 2
Thornhills Beck Lane
Brighouse
HD6 4AH

These financial statements were authorised for issue by the Board on 29 May 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

GR Steel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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

Furniture, fittings and equipment

10% reducing balance basis

Plant and machinery

10% reducing balance basis

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.

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.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest for a similar debt instrument.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

 

GR Steel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 September 2023

639

1,780

2,419

At 31 August 2024

639

1,780

2,419

Depreciation

At 1 September 2023

44

245

289

Charge for the year

59

154

213

At 31 August 2024

103

399

502

Carrying amount

At 31 August 2024

536

1,381

1,917

At 31 August 2023

595

1,535

2,130

5

Debtors

Current

2024
£

2023
£

Trade debtors

1,408

27,860

 

1,408

27,860

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

32,985

41,798

Amounts due to related parties

45,018

56,709

Taxation and social security

6,739

20,212

Accruals and deferred income

2,500

2,108

87,242

120,827

 

GR Steel Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

3

3

3

3