Registered number
11863802
Speed Steel Industries Limited
Filleted Accounts
31 March 2024
Speed Steel Industries Limited
Registered number: 11863802
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,113 3,891
Current assets
Debtors 4 - 660
Cash at bank and in hand 20 1,104
20 1,764
Creditors: amounts falling due within one year 5 (121,126) (90,653)
Net current liabilities (121,106) (88,889)
Total assets less current liabilities (117,993) (84,998)
Creditors: amounts falling due after more than one year 6 (8,345) (11,539)
Net liabilities (126,338) (96,537)
Capital and reserves
Called up share capital 1 1
Profit and loss account (126,339) (96,538)
Shareholder's funds (126,338) (96,537)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Webley
Director
Approved by the board on 2 June 2025
Speed Steel Industries Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 9,500
At 31 March 2024 9,500
Depreciation
At 1 April 2023 5,609
Charge for the year 778
At 31 March 2024 6,387
Net book value
At 31 March 2024 3,113
At 31 March 2023 3,891
4 Debtors 2024 2023
£ £
Trade debtors - 660
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,822 1,845
Taxation and social security costs - 704
Other creditors 118,713 87,365
Deferred taxation 591 739
121,126 90,653
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,345 11,539
7 Events after the reporting date
There have been no known events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
8 Pension commitments
There are no known pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
10 Related party transactions
As at the year end the company owed the director £118,713 this loan is interest free with no fixed date for repayment.
11 Controlling party
The company is under the control of James Webley, being director and shareholder of the company.
12 Other information
Speed Steel Industries Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Main Street
The Old Dairy Farm
Upper Stowe
NN7 4SH
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