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Registered number: 07124609
PSM Steel Ltd
Financial Statements
For The Year Ended 31 January 2025
TaxAssist Accountants
53 Gobions Avenue
Chase Cross
Romford
Essex
RM5 3SS
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 07124609
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,082 14,687
11,082 14,687
CURRENT ASSETS
Debtors 5 280,628 444,902
Cash at bank and in hand 28,872 67,055
309,500 511,957
Creditors: Amounts Falling Due Within One Year 6 (69,699 ) (144,490 )
NET CURRENT ASSETS (LIABILITIES) 239,801 367,467
TOTAL ASSETS LESS CURRENT LIABILITIES 250,883 382,154
Creditors: Amounts Falling Due After More Than One Year 7 (16,249 ) (33,248 )
NET ASSETS 234,634 348,906
CAPITAL AND RESERVES
Called up share capital 9 1 1
Other reserves (29,547 ) (29,547 )
Profit and Loss Account 264,180 378,452
SHAREHOLDERS' FUNDS 234,634 348,906
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Borst
Director
02/06/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
PSM Steel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07124609 . The registered office is 168 Turpin Avenue, Collier Row, Romford, Essex, RM5 2HZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery REduced Balance
Motor Vehicles Reducing Balance
Fixtures & Fittings Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 2
Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
1 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 February 2024 1,767 32,695 707 35,169
As at 31 January 2025 1,767 32,695 707 35,169
Depreciation
As at 1 February 2024 354 19,403 725 20,482
Provided during the period 283 3,322 - 3,605
As at 31 January 2025 637 22,725 725 24,087
Net Book Value
As at 31 January 2025 1,130 9,970 (18 ) 11,082
As at 1 February 2024 1,413 13,292 (18 ) 14,687
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 124,141 240,183
Other debtors - CIS Suffered 110,104 148,936
Other debtors - Loan N Kelleher 2,000 2,000
Other debtors (Loans to G kelleher) 5,500 5,500
Other debtors (Third Party Loan-Ardian Palushi) 8,000 8,000
Other debtors (Security Deposit FuelGenie) 100 100
VAT Control A/C 412 1,135
250,257 405,854
Due after more than one year
Other debtors (Loan-Angela Borst) 28,800 32,900
VAT Suspense A/C 1,571 6,148
30,371 39,048
280,628 444,902
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 611 34,861
Corporation tax 66,304 106,673
Other creditors (CIS Withheld) - 220
Accruals and deferred income 2,784 2,736
69,699 144,490
Page 3
Page 4
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 2,916 9,915
Bank loans 13,333 23,333
16,249 33,248
8. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 2,916 9,915
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1 1
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