Acorah Software Products - Accounts Production 16.3.350 false true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 13654156 Laura Healey Luke Healey iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13654156 2023-10-31 13654156 2024-10-31 13654156 2023-11-01 2024-10-31 13654156 frs-core:CurrentFinancialInstruments 2024-10-31 13654156 frs-core:Non-currentFinancialInstruments 2024-10-31 13654156 frs-core:PlantMachinery 2024-10-31 13654156 frs-core:PlantMachinery 2023-11-01 2024-10-31 13654156 frs-core:PlantMachinery 2023-10-31 13654156 frs-core:RevaluationReserve 2023-10-31 13654156 frs-core:RevaluationReserve 2024-10-31 13654156 frs-core:ShareCapital 2024-10-31 13654156 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 13654156 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 13654156 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 13654156 frs-bus:SmallEntities 2023-11-01 2024-10-31 13654156 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 13654156 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 13654156 frs-bus:Director1 2023-11-01 2024-10-31 13654156 frs-bus:Director2 2023-11-01 2024-10-31 13654156 frs-countries:EnglandWales 2023-11-01 2024-10-31 13654156 2022-10-31 13654156 2023-10-31 13654156 2022-11-01 2023-10-31 13654156 frs-core:CurrentFinancialInstruments 2023-10-31 13654156 frs-core:Non-currentFinancialInstruments 2023-10-31 13654156 frs-core:RevaluationReserve 2023-10-31 13654156 frs-core:ShareCapital 2023-10-31 13654156 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31
Registered number: 13654156
The Steel Shop Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Albion Accountancy Services
Licenced Accountants
30 Bardsey Crescent
Llanishen
Cardiff
Caerdydd
CF14 5LA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13654156
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 245,088 193,000
245,088 193,000
CURRENT ASSETS
Debtors 5 50,150 117,911
Cash at bank and in hand 655,004 251,752
705,154 369,663
Creditors: Amounts Falling Due Within One Year 6 (135,160 ) (96,564 )
NET CURRENT ASSETS (LIABILITIES) 569,994 273,099
TOTAL ASSETS LESS CURRENT LIABILITIES 815,082 466,099
Creditors: Amounts Falling Due After More Than One Year 7 (222,000 ) (10,297 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (47,242 ) (36,670 )
NET ASSETS 545,840 419,132
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 10 72,340 72,340
Profit and Loss Account 473,400 346,692
SHAREHOLDERS' FUNDS 545,840 419,132
Page 1
Page 2
For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Laura Healey
Director
21/05/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
The Steel Shop Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13654156 . The registered office is Unit 23 Village Court, Village Farm Industrial Estate, Pyle, Bridgend, CF33 6BX.
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 10% & 15% Straight Line
2.4. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other
such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

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.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 8)
12 8
4. Tangible Assets
Plant & Machinery
£
Cost or Valuation
As at 1 November 2023 230,902
Additions 83,684
Disposals (2,667 )
As at 31 October 2024 311,919
Depreciation
As at 1 November 2023 37,902
Provided during the period 29,462
Disposals (533 )
As at 31 October 2024 66,831
Net Book Value
As at 31 October 2024 245,088
As at 1 November 2023 193,000
Cost or valuation as at 31 October 2024 represented by:
Plant & Machinery
£
At cost 311,919
311,919
The directors have reviewed the value of the Plant & Equipment. They have therefore increased some of the assets in line with actual market price.
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 42,552 105,577
VAT 7,598 12,334
50,150 117,911
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.
Page 4
Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 58,208 44,611
Bank loans and overdrafts 177 154
Corporation tax 76,499 53,045
Other creditors 276 82
Accruals and deferred income - (1,328 )
135,160 96,564
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.
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 36,966 -
Directors loan account 185,034 10,297
222,000 10,297
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
10. Reserves
Revaluation Reserve
£
As at 1 November 2023 72,340
As at 31 October 2024 72,340
11.
The director/s operate/s a current loan account which is credited with payments made by the director/s and any cash introduced and debited with private expenses and cash drawn. The outstanding amount to the director/s at the year end was £10,297 (2022 - £76,674). This amount is included in creditors.
Page 5