| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 November 2024 |
| for |
| Steel Peaks Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 November 2024 |
| for |
| Steel Peaks Ltd |
| Steel Peaks Ltd (Registered number: 09292190) |
| Contents of the Financial Statements |
| for the Year Ended 30 November 2024 |
| Page |
| Statement of financial position | 1 | to | 2 |
| Notes to the financial statements | 3 | to | 7 |
| Steel Peaks Ltd (Registered number: 09292190) |
| Statement of Financial Position |
| 30 November 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Current assets |
| Debtors | 6 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Retained earnings |
| Shareholders' funds |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Steel Peaks Ltd (Registered number: 09292190) |
| Statement of Financial Position - continued |
| 30 November 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Steel Peaks Ltd (Registered number: 09292190) |
| Notes to the Financial Statements |
| for the Year Ended 30 November 2024 |
| 1. | Statutory information |
| Steel Peaks Ltd is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| 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. |
| Tangible fixed 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 asset includes directly attributable incremental costs incurred in their acquisition and installation. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
| Steel Peaks Ltd (Registered number: 09292190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 3. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Hire purchase and leasing commitments |
| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability. |
| Pension costs and other post-retirement benefits |
| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. |
| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. |
| Dividends |
| Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
| Borrowings |
| Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
| Steel Peaks Ltd (Registered number: 09292190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 3. | Accounting policies - continued |
| Trade debtors |
| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. |
| Trade creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. |
| Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
| 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. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| 5. | Tangible fixed assets |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| Cost |
| At 1 December 2023 |
| Additions |
| At 30 November 2024 |
| Depreciation |
| At 1 December 2023 |
| Charge for year |
| At 30 November 2024 |
| Net book value |
| At 30 November 2024 |
| At 30 November 2023 |
| Steel Peaks Ltd (Registered number: 09292190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 6. | Debtors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other Debtor | 21,604 | 27,337 |
| Prepayments |
| Included in other debtors is £21,604 (2023 - £27,337) recoverable CIS from HMRC. |
| 7. | Creditors: amounts falling due within one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Hire purchase contracts |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 1,363 | 9,910 |
| Other creditors |
| Directors' loan accounts | 2,207 | 1,973 |
| Accrued expenses |
| 8. | Creditors: amounts falling due after more than one year |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 9) |
| Hire purchase contracts |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 2,740 | - |
| 9. | Loans |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Steel Peaks Ltd (Registered number: 09292190) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 November 2024 |
| 9. | Loans - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years - BBL |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 2,740 | - |
| 10. | Secured debts |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 21,311 | 26,991 |
| 11. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 10 | 10 |