Underwood Steel Stockholders Limited

(Registration number: 01286257)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	70,881	47,922
Current assets
Stocks	5	166,930	193,798
Debtors	6	789,066	659,589
Cash at bank and in hand		300	107,507
		956,296	960,894
Creditors: Amounts falling due within one year	7	(340,188)	(364,995)
Net current assets		616,108	595,899
Total assets less current liabilities		686,989	643,821
Provisions for liabilities		(17,720)	(11,981)
Net assets		669,269	631,840
Capital and reserves
Called up share capital		500,000	500,000
Retained earnings		169,269	131,840
Shareholders' funds		669,269	631,840

For the financial year ending 31 December 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 25 September 2025 and signed on its behalf by:
 

......................................... Mr M C Underwood Director

Underwood Steel Stockholders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
The Steel Centre
Wainwright Road
Worcester
WR4 9FA

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

Underwood Steel Stockholders Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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
Plant and machinery	At varying rates on cost
Fixtures and fittings	33.3% on cost
Motor vehicles	25% on cost

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.

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.

Defined contribution pension obligation

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 23).

Underwood Steel Stockholders Limited

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

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	561,865	106,512	668,377
Additions	45,641	10,072	55,713
Disposals	(6,200)	(11,495)	(17,695)
At 31 December 2024	601,306	105,089	706,395
Depreciation
At 1 January 2024	533,340	87,115	620,455
Charge for the year	19,379	12,398	31,777
Eliminated on disposal	(6,200)	(10,518)	(16,718)
At 31 December 2024	546,519	88,995	635,514
Carrying amount
At 31 December 2024	54,787	16,094	70,881
At 31 December 2023	28,525	19,397	47,922

5

Stocks

	2024 £	2023 £
Other inventories	166,930	193,798

6

Debtors

Current	Note	2024 £	2023 £
Trade debtors		77,815	88,919
Amounts owed by related parties		680,820	541,573
Prepayments		30,431	28,725
Other debtors		-	372
		789,066	659,589

Underwood Steel Stockholders Limited

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

7

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	77,521	2,900
Trade creditors		146,897	176,152
Taxation and social security		72,475	113,768
Accruals and deferred income		37,941	41,123
Other creditors		5,354	31,052
		340,188	364,995

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank overdrafts	77,521	-
Hire purchase contracts	-	2,900
	77,521	2,900