Steel City Classics Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10744269

Steel City Classics Ltd

Filleted Unaudited Financial Statements

31 December 2024

Steel City Classics Ltd

Financial Statements

Year ended 31 December 2024

Contents	Pages

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 9

Steel City Classics Ltd

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Steel City Classics Ltd

Year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steel City Classics Ltd for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Steel City Classics Ltd in accordance with the terms of our engagement letter dated 12 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Steel City Classics Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steel City Classics Ltd and its director for our work or for this report.

It is your duty to ensure that Steel City Classics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Steel City Classics Ltd. You consider that Steel City Classics Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Steel City Classics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HEBBLETHWAITES Chartered Accountants

2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ

31 December 2025

Steel City Classics Ltd

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	95,146	107,197

Current assets

Stocks		415,200	378,143
Debtors	6	34,617	21,706
Cash at bank and in hand		813	704
		---------	---------
		450,630	400,553

Creditors: amounts falling due within one year	7	516,450	374,108
		---------	---------
Net current (liabilities)/assets		( 65,820)	26,445
		--------	---------
Total assets less current liabilities		29,326	133,642

Creditors: amounts falling due after more than one year	8	9,168	22,902

Provisions	–	679
	--------	---------
Net assets	20,158	110,061
	--------	---------

Steel City Classics Ltd

Statement of Financial Position (continued)

31 December 2024

	2024	2023
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	20,058	109,961
	--------	---------
Shareholders funds	20,158	110,061
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 December 2025 , and are signed on behalf of the board by:

Mr F Hayes
Director

Company registration number: 10744269

Steel City Classics Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sheffield Road, Sheepbridge, Unstone, Chesterfield, S41 9EH, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the period end date, the closing Statement of Financial Position reflects a position of net current liabilities, if with positive total net assets. Despite this, the accounts have been prepared on the going concern basis, which basis assumes that the company can continue trading for the foreseeable future which, in the opinion of the director, is appropriate given the ongoing financial support being provided to the company.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance

No depreciation has yet been charged in relation to the cost of the capital cost of enhancements and improvements to the leasehold property added during the period pending full operational activity.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).

5. Tangible assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024 and 31 December 2024	58,999	5,535	59,499	124,033
	--------	-------	--------	---------
Depreciation
At 1 January 2024	–	1,086	15,750	16,836
Charge for the year	–	1,114	10,937	12,051
	--------	-------	--------	---------
At 31 December 2024	–	2,200	26,687	28,887
	--------	-------	--------	---------
Carrying amount
At 31 December 2024	58,999	3,335	32,812	95,146
	--------	-------	--------	---------
At 31 December 2023	58,999	4,449	43,749	107,197
	--------	-------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	9,351
	-------
At 31 December 2023	12,468
	--------

6. Debtors

	2024	2023
	£	£
Trade debtors	9,065	607
Other debtors	25,552	21,099
	--------	--------
	34,617	21,706
	--------	--------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	54,665	16,611
Trade creditors	258,462	249,801
Social security and other taxes	18,060	1,404
Other creditors	185,263	106,292
	---------	---------
	516,450	374,108
	---------	---------

Included within other creditors above are finance agreement liabilities in the sum of £3,735 (2023: £3,515) which are secured on the related assets.

Within bank loans and overdrafts as above, a total of £44,665 (2023: £6,611) in relation to the overdraft content is secured over the assets of the company.

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	4,167	14,167
Other creditors	5,001	8,735
	-------	--------
	9,168	22,902
	-------	--------

Included within other creditors above are finance agreement liabilities in the sum of £5,001 (2023: £8,735) which are secured on the related assets.

The company has borrowed £50,000 under the Government's Covid-19 loan scheme.

This loan was subject to a one year repayment moratorium from commencement, repayments commencing from June 2021 with monthly instalments thereafter

Interest of 2.5% is payable monthly, in arrears, on this loan; the Government covers the first 12 months interest charge.

The Government acts as guarantor to the lender for this loan.

Of the total balance of £14,167 (2023: £24,167) outstanding at the year end date, £10,000 (2023: £10,000) is repayable within twelve months and £4,167 (2023: £14,167) thereafter, with the total being fully repayable within five years of the year end date.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Later than 1 year and not later than 5 years	27,500	57,500
	--------	--------

10. Director's advances, credits and guarantees

Within creditors repayable within one year, is a director loan account balance of £19,088 owing to the director (2023: £19,325) in relation to which there are no formal repayment terms and interest is not being charged.

11. Related party transactions

Included within other creditors above (due within one year) is a loan account liability of monies owing to Sheffield Motorcycle Centre Ltd, a company under common directorship and control with Steel City Classics Ltd The loan balance, at the start of the year was £81,485 payable to Sheffield Motorcycle Centre, and is reflected in other creditors. As a result of movements during the year, the balance at the year end amounted to £80,304 owing to Sheffield Motorcycle Centre Ltd. The debt is unsecured, has no formal repayment terms, and is not subject to interest charges.