RSJ STEELS (LINCOLN) LIMITED


Directors	STAFFORD, Andrew
	STAFFORD, Peter


Registered Address	Lincoln Industrial Park
	Sadler Road
	Lincoln
	LN6 3RS


Registered Number	01372873 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). Financial Instruments Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities – trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest.

Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

Financial Instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: 

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. 
Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities – trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

	Employee benefits
	When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

	Foreign currency translation
	Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

	Current taxation
	Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

	Deferred tax
	Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences.

Deferred tax

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods.  It is recognised in respect of all timing differences, with certain exceptions.  Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements.  Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences.

	Intangible assets
	The website has been amortised evenly over its estimated useful life of three years.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following annual rates: Plant & Machinery - 15/20% on reducing balance Motor Vehicles - 25% on reducing balance Fixtures & Fittings - 15% on reducing balance

	Finance leases and hire purchase contracts
	Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

	Stocks and work in progress
	Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

	Financial instruments
	Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	15		17

3.	Prior period adjustment
	The prior year financial statements were restated to reflect deferred income in the period.

4.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 January 25	15,800	15,800
At 31 December 25	15,800	15,800
Amortisation and impairment
At 01 January 25	15,800	15,800
At 31 December 25	15,800	15,800
Net book value
At 31 December 25	-	-
At 31 December 24	-	-

5.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 January 25	460,059	256,812	23,585	740,456
Additions	29,695	86,308	-	116,003
Disposals	-	(85,425)	-	(85,425)
At 31 December 25	489,754	257,695	23,585	771,034
Depreciation and impairment
At 01 January 25	269,100	101,709	20,455	391,264
Charge for year	31,412	42,912	470	74,794
On disposals	-	(38,113)	-	(38,113)
At 31 December 25	300,512	106,508	20,925	427,945
Net book value
At 31 December 25	189,242	151,187	2,660	343,089
At 31 December 24	190,959	155,103	3,130	349,192

6.	Stocks

	2025	2024
	£	£
Raw materials and consumables	388,358	206,428
Total	388,358	206,428

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	565,090	626,406
Other debtors	5,575	243
Prepayments and accrued income	12,986	9,915
Total	583,651	636,564

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	766,664	625,631
Taxation and social security	89,007	181,512
Other creditors	1,966	1,397
Accrued liabilities and deferred income	5,546	70,425
Total	863,183	878,965

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	37,477	52,400
Total	37,477	52,400

10.	Related party transactions
	Rent payable of £53,000 (2024: £53,000) is in respect of property owned by the R S J Steels (Lincoln) Limited Retirement Benefits Scheme. The directors are members and trustees of this scheme. This is considered to represent a normal commercial rent.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	5		343,089		349,192
			343,089		349,192
Current assets
Stocks	6	388,358		206,428
Debtors	7	583,651		636,564
Cash at bank and on hand		547,718		743,455
		1,519,727		1,586,447
Creditors amounts falling due within one year	8	(863,183)		(878,965)
Net current assets (liabilities)			656,544		707,482
Total assets less current liabilities			999,633		1,056,674
Provisions for liabilities	9		(37,477)		(52,400)
Net assets			962,156		1,004,274
Capital and reserves
Called up share capital			5,000		5,000
Other reserves			5,000		5,000
Profit and loss account			952,156		994,274
Shareholders' funds			962,156		1,004,274