Statutory Information
Damsteel Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration number 14426153, registration address Sterling House, 31/32 High Street, Wellingborough, Northamptonshire, NN8 4HL, England.
The presentation currency is £ sterling.
| 1. |
Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Financial Reporting Standard for Smaller Entities (effective January 2016).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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 all 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. 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 taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. These differences are the ones that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred. The deferred tax balance has not been discounted.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at historical cost or valuation less depreciation and any provision for impairment. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings | 25% Reducing Balance | | Motor Vehicles | 25% Reducing Balance | | Computer Equipment | 25% Straight Line |
Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis and taken to profit and loss account, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
Trade and other debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents are highly liquid investments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.
Trade and other creditors
Short-term creditors are measured at the transaction price. The other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
|
| 2. |
Tangible fixed assets
| Cost or Valuation |
|
Fixtures and Fittings |
|
Motor Vehicles |
|
Computer Equipment |
|
Total |
| |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 November 2024 |
|
1,984 |
|
24,404 |
|
522 |
|
26,910 |
| At 31 October 2025 |
|
1,984 |
|
24,404 |
|
522 |
|
26,910 |
| Depreciation |
| At 01 November 2024 |
|
713 |
|
8,008 |
|
11 |
|
8,732 |
| Charge for year |
|
318 |
|
4,099 |
|
131 |
|
4,548 |
| At 31 October 2025 |
|
1,031 |
|
12,107 |
|
142 |
|
13,280 |
| Net book values |
| Closing balance as at 31 October 2025 |
|
953 |
|
12,297 |
|
380 |
|
13,630 |
| Opening balance as at 01 November 2024 |
|
1,271 |
|
16,396 |
|
511 |
|
18,178 |
Tangible fixed assets
Included within Tangible Fixed Assets were assets with a Net Book Value of £12,297 (2024 - £16,397) which were subject to hire purchase agreements. The depreciation charged in the year in respect of these assets was £4,099 (2024 - £5,466)
|
| 3. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade debtors |
2,710 |
|
5,957 |
| Taxation & social security less than one year |
36,926 |
|
14,023 |
|
39,636 |
|
19,980 |
|
| 4. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade creditors |
326 |
|
26 |
| Obligations under hp/financial leases |
4,413 |
|
3,853 |
| Taxation & social security less than one year |
18,963 |
|
14,990 |
| Other creditors less than one year |
1,059 |
|
1,186 |
|
24,761 |
|
20,055 |
|
| 5. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Obligations under hp/financial leases |
3,253 |
|
7,666 |
|
3,253 |
|
7,666 |
|
| 6. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred tax timing difference |
3,015 |
|
3,454 |
|
3,015 |
|
3,454 |
|
| 7. |
Share Capital
Allotted
|
2025
£ |
|
2024
£ |
|
1
Ordinary shares of £1.00 each |
1 |
|
1 |
|
1 |
|
1 |
|
| 8. |
Average number of employees
Average number of employees during the year was 1 (2024: 1).
|
| 9. |
Controlling party
The company is controlled by Mr D Banaszak.
|
4
|