Consolidated Steel Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03480979 (England and Wales)

CONSOLIDATED STEEL PRODUCTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs. G. Broadhurst

Mr. J.K. Broadhurst

Mr. J.J. Broadhurst

SECRETARY:

Mr. J.J. Broadhurst

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

REGISTERED NUMBER:

03480979 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

BANKERS:

National Westminster Bank Plc

103 Colmore Row

Birmingham

B3 3NR

FIXED ASSETS

Tangible assets

4

1,026,903

1,792,166

Investment property

5

1,712,450

-

2,739,353

1,792,166

CURRENT ASSETS

Stocks

422,523

760,901

Debtors

6

10,329,442

9,020,755

Cash at bank

304,538

168,429

11,056,503

9,950,085

CREDITORS

Amounts falling due within one year

7

1,628,994

919,895

NET CURRENT ASSETS

9,427,509

9,030,190

TOTAL ASSETS LESS CURRENT LIABILITIES

12,166,862

10,822,356

CREDITORS

Amounts falling due after more than one year

8

(238,144

)

-

PROVISIONS FOR LIABILITIES

(81,077

)

(54,229

)

NET ASSETS

11,847,641

10,768,127

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

11,847,441

10,767,927

SHAREHOLDERS' FUNDS

11,847,641

10,768,127

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2020 and were signed on its behalf by:

Mrs. G. Broadhurst - Director

Mr. J.K. Broadhurst - Director

1.	STATUTORY INFORMATION

Consolidated Steel Products Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services

provided in the normal course of business, and is shown net of value added tax. The fair value of consideration

takes into account trade discounts.

Revenue from the sale of goods is recognised when:

- the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the

goods;

- the amount of the revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at

cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Not provided

Long leasehold

-

Not provided

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds

and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to

complete and sell. Cost is based on the cost of purchase on a first in first out basis.

At each reporting date, an assessment is made for impairment, being any excess of the carrying amount of stocks

over its estimated selling price less costs to complete and sell. The impairment loss and any subsequent reversal

is recognised in the statement of comprehensive income.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2019 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

Motor

property

leasehold

machinery

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2019

755,950

907,496

368,065

86,342

2,117,853

Additions

-

-

97,750

169,990

267,740

Disposals

-

-

(53,250

)

(133,332

)

(186,582

)

Reclassification/transfer

(755,950

)

(150,000

)

-

-

(905,950

)

At 31 March 2020

-

757,496

412,565

123,000

1,293,061

DEPRECIATION

At 1 April 2019

-

-

278,113

47,574

325,687

Charge for year

-

-

16,043

16,231

32,274

Eliminated on disposal

-

-

(33,540

)

(58,263

)

(91,803

)

At 31 March 2020

-

-

260,616

5,542

266,158

NET BOOK VALUE

At 31 March 2020

-

757,496

151,949

117,458

1,026,903

At 31 March 2019

755,950

907,496

89,952

38,768

1,792,166

Freehold properties and certain long leasehold properties held in prior periods represented investment properties.

The properties were disclosed at cost to the company and not at fair value as required by Financial Reporting

Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (FRS 102) on

the basis that the cost of obtaining market values at the statement of financial position date would not be cost

effective. Following the revision of FRS 102, this treatment is no longer permitted and, consequently, the

properties have been reclassified during the current period as investment properties.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

806,500

Reclassification/transfer

905,950

At 31 March 2020

1,712,450

NET BOOK VALUE

At 31 March 2020

1,712,450

Investment properties are valued by Mr. J.K. Broadhurst, a director of the company, at their approximate market

value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

8,488,160

7,456,946

Other debtors

1,841,282

1,563,809

10,329,442

9,020,755

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

57,160

-

Trade creditors

-

524

Taxation and social security

304,162

330,143

Other creditors

1,267,672

589,228

1,628,994

919,895

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

238,144

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

295,304

-

Bank loans are secured on fixed charge over the property acquired under the loan.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Meredith FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements.