Surrey Steel Investments Limited Filleted accounts for Companies House (small and micro)

SURREY STEEL INVESTMENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11571114

Surrey Steel Investments Limited

Filleted Unaudited Financial Statements

31 March 2022

Surrey Steel Investments Limited

Financial Statements

Year ended 31 March 2022

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

Surrey Steel Investments Limited

Statement of Financial Position

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	4	440,854	448,707
Investments	5	2,000	1,000
		---------	---------
		442,854	449,707

Current assets

Debtors	6	395,736	515,810
Cash at bank and in hand		474,530	375,746
		---------	---------
		870,266	891,556

Creditors: amounts falling due within one year	7	195,824	206,925
		---------	---------
Net current assets		674,442	684,631
		------------	------------
Total assets less current liabilities		1,117,296	1,134,338

Creditors: amounts falling due after more than one year	8	102,205	153,309
		------------	------------
Net assets		1,015,091	981,029
		------------	------------

Capital and reserves

Called up share capital	400	400
Profit and loss account	1,014,691	980,629
	------------	---------
Shareholders funds	1,015,091	981,029
	------------	---------

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 income statement has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Surrey Steel Investments Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 27 October 2022 , and are signed on behalf of the board by:

Mr William Lee Bailey

Director

Company registration number: 11571114

Surrey Steel Investments Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 22 West Green Road, London, N15 5NN, United Kingdom.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

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.

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% straight line
Furniture and Fittings	-	20% straight line
Computer Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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.

4. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2021	669,733	629	4,878	675,240
Additions	168,123	699	–	168,822
Disposals	( 7,399)	–	–	( 7,399)
	---------	-------	-------	---------
At 31 March 2022	830,457	1,328	4,878	836,663
	---------	-------	-------	---------
Depreciation
At 1 April 2021	225,432	126	975	226,533
Charge for the year	173,171	138	396	173,705
Disposals	( 4,429)	–	–	( 4,429)
	---------	-------	-------	---------
At 31 March 2022	394,174	264	1,371	395,809
	---------	-------	-------	---------
Carrying amount
At 31 March 2022	436,283	1,064	3,507	440,854
	---------	-------	-------	---------
At 31 March 2021	444,301	503	3,903	448,707
	---------	-------	-------	---------

5. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2021	1,000
Other movements	1,000
	-------
At 31 March 2022	2,000
	-------
Impairment
At 1 April 2021 and 31 March 2022	–
	-------

Carrying amount
At 31 March 2022	2,000
	-------
At 31 March 2021	1,000
	-------

The other movements represent investment in subsidiary not recorded in prior year.

6. Debtors

	2022	2021
	£	£
Trade debtors	318,489	384,200
Other debtors	77,247	131,610
	---------	---------
	395,736	515,810
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	95,515	147,222
Other creditors	100,309	59,703
	---------	---------
	195,824	206,925
	---------	---------

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

	2022	2021
	£	£
Other creditors	102,205	153,309
	---------	---------

9. Related party transactions

The extent of the company's transactions with related parties are summarised below. a) Directors' Current Account During the year, dividend to directors amounted to £325,684 b) Surrey Steel Trading Limited This company is a wholly owned subsidiary. During the year, management fees charged to this company amounted to £463,000. During the year, dividend income from this company amounted to £400,000. At the end of the year, the amount owed by this company was £317,288. c) Surrey Steel Services Limited This company is a wholly owned subsidiary. At the end of the year, the amount owed to this company was £88,479.