Universal Steel Profiles Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06965474 (England and Wales)

UNIVERSAL STEEL PROFILES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr. D. O'Grady

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

REGISTERED NUMBER:

06965474 (England and Wales)

ACCOUNTANTS:

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Universal Steel Profiles Limited for the year ended 31 December 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Universal Steel Profiles Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Universal Steel Profiles Limited and state those matters that we have agreed to state to the director of Universal Steel Profiles Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Universal Steel Profiles Limited and its director for our work or for this report.

It is your duty to ensure that Universal Steel Profiles Limited 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 profit of Universal Steel Profiles Limited. You consider that Universal Steel Profiles Limited 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 Universal Steel Profiles Limited. 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.

Folkes Worton LLP

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

22 March 2023

FIXED ASSETS

Tangible assets

4

34,312

-

CURRENT ASSETS

Stocks

126,166

181,404

Debtors

5

3,026,331

2,255,353

Cash at bank

305,654

573,450

3,458,151

3,010,207

CREDITORS

Amounts falling due within one year

6

3,210,502

2,711,176

NET CURRENT ASSETS

247,649

299,031

TOTAL ASSETS LESS CURRENT LIABILITIES

281,961

299,031

CREDITORS

Amounts falling due after more than one year

7

(152,166

)

(222,088

)

PROVISIONS FOR LIABILITIES

(8,578

)

-

NET ASSETS

121,217

76,943

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

121,117

76,843

SHAREHOLDERS' FUNDS

121,217

76,943

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 22 March 2023 and were signed by:

Mr. D. O'Grady - Director

1.	STATUTORY INFORMATION

Universal Steel Profiles 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.

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 income statement.

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 30 (2021 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

Additions

45,750

At 31 December 2022

45,750

DEPRECIATION

Charge for year

11,438

At 31 December 2022

11,438

NET BOOK VALUE

At 31 December 2022

34,312

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

3,011,656

2,243,911

Other debtors

14,675

11,442

3,026,331

2,255,353

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

69,922

63,880

Trade creditors

2,816,353

2,316,234

Taxation and social security

53,788

112,143

Other creditors

270,439

218,919

3,210,502

2,711,176

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

152,166

222,088

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Trade creditors

371,771

702,362

Included in trade creditors is a balance owed to Consolidated Steel Products Limited that is secured by a debenture over all assets of the company present and future.

9.	ULTIMATE CONTROLLING PARTY

Shareholdings in the company are such that no individual is able to exercise sole control over the company.