J A Steel & Son Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03777685 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

J A STEEL & SON LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs Brigid Steel

Mr Ian Steel

SECRETARY:

Mrs Brigid Steel

REGISTERED OFFICE:

Steel House

59 Lockfield Avenue

Enfield

Middlesex

EN3 7PY

REGISTERED NUMBER:

03777685 (England and Wales)

ACCOUNTANTS:

Anthonisz Neville LLP

1st Floor

105-111 Euston Street

London

NW1 2EW

FIXED ASSETS

Intangible assets

4

5,342

6,975

Tangible assets

5

5,164,302

5,146,958

5,169,644

5,153,933

CURRENT ASSETS

Debtors

691,686

580,258

Cash at bank

40,188

13,598

731,874

593,856

CREDITORS

Amounts falling due within one year

784,359

739,798

NET CURRENT LIABILITIES

(52,485

)

(145,942

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,117,159

5,007,991

CREDITORS

Amounts falling due after more than one year

6

(443,530

)

(565,414

)

PROVISIONS FOR LIABILITIES

(643,988

)

(623,037

)

NET ASSETS

4,029,641

3,819,540

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

7

2,283,107

2,283,107

Retained earnings

1,746,434

1,536,333

SHAREHOLDERS' FUNDS

4,029,641

3,819,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 20 February 2024 and were signed on its behalf by:

Mr Ian Steel - Director

1.	STATUTORY INFORMATION

J A Steel & Son 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents revenue generated from removal and storage services.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Income Statement, following an assessment at the Balance Sheet date indicating the recoverable amount was less than its carrying value.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Tangible fixed assets are stated at cost/valuation less accumulated depreciation.

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 balance sheet date.

Deferred tax

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 34 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2022

6,975

Additions

130

Impairments

(1,763

)

At 31 May 2023

5,342

NET BOOK VALUE

At 31 May 2023

5,342

At 31 May 2022

6,975

5.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 June 2022

5,753,433

Additions

87,433

Disposals

(202,513

)

At 31 May 2023

5,638,353

DEPRECIATION

At 1 June 2022

606,475

Charge for year

37,406

Eliminated on disposal

(169,830

)

At 31 May 2023

474,051

NET BOOK VALUE

At 31 May 2023

5,164,302

At 31 May 2022

5,146,958

Cost or valuation at 31 May 2023 is represented by:

Totals

£

Valuation in 2010

918,650

Valuation in 2015

900,000

Valuation in 2016

1,000,000

Cost

2,819,703

5,638,353

If freehold property had not been revalued they would have been included at the following historical cost:

31/5/23

31/5/22

£

£

Cost

1,681,350

1,681,350

Freehold property were valued on an open market basis on 31 May 2023 by the company directors .

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31/5/23

31/5/22

£

£

Repayable otherwise than by instalments

Bank loans more 5 yrs

76,142

83,872

Repayable by instalments

Bank Loan 1

328,290

402,595

Bank Loan 2

24,716

34,240

353,006

436,835

The bank loans are secured by a legal charge over the freehold property.

7.

RESERVES

Fair

value

reserve

£

At 1 June 2022

and 31 May 2023

2,283,107