Just Steel Limited - Period Ending 2015-08-31

Registration number: 05877417

Just Steel Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2015
 

West House Accountants
Chartered Accountants
14 High Street
Tettenhall
Wolverhampton
West Midlands
WV6 8QT

Just Steel Limited
(Registration number: 05877417)
Abbreviated Balance Sheet at 31 August 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					8,925			11,051
Current assets
Stocks					200,959			201,127
Debtors					455,645			390,867
Cash at bank and in hand					6,647			2,207
					663,251			594,201
Creditors: Amounts falling due within one year					(659,942)			(627,718)
Net current assets/(liabilities)					3,309			(33,517)
Total assets less current liabilities					12,234			(22,466)
Creditors: Amounts falling due after more than one year					(33,531)			-
Provisions for liabilities					(2,000)			(2,000)
Net liabilities					(23,297)			(24,466)
Capital and reserves
Called up share capital		4			99			99
Profit and loss account					(23,396)			(24,565)
Shareholders' deficit					(23,297)			(24,466)

For the year ending 31 August 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board on 26 January 2016 and signed on its behalf by:

......................................... R Etheridge Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Just Steel Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. The company's future is dependent upon the ongoing support of the company's directors. If the company was unable to pay its debts as they fall due then fixed assets would have to be restated as current assets and there may be additional liabilities associated with winding up the company. The directors consider it appropriate to prepare the accounts on a going concern basis. The financial statements do not include any adjustments that would result from any adjustments that would result from a withdrawal of this support.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% p.a. reducing balance basis
Fixtures, fittings and equipment	25% p.a. & 33% p.a. straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Just Steel Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2014		20,388			20,388
At 31 August 2015		20,388			20,388
Depreciation
At 1 September 2014		9,337			9,337
Charge for the year		2,126			2,126
At 31 August 2015		11,463			11,463
Net book value
At 31 August 2015		8,925			8,925
At 31 August 2014		11,051			11,051

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		291,690			258,917
Amounts falling due after more than one year		33,531			-
Total secured creditors		325,221			258,917

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		99			99			99			99

Page 3

Just Steel Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
R Etheridge
Interest free loan	9,993	-	831	831
C D Bills
Interest free loan	8,996	-	-	-
N A Meadows
Interest free loan	9,715	-	716	716

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