Registered Number 03543846
STEELCO LIMITED
Abbreviated Accounts
30 June 2012
Notes | 2012 | 2011 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 3 |
( |
( |
Net current assets (liabilities) |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: amounts falling due after more than one year | 3 |
( |
( |
Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital | 4 |
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Profit and loss account |
( |
( |
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Shareholders' funds |
( |
( |
Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Motor vehicles - 25% straight line
Fixtures & equipment - 25% straight line
Other accounting policies
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their usesful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
£ | |
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Cost | |
At 1 July 2011 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 June 2012 |
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Depreciation | |
At 1 July 2011 |
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Charge for the year |
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On disposals |
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At 30 June 2012 |
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Net book values | |
At 30 June 2012 | 21,082 |
At 30 June 2011 | 16,054 |
2012 2011
Motor vehicles £21,082 £15,667
2012
£ |
2011
£ |
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Secured Debts |
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5Transactions with directors
Other creditors include directors' loan accounts amounting to £219,457 ( 2011 - £225.246 ) which are unsecured,interest free and payable on demand.