Registered Number 03543846

STEELCO LIMITED

Abbreviated Accounts

30 June 2012

STEELCO LIMITED Registered Number 03543846

Abbreviated Balance Sheet as at 30 June 2012

Notes 2012 2011
£ £
Fixed assets
Tangible assets 2 21,082 16,054
21,082 16,054
Current assets
Stocks 110,684 133,394
Debtors 191,309 120,844
Cash at bank and in hand 12,091 6,020
314,084 260,258
Creditors: amounts falling due within one year 3 (376,408) (332,384)
Net current assets (liabilities) (62,324) (72,126)
Total assets less current liabilities (41,242) (56,072)
Creditors: amounts falling due after more than one year 3 (8,973) (8,306)
Total net assets (liabilities) (50,215) (64,378)
Capital and reserves
Called up share capital 4 100 100
Profit and loss account (50,315) (64,478)
Shareholders' funds (50,215) (64,378)
  • For the year ending 30 June 2012 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.

Approved by the Board on 4 March 2013

And signed on their behalf by:
P.R.Gunnett, Director

STEELCO LIMITED Registered Number 03543846

Notes to the Abbreviated Accounts for the period ended 30 June 2012

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:-

Motor vehicles - 25% straight line
Fixtures & equipment - 25% straight line

Other accounting policies
Leasing and hire purchase

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.

2Tangible fixed assets
£
Cost
At 1 July 2011 55,162
Additions 10,510
Disposals -
Revaluations -
Transfers -
At 30 June 2012 65,672
Depreciation
At 1 July 2011 39,108
Charge for the year 5,482
On disposals -
At 30 June 2012 44,590
Net book values
At 30 June 2012 21,082
At 30 June 2011 16,054

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:-

2012 2011

Motor vehicles £21,082 £15,667

3Creditors
2012
£
2011
£
Secured Debts 23,786 15,839
4Called Up Share Capital
Allotted, called up and fully paid:
2012
£
2011
£
100 Ordinary shares of £1 each 100 100

5Transactions with directors

The bank overdraft facility of £25,000 is secured by a fixed and floating charge over all of the assets of the company together with a personal guarantee by Mr.R.T.Gunnett, a director of the company.

Other creditors include directors' loan accounts amounting to £219,457 ( 2011 - £225.246 ) which are unsecured,interest free and payable on demand.