Company registration number 01513555 (England and Wales)
A J MARSHALL (SPECIAL STEELS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
PAGES FOR FILING WITH REGISTRAR
A J MARSHALL (SPECIAL STEELS) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
A J MARSHALL (SPECIAL STEELS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2022
31 January 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
44,744
17,505
Current assets
Stocks
1,888,017
670,423
Debtors
5
1,776,183
1,172,906
Cash at bank and in hand
1,162,004
2,194,108
4,826,204
4,037,437
Creditors: amounts falling due within one year
6
(1,757,817)
(2,280,178)
Net current assets
3,068,387
1,757,259
Net assets
3,113,131
1,774,764
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
3,013,131
1,674,764
Total equity
3,113,131
1,774,764
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The notes on pages 9 to14 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 12 July 2022 and are signed on its behalf by:
Mr B J Marshall
Director
Company Registration No. 01513555
A J MARSHALL (SPECIAL STEELS) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2022
31 January 2022
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
A J Marshall (Special Steels) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 89 Marston Moor Business Park, Rudgate, Tockwith, York, YO26 7QF.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
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 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.
2.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over lease period (10 years)
Plant and machinery
12.5% - 25% straight line
Fixtures, fittings & equipment
10% - 25% straight line
Motor vehicles
20% or 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2
Accounting policies
(Continued)
- 3 -
2.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks
and
other short-term liquid investments with original maturities of three months or les
s.
2.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans
and
loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. Accounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
2.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in
profit
or
loss
immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit
or
loss
depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
2
Accounting policies
(Continued)
- 4 -
2.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.10
Retirement benefits
The company operates a pension scheme whereby the company pays contibutions directly into personal pension plans on behalf of some of its employees. Contributions are charged to the profit and loss account in the period in which they are paid.
2.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.13
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
15
15
4
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2021
33,893
139,283
59,249
75,093
307,518
Additions
30,118
20,212
50,330
Disposals
(40,000)
(75,093)
(115,093)
At 31 January 2022
33,893
129,401
79,461
242,755
Depreciation and impairment
At 1 February 2021
32,891
136,465
53,564
67,093
290,013
Depreciation charged in the year
1,002
6,453
7,636
247
15,338
Eliminated in respect of disposals
(40,000)
(67,340)
(107,340)
At 31 January 2022
33,893
102,918
61,200
198,011
Carrying amount
At 31 January 2022
26,483
18,261
44,744
At 31 January 2021
1,002
2,818
5,685
8,000
17,505
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,638,648
1,046,983
Amounts owed by group undertakings
7,427
Other debtors
130,108
125,923
1,776,183
1,172,906
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
833,915
588,197
Amounts owed to group undertakings
271,462
Taxation and social security
894,345
311,890
Other creditors
29,557
1,108,629
1,757,817
2,280,178
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Brett Davis and the auditor was Henton & Co LLP.
8
Financial commitments, guarantees and contingent liabilities
The banking facilities are covered by a fixed and floating charge over the assets of the company in favour of National Westminster Bank Plc.
9
Operating lease commitments
Lessee
Operating lease payments are charged to profit or loss in the period to which they relate.
At the reporting end date the company had total outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
46,765
110,970
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
10
Related party transactions
(Continued)
- 7 -
Provision of services in the year:
2022
2021
£
£
Management charge
-
300,000
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Amount due to parent company
271,462
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due from related parties
£
£
Amount due from parent company
7,427
-
11
Parent company
The parent company of A J Marshall (Special Steels) Limited is A J Marshall (Holdings) Limited.
The ultimate controlling party is Mr B Marshall, director of A J Marshall (Holdings) Limited.
12
Directors' transactions
Included in the balance sheet at the year end are loans due to the director, Mr A V Marshall of £nil (2021: £1,080,000). There were no terms connected with these loans.
2022-01-31
2021-02-01
false
12 July 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
This audit opinion is unqualified
Mr A Marshall
Mr B J Marshal
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