Company Registration No. 01513555 (England and Wales)
A J MARSHALL (SPECIAL STEELS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
PAGES FOR FILING WITH REGISTRAR
A J MARSHALL (SPECIAL STEELS) LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
A J MARSHALL (SPECIAL STEELS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2021
31 January 2021
- 1 -
2021
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
7
17,505
27,857
Current assets
Inventories
8
670,423
1,601,880
Trade and other receivables
9
1,172,906
1,368,881
Cash and cash equivalents
2,194,108
826,084
4,037,437
3,796,845
Current liabilities
10
(2,280,178)
(2,398,847)
Net current assets
1,757,259
1,397,998
Net assets
1,774,764
1,425,855
Equity
Called up share capital
11
100,000
100,000
Retained earnings
1,674,764
1,325,855
Total equity
1,774,764
1,425,855
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 11 - 19 form part of these financial statements.
The financial statements were approved and signed by the director and authorised for issue on 6 July 2021
Mr A Marshall
Director
Company Registration No. 01513555
A J MARSHALL (SPECIAL STEELS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2021
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 February 2019
100,000
1,211,806
1,311,806
Year ended 31 January 2020:
Profit and total comprehensive income for the year
-
314,049
314,049
Dividends
-
(200,000)
(200,000)
Balance at 31 January 2020
100,000
1,325,855
1,425,855
Year ended 31 January 2021:
Profit and total comprehensive income for the year
-
348,909
348,909
Balance at 31 January 2021
100,000
1,674,764
1,774,764
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
- 3 -
1
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.
1.1
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.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
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.
1.4
Property, plant and equipment
Property, plant and equipment
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
.
1.5
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.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
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 trade and other receivables 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.
1.7
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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 non-current 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.
1.11
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.
1.12
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.
1.13
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.
2
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.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 6 -
3
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(40)
Fees payable to the company's auditor for the audit of the company's financial statements
12,150
7,650
Depreciation of owned property, plant and equipment
10,887
21,052
Profit on disposal of property, plant and equipment
(20,502)
(2,670)
Operating lease charges
66,000
66,000
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Warehouse
14
14
Directors
1
-
Total
15
14
5
Director's remuneration
2021
2020
£
£
Remuneration for qualifying services
13,641
8,632
Company pension contributions to defined contribution schemes
60,000
60,000
73,641
68,632
6
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
78,457
73,678
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
6
Taxation
(Continued)
- 7 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit before taxation
427,366
387,727
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
81,200
73,668
Depreciation added back
2,069
4,000
(Profit)/loss on sale of fixed assets
(3,896)
(507)
Capital allowances
(1,486)
(3,483)
Non-trade loan relationship credit
570
Taxation charge for the year
78,457
73,678
7
Property, plant and equipment
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2020
33,893
139,283
58,714
145,344
377,234
Additions
535
535
Disposals
(70,251)
(70,251)
At 31 January 2021
33,893
139,283
59,249
75,093
307,518
Depreciation and impairment
At 1 February 2020
31,888
133,956
49,989
133,544
349,377
Depreciation charged in the year
1,003
2,509
3,575
3,800
10,887
Eliminated in respect of disposals
(70,251)
(70,251)
At 31 January 2021
32,891
136,465
53,564
67,093
290,013
Carrying amount
At 31 January 2021
1,002
2,818
5,685
8,000
17,505
At 31 January 2020
2,005
5,327
8,725
11,800
27,857
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 8 -
8
Inventories
2021
2020
£
£
Finished goods and goods for resale
670,423
1,601,880
9
Trade and other receivables
2021
2020
Amounts falling due within one year:
£
£
Trade receivables
1,046,983
1,236,858
Other receivables
101,765
102,457
Prepayments and accrued income
24,158
29,566
1,172,906
1,368,881
10
Current liabilities
2021
2020
£
£
Trade payables
588,197
746,301
Amounts owed to group undertakings
271,462
473,934
Corporation tax
78,457
73,678
Other taxation and social security
233,433
239,751
Other payables
1,080,000
848,632
Accruals and deferred income
28,629
16,551
2,280,178
2,398,847
11
Share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
100,000 ordinary shares at £1 each
100,000
100,000
12
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 Chris Howitt.
The auditor was Henton & Co LLP.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 9 -
13
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.
14
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:
2021
2020
£
£
Within one year
69,420
66,165
Between two and five years
41,550
99,000
110,970
165,165
15
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Provision of services in the year:
2021
2020
£
£
Entities with control, joint control or significant influence over the company
300,000
300,000
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
271,462
473,933
16
Directors' transactions
Included in the balance sheet at the year end are loans due to the director, Mr A V Marshall of £1,080,000 (2020: £848,632). There were no terms connected with these loans.
A J MARSHALL (SPECIAL STEELS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2021
- 10 -
17
Ultimate controlling party
The parent company of A J Marshall (Special Steels) Limited is A J Marshall (Holdings) Limited.
The ultimate controlling party is Mr A V Marshall, director of A J Marshall (Holdings) Limited.
2021-01-31
2020-02-01
false
07 July 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
Mr A Marshall
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