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Financial Statements for the Year Ended 30 November 2021 |
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KELVIN STEELS LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 November 2021 |
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for |
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KELVIN STEELS LIMITED |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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KELVIN STEELS LIMITED |
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Company Information |
for the Year Ended 30 November 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Statutory Auditor |
29 Brandon Street |
Hamilton |
ML3 6DA |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Balance Sheet |
30 November 2021 |
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30/11/21 | 30/11/20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2021 |
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1. | STATUTORY INFORMATION |
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Kelvin Steels Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
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Turnover |
Turnover is derived from sales of steel by the company. |
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Turnover is measured at the fair value of the sales of steel, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration. |
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Goodwill |
Goodwill arising on an acquisition of a trade is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit & loss account over the directors estimate of its economic useful life which is 4 years. impairment tests on the carrying value of goodwill are undertaken :- |
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- at the end of the first full financial year following acquisition; |
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- in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss. |
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At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. A provision for slow moving and obsolete stock is made based on historical experience and other relevant factors. |
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Pension costs and other post-retirement benefits |
The company makes contributions to a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. |
KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2020 |
and 30 November 2021 |
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AMORTISATION |
At 1 December 2020 |
and 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 30 November 2020 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
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COST |
At 1 December 2020 |
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Additions |
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Disposals | ( |
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At 30 November 2021 |
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DEPRECIATION |
At 1 December 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30 November 2021 |
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NET BOOK VALUE |
At 30 November 2021 |
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At 30 November 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/21 | 30/11/20 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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KELVIN STEELS LIMITED (REGISTERED NUMBER: SC205181) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/21 | 30/11/20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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The company's related parties are considered to be Eaststrand Ltd, Arran Holdings limited, Weststrand Limited and Kelvin Steels (England) Limited. Eaststrand Limited has a common director and beneficial shareholder and Arran Holdings Limited is a subsidiary of Eaststrand Limited. Weststrand Limited is the company's ultimate parent company, and Kelvin Steels (England) Limited is a fellow subsidiary. |
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The company leases its premises from Arran Holdings Limited. During the year rent of £150,000 (2020 - £150,000) was paid to Arran Holdings Limited under the terms of the lease. There was nothing due to this company at the year end or the previous year end. |
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Exemption has been taken from disclosing related party transactions with Weststrand Limited and Kelvin Steels (England) Limited on the basis that consolidated financial statements have been prepared for the group headed by the company's parent, Weststrand Limited. |
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11. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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12. | ULTIMATE CONTROLLING PARTY |
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The company's ultimate parent company is Weststrand Limited, a company registered in Scotland and having its registered office at Caledonia House, Thornliebank Industrial Estate, Thornliebank, Glasgow, G46 8JT. |