Steel City House Limited Filleted accounts for Companies House (small and micro)

STEEL CITY HOUSE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09030880

Steel City House Limited

Filleted Unaudited Financial Statements

31 December 2018

Steel City House Limited

Statement of Financial Position

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	4	14,061,334	13,704,487

Current assets

Debtors	5	1,056,323	760,635
Cash at bank and in hand		96,116	80,934
		-----------	---------
		1,152,439	841,569

Creditors: amounts falling due within one year	6	124,337	6,508,448
		-----------	-----------
Net current assets/(liabilities)		1,028,102	( 5,666,879)
		------------	------------
Total assets less current liabilities		15,089,436	8,037,608

Creditors: amounts falling due after more than one year	7	15,199,802	8,391,078
		------------	-----------
Net liabilities		( 110,366)	( 353,470)
		------------	-----------

Capital and reserves

Called up share capital	1	1
Revaluation reserve	161,710	–
Profit and loss account	( 272,077)	( 353,471)
	---------	---------
Shareholders deficit	( 110,366)	( 353,470)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Steel City House Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 16 September 2019 , and are signed on behalf of the board by:

G Scotting

Director

Company registration number: 09030880

Steel City House Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Steel City House, West Street, Sheffield, S1 2GQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Tangible assets

	Freehold property	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2018	13,663,187	37,299	5,887	13,706,373
Additions	204,560	–	–	204,560
Revaluations	161,710	–	–	161,710
	------------	-------	------	------------
At 31 December 2018	14,029,457	37,299	5,887	14,072,643
	------------	-------	------	------------
Depreciation
At 1 January 2018	–	1,614	272	1,886
Charge for the year	–	7,460	1,963	9,423
	------------	-------	------	------------
At 31 December 2018	–	9,074	2,235	11,309
	------------	-------	------	------------
Carrying amount
At 31 December 2018	14,029,457	28,225	3,652	14,061,334
	------------	-------	------	------------
At 31 December 2017	13,663,187	35,685	5,615	13,704,487
	------------	-------	------	------------

5. Debtors

	2018	2017
	£	£
Trade debtors	93,542	720
Other debtors	962,781	759,915
	-----------	---------
	1,056,323	760,635
	-----------	---------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	35,531	881,144
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	250,000
Social security and other taxes	31,606	–
Other creditors	57,200	5,377,304
	---------	-----------
	124,337	6,508,448
	---------	-----------

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	5,750,000	–
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9,449,802	8,391,078
	------------	-----------
	15,199,802	8,391,078
	------------	-----------

8. Controlling party

The ultimate and immediate parent company is Scott's Developments Limited . The ultimate controlling party is considered to be G Scotting by virtue of his shareholding in the ultimate parent company.