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BG STEELS LIMITED - Company Information

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B G Steels Ltd

Registered Number:06025183

For the year ended 31 December 2019

England and Wales

Unaudited Financial Statements

For the year ended 31 December 2019

B G Steels Ltd

Contents Page

Statement of Financial Position

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Notes to the Financial Statements

As at 31 December 2019

B G Steels Ltd

Statement of Financial Position

Registered Number :

06025183

2018

2019

Notes

Fixed assets

Property, plant and equipment

23,653

23,985

23,653

23,985

Current assets

Trade and other receivables

23,747

15,129

6,782

Cash and cash equivalents

11,644

26,773

30,529

Trade and other payables: amounts falling due within one

year

(53,063)

(49,818)

(22,534)

(23,045)

Net current liabilities

Total assets less current liabilities

608

1,451

608

Net assets

1,451

Capital and reserves

Called up share capital

102

Retained earnings

506

1,349

608

1,451

Shareholders' funds

For the year ended 31 December 2019 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006

The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the

end of each financial year and of its profit or loss for each financial year in accordance with the requirements

of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006

relating to financial statements, so far as applicable to the company.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Mr B. Hague Director

These financial statements were approved and authorised for issue by the Board on 21 April 2020 and were signed by:

The notes form part of these financial statements

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For the year ended 31 December 2019

B G Steels Ltd

Notes to the Financial Statements

Statutory Information

B G Steels Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration

number 06025183.

Registered address:

Little Edge House

Townhead

Eyam

Hope Valley

S32 5RE

The presentation currency is £ sterling.

1. Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A of Financial

Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and

the Companies Act 2006. The financial statements have been prepared under the historical costs convention as

modified by the revaluation of certain assets.

Revenue recognition

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

Property, plant and equipment

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

25% Reducing balance

Fixtures and fittings

No depreciation is provided on the company''s freehold properties since in the opinion of the directors the

expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such

depreciation would be immaterial. The directors undertake an annual impairment review of these properties.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.

Hire purchase and leasing commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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For the year ended 31 December 2019

B G Steels Ltd

Notes to the Financial Statements Continued

2. Property, plant and equipment

Total

Fixtures and

fittings

Leasehold

properties

Cost or

valuation

At 01 January 2019

34,121

11,465

22,656

At 31 December 2019

22,656

11,465

34,121

Provision for depreciation and impairment

At 01 January 2019

10,136

Charge for year

332

At 31 December 2019

10,468

At 31 December 2019

Net book value

22,656

997

23,653

At 31 December 2018

22,656

1,329

23,985

3. Trade and other receivables

2018

2019

Trade debtors

13,911

22,145

Other debtors

1,218

1,602

23,747

15,129

4. Trade and other payables: amounts falling due within one year

2018

2019

Trade creditors

145

1,262

Taxation and social security

10,146

10,526

Other creditors

39,527

41,275

49,818

53,063

5. Related party transactions

The directors are also shareholders of the company. Dividends paid to the directors, as shareholders of the

company, during the year (with the previous year shown in brackets) were as follows: Mr G. Aldrich £8,402

(£8,809); Mr B. Hague £8,402 (£8,812); Mr A.W. Collington £10,530 (£10,904); Mr B.J. Hague £11,555

(£10,904).

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