DMI Steel Fabrication Ltd

DMI STEEL FABRICATION LTD - Company Information

2022-07-012023-06-302023-06-30false09027411DMI Steel Fabrication 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Registered Number
09027411
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

DMI Steel Fabrication Ltd

Company Information
for the year from 1 July 2022 to 30 June 2023


Directors	Cahill, David John
	Cahill, Ian Anthony
	Cahill, Matthew


Registered Address	Unit 5 And 6 Middlemarsh
	Sherborne
	DT9 5QW


Registered Number	09027411 (England and Wales)

DMI Steel Fabrication Ltd

Balance Sheet as at
30 June 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	3		45,487		206,673
			45,487		206,673
Current assets
Stocks		-		135,000
Debtors		116,060		656,902
Cash at bank and on hand		2,517		3,420
		118,577		795,322
Creditors amounts falling due within one year	5	(132,312)		(601,184)
Net current assets (liabilities)			(13,735)		194,138
Total assets less current liabilities			31,752		400,811
Creditors amounts falling due after one year	6		(106,290)		(72,973)
Provisions for liabilities			-		(33,135)
Net assets			(74,538)		294,703
Capital and reserves
Called up share capital			124,636		124,636
Profit and loss account			(199,174)		170,067
Shareholders' funds			(74,538)		294,703

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 20 March 2024, and are signed on its behalf by:

Cahill, Matthew
Director
Registered Company No. 09027411

DMI Steel Fabrication Ltd

Notes to the Financial Statements
for the year ended 30 June 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Land and buildings - 10% on cost Plant and machinery etc - 10% on cost Computer equipment - 33% reducing balance

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees
	The following average number of employees includes a director.


		2023		2022
	Average number of employees during the year	10		15

3.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 July 22	361,993
	Disposals	(301,018)
	At 30 June 23	70,517
	Depreciation and impairment
	At 01 July 22	155,321
	Charge for year	16,488
	On disposals	(156,321)
	At 30 June 23	25,030
	Net book value
	At 30 June 23	45,487
	At 30 June 22	206,673

4.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	94,857	633,963
Other debtors	19,461	15,940
Prepayments and accrued income	1,742	6,999
Total	116,060	656,902


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

5.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	10,018	339,427
Bank borrowings and overdrafts	18,182	18,182
Taxation and social security	14,874	59,499
Finance lease and HP contracts	13,266	14,472
Other creditors	66,478	168,526
Accrued liabilities and deferred income	9,494	1,078
Total	132,312	601,184


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Creditors: amounts due after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	33,333	51,515
Other creditors	72,957	21,458
Total	106,290	72,973