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Registered number:
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
COMPANY INFORMATION
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A.J.N. STEELSTOCK LTD
CONTENTS
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A.J.N. STEELSTOCK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
2023 has proved to be another successful year as far as the results and the financial position of the company are concerned under the current circumstances.
We have seen quite a change from the previous two years and although the volatility within the industry has dissipated the market itself is under the tremendous pressure that is being experienced throughout the economy. Both the Kentford and Henstridge facilities have been operating as we intended and are roughly on a par with each other in terms of production and output. The economic pressures within the market have seen prices falling this year. This is caused by a multitude of factors ranging from rising interest rates, inflationary pressures on pricing and salaries etc, all leading to uncertainty and subsequently surpressing demand. As in previous years our competitors continue to dumbfound us with the lack of commercial reality, seemingly falling over themselves to drive themselves out of business, some not for the first time, but this is their problem and we are confident that our proven reliability and high levels of service allow us to compete with anyone in the market place.
Management continue to monitor risks to the business. Key business risks principally relate to market competition. Business risks are reviewed regularly by management and appropriate processes are put in place to monitor and mitigate their impact.
The Company is exposed to a variety of financial risks which include the following: Price risk The price of steel fluctuates, primarily due to change in the cost of the raw materials and also demand. Fluctuations in metal prices are reviewed on a regular basis and taken into consideration when placing purchase orders and setting sales price. Interest rate risk The Company's policy is to manage its cost of borrowing using a mix of debt types. Exposure to credit and cash flow risks. Liquidity risk is the risk that an entity (creditor) will encounter difficulty in meeting it’s obligations associated with financial liabilities. Cash flow risk is the risk of exposure or variability in cash flows caused by late payments. The Company aims to mitigate liquidity and cash flow risks by insuring its trade debtors and exercising strong credit control procedures.
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A.J.N. STEELSTOCK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
We consider that our key performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross profit percentage and the percentage increase/ (decrease) in the tonnage sold during the year.
The turnover, gross profit margin and percentage increase/(decrease) in the tonnage sold for the last five years were: Turnover Gross Margin Percentage change in (£'000) (%) Tonnages sold (%) 2023 227,631 9.6 (12.9) 2022 241,594 14 1.5 2021 150,979 16 10.9 2020 131,803 11.2 (3.2) 2019 136,779 9.8 10.4
Operationally the Company also uses stock turnover, tonnage delivered per employee and errors per tonnage delivered to monitor performance.
The Company also monitors staff turnover levels as a measure of employee satisfaction. Details of the number of employees can be found in note 7 of the financial statements. All measures in the year were broadly on track and gave the management no exceptional cause for concern.
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A.J.N. STEELSTOCK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
Under S172 of the Companies Act 2006 the directors have a duty to promote the success of the company for the benefit of the members as a whole and they are required to describe how they had regard to the following matters when performing their duties:
a) the consequence of decisions in the long term; b) the interests of employees; c) the company's business relationships with suppliers, customers and others; d) the impact of the company's operations on the community and environment; e) the desirability of maintaining a reputation for high standards of business conduct; and f) the need to act fairly between members of the company. The company's key stakeholders comprise its employees, suppliers, customers and shareholders. The management always consider the interests of these stakeholders when making any decisions. The company has an average workforce of 428 people, with whom the management maintain a good working relationship and open dialogue through many formal and informal meetings where employee views are sought. The turnover rate of staff is considered important and monitored closely. The Health and Safety of staff is of paramount importance in the business. Close relationships with key suppliers are facilitated by regular conversations and meetings. The company endeavours to pay its suppliers promptly and on agreed and reasonable terms believing they are vital to continued success. Management frequently meets with key customers to ensure a good ongoing relationship and to ensure that they can understand and react to changes in customer requirements. The directors do not believe that the company has a significant impact on the community and environment, however they are conscious of ensuring operations have no harmful effect on either. The directors recognise the importance of maintaining a reputation for high standards and this is promoted informally throughout the company.
This report was approved by the board on 19 September 2023 and signed on its behalf.
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A.J.N. STEELSTOCK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
The directors present their report and the financial statements for the year ended 30 April 2023.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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A.J.N. STEELSTOCK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
The profit for the year, after taxation, amounted to £5,193,348 (2022 - £15,908,759).
The Directors' recommend the payment of a dividend this year of £5,392,700 (2022 - £4,037,000).
The Directors are not aware of any significant future developments affecting the company.
No significant research and development activities were undertaken during the course of the year nor for the prior year.
The Company keeps employees informed of matters affecting them as employees and of the financial and economic factors affecting the performance of the Company. There are procedures in place for employees to make their views known to management so that the flow of information is maintained
In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the Company may continue.
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A.J.N. STEELSTOCK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
The Company appointed Carbon Footprint Ltd, a leading carbon and energy management company, to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government's 'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidence'.
The GHG emissions have been assessed following the ISO 14064-1:2018 standard and the GHG Protocol and has used the 2022 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the location-based approach for assessing emissions from electricity usage and has used the UK electricity emissions factors (for generation and transmission & distribution). The operational control approach has been used.
The table below summarises the GHG emissions for the year ended 30 April 2022. As a business, we have been assessing our carbon emissions since1 May 2019, and have provided the previous year’s assessment results for comparison below.
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A.J.N. STEELSTOCK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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A.J.N. STEELSTOCK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD
We have audited the financial statements of A.J.N. Steelstock Ltd (the 'Company') for the year ended 30 April 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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A.J.N. STEELSTOCK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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A.J.N. STEELSTOCK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiries of management including those responsible for key regulations; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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A.J.N. STEELSTOCK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Tennyson House
Cambridge Business Park
CB4 0WZ
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A.J.N. STEELSTOCK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
REGISTERED NUMBER: 00689647
BALANCE SHEET
AS AT 30 APRIL 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 30 form part of these financial statements.
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A.J.N. STEELSTOCK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
A.J.N Steelstock Limited is a private limited liability company incorporated in England and Wales, United Kingdom. The registered office is Icknield Way, Kentford, Newmarket Suffolk, CB8 7QT.
The financial statements are presented in Pounds Sterling, which is the Company's functional currency and are rounded to the nearest pound. The company is not part of a group therefore these financial statements cover the individual entity only. The principal activity of the Company continued to be that of steel stockholders.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors continue to monitor cashflow closely and exercise tight credit control, and based on their forecasts, built up reserves and availability of further funding if required, consider it appropriate to continue to prepare the financial statements on a going concern basis.
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivates are initially recognised at fair value on the date a derivate contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivates.
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates. Details of the Company's significant accounting judgements and critical accounting estimates include: Tangible Fixed Assets Each year the Company reviews the estimated useful lives and residual values of tangible fixed assets and these are adjusted if appropriate. The depreciation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation. Impairment of Trade Debtors The recoverability of trade debtors has been assessed at the period end and up until the date of signing these financial statements. Management have made the decision to provide for any amounts based on their judgement of all the available information and their experience of the specific nature of the trade debtor in question.
The whole of the turnover is attributable to the one principal activity of the company.
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
11.Taxation (continued)
From 1st April 2023, Corporation Tax has risen to 25%.
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
13.Tangible fixed assets (continued)
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £654,526 (2022 - £562,646). An amount of £108,271 (2022 - £99,044) in contributions were payable to the fund at the date of the balance sheet.
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A.J.N. STEELSTOCK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
The Company has no ultimate controlling party.
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