Surf AccountsProduction v1.0.0 v1.0.0 2022-02-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the business is the wholesale of sheet and box metal. 26 September 2023 NI635062 2023-01-31 NI635062 2022-01-31 NI635062 2021-01-31 NI635062 2022-02-01 2023-01-31 NI635062 2021-02-01 2022-01-31 NI635062 uk-bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 NI635062 uk-curr:PoundSterling 2022-02-01 2023-01-31 NI635062 uk-bus:FullAccounts 2022-02-01 2023-01-31 NI635062 uk-bus:Director1 2022-02-01 2023-01-31 NI635062 uk-bus:Director2 2022-02-01 2023-01-31 NI635062 uk-bus:RegisteredOffice 2022-02-01 2023-01-31 NI635062 uk-bus:Agent1 2022-02-01 2023-01-31 NI635062 uk-bus:Audited 2022-02-01 2023-01-31 NI635062 uk-core:ShareCapital 2023-01-31 NI635062 uk-core:ShareCapital 2022-01-31 NI635062 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI635062 uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI635062 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI635062 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-01-31 NI635062 uk-core:RestatedAmount uk-core:RetainedEarningsAccumulatedLosses 2022-01-31 NI635062 uk-core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 NI635062 uk-bus:FRS102 2022-02-01 2023-01-31 NI635062 uk-core:PlantMachinery 2022-02-01 2023-01-31 NI635062 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-02-01 2023-01-31 NI635062 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2021-02-01 2022-01-31 NI635062 uk-core:CurrentFinancialInstruments 2023-01-31 NI635062 uk-core:CurrentFinancialInstruments 2022-01-31 NI635062 uk-core:WithinOneYear 2023-01-31 NI635062 uk-core:WithinOneYear 2022-01-31 NI635062 uk-core:WithinOneYear 2023-01-31 NI635062 uk-core:WithinOneYear 2022-01-31 NI635062 uk-bus:OrdinaryShareClass1 2022-02-01 2023-01-31 NI635062 uk-bus:OrdinaryShareClass1 2023-01-31 NI635062 2022-02-01 2023-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI635062
 
 
Hannon Steel Limited
 
Reports and Financial Statements
 
for the financial year ended 31 January 2023
Hannon Steel Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Adrian Hannon
Aodh Hannon
 
 
Company Registration Number NI635062
 
 
Registered Office 21 Brankinstown Road
Aghalee
Lurgan
Armagh
BT67 0DF
Northern Ireland
 
 
Business Address Old Ballyrobin Road
Muckamore
Antrim
Co. Antrim
BT41 4TJ
Northern Ireland
 
 
Independent Auditors MG accountants
(Portadown)
25-27 Carleton Street
Portadown
Co. Armagh
BT62 3EP
Northern Ireland
 
 
Bankers HSBC
  1 Grand Canal Square
  Grand Canal Harbour
  Dublin 2
  Ireland



Hannon Steel Limited
STRATEGIC REPORT
for the financial year ended 31 January 2023

 
The directors present their strategic report on the company for the financial year ended 31 January 2023.
 
Review of the Company's Business
The principal activity of the business is the wholesale of sheet and box metal
       
Business Review
The turnover for the financial period amounted to £18,751,439 (2022: £17,142,462). The strong increase in revenue was attributable to a number of factors.

In the initial months of the 2023 trading period, as a result of the war in Ukraine, the business experienced a significant shift in market conditions, which impacted steel volumes and market prices. The company’s gross margin for the financial period was 18.9% (2022: 19.6%). The gross margin performance resulted from the Company's ability to manage stock to meet the changing market conditions.

The directors are confident that the company will continue to maintain its performance as market conditions normalise.
       
Financial Risk Management
The company’s operations expose it to a variety of financial risks. The company has implemented policies and procedures to monitor and reduce financial risk within the entity. Ongoing financial performance is monitored and reviewed by management using a range of metrics to manage stability of both short and long term performance.
       
Key Performance Indicators
The Key Performance Indicators during the financial year were as follows:
 
The  during the financial year were as follows:
       
    2023 2022
    £ £
Turnover   18,751,439 17,142,462
Turnover Growth %   9 75
Gross profit   3,557,185 3,365,636
Gross Profit Margin %   19 20
       
Compliance Risk
The principal Compliance Risk for the company is the health and safety of the employees. In addition to the standard health and safety and employment requirements, there is continued emphasis and investment of time and resources to ensure ongoing compliance in this area.
       
Cost Control Risk
Management continually monitor costs and variances to test against margin requirements. A strategy of building long term supplier relationships is employed with marked price monitoring to ensure best value and consistency of service delivery.
       
Business continuity risk
The company engages with a short and long term IT infrastructure strategy, employing onsite and offsite data backup services. There is an ongoing review of hardware, software and protocols to ensure that any risk from current or future activities is managed and associated risk mitigated.
       
Foreign exchange risk
The main denomination used within the company is Sterling.
       
Credit Risk
The group is exposed to credit risk and has implement robust policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterpart is subject to limit which is reassessed regularly by the credit control and management team.
       
Brexit & Customs Requirements
In June 2016, the UK voted by referendum to leave the EU. This created an onerous customs administration process for trade between the UK, NI and EU.

The business mitigated the risk associated with the introduction of the customs requirements by availing of the expertise of an in-house technical customs department. This department works closely with Hannon Steel Limited to ensure the smooth movement of goods across multiple international borders..

       
       
On behalf of the board
       
       
       
___________________________      
Adrian Hannon      
Director      
       
       
       
___________________________
Aodh Hannon
Director
       
26 September 2023      



Hannon Steel Limited
DIRECTORS' REPORT
for the financial year ended 31 January 2023

 
The directors present their report and the audited financial statements for the financial year ended 31 January 2023.
 
Principal Activity
The principal activity of the business is the wholesale of sheet and box metal.
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £2,217,637 (2022 - £2,167,675).
The directors have paid a final dividend amounting to £300,000.
     
Directors
The directors who served during the financial year are as follows:
     
Adrian Hannon
Aodh Hannon
   
There were no changes in shareholdings between 31 January 2023 and the date of signing the financial statements.
     
In accordance with the Articles of Association, the directors retire by rotation and, being eligible, offer themselves for re-election.
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial year-end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 and apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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 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.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
The auditors, MG accountants, ((Portadown)) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
     
On behalf of the board
     
     
     
___________________________
Adrian Hannon
Director
     
     
     
___________________________
Aodh Hannon
Director
     
26 September 2023



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Hannon Steel Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Hannon Steel Limited ('the company') for the financial year ended 31 January 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2023 and of its profit for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
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 Auditor's 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 UK, including the FRC'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.
 
Conclusions relating to going concern
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 the date 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.
 
Key Audit Matters
The company was exempt from audit for the financial year ended 31 January 2022.  As a result the comparative figures in these financial statements are unaudited.  However, we have obtained sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period‘s financial statements.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's 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.
 
Opinion on other matters prescribed by the Companies Act 2006
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.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
 
Responsibilities of directors for the financial statements
The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements
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 Auditor's 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:
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
Use of our report
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 auditor's 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.
 
 
 
__________________________________
Claire Garvey (Senior Statutory Auditor)
for and on behalf of
MG accountants
(Portadown)
25-27 Carleton Street
Portadown
Co. Armagh
BT62 3EP
Northern Ireland
 
26 September 2023



Hannon Steel Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



Hannon Steel Limited
PROFIT AND LOSS ACCOUNT
for the financial year ended 31 January 2023
2023 2022
Notes £ £

Turnover 3 18,751,439 17,142,462
 
Cost of sales (15,194,254) (13,776,826)
───────── ─────────
Gross profit 3,557,185 3,365,636
 
Administrative expenses (823,690) (697,972)
Other operating income - 25,000
───────── ─────────
Operating profit 4 2,733,495 2,692,664
 
Interest payable and similar expenses 5 (10,965) (14,325)
───────── ─────────
Profit before taxation 2,722,530 2,678,339
 
Tax on profit 7 (504,893) (510,664)
───────── ─────────
Profit for the financial year 2,217,637 2,167,675
    ═════════   ═════════



Hannon Steel Limited
Company Registration Number: NI635062
BALANCE SHEET
as at 31 January 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 9 79,750 23,379
───────── ─────────
 
Current Assets
Stocks 10 2,517,523 2,719,091
Debtors 11 4,407,695 4,026,432
Cash and cash equivalents 12 418,699 56,613
───────── ─────────
7,343,917 6,802,136
───────── ─────────
Creditors: amounts falling due within one year 13 (2,189,940) (3,509,425)
───────── ─────────
Net Current Assets 5,153,977 3,292,711
───────── ─────────
Total Assets less Current Liabilities 5,233,727 3,316,090
═════════ ═════════
 
Capital and Reserves
Called up share capital 15 2 2
Retained earnings 5,233,725 3,316,088
───────── ─────────
Equity attributable to owners of the company 5,233,727 3,316,090
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 26 September 2023 and signed on its behalf by
           
           
           
________________________________          
Adrian Hannon          
Director          
           
           
           
________________________________
Aodh Hannon
Director
           



Hannon Steel Limited
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 31 January 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 February 2021 2 1,398,413 1,398,415
───────── ───────── ─────────
Profit for the financial year - 2,167,675 2,167,675
───────── ───────── ─────────
Payment of dividends - (250,000) (250,000)
  ───────── ───────── ─────────
At 31 January 2022 2 3,316,088 3,316,090
  ───────── ───────── ─────────
Profit for the financial year - 2,217,637 2,217,637
  ───────── ───────── ─────────
Payment of dividends - (300,000) (300,000)
  ───────── ───────── ─────────
At 31 January 2023 2 5,233,725 5,233,727
  ═════════ ═════════ ═════════



Hannon Steel Limited
CASH FLOW STATEMENT
for the financial year ended 31 January 2023
2023 2022
Notes £ £

Cash flows from operating activities
Profit for the financial year 2,217,637 2,167,675
Adjustments for:
Interest payable and similar expenses 10,965 14,325
Tax on profit on ordinary activities 504,893 510,664
Depreciation 7,881 8,265
Profit/loss on disposal of tangible assets - (4,700)
───────── ─────────
2,741,376 2,696,229
Movements in working capital:
Movement in stocks 201,568 (1,688,243)
Movement in debtors (381,263) (1,019,291)
Movement in creditors 427,848 130,259
───────── ─────────
Cash generated from operations 2,989,529 118,954
Interest paid (10,965) (14,325)
Tax paid (764,513) (210,007)
───────── ─────────
Net cash generated from/(used in) operating activities 2,214,051 (105,378)
───────── ─────────
Cash flows from investing activities
Payments to acquire tangible assets   (64,252) (24,750)
Receipts from sales of tangible assets   - 20,000
    ───────── ─────────
Net cash used in investment activities   (64,252) (4,750)
    ───────── ─────────
Cash flows from financing activities
Dividends paid   (300,000) (250,000)
    ───────── ─────────
       
Net increase/(decrease) in cash and cash equivalents   1,849,799 (360,128)
Cash and cash equivalents at beginning of financial year   (1,431,100) (1,070,972)
    ───────── ─────────
Cash and cash equivalents at end of financial year 12 418,699 (1,431,100)
    ═════════ ═════════



Hannon Steel Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 January 2023

   
1. General Information
 
Hannon Steel Limited is a company limited by shares incorporated in Northern Ireland. 21 Brankinstown Road, Aghalee, Lurgan, Armagh, BT67 0DF, Northern Ireland is the registered office. The principal place of business of the company is Old Ballyrobin Road, Muckamore, Co. Antrim. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the period ended 31 January 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.  Revenue is recognised when the sales invoice is produced.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost comprises the average price of goods purchased by calculating the unit cost on the initial cost price and the reorder cost price.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price.
 
Trade and other debtors
Trade and other debtors are recognised at fair value.  Provision is made for bad and doubtful debts if required.
 
Trade and other creditors
Trade and other creditors are recognised at fair value.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Turnover
 
The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of the wholesale of sheet and box metal.
       
4. Operating profit 2023 2022
  £ £
Operating profit is stated after charging/(crediting):
Depreciation of tangible assets 7,881 8,265
(Profit) on disposal of tangible assets - (4,700)
Operating lease rentals
- Motor vehicles 24,315 16,276
Auditor's remuneration
- audit services 12,500 -
  ═════════ ═════════
       
5. Interest payable and similar expenses 2023 2022
  £ £
 
On bank loans and overdrafts 10,965 14,325
  ═════════ ═════════
       
6. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial year was as follows:
 
  2023 2022
  Number Number
 
Sales 3 3
Production 8 8
Accounts and Admin 2 2
Directors 2 2
  ───────── ─────────
  15 15
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: 2023 2022
  £ £
 
Wages and salaries 466,251 480,195
Social security costs 47,109 -
Pension costs 46,666 85,493
  ───────── ─────────
  560,026 565,688
  ═════════ ═════════
       
7. Tax on profit
  2023 2022
  £ £
(a)     Analysis of charge in the financial year
 
Current tax:
Corporation tax at 19.00% (2022 - 19.00%) 504,893 510,970
Under/over provision in prior year - (306)
  ───────── ─────────
Total current tax 504,893 510,664
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial year
 
The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 19.00% (2022 - 19.00%). The differences are explained below:
  2023 2022
  £ £
 
Profit taxable at 19.00% 2,722,530 2,678,339
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 19.00% (2022 - 19.00%) 517,281 508,884
Effects of:
Expenses not deductible for tax purposes 1,985 2,696
Capital allowances for period in excess of depreciation (14,373) (610)
Adjustment to tax charge in respect of previous periods - (306)
  ───────── ─────────
Total tax charge for the financial year (Note 7 (a)) 504,893 510,664
  ═════════ ═════════
 
       
8. Dividends 2023 2022
  £ £
Dividends on equity shares:
 
Ordinary Shares Class 1 - Final paid 300,000 250,000
  ═════════ ═════════
         
9. Tangible assets
  Plant and Fixtures, Total
  machinery fittings and  
    equipment  
  £ £ £
Cost
At 1 February 2022 45,745 4,370 50,115
Additions 64,252 - 64,252
  ───────── ───────── ─────────
At 31 January 2023 109,997 4,370 114,367
  ───────── ───────── ─────────
Depreciation
At 1 February 2022 24,463 2,273 26,736
Charge for the financial year 7,461 420 7,881
  ───────── ───────── ─────────
At 31 January 2023 31,924 2,693 34,617
  ───────── ───────── ─────────
Net book value
At 31 January 2023 78,073 1,677 79,750
  ═════════ ═════════ ═════════
At 31 January 2022 21,282 2,097 23,379
  ═════════ ═════════ ═════════
       
10. Stocks 2023 2022
  £ £
 
Finished goods and goods for resale 2,517,523 2,719,091
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
11. Debtors 2023 2022
  £ £
 
Trade debtors 4,015,572 3,890,271
Other debtors 376,055 61,393
Taxation  (Note 14) - 63,255
Prepayments and accrued income 16,068 11,513
  ───────── ─────────
  4,407,695 4,026,432
  ═════════ ═════════
       
12. Cash and cash equivalents 2023 2022
  £ £
 
Cash and bank balances 418,699 56,613
Bank overdrafts - (1,487,713)
  ───────── ─────────
  418,699 (1,431,100)
  ═════════ ═════════
       
13. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts - 1,487,713
Trade creditors 1,770,059 1,495,864
Taxation  (Note 14) 360,966 521,298
Accruals 58,915 4,550
  ───────── ─────────
  2,189,940 3,509,425
  ═════════ ═════════
       
14. Taxation 2023 2022
  £ £
 
Debtors:
VAT - 63,255
  ═════════ ═════════
Creditors:
VAT 99,648 -
Corporation tax 251,350 510,970
PAYE / NI 9,968 10,328
  ───────── ─────────
  360,966 521,298
  ═════════ ═════════
           
15. Share capital     2023 2022
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary Shares Class 1 2 £1 each 2 2
 
      ═════════ ═════════
   
16. Financial commitments
 
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
       
17. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2023.
       
18. Directors' remuneration 2023 2022
  £ £
 
Remuneration 32,237 40,598
Pension contributions 46,666 85,493
  ───────── ─────────
  78,903 126,091
  ═════════ ═════════
           
19. Related party transactions
 
During the year Hannon Transport Limited supplied services to Hannon Steel Limited amounting to £404,795.  The balance owing to Hannon Transport Limited at 31 January 2023 amounted to £31,643.
Hannon Transport Limited is a corporate shareholder of Hannon Steel Limited and Mr Aodh Hannon is a director in both Companies.
   
20. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.