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REGISTERED NUMBER: 01325509 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PARKSIDE STEEL (STOCKHOLDERS) LIMITED

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 8

Balance Sheet 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


PARKSIDE STEEL (STOCKHOLDERS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: J A Audley
P Cooper





REGISTERED OFFICE: 42 Langton Avenue
London
N20 9DA





BUSINESS ADDRESS: National Distribution Centre
Little Oak Drive
Sherwood Business Park
Annesley
Nottinghamshire
NG15 0DR





REGISTERED NUMBER: 01325509 (England and Wales)





AUDITORS: Lemans
Statutory Auditor
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report for the year ended 31 March 2023.

REVIEW OF BUSINESS
The principal activity of the Company continued to be that of steel stockholding.

Turnover to YE 31 March 2023 increased slightly by £38,237 from £11,568,178 to £11,606,415. Whilst the tonnage output dropped the higher steel price countered its effect on sales turnover. The significant price rises are due to a variety of factors such as Covid-19 and the conflict in Ukraine.

Overall, the financial results and position of the company at year end were considered satisfactory by the directors of the Company.

PRINCIPAL RISKS AND UNCERTAINTIES
The strategy and management of the Company are subject to a number of risks and uncertainties.

The directors of the Company monitor these risks and uncertainties and consider price fluctuation to be the greatest of these. Steel price fluctuation primarily happens due to raw material price changes and general global demand. Both of these aren't controllable by the Company however they are monitored regularly with sales and purchasing decisions made as a result.

The Company mitigates the effects of price movement by monitoring cashflow closely through monthly reporting whilst also implementing stringent credit control procedures.

The directors do not envisage any significant changes in current policies however the strategy is to move into other products, services and delivery areas over the next 12 months.

KEY PERFORMANCE INDICATORS
The directors use a range of financial and non-financial performance indicators to monitor business performance. The directors are of the opinion that the key performance indicators for the Company are Gross Profit, Overheads as a percentage of Turnover and Operating Profit.

2023 2022
Gross Profit £3,165,002 £3,471,458
Overhead % 11.4% 11.5%
Operating Profit £1,847,027 £2,138,116

Operationally the Company reports on order errors and tonnage output to monitor performance. Employee retention is also monitored to evaluate the Companies performance. All measures were within acceptable variances meaning there is no cause for concern.

Monthly reports are produced for all directors to continue evaluating targets and strategy performance.

ON BEHALF OF THE BOARD:





J A Audley - Director


14 November 2023

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of steel stockholders.

DIVIDENDS
Interim dividends per share were paid as follows:
3.85 - 27 June 2022
49.64 - 11 November 2022
53.49

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 695,322 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

J A Audley
P Cooper

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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). 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 then 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


AUDITORS
The auditors, Lemans, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J A Audley - Director


14 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PARKSIDE STEEL (STOCKHOLDERS) LIMITED

Opinion
We have audited the financial statements of Parkside Steel (Stockholders) Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the 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 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 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.

Other Matter
The comparatives were unaudited.

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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PARKSIDE STEEL (STOCKHOLDERS) LIMITED


Matters on which we are required to report by exception
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 Report of the Directors.

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 returns adequate for our audit have not been received from branches not visited by us; 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
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 the directors determine 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 have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PARKSIDE STEEL (STOCKHOLDERS) LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

- We exercise professional judgment and maintain professional scepticism throughout the planning and
performance of the audit;
- 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
entity's internal control;
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management. We are required to 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.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Karen Mealand (Senior Statutory Auditor)
for and on behalf of Lemans
Statutory Auditor
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

14 November 2023

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 11,606,415 11,568,178

Cost of sales 8,441,413 8,096,720
GROSS PROFIT 3,165,002 3,471,458

Administrative expenses 1,317,975 1,333,342
OPERATING PROFIT 4 1,847,027 2,138,116

Interest receivable and similar income 8,630 -
1,855,657 2,138,116

Interest payable and similar expenses 5 - 205
PROFIT BEFORE TAXATION 1,855,657 2,137,911

Tax on profit 6 380,508 399,504
PROFIT FOR THE FINANCIAL YEAR 1,475,149 1,738,407

Retained earnings at beginning of year 3,788,973 2,252,456

Dividends 7 (695,322 ) (201,890 )

RETAINED EARNINGS AT END OF
YEAR

4,568,800

3,788,973

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 4,560
Tangible assets 10 530,993 566,124
530,993 570,684

CURRENT ASSETS
Stocks 11 2,449,746 1,933,112
Debtors 12 2,975,628 3,116,663
Cash at bank 2,123,859 1,359,108
7,549,233 6,408,883
CREDITORS
Amounts falling due within one year 13 3,355,887 3,061,769
NET CURRENT ASSETS 4,193,346 3,347,114
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,724,339

3,917,798

PROVISIONS FOR LIABILITIES 16 115,539 88,825
NET ASSETS 4,608,800 3,828,973

CAPITAL AND RESERVES
Called up share capital 17 13,000 13,000
Capital redemption reserve 18 27,000 27,000
Retained earnings 18 4,568,800 3,788,973
SHAREHOLDERS' FUNDS 4,608,800 3,828,973

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





J A Audley - Director


PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,910,107 875,367
Interest element of hire purchase or finance
lease rental payments paid

-

(205

)
Tax paid (374,956 ) (83,492 )
Net cash from operating activities 1,535,151 791,670

Cash flows from investing activities
Purchase of tangible fixed assets (83,708 ) (226,119 )
Interest received 8,630 -
Net cash from investing activities (75,078 ) (226,119 )

Cash flows from financing activities
Capital repayments in year - (304 )
Equity dividends paid (695,322 ) (201,890 )
Net cash from financing activities (695,322 ) (202,194 )

Increase in cash and cash equivalents 764,751 363,357
Cash and cash equivalents at beginning of
year

2

1,359,108

995,751

Cash and cash equivalents at end of year 2 2,123,859 1,359,108

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.23 31.3.22
£    £   
Profit before taxation 1,855,657 2,137,911
Depreciation charges 123,399 102,049
Finance costs - 205
Finance income (8,630 ) -
1,970,426 2,240,165
Increase in stocks (516,634 ) (865,464 )
Decrease/(increase) in trade and other debtors 141,035 (1,111,592 )
Increase in trade and other creditors 315,280 612,258
Cash generated from operations 1,910,107 875,367

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 2,123,859 1,359,108
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,359,108 995,751


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 1,359,108 764,751 2,123,859
1,359,108 764,751 2,123,859
Total 1,359,108 764,751 2,123,859

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Parkside Steel (Stockholders) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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 cost convention.

The comparatives were unaudited.

Turnover
Turnover represents amounts invoiced during the period, excluding discounts, rebates and value added tax. Turnover is recognised at the point the goods are dispatched.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% to 20% on cost
Plant and machinery - 10% to 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% to 25% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company was party to an unlimited guarantee with the Group's bankers in respect of the borrowings of certain other group members and related entities. At 31 March 2023 the maximum liability of the entity under the terms of the guarantee was £nil (2022 - £1,900,000). The liability was settled during the year by the sale of assets in another entity in the group.

3. EMPLOYEES AND DIRECTORS
31.3.23 31.3.22
£    £   
Wages and salaries 1,123,351 1,123,703
Social security costs 92,138 103,280
Other pension costs 21,084 21,003
1,236,573 1,247,986

The average number of employees during the year was as follows:
31.3.23 31.3.22

Operations 15 15
Transport 6 6
Sales 5 5
Directors and administration 6 6
32 32

31.3.23 31.3.22
£    £   
Directors' remuneration 71,288 93,568

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.23 31.3.22
£    £   
Depreciation - owned assets 118,839 90,542
Depreciation - assets on hire purchase contracts or finance leases - 564
Computer software amortisation 4,560 10,944
Auditors' remuneration 12,000 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.23 31.3.22
£    £   
Hire purchase interest - 205

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax 353,794 374,956

Deferred tax 26,714 24,548
Tax on profit 380,508 399,504

UK corporation tax has been charged at 19% .

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.23 31.3.22
£    £   
Profit before tax 1,855,657 2,137,911
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

352,575

406,203

Effects of:
Expenses not deductible for tax purposes 24 62
Capital allowances in excess of depreciation - (31,309 )
Depreciation in excess of capital allowances 2,835 -
Utilisation of tax losses (1,640 ) -
Deferred tax 26,714 24,548
Total tax charge 380,508 399,504

7. DIVIDENDS
31.3.23 31.3.22
£    £   
Ordinary shares of £1 each
Dividend paid 695,322 201,890

8. PENSION CONTRIBUTIONS

The company operates a defined contribution scheme. The assets are managed independently of the company and contributions are charged to the Profit and Loss Account in the period in which they are made. The charge for the year was £21,084 (2022 - £21,003).

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2022
and 31 March 2023 54,765
AMORTISATION
At 1 April 2022 50,205
Amortisation for year 4,560
At 31 March 2023 54,765
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 4,560

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 254,327 573,936 59,160
Additions 6,590 52,947 19,884
At 31 March 2023 260,917 626,883 79,044
DEPRECIATION
At 1 April 2022 163,026 286,928 47,773
Charge for year 26,453 48,058 4,027
At 31 March 2023 189,479 334,986 51,800
NET BOOK VALUE
At 31 March 2023 71,438 291,897 27,244
At 31 March 2022 91,301 287,008 11,387

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 187,156 25,489 1,100,068
Additions - 4,287 83,708
At 31 March 2023 187,156 29,776 1,183,776
DEPRECIATION
At 1 April 2022 18,129 18,088 533,944
Charge for year 37,431 2,870 118,839
At 31 March 2023 55,560 20,958 652,783
NET BOOK VALUE
At 31 March 2023 131,596 8,818 530,993
At 31 March 2022 169,027 7,401 566,124

11. STOCKS
31.3.23 31.3.22
£    £   
Stocks 2,449,746 1,933,112

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 2,815,023 2,585,911
Amounts owed by group undertakings - 380,010
Other debtors 160,605 150,742
2,975,628 3,116,663

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 2,533,317 2,332,510
Corporation tax 353,794 374,956
Social security and other taxes 419,734 320,853
Other creditors 49,042 33,450
3,355,887 3,061,769

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 148,000 184,701
Between one and five years 292,250 419,070
440,250 603,771

15. SECURED DEBTS

The bank facility is secured by a debenture on the company's assets.

16. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 115,539 88,825

Deferred
tax
£   
Balance at 1 April 2022 88,825
Charge to Income Statement during year 26,714
Balance at 31 March 2023 115,539

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
13,000 Ordinary £1 13,000 13,000

PARKSIDE STEEL (STOCKHOLDERS) LIMITED (REGISTERED NUMBER: 01325509)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 3,788,973 27,000 3,815,973
Profit for the year 1,475,149 1,475,149
Dividends (695,322 ) (695,322 )
At 31 March 2023 4,568,800 27,000 4,595,800

19. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The company had given an unlimited guarantee to its bankers in respect of the borrowings of certain other group members and other related entities. At 31 March 2023 the maximum potential liability of the company under the terms of the guarantee was £nil (2022 - £1,900,000).

As detailed under the going concern paragraph within note 1, the liability was settled during the year by the sale of assets in another entity in the group.

20. CAPITAL COMMITMENTS
31.3.23 31.3.22
£    £   
Contracted but not provided for in the
financial statements 153,590 52,946

21. RELATED PARTY DISCLOSURES

All directors who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be key management personnel.

Key management personnel remuneration £189,233 (2022 - £211,483).

22. POST BALANCE SHEET EVENTS

In August 2023, the company purchased freehold property for £4.9m, over which the bank has a fixed and floating charge.

23. PARENT COMPANY

Caverswall Enterprises Limited, a company incorporated in the United Kingdom, is the ultimate parent undertaking.