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REGISTERED NUMBER: 07155581 (England and Wales)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2023

for

Heyne Tillett Steel Ltd

Heyne Tillett Steel Ltd (Registered number: 07155581)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 15

Cash Flow Statement 16

Notes to the Financial Statements 17


Heyne Tillett Steel Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr A P Heyne
Mr M A F Tillett
Mr T W Steel



REGISTERED OFFICE: 16 Chart Street
LONDON
N1 6DD



REGISTERED NUMBER: 07155581 (England and Wales)



INDEPENDENT AUDITORS: R. M. Chancellor & Company Limited
Chartered Accountants and Statutory Auditors
Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF



BANKERS: Royal Bank of Scotland Group PLC
Waterside Court
Western Avenue
Chatham Maritime
Chatham
Kent
ME4 4RT

Heyne Tillett Steel Ltd (Registered number: 07155581)

Strategic Report
for the Year Ended 31 March 2023


The directors present their strategic report for the year ended 31 March 2023. We aim to present a balanced and comprehensive review of the development and performance of the business during the financial year and the overall position of the company as at the reporting date. Our review is consistent with the size and non-complex nature of the company's activities and is written in the context of the risks and uncertainties the company faces.

PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS
The company's principal activity during the year ended 31 March 2023 continued to be that of structural engineers.

During the year the company achieved an increase in turnover by 35.22% (2022 - 9.43%) to £20,460,118 from £15,130,452 in the prior year. This illustrates the company's continued growth in the sector from turnover of £13,826,014 in the financial year ended 31 March 2021.

The company continued to invest in its staff base during the year ended 31 March 2023 with 160 staff members at 31 March 2023 (31 March 2022: 136), including the three directors (2022 - three directors). Investment in staff has increased the overall staff costs within the year to £9,573,161 (2022 - £8,076,746) which is not deemed to have significantly reduced the net profitability of the company in the year.

The directors deem the investment in the company's employees to be a significant driver in the company's continued future success, and long-term development of staff in order to reduce outsourcing and subcontracting costs in the future.

Key performance indicators:
The directors consider the following to be the key performance indicators of the business which have been incorporated into their review of the business above:

2023 2022 Change
£    £    %
Turnover 20,460,118 15,130,452 35.22%
Gross profit 12,537,187 8,295,666 51.13%
Gross profit margin 61.28% 54.83% 11.76%

Profit on ordinary activities before taxation 5,107,031 2,671,887 91.14%
Net profit margin (before taxation) 24.96% 17.66% 41.35%

Profit after taxation for the year 4,654,387 2,471,974 88.29%
Other comprehensive income net of tax 258,750 (38,250 ) -776.47%

Total comprehensive income for the year 4,913,137 2,433,724 101.88%

Net current assets 6,646,034 4,088,838 62.54%
Shareholders' funds (excluding pension asset) 8,728,662 5,915,525 47.56%
Pension asset / Pension Fund 1,368,750 1,083,000 26.39%

Dividends issued in the year - 48,000 (100.00% )
Average staff employed in the year 160 136 17.65%

Overall increase in turnover is considered promising. The directors anticipate that turnover will continue to grow but remain conscious of the significant uncertainty in the macro environment since March 2023.


Heyne Tillett Steel Ltd (Registered number: 07155581)

Strategic Report
for the Year Ended 31 March 2023

Strategy:
Heyne Tillett Steel Ltd strategy is one of organic growth and strong relationships with customers and employees, which it has consistently aimed to maintain and advance via robust recruitment and quality continuous professional development (CPD). This in no small part has led the success of the company in recent years, and is deemed by the directors to be a key factor in future growth and success of the company.

The directors endeavour that each project is embarked on in an energetic, collaborative and proactive manner, with directors closely involved in all aspects from concept through to construction. The company prides itself on delivering efficient, carefully-considered designs and always strives to use its customer's money wisely.

Our staff are passionate about design and the built environment, and it is the company's intention to take the staff to explore the architecture and buildings of various cities in order to advance their development and ideas. Technical staff meet regularly in support of their own CPD, and project-related training is part of the everyday working environment.

Heyne Tillett Steel Ltd strives to ensure all outputs are of the highest standard, involving regular director reviews throughout the lifetime of a project. We have a rigorous internal quality assurance system which is accredited by BSI to ISO 9001:2008.

PRINCIPAL RISKS AND UNCERTAINTIES
There have been no changes to the principal risks and uncertainties facing the business in the financial year, which are considered by the directors to be:

Overall UK economic performance:
The work of structural engineers is reliant on the desire and capability of our customers to develop and redesign buildings, which inevitably places a reliance on the construction trade and the ability of related stakeholders to obtain finance on such projects where necessary. Both the construction trade and the availability of financial options are heavily influenced by the performance of the UK economy which is Heyne Tillett Steel Ltd's primary geography of focus.

Competing firms in the market:
Heyne Tillett Steel Ltd places significant emphasis on the manner in which the directors and employees consult and deliver our service to customers combined with the overall quality provided. However the tendering process for many projects can be extremely competitive and there is an inherent risk of potential customers opting to employ another firm of engineers in what is a very competitive sector, especially within the City of London.

Loss of key personnel:
The company is heavily reliant on the direction and supervision provided by the three directors who provide consultation and review on all projects to ensure a high-standard of service is provided to each client, as well as their presence in the tender proposals of the project. The loss of a director may lead to the temporary disruption in the ability of Heyne Tillett Steel Ltd to operate at full capacity.

However the directors believe that the level of training and continued professional development of the company's employees shall reduce the impact of disruptions caused in such cases. The active presence of all directors within the day-to-day operations of Heyne Tillett Steel Ltd is a further indication that such disruptions can be suitably mitigated across the organisation.


Cash-flow risk of customers:
Our customers can regularly employ the company for projects that continue over a number of months or years and therefore reliance is placed on the continued inward flows of cash in order to meet the company's high expenditure levels, of which staff costs paid on a monthly basis constitute a significant proportion. There is an inherent risk that the failure of numerous customers to meet the company's sales credit terms could have a negative impact on the cash position of the company and, in the longer-term, its ability to meet its liabilities.

The directors regularly review the cash position of the company and projected cash-flow forecasts are prepared in order to identify the potential risk to the company in meeting its expenditure and obligations. Directors regularly review outstanding receivables and follow up on overdue items with the relevant clients as appropriate.


Heyne Tillett Steel Ltd (Registered number: 07155581)

Strategic Report
for the Year Ended 31 March 2023

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The policy of monitoring risk from trading activities continues to ensure continuity and consistency in the business.

The company is exposed to various common financial risks arising in the normal course of business as follows:

Interest rate risk:
The directors consider the level of risk exposure on any debt transactions and takes necessary steps to reduce such risks to an acceptable level.

Credit risk and liquidity risk:
The directors ensure that there are adequate funds available through cash reserves and credit facilities to meet the operational requirements of the business via the regular review of management information.

Foreign exchange rate risk:
Whilst the company's main functional currency is the Pound Sterling (£) and whilst almost all transactions that the company enters into are in its functional currency, there is a risk of gains and losses occurring in relation to transactions entered into in foreign currencies. The directors carefully consider the risk of any foreign currency transactions before entering into them, and will generally enter transactions in Pound Sterling (£) where possible to mitigate such risks.

The directors do not consider there to be any risks of sufficient severity to necessitate the use of hedging instruments in the operations of the company.

RESEARCH AND DEVELOPMENT
Heyne Tillett Steel Ltd actively performs research and development (R&D) on projects that it undertakes with its customers as well as general innovation projects.

FINANCIAL INSTRUMENTS
The financial instruments used by the company arise wholly and directly from its activities. These comprise of trade debtors, cash at bank and in hand, trade creditors and other loans. The company has put in place the following measures in order to manage the financial risks arising from the financial instruments:

1. The company regularly monitors the level of debtors to ensure they are maintained at reasonable levels.

2. The company monitors its cash position by regularly forecasting expected cash-flows and reviewing the monthly cash-flows of the company.

3. The company regularly monitors the trade balance and credit limit terms for suppliers. Supplier terms are reviewed on a regular basis by the company in order to minimise the impact on cash-flows.

POLITICAL DONATIONS AND EXPENDITURE
During the year ended 31 March 2023 the company made political donations amounting to £nil (2022 - £nil).

During the year ended 31 March 2023 the company made charitable donations amounting to £13,758 (2022 - £14,159).

FUTURE DEVELOPMENTS
The directors of the company regularly review the activities of the business through their day-to-day involvement in its operations and frequent management reporting.

Since the Balance Sheet date the company has continued to operate at the high levels achieved in the year ended 31 March 2023, which the directors identify as a success given the level of uncertainty over the UK's future relationships within the global market and the level of investment in the UK property markets thereon.


Heyne Tillett Steel Ltd (Registered number: 07155581)

Strategic Report
for the Year Ended 31 March 2023

COVID-19
The COVID-19 pandemic took hold in the UK in March 2020 and the directors note the cycles of deterioration and improvement since. COVID-19 represents a significant risk to the global and UK economy and the effects on the real estate market could impact on the company. The directors maintain a regular watch on the situation but consider that adequate measures are in place to warn the directors of the need for prompt responses where the business requires it.

ON BEHALF OF THE BOARD:





Mr A P Heyne - Director


17 November 2023

Heyne Tillett Steel Ltd (Registered number: 07155581)

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 providing structural engineering services.

DIVIDENDS
Ordinary Shares
During the year the company paid interim dividends of £nil (2022 - £nil) per ordinary share, amounting to total interim dividends of £nil (2022 - £nil) for the year.

The directors recommend a final dividend of £nil (2022 - £nil) per ordinary share, amounting to a total final dividend payment of £nil (2022 - £nil).

The total dividends per ordinary share for the year ended 31 March 2023 amount to £nil (2022 - £nil). Total dividends paid for the year ended 31 March 2023 amount to £nil (2022 - £nil).

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

Mr A P Heyne
Mr M A F Tillett
Mr T W Steel

DISCLOSURE IN THE STRATEGIC REPORT
Information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included within the Strategic Report in accordance with Section 414C(11) of the Companies Act 2006.

DIRECTORS' RESPONSIBILITIES STATEMENT
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), 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 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.

Heyne Tillett Steel Ltd (Registered number: 07155581)

Report of the Directors
for the Year Ended 31 March 2023


AUDITORS
The auditors, R. M. Chancellor & Company Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A P Heyne - Director


17 November 2023

Report of the Independent Auditors to the Members of
Heyne Tillett Steel Ltd


Opinion
We have audited the financial statements of Heyne Tillett Steel Ltd (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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.

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
Heyne Tillett Steel Ltd


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 Directors' Responsibilities Statement set out on page six, 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
Heyne Tillett Steel Ltd


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the companies ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), taxation legislation, and employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors’ and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within judgement and estimates, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Report of the Independent Auditors to the Members of
Heyne Tillett Steel Ltd


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.




Jonathan Ward ACA FCCA (Senior Statutory Auditor)
for and on behalf of R. M. Chancellor & Company Limited
Chartered Accountants and Statutory Auditors
Lewis House
Great Chesterford Court
Great Chesterford
Essex
CB10 1PF

21 November 2023

Heyne Tillett Steel Ltd (Registered number: 07155581)

Statement of Comprehensive Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £    £    £   

TURNOVER 4 20,460,118 15,130,452

Cost of sales 7,922,932 6,834,787
GROSS PROFIT 12,537,186 8,295,665

Administrative expenses 7,507,409 5,666,728
5,029,777 2,628,937

Other operating income 31,164 13,078
OPERATING PROFIT 6 5,060,941 2,642,015

Interest receivable and similar income 10,402 1,475
Other finance income 18 36,000 29,000
46,402 30,475
5,107,343 2,672,490

Interest payable and similar expenses 7 312 603
PROFIT BEFORE TAXATION 5,107,031 2,671,887

Tax on profit 8 452,644 199,913
PROFIT FOR THE FINANCIAL YEAR 4,654,387 2,471,974

OTHER COMPREHENSIVE INCOME
Experience gains on scheme liabilities 27,000 22,000
Actual return on scheme assets (68,000 ) (73,000 )
Change in assumptions for PV of scheme 386,000 -
Income tax relating to components of other
comprehensive income

(86,250

)

12,750
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

258,750

(38,250

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,913,137

2,433,724

Heyne Tillett Steel Ltd (Registered number: 07155581)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 849,690 919,990
849,690 919,990

CURRENT ASSETS
Debtors 12 6,903,994 5,356,512
Cash at bank 1,848,047 1,071,526
8,752,041 6,428,038
CREDITORS
Amounts falling due within one year 13 2,106,008 2,339,200
NET CURRENT ASSETS 6,646,033 4,088,838
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,495,723

5,008,828

CREDITORS
Amounts falling due after more than one
year

14

-

(2,633

)

PROVISIONS FOR LIABILITIES 16 (135,811 ) (173,670 )

PENSION ASSET 18 1,368,750 1,083,000
NET ASSETS 8,728,662 5,915,525

CAPITAL AND RESERVES
Called up share capital 17 106 106
Pension reserve 1,368,750 1,083,000
Retained earnings 7,359,806 4,832,419
SHAREHOLDERS' FUNDS 8,728,662 5,915,525

Heyne Tillett Steel Ltd (Registered number: 07155581)

Balance Sheet - continued
31 March 2023


The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:




Mr A P Heyne - Director Mr M A F Tillett - Director




Mr T W Steel - Director


Heyne Tillett Steel Ltd (Registered number: 07155581)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Pension Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2021 106 10,375,796 1,099,500 11,475,402

Changes in equity
Profit for the year - 2,471,974 - 2,471,974
Other comprehensive income - (21,750 ) (16,500 ) (38,250 )
Total comprehensive income - 2,450,224 (16,500 ) 2,433,724
Dividends - (7,993,601 ) - (7,993,601 )
Balance at 31 March 2022 106 4,832,419 1,083,000 5,915,525

Changes in equity
Profit for the year - 4,654,387 - 4,654,387
Other comprehensive income - (27,000 ) 285,750 258,750
Total comprehensive income - 4,627,387 285,750 4,913,137
Dividends - (2,100,000 ) - (2,100,000 )
Balance at 31 March 2023 106 7,359,806 1,368,750 8,728,662

Heyne Tillett Steel Ltd (Registered number: 07155581)

Cash Flow Statement
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 21 3,690,014 6,780,069
Interest paid - (14 )
Interest element of hire purchase payments
paid

(312

)

(589

)
Government grants - 9,276
Tax paid (540,401 ) (430,475 )
Net cash from operating activities 3,149,301 6,358,267

Cash flows from investing activities
Purchase of tangible fixed assets (276,198 ) (479,300 )
Sale of tangible fixed assets 5,860 -
Interest received 10,402 1,475
Net cash from investing activities (259,936 ) (477,825 )

Cash flows from financing activities
Capital repayments in year (15,335 ) 17,933
Amount introduced by directors 2,491 88,968
Amount withdrawn by directors - (95,959 )
Equity dividends paid (2,100,000 ) (7,993,601 )
Net cash from financing activities (2,112,844 ) (7,982,659 )

Increase/(decrease) in cash and cash equivalents 776,521 (2,102,217 )
Cash and cash equivalents at beginning of
year

22

1,071,526

3,173,743

Cash and cash equivalents at end of year 22 1,848,047 1,071,526

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Heyne Tillett Steel Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Pension and other post-employment benefits:
The cost of defined benefit pension plans and other post-employment medical benefits are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty.

In determining the appropriate discount rate, management considers the interest rates of corporate bonds in the respective currency with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The underlying bonds are further reviewed for quality and those having excessive credit spreads are removed from the population of bonds on which the discount rate is based, on the basis that they do not represent high quality bonds. The mortality rate is based on publicly available mortality tables for the specific country. Future salary increases and pension increases are based on expected future inflation rates for the respective country.

The actuarial report of the HTS DBSSAS includes a valuation of commercial property held, which accounts for 95.92% (2022 - 95.76%) of the assets of the pension scheme, is based on valuations undertaken in March 2023.

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. ACCOUNTING POLICIES - continued

Turnover
Turnover represents the value, net of value added taxation and discounts, of services provided to customers in the accounting period.

Turnover in relation to the provision of contracted structural engineering services are invoiced in line with the contractual terms of the agreement with the customer, and recognised in the Statement of Comprehensive Income when it is both probable that an economic benefit will flow to the company and the revenue and costs can be reliably measured.

Provisions for services provided but not invoiced at the reporting date are recognised within debtors as accrued income.

Turnover invoiced in relation to the provision of services not yet performed by the company as at the reporting date is recognised within creditors as deferred income.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property- over the remaining life of the lease or 25% on reducing balance
Plant and machinery- 33% straight line
Fixtures and fittings- 10% straight line
Motor vehicles- 33% straight line

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.


Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Deferred taxation
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Defined benefit pension scheme
Retirement benefits to employees of the company are provided by the Heyne Tillett Steel DBSSAS (HTS DBSSAS). This is a defined benefit scheme and the assets are held separately from the company. The contributions to the scheme are determined by agreement by the trustees of the HTS DBSSAS and Heyne Tillett Steel Ltd as the principal employer of the scheme.

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. ACCOUNTING POLICIES - continued

The HTS DBSSAS is a funded scheme and the assets are held separately from those of the company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at approximately every three years, unless the principal actuarial assumptions are believed to have changed significantly, and are updated at each balance sheet date.

The amounts charged to other comprehensive income are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the profit and loss account for the year if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other comprehensive income.

Employee ownership trust
The company established HTS Employee Trust with the objective of ensuring that shares in the company are held by the Trustees for the benefit of the company's employees and for those employees to have an interest in the company's business, a voice in its operations and a share in its profits.

The distributions made by the company to the Trust are treated as gift payments so that the Trust can meet its obligations.

Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 20,080,093 15,024,916
Europe 378,220 483
South America 1,805 22,553
North America - 82,500
20,460,118 15,130,452

The analysis of geographical market shown above reflects the location of the projects for which the company has performed its services in the financial year rather than the geographical location of the end customer or construction agent.

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. EMPLOYEES AND DIRECTORS

20232022
££
Wages and salaries8,812,4667,117,086
Social security costs1,061,382798,559
Other pension costs299,353161,101
10,173,2008,076,746

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

20232022

Directors33
Engineers and technicians133110
Support staff2423
160136

Pension costs noted above are in relation to the company's defined contribution scheme and the company's DBSSAS. During the year a cost of £nil (2022- £120,000) to the company's DBSSAS was made by one of the directors.

During the year the company paid £nil (2022 - £nil) in respect of termination benefits to employees and £nil (2022 - £nil) in respect of termination benefits to directors. No amounts were outstanding as at the Balance Sheet date (2022 - £nil).

2023 2022
£    £   
Directors' remuneration 1,000,071 790,102

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

Defined benefit schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 341,250 277,933

In addition to the above remuneration, the directors received management fees which were charged through HTS SE LLP in the prior year. Each of the directors were members of the LLP and total payments for management service from the company to HTS SE LLP were £nil (2022: £72,000).

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 859,463 912,184
Depreciation - owned assets 339,410 334,973
Loss on disposal of fixed assets 1,228 20,192
Auditors' remuneration 14,500 11,900
Other non- audit services 7,803 8,449
Foreign exchange differences 5,295 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 14
Hire purchase 312 589
312 603

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 481,503 167,773

Deferred tax (28,859 ) 32,140
Tax on profit 452,644 199,913

UK corporation tax has been charged at 19% (2022 - 19%).

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


8. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 5,107,031 2,671,887
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

970,336

507,659

Effects of:
Expenses not deductible for tax purposes 3,069 18,440
Capital allowances in excess of depreciation - (55,583 )
Depreciation in excess of capital allowances 11,336 -
Adjustments to tax charge in respect of previous periods - 7,222
Deferred tax provision movement relating to trading activities (28,859 ) 32,139
deductible for tax purposes
Enhanced research and development relief (436,338 ) (368,592 )
Pension scheme interest - non taxable income (6,840 ) (5,510 )
Unpaid pension contributions 2,787 1,291
Unpaid bonus accrual (62,847 ) 62,847
Total tax charge 452,644 199,913

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Experience gains on scheme liabilities 27,000 (6,750 ) 20,250
Actual return on scheme assets (68,000 ) 17,000 (51,000 )
Change in assumptions for PV of scheme 386,000 (96,500 ) 289,500
345,000 (86,250 ) 258,750

2022
Gross Tax Net
£    £    £   
Experience gains on scheme liabilities 22,000 (5,500 ) 16,500
Actual return on scheme assets (73,000 ) 18,250 (54,750 )
Contributions by company
Service cost
(51,000 ) 12,750 (38,250 )

UK corporation tax was charged at 19% in 2023 (2022 - 19%). Deferred tax has been provided at a rate of 25% (2022 - 25%).

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


9. DIVIDENDS

20232022
££
Ordinary shares of £0.001 each
Gift to EOT2,100,0007,945,601
Preference shares of £1 each
Interim-48,000
2,100,0007,993,601

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 710,000
AMORTISATION
At 1 April 2022
and 31 March 2023 710,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 1,016,662 459,005 111,321 123,715 1,710,703
Additions 168,968 87,831 19,399 - 276,198
Disposals - (9,967 ) - - (9,967 )
At 31 March 2023 1,185,630 536,869 130,720 123,715 1,976,934
DEPRECIATION
At 1 April 2022 436,890 267,987 17,965 67,871 790,713
Charge for year 173,367 121,642 12,125 32,276 339,410
Eliminated on disposal - (2,879 ) - - (2,879 )
At 31 March 2023 610,257 386,750 30,090 100,147 1,127,244
NET BOOK VALUE
At 31 March 2023 575,373 150,119 100,630 23,568 849,690
At 31 March 2022 579,772 191,018 93,356 55,844 919,990

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,473,183 4,158,046
Other debtors 24,625 18,558
Directors' loan accounts 4,500 6,991
Tax 136,579 77,681
Prepayments and accrued income 1,265,107 1,095,236
6,903,994 5,356,512

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 2,598 15,300
Trade creditors 512,400 277,077
Social security and other taxes 423,001 215,196
VAT 254,116 848,649
Other creditors 74,457 60,557
Accruals and deferred income 839,436 922,421
2,106,008 2,339,200

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) - 2,633

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 2,598 15,300
Between one and five years - 2,633
2,598 17,933

Non-cancellable operating leases
2023 2022
£    £   
Within one year 854,630 875,770
Between one and five years 3,360,000 3,367,165
In more than five years 2,520,000 3,360,000
6,734,630 7,602,935

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 135,811 173,670

Deferred
tax
£   
Balance at 1 April 2022 173,670
Provided during year (28,859 )
Pension scheme asset charge (9,000 )
Balance at 31 March 2023 135,811

The £9,000 (2022 - £7,250) credit shown above is in relation to deferred tax on the £36,000 interest in the DBSSAS pension scheme (2022 - £29,000) provided at a future rate of 25% (2022 - 25%).

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
106,000 Ordinary £0.00 1 106 106

The Ordinary Shares shall rank pari passu in all respects (except as otherwise stated below) but shall constitute separate classes of shares.

The holders of the Ordinary Shares shall be entitled to share in the dividends of the company pro rata to their respective holdings of the Ordinary Shares.

On a share sale or on return of assets or liquidation or return of capital of the company (other than a conversion, redemption or purchase of shares) the proceeds of sale or surplus assets of the company (remaining after payment of its liabilities) shall be applied (to the extent that the company is lawfully permitted to do so) in the following order of priority:

The proceeds of sale or balance of the surplus assets (if any) shall be distributed among the holders of Ordinary Shares pro rata to the number of Ordinary Shares held.

18. EMPLOYEE BENEFIT OBLIGATIONS

The total contribution made to the HTS DBSSAS for the year ended 31 March 2023 was £nil (2022 - £nil), of which employer's contributions totalled £nil (2022 - £120,000) and employees' contributions totalled £nil (2022 - £nil). There is no obligation to make contributions to the scheme in future years by the employer or employees (2022 - £nil).

There were no prepaid or outstanding contributions in relation to the scheme at the beginning or the end of the current or prior accounting periods.

The valuation of the DBSSAS pension was obtained by the latest actuarial report dated 4 July 2023 (2021 - 4 July 2022) by an independent Fellow of the Institute and Faculty of Actuaries.

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


18. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Present value of funded obligations (721,000 ) (1,106,000 )
Fair value of plan assets 2,546,000 2,550,000
1,825,000 1,444,000
Present value of unfunded obligations - -
Surplus 1,825,000 1,444,000
Deferred tax liability (456,250 ) (361,000 )
Net asset 1,368,750 1,083,000

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(36,000

)

(29,000

)
Past service cost - -
(36,000 ) (29,000 )

Actual return on plan assets (4,000 ) (22,000 )

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening defined benefit obligation 1,106,000 1,106,000
Interest cost 28,000 22,000
Actuarial (gains)/losses from changes in
financial assumptions

(413,000

)

(22,000

)
721,000 1,106,000

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


18. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Opening fair value of scheme assets 2,550,000 2,572,000
Expected return 64,000 51,000
Actuarial gains/(losses) (68,000 ) (73,000 )
2,546,000 2,550,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
2023 2022
£    £   
Actuarial (gains)/losses from changes in
financial assumptions

413,000

22,000
413,000 22,000

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
2023 2022
Property 96% 96%
Cash 4% 4%
100% 100%

The property assets held by the scheme noted above have a fair value of £2,546,000 (2022 - £2,550,000).

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023 2022
Discount rate 3.80% 2.50%
Future pension increases 2.50% 2.50%
Expected return on plan assets 2.50% 2.00%

In addition to the above percentage the following principal actuarial assumptions have been made (expressed as weighted averages):
- The life expectancy for a 65 year old male of 24.7years (2022 - 24.7 years).
- The life expectancy for a 65 year old female of 27.5 years (2022 - 27.5 years).

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


18. - continued

Defined contribution scheme

Included within creditor is a balance of £56,102 (2022 - £44,264) in relation to unpaid pension contributions due as at the reporting date in relation to the company's defined contribution scheme.

No amounts were payable in respect of the directors' pensions accruing in relation to the defined benefit scheme (2022 - £nil).

19. RELATED PARTY DISCLOSURES

Transactions with directors:
During the current year and prior accounting period the company continued to operate loan accounts with the directors, who are shareholders and key management personnel of the company. The loan accounts were unsecured and repayable on demand with no guarantees provided.

No interest was charged by the directors during the year (2022 - £nil). The total balance of these amounts are included within creditors as at the balance sheet date.

Transactions with other related parties:
During the year the company rented commercial property which is under ownership by CSI Investment Properties Ltd, a company under the control of the directors of Heyne Tillett Steel Ltd. These transactions were unsecured and no guarantees were provided.

During the year the company also provided an unsecured loan to CSI Investment Properties Ltd, a company under the control of the directors of Heyne Tillett Steel Ltd. The loan is repayable on demand and no interest has been charged by the company in respect of the loan.

Guarantees on behalf of related parties:
During the current and prior years the company provided guarantees on behalf of related parties as detailed below.

2023 2022
£ £
Guarantee on behalf of Heyne Tillett Steel (Domingo) Ltd - -
Intercompany guarantee between Heyne Tillett Steel Ltd, Heyne Tillett Steel
(Domingo) Ltd, Domingo Holdings Ltd, CSI Investment Properties Limited and
HTS SE LLP
- -

Entities with control, joint control or significant influence over the entity - HTS SE LLP
2023 2022
£    £   
Purchases (7,740 ) 72,000
Amount due from related party - 9,298

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Dividends issued to related parties - 48,000
Amounts withdrawn by related parties (2,491 ) 54,991
Amount due from related party 4,500 6,991

Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


19. RELATED PARTY DISCLOSURES - continued

Other related parties
2023 2022
£    £   
Purchases 840,000 840,000
Amount due to related party 202,762 -

In determining the key management personnel of the company, the directors have determined themselves to be the key management personnel of the company. Details of remuneration paid to the directors are included in earlier notes to these financial statements.

20. ULTIMATE CONTROLLING PARTY

The controlling party is HTS Employee Trustee Limited as at the balance sheet date.

The registered office and principle place of business of HTS Employee Trustee Limited is the same as noted on the company information page of these accounts.

21. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 5,107,031 2,671,887
Depreciation charges 339,411 334,973
Loss on disposal of fixed assets 1,228 20,192
Government grants - (9,276 )
Finance costs 312 603
Finance income (46,402 ) (30,475 )
5,401,580 2,987,904
(Increase)/decrease in trade and other debtors (1,491,075 ) 3,111,667
(Decrease)/increase in trade and other creditors (220,491 ) 680,498
Cash generated from operations 3,690,014 6,780,069

22. 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 1,848,047 1,071,526
Year ended 31 March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 1,071,526 3,173,743


Heyne Tillett Steel Ltd (Registered number: 07155581)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


23. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/22 Cash flow At 31/3/23
£    £    £   
Net cash
Cash at bank 1,071,526 776,521 1,848,047
1,071,526 776,521 1,848,047
Debt
Finance leases (17,933 ) 15,335 (2,598 )
(17,933 ) 15,335 (2,598 )
Total 1,053,593 791,856 1,845,449

24. FINANCIAL INSTRUMENTS

The carrying amount for each category of financial instrument within the company as at the Balance Sheet dates is as follows:
2023 2022
£    £   
Financial assets that are debt instruments measured at amortised cost 7,345,855 5,248,130

2023 2022
£    £   
Financial liabilities measured at amortised cost 586,857 337,633

Financial assets measured at amortised cost comprise cash at bank and in hand, trade debtors, amounts owed by related parties, and other loans.

Financial liabilities measured at amortised costs comprise trade creditors and amounts owed to related parties.

25. EMPLOYEE OWNERSHIP

On 19 April 2021 100% of the issued share capital of the company was acquired by the HTS Employee Trust (''the Trust''). The Trust holds the shares for the future benefit of the company's employees.

During the year ended 31 March 2023 gifts totalling £2,100,000 were made by the company to the Trust to finance repayments of deferred consideration for the purchase of the shares.