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REGISTERED NUMBER: NI035112 (Northern Ireland)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 June 2023

for

Steel Solutions (N.I.) Limited

Steel Solutions (N.I.) Limited (Registered number: NI035112)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Notes to the Consolidated Financial Statements 13


Steel Solutions (N.I.) Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: J Rooney



SECRETARY: J Rooney



REGISTERED OFFICE: 125 Tullyneevin Road
Slushill
Lisnaskea
Co. Fermanagh
BT92 0FZ



REGISTERED NUMBER: NI035112 (Northern Ireland)



AUDITORS: Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX



SOLICITORS: Murnaghan & Fee
Boston Chambers
Queen Elizabeth Road
Enniskillen
Co. Fermanagh
BT74 7JA

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Group Strategic Report
for the Year Ended 30 June 2023

The director presents his strategic report of the company and the group for the year ended 30 June 2023.

REVIEW OF BUSINESS
Turnover for the year increased by 38% compared with the previous year. Gross margin has increased to 24% from 19% in the previous year. Overall the group made a profit before tax of £3.2m compared to £2.2m in the previous year.

The directors consider the results for the year to be satisfactory. The group operates in a competitive marketplace. It is anticipated that current levels of performance will be maintained or improved upon.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks
The market for the group's products and services remains competitive. New markets and customers are continually being developed which serves to spread risk. On occasions when a large contract is being awarded substantive client due diligence is undertaken to ensure risk is minimised.

The main risks identified are credit risk, interest rate risk and foreign exchange risk.

Credit risk
Credit risk is primarily attributable to trade debtors and is managed by running credit checks on new customers and by monitoring customer payment patterns.

Liquidity risk
The group takes a proactive approach to managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Continuity of funding is ensured by matching the source of funding to the purpose of those funds. The group maintains a high level of cash reserves and further reserves are available within the group should they be required.

Interest rate risk
The group finances its operations through a mixture of retained earnings and hire purchase agreements. The 's group's exposure is minimised as all finance is tied into fixed interest contracts. As the group is not dependent on external finance, any interest rate risk can be managed through the ongoing review of potential borrowing requirements.

Foreign exchange risk
Having an operational subsidiary based in the Republic of Ireland, constant monitoring of exchange rate is undertaken and foreign exchange risk is minimised by matching working capital, labour and other purchases within the same economic zone to provide, insofar as possible, a natural hedge.

GOING CONCERN
The business activities, together with factors likely to affect future development, performance and positions are continuously monitored by the group's management. These include cash flow, liquidity position and borrowing facilities. Consequently, the business is deemed to be well placed to manage its business risks despite the current level of economic uncertainty. The company and the group has adequate resources to continue its normal business for the foreseeable future and thus continues to adopt the going concern basis in preparing the annual report and financial statements.

ON BEHALF OF THE BOARD:





J Rooney - Director


27 March 2024

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Report of the Director
for the Year Ended 30 June 2023

The director presents his report with the financial statements of the company and the group for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the fabrication and erection of steel structures within the construction industry.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2023.

DIRECTOR
J Rooney held office during the whole of the period from 1 July 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





J Rooney - Director


27 March 2024

Report of the Independent Auditors to the Members of
Steel Solutions (N.I.) Limited

Opinion
We have audited the financial statements of Steel Solutions (N.I.) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity 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 group's and of the parent company affairs as at 30 June 2023 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Steel Solutions (N.I.) Limited


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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
Steel Solutions (N.I.) Limited


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.




Ruairi Dundas (Senior Statutory Auditor)
for and on behalf of Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX

27 March 2024

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Consolidated Income Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

TURNOVER 3 24,838,318 18,058,016

Cost of sales 18,930,907 14,618,636
GROSS PROFIT 5,907,411 3,439,380

Administrative expenses 2,625,153 1,236,656
3,282,258 2,202,724

Other operating income 6,136 17,040
OPERATING PROFIT 6 3,288,394 2,219,764

Interest receivable and similar income 913 250
3,289,307 2,220,014

Interest payable and similar expenses 9 8,180 8,028
PROFIT BEFORE TAXATION 3,281,127 2,211,986

Tax on profit 10 464,626 331,205
PROFIT FOR THE FINANCIAL YEAR 2,816,501 1,880,781
Profit attributable to:
Owners of the parent 2,816,501 1,880,781

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

PROFIT FOR THE YEAR 2,816,501 1,880,781


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,816,501

1,880,781

Total comprehensive income attributable to:
Owners of the parent 2,816,501 1,880,781

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Consolidated Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 1,089,545 1,198,232
Investments 14 - -
1,089,545 1,198,232

CURRENT ASSETS
Stocks 15 3,052,924 2,059,020
Debtors 16 7,054,689 3,036,489
Prepayments and accrued income 360,729 1,373,452
Cash at bank 2,524,060 1,834,253
12,992,402 8,303,214
CREDITORS
Amounts falling due within one year 17 5,245,785 3,264,043
NET CURRENT ASSETS 7,746,617 5,039,171
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,836,162

6,237,403

CREDITORS
Amounts falling due after more than one year 18 (48,544 ) (261,046 )

PROVISIONS FOR LIABILITIES 22 (189,217 ) (194,457 )
NET ASSETS 8,598,401 5,781,900

CAPITAL AND RESERVES
Called up share capital 23 1,000 1,000
Retained earnings 24 8,597,401 5,780,900
SHAREHOLDERS' FUNDS 8,598,401 5,781,900

The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:





J Rooney - Director


Steel Solutions (N.I.) Limited (Registered number: NI035112)

Company Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 13 1,089,545 1,198,232
Investments 14 821 821
1,090,366 1,199,053

CURRENT ASSETS
Stocks 15 3,052,924 2,059,020
Debtors 16 3,688,300 2,238,169
Prepayments and accrued income 5,187,885 3,604,845
Cash at bank 1,706,113 1,453,331
13,635,222 9,355,365
CREDITORS
Amounts falling due within one year 17 13,794,980 9,759,083
NET CURRENT LIABILITIES (159,758 ) (403,718 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

930,608

795,335

CREDITORS
Amounts falling due after more than one year 18 (48,544 ) (261,046 )

PROVISIONS FOR LIABILITIES 22 (189,217 ) (194,457 )
NET ASSETS 692,847 339,832

CAPITAL AND RESERVES
Called up share capital 23 1,000 1,000
Retained earnings 24 691,847 338,832
SHAREHOLDERS' FUNDS 692,847 339,832

Company's profit for the financial year 353,015 716,695

The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:





J Rooney - Director


Steel Solutions (N.I.) Limited (Registered number: NI035112)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 1,000 7,900,119 7,901,119

Changes in equity
Dividends - (4,000,000 ) (4,000,000 )
Total comprehensive income - 1,880,781 1,880,781
Balance at 30 June 2022 1,000 5,780,900 5,781,900

Changes in equity
Total comprehensive income - 2,816,501 2,816,501
Balance at 30 June 2023 1,000 8,597,401 8,598,401

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Company Statement of Changes in Equity
for the Year Ended 30 June 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2021 1,000 3,622,137 3,623,137

Changes in equity
Dividends - (4,000,000 ) (4,000,000 )
Total comprehensive income - 716,695 716,695
Balance at 30 June 2022 1,000 338,832 339,832

Changes in equity
Total comprehensive income - 353,015 353,015
Balance at 30 June 2023 1,000 691,847 692,847

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Steel Solutions (N.I.) Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', from the requirement to prepare a Cash Flow Statement because it is a subsidiary undertaking for which the consolidated financial statements are publicly available.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have been made in the process of applying the accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Amounts recoverable on contract
When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion method' to determine the appropriate amount to recognise in a given period. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately.

Turnover
Turnover comprises revenue recognised in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts. In respect of construction contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of construction contracts and contracts for ongoing services is recognised by reference to the stage of completion.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are stated at the lower of cost, using the weighted average method, and net realisable value.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified item is reduced to its selling price less costs to complete and sell, and an impairment charge is recognised in the profit and loss account. The selling price is deemed to be scrap value. Where a reversal of the impairment is recognised, the impairment charge is reversed up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of it's financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

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


Foreign currencies
These financial statements have been produced in sterling as this is the primary operating currency for the company.

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
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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern basis. This is deemed appropriate given the company and group's continuing profitability, strong net asset position, low level of gearing with minimal levels of external finance, and the fact that the group has significant cash reserves available. Management accounts to 31 December 2023 and projections to 31 March 2025 indicate continued sales growth while maintaining current margins and low overhead base.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

30.6.23 30.6.22
£    £   
United Kingdom 2,670,824 567,470
Europe 22,167,494 17,490,546
24,838,318 18,058,016

4. EMPLOYEES AND DIRECTORS
30.6.23 30.6.22
£    £   
Wages and salaries 2,358,623 2,339,984
Social security costs 152,858 142,002
Other pension costs 33,538 31,878
2,545,019 2,513,864

The average number of employees during the year was as follows:
30.6.23 30.6.22

Administration 21 19
Production 52 57
73 76

5. DIRECTORS' EMOLUMENTS
30.6.23 30.6.22
£    £   
Director's remuneration 47,401 43,340

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.6.23 30.6.22
£    £   
Hire of plant and machinery 424,427 332,189
Depreciation - owned assets 174,723 193,902
Depreciation - assets on hire purchase contracts 17,551 17,551
(Profit)/loss on disposal of fixed assets (251 ) 5,977
Foreign exchange differences 155,794 (450,838 )
Stocks recognised as an expense during the period 10,063,070 7,337,944

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

7. AUDITORS' REMUNERATION
30.6.23 30.6.22
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

12,046

8,715

8. EXCEPTIONAL ITEMS
30.6.23 30.6.22
£    £   
Exceptional items (695,000 ) -

The exceptional item of £695,000 relates to a charge from the parent company, Steel Holdco Limited. This represents non-recurring expenses relating to large and complex construction contracts. This has been disclosed as an exceptional item under FRS 102 by virtue of the size and nature of the transaction to ensure the financial statements give a true and fair view.

9. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.23 30.6.22
£    £   
Hire purchase 8,180 8,028

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.23 30.6.22
£    £   
Current tax:
UK corporation tax 468,721 137,247
Foreign corporation tax 1,145 200,248
Total current tax 469,866 337,495

Deferred tax (5,240 ) (6,290 )
Tax on profit 464,626 331,205

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:

30.6.23 30.6.22
£    £   
Profit before tax 3,281,127 2,211,986
Profit multiplied by the standard rate of corporation tax in the UK of 20.501 %
(2022 - 19 %)

672,664

420,277

Effects of:
Capital allowances in excess of depreciation (20,239 ) -
Depreciation in excess of capital allowances - 5,020
Deferred tax movement (5,240 ) (6,920 )
Overseas tax impact (182,559 ) (87,172 )
Total tax charge 464,626 331,205

11. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

12. DIVIDENDS
30.6.23 30.6.22
£    £   
Ordinary shares shares of £1 each
Final - 4,000,000

13. TANGIBLE FIXED ASSETS

Group
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 3,143,742 208,695 100,386 3,452,823
Additions 24,516 71,200 - 95,716
Disposals - (19,750 ) - (19,750 )
At 30 June 2023 3,168,258 260,145 100,386 3,528,789
DEPRECIATION
At 1 July 2022 2,110,448 88,115 56,028 2,254,591
Charge for year 158,672 26,948 6,654 192,274
Eliminated on disposal - (7,621 ) - (7,621 )
At 30 June 2023 2,269,120 107,442 62,682 2,439,244
NET BOOK VALUE
At 30 June 2023 899,138 152,703 37,704 1,089,545
At 30 June 2022 1,033,294 120,580 44,358 1,198,232

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2022
and 30 June 2023 316,684
DEPRECIATION
At 1 July 2022 234,781
Charge for year 17,551
At 30 June 2023 252,332
NET BOOK VALUE
At 30 June 2023 64,352
At 30 June 2022 81,903

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

13. TANGIBLE FIXED ASSETS - continued

Company
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 3,143,742 208,695 100,386 3,452,823
Additions 24,516 71,200 - 95,716
Disposals - (19,750 ) - (19,750 )
At 30 June 2023 3,168,258 260,145 100,386 3,528,789
DEPRECIATION
At 1 July 2022 2,110,448 88,115 56,028 2,254,591
Charge for year 158,672 26,948 6,654 192,274
Eliminated on disposal - (7,621 ) - (7,621 )
At 30 June 2023 2,269,120 107,442 62,682 2,439,244
NET BOOK VALUE
At 30 June 2023 899,138 152,703 37,704 1,089,545
At 30 June 2022 1,033,294 120,580 44,358 1,198,232

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2022
and 30 June 2023 316,684
DEPRECIATION
At 1 July 2022 234,781
Charge for year 17,551
At 30 June 2023 252,332
NET BOOK VALUE
At 30 June 2023 64,352
At 30 June 2022 81,903

14. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 July 2022
and 30 June 2023 821
NET BOOK VALUE
At 30 June 2023 821
At 30 June 2022 821

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

14. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Steel Solutions (UK) Limited
Registered office: Thistlebank House, 2 Old Henry Street, Enniskillen, Co. Fermanagh, BT74 7JX
Nature of business: Dormant company
%
Class of shares: holding
A Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 100 100

Steel Solutions (UK) Limited was incorporated on 26 June 2014. The company was dormant during the year.

Steel Solutions Construction Limited
Registered office: Fermanagh Street, Clones, Co. Monaghan, Ireland
Nature of business: Steel erection
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 7,912,709 5,442,789

Steel Solutions Construction Limited was incorporated on 13 February 2015.


15. STOCKS

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Stocks 3,052,924 2,059,020 3,052,924 2,059,020

16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Trade debtors 2,497,255 918,310 35,274 320,798
Amounts owed by group undertakings 3,624,256 1,450,956 2,765,636 1,364,886
Other debtors 175,536 242,192 175,536 242,192
VAT 757,642 425,031 711,854 310,293
7,054,689 3,036,489 3,688,300 2,238,169

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans and overdrafts (see note 19) - 62,496 - 62,496
Hire purchase contracts (see note 20) 66,811 83,098 66,811 83,098
Trade creditors 3,685,025 2,136,336 3,476,788 1,801,817
Amounts owed to group undertakings - - 8,735,393 7,469,154
Tax 252,487 176,223 35,142 103,235
Social security and other taxes 102,401 113,504 50,866 46,852
Other creditors 51,564 60,726 28,622 41,734
Amounts invoiced in excess of amounts
recoverable on contract

-

364,516

429,427

-
Accruals and deferred income 1,087,497 267,144 971,931 150,697
5,245,785 3,264,043 13,794,980 9,759,083

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Bank loans (see note 19) - 151,046 - 151,046
Hire purchase contracts (see note 20) 48,544 110,000 48,544 110,000
48,544 261,046 48,544 261,046

19. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 62,496 - 62,496
Amounts falling due between one and two years:
Bank loans - 1-2 years - 62,496 - 62,496
Amounts falling due between two and five years:
Bank loans - 2-5 years - 88,550 - 88,550

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.23 30.6.22
£    £   
Gross obligations repayable:
Within one year 71,186 90,978
Between one and five years 54,375 120,206
125,561 211,184

Finance charges repayable:
Within one year 4,375 7,880
Between one and five years 5,831 10,206
10,206 18,086

Net obligations repayable:
Within one year 66,811 83,098
Between one and five years 48,544 110,000
115,355 193,098

Company
Hire purchase contracts
30.6.23 30.6.22
£    £   
Gross obligations repayable:
Within one year 71,186 90,978
Between one and five years 54,375 120,206
125,561 211,184

Finance charges repayable:
Within one year 4,375 7,880
Between one and five years 5,831 10,206
10,206 18,086

Net obligations repayable:
Within one year 66,811 83,098
Between one and five years 48,544 110,000
115,355 193,098

21. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Hire purchase contracts 115,355 193,098 115,355 193,098

Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

22. PROVISIONS FOR LIABILITIES

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Deferred tax 189,217 194,457 189,217 194,457

Group
Deferred
tax
£   
Balance at 1 July 2022 194,457
Credit to Income Statement during year (5,240 )
Balance at 30 June 2023 189,217

Company
Deferred
tax
£   
Balance at 1 July 2022 194,457
Credit to Income Statement during year (5,240 )
Balance at 30 June 2023 189,217

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
1,000 Ordinary shares £1 1,000 1,000

24. RESERVES

Group
Retained
earnings
£   

At 1 July 2022 5,780,900
Profit for the year 2,816,501
At 30 June 2023 8,597,401

Company
Retained
earnings
£   

At 1 July 2022 338,832
Profit for the year 353,015
At 30 June 2023 691,847


Steel Solutions (N.I.) Limited (Registered number: NI035112)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 June 2023

25. ULTIMATE PARENT COMPANY

Steel Holdco Limited (incorporated in Northern Ireland ) is regarded by the director as being the company's ultimate parent company.

26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Common ownership
30.6.23 30.6.22
£    £   
Sales 184 24,337
Purchases - 444
Amount due from related party 934 3,308
Amount due to related party 286 286

Other related parties
30.6.23 30.6.22
£    £   
Rent 180,000 130,000

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Rooney.