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REGISTERED NUMBER: NI617670 (Northern Ireland)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 June 2023

for

Steel Holdco Limited

Steel Holdco Limited (Registered number: NI617670)






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

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Steel Holdco Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: J Rooney



REGISTERED OFFICE: Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX



REGISTERED NUMBER: NI617670 (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 Holdco Limited (Registered number: NI617670)

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 37% 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 £4.1m 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 market place. 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 risks to the group are mainly credit risk, interest rate risk and foreign exchange risk.

Credit risk
The group's credit risk is primarily attributable to its trade debtors. Credit risk 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 should they be required.

Interest rate risk
The group finances its operations through a mixture of retained earnings and hire purchase agreements. The 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 position 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 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 Holdco Limited (Registered number: NI617670)

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 steel fabrication and erection.

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 Holdco Limited

Opinion
We have audited the financial statements of Steel Holdco 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, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the 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 Holdco 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 Holdco 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 Holdco Limited (Registered number: NI617670)

Consolidated Income Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

TURNOVER 3 24,874,618 18,107,016

Cost of sales 18,834,307 14,627,036
GROSS PROFIT 6,040,311 3,479,980

Administrative expenses 1,943,617 1,268,243
4,096,694 2,211,737

Other operating income 6,136 17,040
OPERATING PROFIT 6 4,102,830 2,228,777

Interest receivable and similar income 39,334 250
4,142,164 2,229,027

Interest payable and similar expenses 8 8,180 8,028
PROFIT BEFORE TAXATION 4,133,984 2,220,999

Tax on profit 9 646,903 290,604
PROFIT FOR THE FINANCIAL YEAR 3,487,081 1,930,395
Profit attributable to:
Owners of the parent 3,487,081 1,930,395

Steel Holdco Limited (Registered number: NI617670)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   

PROFIT FOR THE YEAR 3,487,081 1,930,395


OTHER COMPREHENSIVE INCOME
Unrealised exchange gains (1,103 ) 5,187
Income tax relating to other comprehensive
income

210

(986

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

(893

)

4,201
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,486,188

1,934,596

Total comprehensive income attributable to:
Owners of the parent 3,486,188 1,934,596

Steel Holdco Limited (Registered number: NI617670)

Consolidated Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 1,428,379 1,556,325
Investments 13
Interest in associate 2,074 2,074
1,430,453 1,558,399

CURRENT ASSETS
Stocks 14 3,052,924 2,059,020
Debtors 15 6,929,401 5,084,442
Prepayments and accrued income 399,151 1,373,452
Cash at bank 10,657,221 7,797,458
21,038,697 16,314,372
CREDITORS
Amounts falling due within one year 16 4,596,684 3,275,962
NET CURRENT ASSETS 16,442,013 13,038,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,872,466

14,596,809

CREDITORS
Amounts falling due after more than one year 17 (48,544 ) (261,046 )

PROVISIONS FOR LIABILITIES 20 (204,351 ) (202,380 )
NET ASSETS 17,619,571 14,133,383

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 22 17,618,571 14,132,383
SHAREHOLDERS' FUNDS 17,619,571 14,133,383

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





J Rooney - Director


Steel Holdco Limited (Registered number: NI617670)

Company Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 12 73,826 86,853
Investments 13 606,222 606,222
680,048 693,075

CURRENT ASSETS
Debtors 15 3,534,627 3,524,520
Prepayments and accrued income 838,421 -
Cash at bank 7,808,751 5,672,749
12,181,799 9,197,269
CREDITORS
Amounts falling due within one year 16 3,806,479 1,457,234
NET CURRENT ASSETS 8,375,320 7,740,035
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,055,368

8,433,110

PROVISIONS FOR LIABILITIES 20 15,134 7,923
NET ASSETS 9,040,234 8,425,187

CAPITAL AND RESERVES
Called up share capital 21 1,000 1,000
Retained earnings 9,039,234 8,424,187
SHAREHOLDERS' FUNDS 9,040,234 8,425,187

Company's profit for the financial year 615,940 4,025,180

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





J Rooney - Director


Steel Holdco Limited (Registered number: NI617670)

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 12,227,887 12,228,887

Changes in equity
Dividends - (30,100 ) (30,100 )
Total comprehensive income - 1,934,596 1,934,596
Balance at 30 June 2022 1,000 14,132,383 14,133,383

Changes in equity
Total comprehensive income - 3,486,188 3,486,188
Balance at 30 June 2023 1,000 17,618,571 17,619,571

Steel Holdco Limited (Registered number: NI617670)

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 4,424,906 4,425,906

Changes in equity
Dividends - (30,100 ) (30,100 )
Total comprehensive income - 4,029,381 4,029,381
Balance at 30 June 2022 1,000 8,424,187 8,425,187

Changes in equity
Total comprehensive income - 615,047 615,047
Balance at 30 June 2023 1,000 9,039,234 9,040,234

Steel Holdco Limited (Registered number: NI617670)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

30.6.23 30.6.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,598,891 (392,899 )
Interest element of hire purchase payments paid (8,180 ) (8,028 )
Tax paid (400,696 ) (597,745 )
Net cash from operating activities 3,190,015 (998,672 )

Cash flows from investing activities
Purchase of tangible fixed assets (95,715 ) (180,443 )
Sale of tangible fixed assets 12,380 2,750
Interest received 39,334 250
Net cash from investing activities (44,001 ) (177,443 )

Cash flows from financing activities
Loan repayments in year (213,542 ) -
Capital repayments in year (77,743 ) (78,522 )
Amount introduced by directors - 941
Equity dividends paid - (30,100 )
Net cash from financing activities (291,285 ) (107,681 )

Increase/(decrease) in cash and cash equivalents 2,854,729 (1,283,796 )
Cash and cash equivalents at beginning of year 2 7,797,458 8,785,316
Effect of foreign exchange rate changes 5,034 295,938
Cash and cash equivalents at end of year 2 10,657,221 7,797,458

Steel Holdco Limited (Registered number: NI617670)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
30.6.23 30.6.22
£    £   
Profit before taxation 4,133,984 2,220,999
Depreciation charges 211,531 233,009
(Profit)/loss on disposal of fixed assets (251 ) 5,977
Government grants (6,136 ) (17,040 )
Finance costs 8,180 8,028
Finance income (39,334 ) (250 )
4,307,974 2,450,723
Increase in stocks (993,904 ) (495,229 )
Increase in trade and other debtors (870,658 ) (2,267,164 )
Increase/(decrease) in trade and other creditors 1,155,479 (81,229 )
Cash generated from operations 3,598,891 (392,899 )

2. CASH AND CASH EQUIVALENTS

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

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 10,657,221 7,797,458
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 7,797,458 8,785,316


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 7,797,458 2,859,763 10,657,221
7,797,458 2,859,763 10,657,221
Debt
Finance leases (193,098 ) 77,743 (115,355 )
Debts falling due within 1 year (62,496 ) 62,496 -
Debts falling due after 1 year (151,046 ) 151,046 -
(406,640 ) 291,285 (115,355 )
Total 7,390,818 3,151,048 10,541,866

Steel Holdco Limited (Registered number: NI617670)

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

1. STATUTORY INFORMATION

Steel Holdco 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.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the merger method and as such the assets of each company are stated at their original cost. The results of companies acquired or disposed of are included in the profit and loss account as if they had been a part of the group throughout the period reflected in the accounts. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

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 by the group 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 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 shorter.


Long leasehold- 5% on cost and 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles- 15% on reducing balance
Computer equipment - 15% on reducing balance

Government grants
Capital grants received and receivable are treated as deferred income and amortised to the profit and loss account over the useful economic life of the asset to which it relates. Revenue grants are credited to the profit and loss account when received.

Investments in associates
Investments in associate undertakings are recognised at cost.

Steel Holdco Limited (Registered number: NI617670)

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

2. ACCOUNTING POLICIES - continued

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.

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 group.

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.

Steel Holdco Limited (Registered number: NI617670)

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

2. ACCOUNTING POLICIES - continued

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.

Going concern
The financial statements have been prepared on a going concern basis. This is deemed appropriate given the group's 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 2,707,124 616,470
Europe 22,167,494 17,490,546
24,874,618 18,107,016

4. EMPLOYEES AND DIRECTORS
30.6.23 30.6.22
£    £   
Wages and salaries 2,419,379 2,365,238
Social security costs 158,302 143,231
Other pension costs 34,236 32,213
2,611,917 2,540,682

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

Administration 24 21
Production 52 57
76 78

The average number of employees by undertakings that were proportionately consolidated during the year was 73 (2022 - 76 ) .

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

Steel Holdco Limited (Registered number: NI617670)

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

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 193,981 215,459
Depreciation - assets on hire purchase contracts 17,551 17,551
(Profit)/loss on disposal of fixed assets (251 ) 5,977
Foreign exchange differences 153,901 (451,119 )

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

15,796

11,465

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

9. 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 643,577 169,511
Foreign corporation tax 1,145 175,079
Total current tax 644,722 344,590

Deferred tax 2,181 (53,986 )
Tax on profit 646,903 290,604

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 4,133,984 2,220,999
Profit multiplied by the standard rate of corporation tax in the UK of 20.501 %
(2022 - 19 %)

847,508

421,990

Effects of:
Capital allowances in excess of depreciation (16,291 ) -
Depreciation in excess of capital allowances - 2,563
Utilisation of tax losses (1,785 ) -
Deferred tax movement 2,181 (53,986 )
Overseas tax impact (184,710 ) (89,537 )
Tax losses carried forward - 9,574
Total tax charge 646,903 290,604

Steel Holdco Limited (Registered number: NI617670)

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

9. TAXATION - continued

Tax effects relating to effects of other comprehensive income

30.6.23
Gross Tax Net
£    £    £   
Unrealised exchange gains (1,103 ) 210 (893 )

30.6.22
Gross Tax Net
£    £    £   
Unrealised exchange gains 5,187 (986 ) 4,201

10. 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.


11. DIVIDENDS
30.6.23 30.6.22
£    £   
Ordinary shares shares of £1 each
Final - 30,100

12. TANGIBLE FIXED ASSETS

Group
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 311,519 3,249,930 231,335 100,386 3,893,170
Additions - 24,515 71,200 - 95,715
Disposals - - (19,750 ) - (19,750 )
At 30 June 2023 311,519 3,274,445 282,785 100,386 3,969,135
DEPRECIATION
At 1 July 2022 37,868 2,148,475 94,474 56,028 2,336,845
Charge for year 6,231 168,896 29,751 6,654 211,532
Eliminated on disposal - - (7,621 ) - (7,621 )
At 30 June 2023 44,099 2,317,371 116,604 62,682 2,540,756
NET BOOK VALUE
At 30 June 2023 267,420 957,074 166,181 37,704 1,428,379
At 30 June 2022 273,651 1,101,455 136,861 44,358 1,556,325

Steel Holdco Limited (Registered number: NI617670)

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

12. TANGIBLE FIXED ASSETS - continued

Group

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

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 106,188 21,990 128,178
DEPRECIATION
At 1 July 2022 38,026 3,299 41,325
Charge for year 10,224 2,803 13,027
At 30 June 2023 48,250 6,102 54,352
NET BOOK VALUE
At 30 June 2023 57,938 15,888 73,826
At 30 June 2022 68,162 18,691 86,853

13. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 July 2022
and 30 June 2023 2,074
NET BOOK VALUE
At 30 June 2023 2,074
At 30 June 2022 2,074

Steel Holdco Limited (Registered number: NI617670)

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

13. FIXED ASSET INVESTMENTS - continued

Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 604,148 2,074 606,222
NET BOOK VALUE
At 30 June 2023 604,148 2,074 606,222
At 30 June 2022 604,148 2,074 606,222

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

Subsidiaries

Steel Solutions (N.I.) Limited
Registered office: 125 Tullyneevin Road, Slushill, Lisnaskea, Co. Fermanagh, BT92 0FZ
Nature of business: Steel Fabrication
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 692,847 338,832
Profit for the year 353,015 716,695

Tarkelt Investments Limited
Registered office: Derrylin Enterprise Park, Main Street, Derrylin, Enniskillen, Co. Fermanagh, BT92 9LA
Nature of business: Property Letting
%
Class of shares: holding
Ordinary 100.00
30.6.23 30.6.22
£    £   
Aggregate capital and reserves 577,443 533,085
Profit for the year 44,358 24,015

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 Holdco Limited (Registered number: NI617670)

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

13. FIXED ASSET INVESTMENTS - continued

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
Profit for the year 2,483,073 1,164,086

Associated companies

Charton Homes Limited
Registered office: 47 Church Street, Cavan, Co. Cavan, Ireland
Nature of business: Property Development
%
Class of shares: holding
Ordinary 42.00

Steel Holdco Limited purchased 42% of the share capital of Charton Homes Limited on 19 August 2014. This represents 4,200 of the 10,000 issued ordinary shares at €1 per share.

SRS Mobile Ltd
Registered office: 77 Redrock Road, Collone, Co. Armagh, BT60 2BL
Nature of business: Manufacturing
%
Class of shares: holding
Ordinary 50.00

Steel Holdco Limited purchased 50% of the share capital of SRS Mobile Ltd on 5 October 2016. This represents 50 of the 100 issued ordinary shares at £1 per share.


14. STOCKS

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Trade debtors 2,523,643 959,697 54,980 61,639
Other debtors 3,651,339 3,696,311 3,478,801 3,457,117
VAT 754,419 428,434 846 5,764
6,929,401 5,084,442 3,534,627 3,524,520

Steel Holdco Limited (Registered number: NI617670)

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

16. 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 18) - 62,496 - -
Hire purchase contracts (see note 19) 66,811 83,098 - -
Trade creditors 3,661,056 2,120,610 394 259
Amounts owed to group undertakings - - 3,628,558 1,445,727
Tax 427,344 183,318 161,814 -
Social security and other taxes 108,575 115,525 6,175 2,020
Other creditors 58,581 67,935 7,020 7,210
Amounts invoiced in excess of amounts
recoverable on contract

-

364,516

-

-
Directors' current accounts 8,320 8,320 18 18
Accruals and deferred income 265,997 270,144 2,500 2,000
4,596,684 3,275,962 3,806,479 1,457,234

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

Group
30.6.23 30.6.22
£    £   
Bank loans (see note 18) - 151,046
Hire purchase contracts (see note 19) 48,544 110,000
48,544 261,046

18. LOANS

An analysis of the maturity of loans is given below:

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

Steel Holdco Limited (Registered number: NI617670)

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

19. 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

20. PROVISIONS FOR LIABILITIES

Group Company
30.6.23 30.6.22 30.6.23 30.6.22
£    £    £    £   
Deferred tax 204,351 202,380 15,134 7,923

Group
Deferred
tax
£   
Balance at 1 July 2022 202,380
Utilised during year 1,971
Balance at 30 June 2023 204,351

Company
Deferred
tax
£   
Balance at 1 July 2022 7,923
Provided during year 7,211
Balance at 30 June 2023 15,134

21. 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

Steel Holdco Limited (Registered number: NI617670)

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

22. RESERVES

Group
Retained
earnings
£   

At 1 July 2022 14,132,383
Profit for the year 3,487,081
Unrealised exchange gains (893 )
At 30 June 2023 17,618,571

Company
Retained
earnings
£   

At 1 July 2022 8,424,187
Profit for the year 615,940
Unrealised exchange gains (893 )
At 30 June 2023 9,039,234


23. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
J Rooney
Balance outstanding at start of year (8,320 ) (7,379 )
Amounts advanced - 29,159
Amounts repaid - (30,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (8,320 ) (8,320 )

24. 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 36,484 83,137
Purchases - 444
Transfers - 637,000
Amount due from related party 1,644,090 1,661,463
Amount due to related party 286 11,059

Steel Holdco Limited (Registered number: NI617670)

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

24. RELATED PARTY DISCLOSURES - continued

Other related parties
30.6.23 30.6.22
£    £   
Sales 21,057 -
Transfers - (55,270 )
Rent 180,000 130,000
Amount due from related party 1,815,848 1,794,791

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Rooney.