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REGISTERED NUMBER: 08358179 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

KOCAER STEEL UK LIMITED

KOCAER STEEL UK LIMITED (REGISTERED NUMBER: 08358179)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KOCAER STEEL UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: S Kurtoglu



REGISTERED OFFICE: 204 Field End Road
Eastcote
Middlesex
HA5 1RD



REGISTERED NUMBER: 08358179 (England and Wales)



SENIOR STATUTORY AUDITOR: Sanjay Anand FCCA



AUDITORS: Waterfords Europe Limited t/a Jon Avol Waterfords
204 Field End Road
Eastcote
Middlesex
HA5 1RD

KOCAER STEEL UK LIMITED (REGISTERED NUMBER: 08358179)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,321,414 4,825
Investments 5 89 89
1,321,503 4,914

CURRENT ASSETS
Stocks 13,193,247 24,544,410
Debtors 6 7,160,014 9,369,846
Cash at bank and in hand 3,562,948 572,214
23,916,209 34,486,470
CREDITORS
Amounts falling due within one year 7 (18,921,070 ) (29,706,543 )
NET CURRENT ASSETS 4,995,139 4,779,927
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,316,642

4,784,841

CREDITORS
Amounts falling due after more than one
year

8

(2,380,952

)

-
NET ASSETS 3,935,690 4,784,841

CAPITAL AND RESERVES
Called up share capital 10 4,000,000 198,000
Retained earnings (64,310 ) 4,586,841
SHAREHOLDERS' FUNDS 3,935,690 4,784,841

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 February 2024 and were signed by:





S Kurtoglu - Director


KOCAER STEEL UK LIMITED (REGISTERED NUMBER: 08358179)

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

1. STATUTORY INFORMATION

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

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
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 a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

KOCAER STEEL UK LIMITED (REGISTERED NUMBER: 08358179)

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

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 - 23,864 23,864
Additions 1,312,995 13,249 1,326,244
At 31 December 2023 1,312,995 37,113 1,350,108
DEPRECIATION
At 1 January 2023 - 19,039 19,039
Charge for year 2,753 6,902 9,655
At 31 December 2023 2,753 25,941 28,694
NET BOOK VALUE
At 31 December 2023 1,310,242 11,172 1,321,414
At 31 December 2022 - 4,825 4,825

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 89
NET BOOK VALUE
At 31 December 2023 89
At 31 December 2022 89

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 6,897,547 8,514,642
Other debtors 262,467 855,204
7,160,014 9,369,846

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 8,366,650 4,274,577
Trade creditors 9,789,692 24,488,503
Taxation and social security 764,651 943,274
Other creditors 77 189
18,921,070 29,706,543

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 2,380,952 -

KOCAER STEEL UK LIMITED (REGISTERED NUMBER: 08358179)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 2,380,952 -

The Invoice discounting facility is secured by a fixed charge over the assets of the Company and a guarantee by the ultimate holding company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
4,000,000 Ordinary 1 4,000,000 198,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sanjay Anand FCCA (Senior Statutory Auditor)
for and on behalf of Waterfords Europe Limited t/a Jon Avol Waterfords

12. ULTIMATE CONTROLLING PARTY

The Ultimate Controlling party is Kocaer Celik Sanayi Ve Ticaret Anonim Sirketi incorporated in Turkey.