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REGISTERED NUMBER: 06007894















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2023

for

Benbow Steels Limited

Benbow Steels Limited (Registered number: 06007894)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Benbow Steels Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: S B Benbow
J T M Khan





REGISTERED OFFICE: Units 5-6 Ashmore Industrial Park
Great Bridge Street,
West Bromwich
West Midlands
B70 0BW





REGISTERED NUMBER: 06007894





AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Benbow Steels Limited (Registered number: 06007894)

Strategic Report
for the Year Ended 30 November 2023

The directors present the Strategic Report for Benbow Steels Limited ('the company') for the year ending 30 November 2023.

REVIEW OF BUSINESS
The company is a processor and distributor of pre-coated sheet steels. The business operates in the UK and Irish markets from a single site in West Bromwich. The main sectors it operates in are construction, heating and ventilation, modular buildings and coldstores.

PRINCIPAL RISKS AND UNCERTAINTIES
Customer Base: Diluted customer base; no single customer represents more than 10% of turnover. Credit insurance policy in place.

Supply Chain: No single sourcing of key products/services to mitigate risk.

Staff Succession: Plans in place to minimise potential loss of key staff.

Processing Lines and Maintenance: Main processing lines provide capability cover for each other. Preventative maintenance programs implemented.

Business Continuity: Robust business and IT continuity plans regularly tested.

Company Employees
Employees are key to the group's success.

Emphasis on health and well-being; private health scheme introduced.

Regular meetings with managers for training and development discussions.

Customers
Commitment to respectful service and high-quality order fulfilment.

Suppliers
Long-established relationships with essential suppliers.

Strategic alignment and fair payment practices.

Corporate and Social Responsibility
Environmental strategy introduced, offering Green Steel Certificates to reduce Scope 3 emissions.

Community engagement through initiatives like installing defibrillators, food bank collections, and local charity donations.

KEY PERFORMANCE INDICATORS
There were no lost time injuries in the business in 2023.

ON BEHALF OF THE BOARD:





J T M Khan - Director


19 July 2024

Benbow Steels Limited (Registered number: 06007894)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a colour coated steel stockholder

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

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

S B Benbow
J T M Khan

Other changes in directors holding office are as follows:

Mrs S J Benbow ceased to be a director after 30 November 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Benbow Steels Limited (Registered number: 06007894)

Report of the Directors
for the Year Ended 30 November 2023


AUDITORS
The auditors, Haines Watts Wolverhampton Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




J T M Khan - Director


19 July 2024

Report of the Independent Auditors to the Members of
Benbow Steels Limited

Opinion
We have audited the financial statements of Benbow Steels Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Benbow Steels Limited


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Benbow Steels Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework;

- Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process;

- Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud;

- Reviewing assumptions and judgements made by the management in its significant accounting estimates;

- In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts;

We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation.

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
Benbow Steels 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.




Matthew Baker FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

19 July 2024

Benbow Steels Limited (Registered number: 06007894)

Income Statement
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 20,316,294 25,002,846

Cost of sales 17,827,393 21,299,789
GROSS PROFIT 2,488,901 3,703,057

Administrative expenses 1,863,970 1,979,519
624,931 1,723,538

Other operating income 20,123 28,741
OPERATING PROFIT 4 645,054 1,752,279

Interest receivable and similar income 4,458 -
649,512 1,752,279

Interest payable and similar expenses 5 118,441 -
PROFIT BEFORE TAXATION 531,071 1,752,279

Tax on profit 6 96,167 314,894
PROFIT FOR THE FINANCIAL YEAR 434,904 1,437,385

Benbow Steels Limited (Registered number: 06007894)

Other Comprehensive Income
for the Year Ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 434,904 1,437,385


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

434,904

1,437,385

Benbow Steels Limited (Registered number: 06007894)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 48,750 -
Tangible assets 9 103,422 160,554
152,172 160,554

CURRENT ASSETS
Stocks 10 1,793,300 3,144,475
Debtors 11 10,734,150 11,026,089
Cash at bank 234,572 151,493
12,762,022 14,322,057
CREDITORS
Amounts falling due within one year 12 9,164,409 10,534,397
NET CURRENT ASSETS 3,597,613 3,787,660
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,749,785

3,948,214

CREDITORS
Amounts falling due after more than one
year

13

750,000

1,383,333
NET ASSETS 2,999,785 2,564,881

CAPITAL AND RESERVES
Called up share capital 17 50 50
Retained earnings 18 2,999,735 2,564,831
SHAREHOLDERS' FUNDS 2,999,785 2,564,881

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2024 and were signed on its behalf by:





J T M Khan - Director


Benbow Steels Limited (Registered number: 06007894)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 50 1,479,946 1,479,996

Changes in equity
Dividends - (352,500 ) (352,500 )
Total comprehensive income - 1,437,385 1,437,385
Balance at 30 November 2022 50 2,564,831 2,564,881

Changes in equity
Total comprehensive income - 434,904 434,904
Balance at 30 November 2023 50 2,999,735 2,999,785

Benbow Steels Limited (Registered number: 06007894)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Benbow Steels 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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

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

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Capitalised developments- 20% Straight line
Improvements to property- 20% Straight line
Plant and machinery- 10-25% Straight line

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.

Benbow Steels Limited (Registered number: 06007894)

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

2. ACCOUNTING POLICIES - continued

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


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
2023 2022
£    £   
Wages and salaries 684,385 704,497
Social security costs 66,570 90,666
Other pension costs 39,495 60,884
790,450 856,047

The average number of employees during the year was as follows:
2023 2022

Average Number of Employees 18 17

2023 2022
£    £   
Directors' remuneration 120,000 156,546

4. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 57,132 57,138
Development costs amortisation 16,250 -
Foreign exchange differences (20,123 ) (28,741 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 118,441 -

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 96,167 314,894
Tax on profit 96,167 314,894

Benbow Steels Limited (Registered number: 06007894)

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

6. TAXATION - continued

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

2023 2022
£    £   
Profit before tax 531,071 1,752,279
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

132,768

332,933

Effects of:
Expenses not deductible for tax purposes 516 531
Depreciation in excess of capital allowances 14,138 11,217
General Bad Debt Provision 11,380 -
Research & development (50,000 ) (29,787 )
Change in rate of corporation tax (12,635 ) -
Total tax charge 96,167 314,894

7. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Final - 352,500

8. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
Additions 65,000
At 30 November 2023 65,000
AMORTISATION
Amortisation for year 16,250
At 30 November 2023 16,250
NET BOOK VALUE
At 30 November 2023 48,750

Benbow Steels Limited (Registered number: 06007894)

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

9. TANGIBLE FIXED ASSETS
Improvements
Capitalised to Plant and
developments property machinery Totals
£    £    £    £   
COST
At 1 December 2022
and 30 November 2023 70,407 99,990 313,678 484,075
DEPRECIATION
At 1 December 2022 32,324 39,996 251,201 323,521
Charge for year 14,082 19,992 23,058 57,132
At 30 November 2023 46,406 59,988 274,259 380,653
NET BOOK VALUE
At 30 November 2023 24,001 40,002 39,419 103,422
At 30 November 2022 38,083 59,994 62,477 160,554

10. STOCKS
2023 2022
£    £   
Stocks 1,793,300 3,144,475

Stock recognised in cost of sales during the year as an expense was £15,440,120 (2022: £18,598,036).

11. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 5,075,720 5,355,420
Prepayments 58,430 70,669
5,134,150 5,426,089

Amounts falling due after more than one year:
Amounts owed by group undertakings 5,600,000 5,600,000

Aggregate amounts 10,734,150 11,026,089

Benbow Steels Limited (Registered number: 06007894)

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

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) - 100,000
Other loans (see note 14) 375,000 375,000
Trade creditors 3,282,565 4,236,679
Amounts owed to group undertakings 500,000 500,000
Tax 205,944 314,894
Social security and other taxes 21,187 172,251
VAT 242,411 -
Other creditors 4,484,621 4,460,167
Accruals and deferred income 52,681 375,406
9,164,409 10,534,397

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) - 258,333
Other loans (see note 14) 750,000 1,125,000
750,000 1,383,333

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 100,000
Other loans 375,000 375,000
375,000 475,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 100,000
Other loans - 1-2 years 375,000 375,000
375,000 475,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 158,333
Other loans - 2-5 years 375,000 750,000
375,000 908,333

Benbow Steels Limited (Registered number: 06007894)

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

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 64,000 60,000
Between one and five years 256,000 300,000
In more than five years 64,000 120,000
384,000 480,000

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 358,333
Other loans 1,125,000 1,500,000
1,125,000 1,858,333

Bank loans are secured by a fixed and floating charge over the property owned by the company.

Invoice financing is secured against the trade debtors of the company.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary A £1 50 50

18. RESERVES
Retained
earnings
£   

At 1 December 2022 2,564,831
Profit for the year 434,904
At 30 November 2023 2,999,735

19. ULTIMATE CONTROLLING PARTY

As of 30th November 2023, the Ultimate Controlling Party was Benbow Steels Group Limited.