REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 November 2023 |
for |
Benbow Steels Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
Other changes in directors holding office are as follows: |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Keepers Lane |
The Wergs |
Wolverhampton |
West Midlands |
WV6 8UA |
Benbow Steels Limited (Registered number: 06007894) |
Income Statement |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
624,931 | 1,723,538 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
649,512 | 1,752,279 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Benbow Steels Limited (Registered number: 06007894) |
Other Comprehensive Income |
for the Year Ended 30 November 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Benbow Steels Limited (Registered number: 06007894) |
Balance Sheet |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 November 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 November 2023 |
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 |
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. |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Average Number of Employees |
2023 | 2022 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
Development costs amortisation |
Foreign exchange differences | ( |
) | ( |
) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
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 |
8. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
Additions |
At 30 November 2023 |
AMORTISATION |
Amortisation for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
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 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
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 |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
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) |
Other loans (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 242,411 | - |
Other creditors |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
Other loans (see note 14) |
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 |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Other loans - 1-2 years | 375,000 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Other loans - 2-5 years |
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 |
Between one and five years |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Other loans |
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: | £ | £ |
Ordinary A | £1 | 50 | 50 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
At 30 November 2023 |
19. | ULTIMATE CONTROLLING PARTY |
As of 30th November 2023, the Ultimate Controlling Party was Benbow Steels Group Limited. |