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REGISTERED NUMBER: 03960782 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Kelvin Steels (England) Limited

Kelvin Steels (England) Limited (Registered number: 03960782)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Kelvin Steels (England) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: H B Nugent
A Nugent



REGISTERED OFFICE: Sheffield Road
Rotherham
South Yorkshire
S60 1DX



REGISTERED NUMBER: 03960782 (England and Wales)



SENIOR STATUTORY AUDITOR: Robert Pollock BA CA



AUDITORS: Sharles Audit Limited
Statutory Auditor
29 Brandon Street
Hamilton
ML3 6DA

Kelvin Steels (England) Limited (Registered number: 03960782)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 200,573 199,839
200,573 199,839

CURRENT ASSETS
Stocks 2,374,168 2,863,235
Debtors 7 2,530,862 2,205,705
Cash at bank 498,708 652,066
5,403,738 5,721,006
CREDITORS
Amounts falling due within one year 8 2,623,428 3,022,405
NET CURRENT ASSETS 2,780,310 2,698,601
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,980,883

2,898,440

PROVISIONS FOR LIABILITIES 842,188 830,153
NET ASSETS 2,138,695 2,068,287

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 2,128,695 2,058,287
SHAREHOLDERS' FUNDS 2,138,695 2,068,287

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 Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





H B Nugent - Director


Kelvin Steels (England) Limited (Registered number: 03960782)

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

1. STATUTORY INFORMATION

Kelvin Steels (England) 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.

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


2. STATEMENT OF COMPLIANCE

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. There were no material departures from the standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is derived from sales of steel stock supplied by the company.

Turnover is measured at the fair value of sales of steel stock supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill
Goodwill arising on an acquisition of a trade is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit & loss account over the directors estimate of its economic useful life which is 4 years. impairment tests on the carrying value of goodwill are undertaken :-

- at the end of the first full financial year following acquisition;

- in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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.

Kelvin Steels (England) Limited (Registered number: 03960782)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - Over the period of lease
Plant and machinery etc - 25% on cost, 20% on cost and 10% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. A provision for slow moving and obsolete stock is made based on historical experience and other relevant factors.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

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.

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.

Kelvin Steels (England) Limited (Registered number: 03960782)

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

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 182,039
AMORTISATION
At 1 December 2022
and 30 November 2023 182,039
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 4,315 810,565 814,880
Additions - 53,800 53,800
Disposals - (24,970 ) (24,970 )
At 30 November 2023 4,315 839,395 843,710
DEPRECIATION
At 1 December 2022 4,315 610,726 615,041
Charge for year - 53,066 53,066
Eliminated on disposal - (24,970 ) (24,970 )
At 30 November 2023 4,315 638,822 643,137
NET BOOK VALUE
At 30 November 2023 - 200,573 200,573
At 30 November 2022 - 199,839 199,839

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,499,907 1,719,819
Other debtors 2,250 6,750
Prepayments 1,028,705 479,136
2,530,862 2,205,705

Kelvin Steels (England) Limited (Registered number: 03960782)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 395,363 781,697
Amounts owed to group undertakings 1,356,419 1,206,419
Tax 23,878 174,714
Social security and other taxes 247,270 147,664
Other creditors 271 1,378
Accrued expenses 600,227 710,533
2,623,428 3,022,405

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

The Report of the Auditors was unqualified.

Robert Pollock BA CA (Senior Statutory Auditor)
for and on behalf of Sharles Audit Limited

10. RELATED PARTY DISCLOSURES

The company's related parties are considered to be Weststrand Limited, Eaststrand Limited, Kelvin Steels Limited and Arran Holdings Ltd. Weststrand Limited is the company's ultimate parent company, and the other companies are fellow subsidiaries.

Exemption has been taken from disclosing related party transactions on the basis that consolidated financial statements have been prepared for the group headed by the company's parent, Weststrand Limited.

11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12. ULTIMATE CONTROLLING PARTY

The company's parent is Weststrand Limited, a company incorporated in Scotland with its registered office at Caledonia House, Thornliebank Industrial Estate, Thornliebank, Glasgow, G46 8JT.