IRIS Accounts Production v24.2.0.383 02990634 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029906342022-12-31029906342023-12-31029906342023-01-012023-12-31029906342021-12-31029906342022-01-012022-12-31029906342022-12-3102990634ns15:EnglandWales2023-01-012023-12-3102990634ns14:PoundSterling2023-01-012023-12-3102990634ns10:Director12023-01-012023-12-3102990634ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102990634ns10:FRS1022023-01-012023-12-3102990634ns10:Audited2023-01-012023-12-3102990634ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3102990634ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3102990634ns10:FullAccounts2023-01-012023-12-3102990634ns10:OrdinaryShareClass12023-01-012023-12-3102990634ns10:Director22023-01-012023-12-3102990634ns10:Director32023-01-012023-12-3102990634ns10:Director42023-01-012023-12-3102990634ns10:CompanySecretary12023-01-012023-12-3102990634ns10:RegisteredOffice2023-01-012023-12-3102990634ns5:CurrentFinancialInstruments2023-12-3102990634ns5:CurrentFinancialInstruments2022-12-3102990634ns5:Non-currentFinancialInstruments2023-12-3102990634ns5:Non-currentFinancialInstruments2022-12-3102990634ns5:ShareCapital2023-12-3102990634ns5:ShareCapital2022-12-3102990634ns5:CapitalRedemptionReserve2023-12-3102990634ns5:CapitalRedemptionReserve2022-12-3102990634ns5:RetainedEarningsAccumulatedLosses2023-12-3102990634ns5:RetainedEarningsAccumulatedLosses2022-12-3102990634ns5:ShareCapital2021-12-3102990634ns5:RetainedEarningsAccumulatedLosses2021-12-3102990634ns5:CapitalRedemptionReserve2021-12-3102990634ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3102990634ns5:CapitalRedemptionReserve2022-01-012022-12-3102990634ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3102990634ns5:CapitalRedemptionReserve2023-01-012023-12-3102990634ns5:ReportableOperatingSegment12023-01-012023-12-3102990634ns5:ReportableOperatingSegment12022-01-012022-12-3102990634ns5:ReportableOperatingSegment22023-01-012023-12-3102990634ns5:ReportableOperatingSegment22022-01-012022-12-3102990634ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3102990634ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3102990634ns15:UnitedKingdom2023-01-012023-12-3102990634ns15:UnitedKingdom2022-01-012022-12-3102990634ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3102990634ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3102990634ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3102990634ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3102990634ns5:OwnedAssets2023-01-012023-12-3102990634ns5:OwnedAssets2022-01-012022-12-3102990634ns5:LeasedAssets2023-01-012023-12-3102990634ns5:LeasedAssets2022-01-012022-12-310299063412023-01-012023-12-310299063412022-01-012022-12-310299063422023-01-012023-12-310299063422022-01-012022-12-3102990634ns10:OrdinaryShareClass12022-01-012022-12-3102990634ns5:PlantMachinery2022-12-3102990634ns5:FurnitureFittings2022-12-3102990634ns5:MotorVehicles2022-12-3102990634ns5:PlantMachinery2023-01-012023-12-3102990634ns5:FurnitureFittings2023-01-012023-12-3102990634ns5:MotorVehicles2023-01-012023-12-3102990634ns5:PlantMachinery2023-12-3102990634ns5:FurnitureFittings2023-12-3102990634ns5:MotorVehicles2023-12-3102990634ns5:PlantMachinery2022-12-3102990634ns5:FurnitureFittings2022-12-3102990634ns5:MotorVehicles2022-12-3102990634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3102990634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3102990634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-12-3102990634ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-12-3102990634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102990634ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102990634ns5:CurrentFinancialInstruments2023-01-012023-12-3102990634ns5:Non-currentFinancialInstruments2023-01-012023-12-3102990634ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102990634ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102990634ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3102990634ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3102990634ns5:HirePurchaseContracts2023-12-3102990634ns5:HirePurchaseContracts2022-12-3102990634ns5:WithinOneYear2023-12-3102990634ns5:WithinOneYear2022-12-3102990634ns5:BetweenOneFiveYears2023-12-3102990634ns5:BetweenOneFiveYears2022-12-3102990634ns5:AllPeriods2023-12-3102990634ns5:AllPeriods2022-12-3102990634ns5:Secured2023-12-3102990634ns5:Secured2022-12-3102990634ns5:DeferredTaxation2022-12-3102990634ns5:DeferredTaxation2023-01-012023-12-3102990634ns5:DeferredTaxation2023-12-3102990634ns10:OrdinaryShareClass12023-12-3102990634ns5:RetainedEarningsAccumulatedLosses2022-12-3102990634ns5:CapitalRedemptionReserve2022-12-31
REGISTERED NUMBER: 02990634 (England and Wales)















STAINLESS STEEL SERVICES LIMITED

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023






STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13 to 14

Notes to the Financial Statements 15 to 27


STAINLESS STEEL SERVICES LIMITED

Company Information
for the year ended 31 December 2023







Directors: J Alvarez
J Boixareu
L J Rowley
D K Moult



Secretary: L J Rowley



Registered office: Middlemore Road
Birmingham
West Midlands
B21 0BH



Registered number: 02990634 (England and Wales)



Auditors: Cooper Parry Group Limited
Statutory Auditor
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX



Solicitors: Irwin Mitchell
Imperial House
31 Temple Street
Birmingham
B2 5DB

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Strategic Report
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

There has been no change in the principal activity of the company during the year.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.

We report a decrease of 23.5% in sales from the level achieved in 2022 and this reflects the market conditions seen across the stainless steel sector as demand dropped from the previous year. Our gross margin increased to 18.1% (2022 17.3%).

Operating profit achieved during the year was £360,274 (2022 £786,417) and the Return on Capital employed increased from 32.44% in 2022 to 41.99% for 2023. Return on capital employed is calculated as profit on ordinary activities before intercompany management charges, interest and taxation divided by capital employed which constitutes total assets less current liabilities, less cash, plus borrowings (including invoice discounting liabilities).

Principal risks and uncertainties
As for many businesses, the environment remains challenging but the market is competitive and the company continues to add value to ensure we are able to maximize our market share. The business is subject to the global and local economies in which it operates, however the company remains strong and with a good order book into 2024 to give a solid base to increase upon for the rest of the trading year.

Development and performance
We consider that the financial position of the company at the period end shows a good strong net position with cash resources and a good net asset position. The company remains focused on future projects to continue growth in the market and feel confident that these plans alongside the current market share will continue to give a good strong financial position for the future.

On behalf of the board:





L J Rowley - Director


9 May 2024

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Principal activity
The principal activity of the company continued to be that of a stainless steel stockholder and processor.

Dividends
Interim dividends of £863,258 were paid during the year. No further dividend has been recommended for the year.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J Alvarez
J Boixareu
L J Rowley
D K Moult

Key risks
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

Credit risk
Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.


STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Report of the Directors
for the year ended 31 December 2023

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The audit business of Haines Watts Birmingham LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Birmingham LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

On behalf of the board:





L J Rowley - Director


9 May 2024

Report of the Independent Auditors to the Members of
Stainless Steel Services Limited

Opinion
We have audited the financial statements of Stainless Steel Services Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 December 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.

Report of the Independent Auditors to the Members of
Stainless Steel Services Limited


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.

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 four, 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
Stainless Steel Services 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. 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 and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation.

We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included, but were not limited to:

- making enquires of directors and management as to where they consider there to be a
susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
- obtaining an understanding of the internal controls established to mitigate risks related to
fraud or non-compliance with laws and regulations;
- assessing the design effectiveness of the controls in place to prevent and detect fraud;
- assessing the risk of management override including identifying and testing journal entries;
- challenging the assumptions and judgements made by management in its significant
accounting estimates.

Whilst our audit did not identify any significant matters relating to the detection of irregularities including fraud, and despite the audit being planned and conducted in accordance with ISAs (UK), there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity would likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.

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
Stainless Steel Services 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.




Kevin Hodgetts FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited
Statutory Auditor
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

9 May 2024

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Statement of Comprehensive
Income
for the year ended 31 December 2023

2023 2022
Notes £ £

Turnover 3 15,122,722 19,771,601

Cost of sales (12,383,323 ) (16,360,114 )
Gross profit 2,739,399 3,411,487

Administrative expenses (2,379,125 ) (2,625,070 )
Operating profit 5 360,274 786,417


Interest payable and similar expenses 6 (108,227 ) (122,174 )
Profit before taxation 252,047 664,243

Tax on profit 7 (61,653 ) (129,004 )
Profit for the financial year 190,394 535,239

Other comprehensive income - -
Total comprehensive income for the
year

190,394

535,239

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Statement of Financial Position
31 December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 9 57,019 83,278

Current assets
Stocks 10 3,050,046 4,104,478
Debtors 11 2,379,478 3,870,481
Cash at bank and in hand 1,033,138 769,524
6,462,662 8,744,483
Creditors
Amounts falling due within one year 12 3,758,027 5,378,221
Net current assets 2,704,635 3,366,262
Total assets less current liabilities 2,761,654 3,449,540

Creditors
Amounts falling due after more than
one year

13

(726

)

(9,434

)

Provisions for liabilities 17 (13,483 ) (19,797 )
Net assets 2,747,445 3,420,309

Capital and reserves
Called up share capital 18 150,000 150,000
Capital redemption reserve 19 400,000 400,000
Retained earnings 19 2,197,445 2,870,309
Shareholders' funds 2,747,445 3,420,309

The financial statements were approved by the Board of Directors and authorised for issue on 9 May 2024 and were signed on its behalf by:





L J Rowley - Director


STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£ £ £ £
Balance at 1 January 2022 150,000 2,335,070 400,000 2,885,070

Changes in equity
Total comprehensive income - 535,239 - 535,239
Balance at 31 December 2022 150,000 2,870,309 400,000 3,420,309

Changes in equity
Dividends - (863,258 ) - (863,258 )
Total comprehensive income - 190,394 - 190,394
Balance at 31 December 2023 150,000 2,197,445 400,000 2,747,445

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Statement of Cash Flows
for the year ended 31 December 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,377,268 187,702
Interest paid (108,227 ) (122,174 )
Tax paid (112,769 ) (208,883 )
Net cash from operating activities 1,156,272 (143,355 )

Cash flows from investing activities
Purchase of tangible fixed assets (22,358 ) (48,387 )
Sale of tangible fixed assets 1,666 -
Net cash from investing activities (20,692 ) (48,387 )

Cash flows from financing activities
Capital repayments in year (8,708 ) (51,024 )
Equity dividends paid (863,258 ) -
Net cash from financing activities (871,966 ) (51,024 )

Increase/(decrease) in cash and cash equivalents 263,614 (242,766 )
Cash and cash equivalents at beginning
of year

2

769,524

1,012,290

Cash and cash equivalents at end of
year

2

1,033,138

769,524

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Statement of Cash Flows
for the year ended 31 December 2023

1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£ £
Profit before taxation 252,047 664,243
Depreciation charges 48,616 57,235
Profit on disposal of fixed assets (1,666 ) -
Finance costs 108,227 122,174
407,224 843,652
Decrease/(increase) in stocks 1,054,432 (716,185 )
Decrease in trade and other debtors 1,521,310 1,475,247
Decrease in trade and other creditors (1,605,698 ) (1,415,012 )
Cash generated from operations 1,377,268 187,702

2. Cash and cash equivalents

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 1,033,138 769,524
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 769,524 1,012,290


STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Statement of Cash Flows
for the year ended 31 December 2023

3. Analysis of changes in net funds

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 769,524 263,614 1,033,138
769,524 263,614 1,033,138
Debt
Finance leases (18,142 ) 8,708 (9,434 )
(18,142 ) 8,708 (9,434 )
Total 751,382 272,322 1,023,704

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements
for the year ended 31 December 2023

1. Statutory information

Stainless Steel Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Middlemore Road, Birmingham, West Midlands, B21 0BH.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Stainless Steel Services Limited is a wholly owned subsidiary of Irestal Europe, S.L., a company incorporated in Spain. The ultimate parent company is Irestal Europe, S.L. and the results of Stainless Steel Services Limited are included in the consolidated financial statements of that company. The contact address of Irestal Group is Carretera Olesa A Martorell, KM 4,5, 08630, Abrera, Barcelona, Spain.

Going concern
At the time of approval of these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors are required to consider a period of at least 12 months from the date of approval of the financial statements.

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

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for the delivery of goods and services.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery10-33% on cost
Fixtures, fittings & equipment33% on cost
Motor vehicles33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Stocks
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials.

Cost is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash at bank and in hand
Cash and cash equivalents include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.


STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. Accounting policies - continued

Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock valuation
Inventories are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

Financial asset valuation
The impairment and derecognition of financial assets such as trade debtors depends on the exercise of judgement which is influenced by factors such as the age profiling of trade debtors, general trading conditions and management knowledge regarding the solvency of customers.

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£ £
Sale of goods 15,097,352 19,738,667
Sale of services 25,370 32,934
15,122,722 19,771,601

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 14,893,447 19,536,844
EU sales 229,275 234,757
15,122,722 19,771,601

4. Employees and directors
2023 2022
£ £
Wages and salaries 963,513 991,395
Social security costs 99,136 101,237
Other pension costs 29,070 29,267
1,091,719 1,121,899

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

Administration 7 8
Production/Warehouse 12 13
Sales 6 6
25 27

2023 2022
£ £
Directors' remuneration 181,713 185,069

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. Employees and directors - continued

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022: 2). Company contributions to directors' defined contribution benefits in the period were £22,872 (2022: £21,000).

5. Operating profit

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

2023 2022
£ £
Hire of plant and machinery 38,656 38,942
Other operating leases 90,000 90,000
Depreciation - owned assets 38,640 48,069
Depreciation - assets on hire purchase contracts 9,977 9,166
Profit on disposal of fixed assets (1,666 ) -
Auditors' remuneration 12,500 12,000
Auditors' remuneration for non audit work 14,650 8,190
Foreign exchange differences 8,695 (176,491 )

6. Interest payable and similar expenses
2023 2022
£ £
Invoice finance interest payable 108,227 121,950
Interest on overdue taxation - 224
108,227 122,174

7. 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 68,581 125,772
Prior year tax adjustment (614 ) 88
Total current tax 67,967 125,860

Deferred tax (6,314 ) 3,144
Tax on profit 61,653 129,004

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

7. Taxation - continued

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

2023 2022
£ £
Profit before tax 252,047 664,243
Profit multiplied by the standard rate of corporation tax in the UK
of 23.500% (2022 - 19%)

59,231

126,206

Effects of:
Expenses not deductible for tax purposes 3,783 1,626
Capital allowances in excess of depreciation (747 ) (3,611 )
Adjustments to tax charge in respect of previous periods (614 ) 88
Change in deferred tax rate - 4,695
Total tax charge 61,653 129,004

8. Dividends
2023 2022
£ £
Ordinary shares shares of £1 each
Interim 863,258 -

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
Cost
At 1 January 2023 896,312 75,221 17,750 989,283
Additions 15,733 6,625 - 22,358
Disposals (16,508 ) (1,891 ) - (18,399 )
At 31 December 2023 895,537 79,955 17,750 993,242
Depreciation
At 1 January 2023 829,750 58,505 17,750 906,005
Charge for year 37,625 10,992 - 48,617
Eliminated on disposal (16,508 ) (1,891 ) - (18,399 )
At 31 December 2023 850,867 67,606 17,750 936,223
Net book value
At 31 December 2023 44,670 12,349 - 57,019
At 31 December 2022 66,562 16,716 - 83,278

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
Cost
At 1 January 2023
and 31 December 2023 27,499
Depreciation
At 1 January 2023 9,930
Charge for year 9,977
At 31 December 2023 19,907
Net book value
At 31 December 2023 7,592
At 31 December 2022 17,569

10. Stocks
2023 2022
£ £
Finished goods 3,050,046 4,104,478

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 2,319,750 3,830,094
Corporation tax repayable 30,307 -
Prepayments 29,421 40,387
2,379,478 3,870,481

12. Creditors: amounts falling due within one year
2023 2022
£ £
Hire purchase contracts (see note 14) 8,708 8,708
Trade creditors 1,510,924 1,349,587
Amounts owed to group undertakings 63,150 40,069
Corporation tax payable - 14,495
Social security and other taxes 39,334 48,172
VAT 127,226 458,909
Other creditors 1,790,702 3,118,261
Accruals and deferred income 217,983 340,020
3,758,027 5,378,221

Included in other creditors is a balance for invoice discounting facility of £1,790,702 (2022: £3,118,261) which is secured by a fixed and floating charge over the assets of the company.

13. Creditors: amounts falling due after more than one year
2023 2022
£ £
Hire purchase contracts (see note 14) 726 9,434

Liabilities within finance lease agreements are secured on the assets concerned.

14. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 8,708 8,708
Between one and five years 726 9,434
9,434 18,142

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

14. Leasing agreements - continued

Non-cancellable
operating leases
2023 2022
£ £
Within one year 116,403 112,361
Between one and five years 13,229 13,573
129,632 125,934

Operating lease payments represent rentals payable by the company for its business premises and company vehicles. Vehicle leases are negotiated for an average term of 3 years and property rentals are fixed for an average of 5 years. Lease payments totalling £117,973 (2022 £128,942) were recognised as an expense in the year.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

15. Secured debts

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase 9,434 18,142
Invoice finance facility 1,790,702 3,118,261
1,800,136 3,136,403

16. Financial instruments

The carrying amount of financial assets (debt instruments) carried at amortised cost is £2,319,750 (2022 £3,830,094).

The carrying amount of financial liabilities measured at amortised cost is £3,373,484 (2022 £4,526,059).

17. Provisions for liabilities
2023 2022
£ £
Deferred tax - accelerated
capital allowances 13,483 19,797
13,483 19,797

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

17. Provisions for liabilities - continued

Deferred tax
£
Balance at 1 January 2023 19,797
Credit to Statement of Comprehensive Income during year (6,314 )
Balance at 31 December 2023 13,483

18. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
150,000 Ordinary shares £1 150,000 150,000

19. Reserves
Capital
Retained redemption
earnings reserve Totals
£ £ £

At 1 January 2023 2,870,309 400,000 3,270,309
Profit for the year 190,394 190,394
Dividends (863,258 ) (863,258 )
At 31 December 2023 2,197,445 400,000 2,597,445

20. Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge to profit and loss in the period in respect of company defined benefit contributions was £51,942 (2022 £50,267).

21. Ultimate parent company

Irestal Europe S.L (incorporated in Spain ) is regarded by the directors as being the company's ultimate parent company.

The results of Stainless Steel Services Limited are included in the consolidated accounts prepared by the ultimate parent company. The contact address for the Irestal Group is Carretera Olesa A Martorell, KM 4,5, 08630, Abrera, Barcelona, Spain.

STAINLESS STEEL SERVICES LIMITED (REGISTERED NUMBER: 02990634)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

22. 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.

The directors are the only key management personnel. The remuneration of key management personnel is therefore disclosed in aggregate in note 4 to the financial statements.

There were no other related party transactions during the year, nor were there in the previous year.