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REGISTERED NUMBER: 02165423 (England and Wales)















BUTTERWORTH STEEL PROCESSING LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024






BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










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

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


BUTTERWORTH STEEL PROCESSING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: W R Broadhurst
D Butterworth
D P Broadhurst
Miss S A Broadhurst
Mrs K Broadhurst





REGISTERED OFFICE: Emms Works
Pear Tree Lane
Dudley
West Midlands
DY2 0XD





REGISTERED NUMBER: 02165423 (England and Wales)





AUDITORS: Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the period and its position at the period 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 activities of the company during the period.

PRINCIPAL RISKS AND UNCERTAINTIES
In common with its' competitors, the principal risk faced by the business relates to fluctuating steel prices, which the directors continue to monitor.

The directors have developed review procedures and control systems to effectively manage the principal strategic, financial and operational risks faced by the business.

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

DEVELOPMENT AND PERFORMANCE
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.

Turnover has decreased by 17% compared to the previous period. Gross margin has decreased to 33% (2023 34%).

Overall there has been an operating profit of £2,829,070 (2023 £3,850,262) and a profit before tax of £2,982,648 (2023 £3,879,262). After taxation £2,232,657 has been added to reserves.

The business environment in which we operate continues to be challenging. The market is highly competitive and margins continue to be under pressure.

We consider that the financial position of the company at the year end is satisfactory, with adequate cash resources and a strong net asset position.

ON BEHALF OF THE BOARD:





W R Broadhurst - Director


11 September 2024

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of steel merchants and processors.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 will be £1,439,000.

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

W R Broadhurst
D Butterworth
D P Broadhurst
Miss S A Broadhurst

Other changes in directors holding office are as follows:

Mrs K Broadhurst was appointed as a director after 30 April 2024 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 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.

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


AUDITORS
The auditors, Sephton & Company LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W R Broadhurst - Director


11 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BUTTERWORTH STEEL PROCESSING LIMITED


Opinion
We have audited the financial statements of Butterworth Steel Processing Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 April 2024 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
BUTTERWORTH STEEL PROCESSING 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
BUTTERWORTH STEEL PROCESSING 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:

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the entity that were contrary to these laws and regulations, including fraud.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, Health & Safety, Fire regulations and drivers hours and working time rules.
We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example we requested the tachograph reports to verify the drivers were adhering to the regulations.
Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.
We also completed the following procedures:
Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;
Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates. We considered the key estimates to be depreciation, provisions and going concern.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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
BUTTERWORTH STEEL PROCESSING 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.




Steven Douglas Connell (Senior Statutory Auditor)
for and on behalf of Sephton & Company LLP
Chartered Certified Accountants
Statutory Auditors
Marston House
5 Elmdon Lane
Marston Green
Solihull
West Midlands
B37 7DL

11 September 2024

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 3 11,110,382 13,384,099

Cost of sales 7,430,775 8,788,177
GROSS PROFIT 3,679,607 4,595,922

Administrative expenses 858,824 753,308
2,820,783 3,842,614

Other operating income 4 8,287 7,648
OPERATING PROFIT 6 2,829,070 3,850,262

Interest receivable and similar income 7 153,578 29,000
2,982,648 3,879,262

Interest payable and similar expenses 8 3,531 -
PROFIT BEFORE TAXATION 2,979,117 3,879,262

Tax on profit 9 746,460 768,090
PROFIT FOR THE FINANCIAL YEAR 2,232,657 3,111,172

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,232,657 3,111,172


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,232,657

3,111,172

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 892,372 963,358
Investment property 12 311,000 311,000
1,203,372 1,274,358

CURRENT ASSETS
Stocks 13 917,793 281,404
Debtors 14 3,109,259 4,752,453
Cash at bank and in hand 9,057,249 6,890,591
13,084,301 11,924,448
CREDITORS
Amounts falling due within one year 15 2,095,009 1,789,620
NET CURRENT ASSETS 10,989,292 10,134,828
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,192,664

11,409,186

PROVISIONS FOR LIABILITIES 17 57,049 67,228
NET ASSETS 12,135,615 11,341,958

CAPITAL AND RESERVES
Called up share capital 18 16,667 16,667
Capital redemption reserve 19 8,333 8,333
Retained earnings 19 12,110,615 11,316,958
SHAREHOLDERS' FUNDS 12,135,615 11,341,958

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2024 and were signed on its behalf by:





W R Broadhurst - Director


BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 16,667 10,004,786 8,333 10,029,786

Changes in equity
Dividends - (1,799,000 ) - (1,799,000 )
Total comprehensive income - 3,111,172 - 3,111,172
Balance at 30 April 2023 16,667 11,316,958 8,333 11,341,958

Changes in equity
Dividends - (1,439,000 ) - (1,439,000 )
Total comprehensive income - 2,232,657 - 2,232,657
Balance at 30 April 2024 16,667 12,110,615 8,333 12,135,615

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,595,108 6,632,676
Interest paid (3,531 ) -
Tax paid (699,891 ) (736,573 )
Net cash from operating activities 2,891,686 5,896,103

Cash flows from investing activities
Purchase of tangible fixed assets - (150,866 )
Sale of tangible fixed assets - 110,000
Interest received 138,800 29,000
Net cash from investing activities 138,800 (11,866 )

Cash flows from financing activities
Amount introduced by directors 172 282
Equity dividends paid (864,000 ) (1,299,000 )
Net cash from financing activities (863,828 ) (1,298,718 )

Increase in cash and cash equivalents 2,166,658 4,585,519
Cash and cash equivalents at beginning of
year

2

6,890,591

2,305,072

Cash and cash equivalents at end of year 2 9,057,249 6,890,591

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 2,979,117 3,879,262
Depreciation charges 70,986 84,183
Profit on disposal of fixed assets - (43,082 )
Gain on revaluation of fixed assets - (20,000 )
Finance costs 3,531 -
Finance income (153,578 ) (29,000 )
2,900,056 3,871,363
(Increase)/decrease in stocks (636,389 ) 1,248,218
Decrease in trade and other debtors 1,657,972 1,623,122
Decrease in trade and other creditors (326,531 ) (110,027 )
Cash generated from operations 3,595,108 6,632,676

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 9,057,249 6,890,591
Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 6,890,591 2,305,072


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank and in hand 6,890,591 2,166,658 9,057,249
6,890,591 2,166,658 9,057,249
Total 6,890,591 2,166,658 9,057,249

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Butterworth Steel Processing 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. 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 as modified by the revaluation of certain assets.

Significant judgements and estimates
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.

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

Rental income is recognised on a straight line basis over the course of the lease.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, cash and bank balances, loans to or from related parties and current asset investments. All such instruments are measured initially and subsequently at the transaction price.

At the end of each reporting period debt financial assets are assessed for impairment, and their carrying value reduced if necessary. Any impairment is recognised in the profit and loss account.

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.

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:

2024 2023
£    £   
Steel sales 11,110,382 13,384,099
11,110,382 13,384,099

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 11,110,382 13,384,099
11,110,382 13,384,099

4. OTHER OPERATING INCOME
2024 2023
£    £   
Rents received 8,287 7,648

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 444,590 413,482
Social security costs 44,377 46,252
Other pension costs 3,007 2,257
491,974 461,991

The average number of employees during the year was as follows:
2024 2023

Office and management 6 6
Manufacturing 7 6
13 12

2024 2023
£    £   
Directors' remuneration 215,344 235,834

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 58,822 68,872

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 70,986 84,184
Profit on disposal of fixed assets - (43,082 )
Auditors' remuneration 3,000 3,000

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank interest received 153,578 28,787
Taxation repayment supplement - 213
153,578 29,000

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest 3,531 -

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 756,639 736,574

Deferred tax (10,179 ) 31,516
Tax on profit 746,460 768,090

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


9. 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:

2024 2023
£    £   
Profit before tax 2,979,117 3,879,262
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19.445%)

744,779

754,322

Effects of:
Expenses not deductible for tax purposes 1,681 4,181
Unrealised gain - 9,587
Total tax charge 746,460 768,090

10. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 439,000 599,000
Ordinary B shares of £1 each
Interim 500,000 600,000
Ordinary C shares of £1 each
Interim 500,000 600,000
1,439,000 1,799,000

Included in the above at the balance sheet date unpaid dividends amounted to £1,075,000 (2023 - £500,000).

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023
and 30 April 2024 1,075,135 462,600 1,897
DEPRECIATION
At 1 May 2023 360,956 332,247 377
Charge for year 21,500 19,546 303
At 30 April 2024 382,456 351,793 680
NET BOOK VALUE
At 30 April 2024 692,679 110,807 1,217
At 30 April 2023 714,179 130,353 1,520

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023
and 30 April 2024 204,400 10,199 1,754,231
DEPRECIATION
At 1 May 2023 88,340 8,953 790,873
Charge for year 29,014 623 70,986
At 30 April 2024 117,354 9,576 861,859
NET BOOK VALUE
At 30 April 2024 87,046 623 892,372
At 30 April 2023 116,060 1,246 963,358

12. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 311,000
NET BOOK VALUE
At 30 April 2024 311,000
At 30 April 2023 311,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2022 179,126
Valuation in 2023 20,000
Cost 111,874
311,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 111,874 111,874

Investment property was valued on an open market basis on 5 May 2023 by a director .

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


13. STOCKS
2024 2023
£    £   
Stocks 917,793 281,404

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,998,594 4,641,184
Other debtors 110,665 111,269
3,109,259 4,752,453

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 319,434 215,559
Taxation and social security 582,608 957,037
Other creditors 117,513 116,742
Directors' current accounts 1,075,454 500,282
2,095,009 1,789,620

16. FINANCIAL INSTRUMENTS

As at the year end the carrying value of financial assets which are debt instruments carried at amortised cost was £3,002,496 (2023 £4,645,086).

As at the year end the carrying value of financial liabilities which are debt instruments carried at amortised cost was £1,395,504 (2023 £716,457).

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 57,049 67,228

Deferred
tax
£   
Balance at 1 May 2023 67,228
Credit to Income Statement during year (10,179 )
Balance at 30 April 2024 57,049

The provision for deferred taxation consists of £41,470 in estimated tax due on unrealised property revaluations and £15,579 in respect of timing differences due to accelerated capital allowance claims.

BUTTERWORTH STEEL PROCESSING LIMITED (REGISTERED NUMBER: 02165423)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,333 Ordinary A £1 8,333 8,333
4,167 Ordinary B £1 4,167 4,167
4,167 Ordinary C £1 4,167 4,167
16,667 16,667

Ordinary A, B and C shares have full voting rights, dividend and capital return rights including on a winding up.

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

At 1 May 2023 11,316,958 8,333 11,325,291
Profit for the year 2,232,657 2,232,657
Dividends (1,439,000 ) (1,439,000 )
At 30 April 2024 12,110,615 8,333 12,118,948

Included in Retained earnings are undistributable reserves amounting to £157,656 (2023 £157,656).

The Capital redemption reserve is non distributable.

20. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Amount due to related party 1,075,454 500,282

The amounts due to related parties, primarily relates to unpaid dividends that were paid after the balance sheet date.

No interest is due on the outstanding balance.