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REGISTERED NUMBER: 03106954 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Hambleton Steel Limited

Hambleton Steel Limited (Registered number: 03106954)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Hambleton Steel Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: C M Bartholomew
D Curnock
M Dixon
A Fixter
M Gibson
J T Sapak





REGISTERED OFFICE: Gatherley Road
Brompton on Swale
Richmond
North Yorkshire





REGISTERED NUMBER: 03106954 (England and Wales)





AUDITORS: Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

Hambleton Steel Limited (Registered number: 03106954)

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
The principal activity of the company is the design, fabrication and erection of steel framed buildings for commercial developments.

The directors are pleased with the business growth over the last 12 month, which is ahead of plan on our 5 year strategy. Turnover for the year totalled £25,949,284 in 2023 compared to £13,480,575 in 2022. Significant growth was seen in the period as the company won key new contracts and enhanced our position with existing and new clients.

Overall gross profit margins totalled £5,163,828 in 2023 compared to £2,830,683 in 2022. The company saw an increase in administrative expenses and overheads from £2,285,643 in 2022 to £4,098,433 in 2023.

The company made a pre tax profit for the year of £846,184 in 2023 compared to £349,611 in 2022.

The net assets of the company at 31 December 2023 were £4,077,007 (2022 - £3,535,087), with net current assets of £3,503,402 (2022 - £3,937,738)

PRINCIPAL RISKS AND UNCERTAINTIES
General Economic Factors

The general economic position of the UK is considered as a risk for the business with slow growth forecast for 2024, the business plans to counter any downturn with plans to move into new sectors previously unexplored as well as providing a 'best in class' customer service delivery.

The company plans to maintain growth through expanding output capabilities. We are investing in modern machinery, digitising areas of the business to make us more efficient and maintaining strong business relationships with key stakeholders.

Labour & Skills Shortage

Having sufficient skilled staff is vital for the business to continue to grow. A lack of available skilled staff is therefore considered as a key risk for the business. We are tackling this on a number of fronts, improving our staff incentives and further developing our apprenticeship programme amongst other things.

ON BEHALF OF THE BOARD:





M Gibson - Director


13 June 2024

Hambleton Steel Limited (Registered number: 03106954)

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 in the year under review was that of The company's principal activity during the year continued to be that of fabrication and erection of steel framed buildings.

DIVIDENDS
An interim dividend of £70.50 per share was paid on . The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 70,500 .

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

C M Bartholomew
D Curnock
M Dixon
A Fixter
M Gibson
J T Sapak

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

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

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

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

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

Hambleton Steel Limited (Registered number: 03106954)

Report of the Directors
for the year ended 31 December 2023


AUDITORS
The auditors, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




M Gibson - Director


13 June 2024

Report of the Independent Auditors to the Members of
Hambleton Steel Limited

Opinion
We have audited the financial statements of Hambleton Steel Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 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.

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
Hambleton Steel 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.

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

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
Hambleton Steel 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.




Mr Douglas Scott Perry (Senior Statutory Auditor)
for and on behalf of Clayton & Brewill
Statutory Auditors and
Chartered Accountants
Cawley House
149-155 Canal Street
Nottingham
Nottinghamshire
NG1 7HR

15 July 2024

Hambleton Steel Limited (Registered number: 03106954)

Income Statement
for the year ended 31 December 2023

31/12/23 31/12/22
Notes £    £   

TURNOVER 4 25,949,285 13,480,575

Cost of sales 20,785,457 10,649,892
GROSS PROFIT 5,163,828 2,830,683

Administrative expenses 4,098,433 2,285,643
1,065,395 545,040

Other operating income - (40,531 )
OPERATING PROFIT 6 1,065,395 504,509

Interest receivable and similar income 28,745 1,624
1,094,140 506,133

Interest payable and similar expenses 7 247,956 156,522
PROFIT BEFORE TAXATION 846,184 349,611

Tax on profit 8 233,764 26,308
PROFIT FOR THE FINANCIAL YEAR 612,420 323,303

Hambleton Steel Limited (Registered number: 03106954)

Other Comprehensive Income
for the year ended 31 December 2023

31/12/23 31/12/22
Notes £    £   

PROFIT FOR THE YEAR 612,420 323,303


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

612,420

323,303

Hambleton Steel Limited (Registered number: 03106954)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 327,797 209,068
Tangible assets 11 777,655 829,640
Investments 12 1,200 1,200
1,106,652 1,039,908

CURRENT ASSETS
Stocks 13 139,464 180,413
Debtors 14 8,431,887 4,839,381
Cash at bank 3,725,183 859,541
12,296,534 5,879,335
CREDITORS
Amounts falling due within one year 15 8,793,132 1,941,597
NET CURRENT ASSETS 3,503,402 3,937,738
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,610,054

4,977,646

CREDITORS
Amounts falling due after more than
one year

16

(405,594

)

(1,346,432

)

PROVISIONS FOR LIABILITIES 19 (127,453 ) (96,127 )
NET ASSETS 4,077,007 3,535,087

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Share premium 21 37,760 37,760
Retained earnings 21 4,038,247 3,496,327
SHAREHOLDERS' FUNDS 4,077,007 3,535,087

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2024 and were signed on its behalf by:





M Gibson - Director


Hambleton Steel Limited (Registered number: 03106954)

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

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 1,000 3,173,024 37,760 3,211,784

Changes in equity
Total comprehensive income - 323,303 - 323,303
Balance at 31 December 2022 1,000 3,496,327 37,760 3,535,087

Changes in equity
Dividends - (70,500 ) - (70,500 )
Total comprehensive income - 612,420 - 612,420
Balance at 31 December 2023 1,000 4,038,247 37,760 4,077,007

Hambleton Steel Limited (Registered number: 03106954)

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

1. STATUTORY INFORMATION

Hambleton Steel Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

the requirements of Section 7 Statement of Cash Flows.

Hambleton Steel Limited (Registered number: 03106954)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Amounts recoverable on contracts are included within debtors and represent turnover recognised in excess of payments on account. Payments on account in excess of amounts recognised as turnover are included within creditors.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Government grants are recognised based on the performance model. Under the performance model grants are recognised as income where no specified performance-related conditions are imposed on the recipient. Grants that do impose specified future performance-related conditions on a recipient are recognised as income only when the performance-related conditions are met.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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% of cost or valuation
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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


Hambleton Steel Limited (Registered number: 03106954)

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

2. ACCOUNTING POLICIES - continued
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.

Hambleton Steel Limited (Registered number: 03106954)

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

3. CRITICAL ACCOUNTING 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, 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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

i) Carrying value of property, plant and equipment (note 11)

The carrying value of property, plant and equipment as at 31 December 2023 was £777,655. Additions in the year totalled £104,456 and the depreciation charge was £148,291. Estimated useful economic lives of property, plant and equipment are based on management's judgements and experience. When management identifies that actual useful lives differ materially from the estimates used to calculate depreciation, that charge is adjusted. Due to the significance of capital investment, variations between actual and estimated useful lives could impact operating results both positively and negatively. Asset values are reviewed annually and historically changes to remaining estimates of useful lives have not been material.

(ii) Amounts recoverable on long term contracts (note 14)

The carrying value of amounts recoverable under long term contracts as at 31 December 2023 was £5,256,142. These are calculated by reference to the stage of completion of a contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The nature of construction contracts is such that disputes can occur over the valuation and recoverability of contract income at a particular point in time, particularly where there have been variations made contracts as they progress. In calculating the amounts recoverable under long term contracts the management have used their judgement and experience in calculating and assessing the valuation and recoverability of contract amounts.

4. 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:

31/12/23 31/12/22
£    £   
Construction contracts 25,863,090 13,382,083
Stock and waste material 86,195 98,492
25,949,285 13,480,575

An analysis of turnover by geographical market is given below:

31/12/23 31/12/22
£    £   
United Kingdom 25,949,285 13,480,575
25,949,285 13,480,575

Hambleton Steel Limited (Registered number: 03106954)

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

5. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 1,171,861 2,062,560
Social security costs 12,970 72,653
Other pension costs 14,884 77,294
1,199,715 2,212,507

The average number of employees during the year was as follows:
31/12/23 31/12/22

Administration 5 9
Manufacturing 23 36
28 45

31/12/23 31/12/22
£    £   
Directors' remuneration - 209,035

6. OPERATING PROFIT

The operating profit is stated after charging:

31/12/23 31/12/22
£    £   
Depreciation - owned assets 148,291 137,776
Loss on disposal of fixed assets 43,647 54,976
Patents and licences amortisation 116,640 17,302
Auditors' remuneration 23,250 22,583
Foreign exchange differences - 125

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Bank interest 107,634 46,804
Bank loan interest 41,292 34,167
Loan interest 92,047 68,205
Hire purchase 6,983 7,346
247,956 156,522

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 202,438 29,832

Deferred tax 31,326 (3,524 )
Tax on profit 233,764 26,308

Hambleton Steel Limited (Registered number: 03106954)

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

8. 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:

31/12/23 31/12/22
£    £   
Profit before tax 846,184 349,611
Profit multiplied by the standard rate of corporation tax in the UK
of 25% (2022 - 19%)

211,546

66,426

Effects of:
Expenses not deductible for tax purposes 2,038 10,445
Capital allowances in excess of depreciation - (10,194 )
Depreciation in excess of capital allowances 1,587 -
Adjustments to tax charge in respect of previous periods - (36,845 )
Tax rate change adjustment (12,733 ) -
Deferred tax movement 31,326 (3,524 )
Total tax charge 233,764 26,308

9. DIVIDENDS
31/12/23 31/12/22
£    £   
Ordinary shares of 1 each
Interim 70,500 -

10. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023 80,000 226,370 306,370
Additions - 270,864 270,864
Disposals - (41,220 ) (41,220 )
At 31 December 2023 80,000 456,014 536,014
AMORTISATION
At 1 January 2023 80,000 17,302 97,302
Amortisation for year - 116,640 116,640
Eliminated on disposal - (5,725 ) (5,725 )
At 31 December 2023 80,000 128,217 208,217
NET BOOK VALUE
At 31 December 2023 - 327,797 327,797
At 31 December 2022 - 209,068 209,068

Hambleton Steel Limited (Registered number: 03106954)

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

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 551,962 956,363 133,618 1,641,943
Additions 33,391 16,331 54,734 104,456
Disposals (1,600 ) (17,661 ) (31,238 ) (50,499 )
At 31 December 2023 583,753 955,033 157,114 1,695,900
DEPRECIATION
At 1 January 2023 247,621 502,357 62,325 812,303
Charge for year 55,293 69,308 23,690 148,291
Eliminated on disposal (836 ) (13,801 ) (27,712 ) (42,349 )
At 31 December 2023 302,078 557,864 58,303 918,245
NET BOOK VALUE
At 31 December 2023 281,675 397,169 98,811 777,655
At 31 December 2022 304,341 454,006 71,293 829,640

12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,200
NET BOOK VALUE
At 31 December 2023 1,200
At 31 December 2022 1,200

13. STOCKS
31/12/23 31/12/22
£    £   
Stocks 139,464 180,413

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 35,735 479,350
Amounts owed by group undertakings 2,349,866 2,219,071
Amounts recoverable on contract 5,256,142 1,801,550
Other debtors 518,026 124,833
Prepayments and accrued income 272,118 214,577
8,431,887 4,839,381

Hambleton Steel Limited (Registered number: 03106954)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Other loans (see note 17) 2,144,101 134,440
Hire purchase contracts (see note 18) 30,952 47,068
Trade creditors 4,997,087 1,236,363
Amounts owed to group undertakings 100 11,225
Tax 209,072 58,296
Social security and other taxes 30,996 31,693
Other creditors 846,725 360,152
Accruals and deferred income 534,099 62,360
8,793,132 1,941,597

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Other loans (see note 17) 383,269 1,292,931
Hire purchase contracts (see note 18) 22,325 53,501
405,594 1,346,432

17. LOANS

An analysis of the maturity of loans is given below:

31/12/23 31/12/22
£    £   
Amounts falling due within one year or on demand:
Other loans 2,144,101 134,440

Amounts falling due between one and two years:
Other loans - 1-5 years 383,269 1,292,931

The company holds the following securities as at the 31st December 2023:

Fixed and floating charge held with Allicia Bank Limited. Held on behalf of parent company.

Fxed charge held with HSBC UK PLC as a security over cash deposits.

Fixed and floating charge held with FW Capital Limited.

Fixed and floating charge held with FW Capital Limited.

Fixed and floating charge held with Bibby Financial Services Limited.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 30,952 47,068
Between one and five years 22,325 53,501
53,277 100,569

Hambleton Steel Limited (Registered number: 03106954)

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

18. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year 63,166 74,061
Between one and five years 188,644 219,876
In more than five years 140,039 171,973
391,849 465,910

19. PROVISIONS FOR LIABILITIES
31/12/23 31/12/22
£    £   
Deferred tax 127,453 96,127

Deferred
tax
£   
Balance at 1 January 2023 96,127
Provided during year 970
Tax rate change adjustment 30,356
Balance at 31 December 2023 127,453

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
1,000 Ordinary 1 1,000 1,000

21. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,496,327 37,760 3,534,087
Profit for the year 612,420 612,420
Dividends (70,500 ) (70,500 )
At 31 December 2023 4,038,247 37,760 4,076,007

22. CONTINGENT LIABILITIES

2023 2022
£    £   

Warranty bonds 2,000,000 750,000

Warranty bonds require the company to make payments to third parties in the event that the company does not perform what is expected of it under the terms of certain construction contracts.

Hambleton Steel Limited (Registered number: 03106954)

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

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31/12/23 31/12/22
£    £   
J W Grice
Balance outstanding at start of year - 20,908
Amounts repaid - -
Amounts written off - (20,908 )
Amounts waived - -
Balance outstanding at end of year - -

C R Watson
Balance outstanding at start of year - 12,130
Amounts repaid - -
Amounts written off - (12,130 )
Amounts waived - -
Balance outstanding at end of year - -

24. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31/12/23 31/12/22
£    £   
Amount due from related party 1,283,120 2,178,885
Amount due to related party 100 11,225

25. ULTIMATE CONTROLLING PARTY

The company is controlled by its immediate parent company, Hambleton Steel Group Limited, a company incorporated in England and Wales (company number 10635312). This is by virtue of its holding 100% of the issued share capital in the company.

The ultimate controlling party is J Hacker by virtue of his majority shareholding in the ultimate parent company, Catalyst Ventures Ltd.A copy of the consolidated accounts can be obtained from the registered office.