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REGISTERED NUMBER: 07423677 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

UNITED STEELS HOLDING COMPANY LIMITED

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


UNITED STEELS HOLDING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs M T Cashmore
R G Cashmore
J C Cashmore
Mrs K Tiltman
G Dudley





REGISTERED OFFICE: Unit 81, Gibbons Industrial Park
Dudley Road
Kingswinford
West Midlands
DY6 8XF





REGISTERED NUMBER: 07423677 (England and Wales)





AUDITORS: Blackthorns
Chartered Accountants
and Registered Auditors
Admiral House
Waterfront East
Brierley Hill
West Midlands
DY5 1XG

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
Property Activities
The holding company continues to enjoy high occupancy levels on the Gibbons site and revenue from rents and service charges has again increased.

Other income is derived from the rental of de-coiling plant and machinery to the subsidiary company, United Steels Limited.

Steel Trading Activities
The trading activity continues to be the sale of slit coil and sheet product and the processing of customers own material across a wide range of processing plant and machinery that includes slitting, de-coiling and shearing.

2023 started positively but by Q2 market conditions and supressed customer demand together with significant cost increases and interest rate rises all started to impact negatively on financial performance. Protection in 2021 and 2022 that had been possible in terms of back to back deals with suppliers/customers became more challenging and trading became more spot based hitting margins on historical stock.

The business continues to transition in terms of market sectors and the ratio of volumes between direct sales and toll processing and the move will serve to stabilise the company for the longer term.

PROFITABILITY
A group profit before tax for the financial year of £63,586 is reported (2022: - £958,441). The directors consider the result to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
The group recognises areas of risk to the business and is committed to managing those key risks.

Void rental periods on property activities and a downturn in the performance of the steel trading subsidiary are the main areas of risk to the parent company.

Property risks are managed by the directors adopting an active relationship with existing and potential tenants. The directors of Holdings and its subsidiary meet regularly to monitor the performance of the steel trading activities.

Borrowing levels are controlled by disciplined stock management and tightly controlled overhead expenditure. The group has no significant exposure to movements in exchange rates or interest rates.

The group have a debt protection policy in place with Allianz (formerly Euler Hermes).

The group operates in a highly competitive marketplace and this risk is managed by offering an extensive range of processing capability and high service levels at competitive pricing. The directors monitor competitor activity and market trend and current affairs.

Security of product supply is managed by forging close relationships with key suppliers and co-operating with credit agencies.

The group undertakes a continuous improvement approach to people and processes.

KEY PERFORMANCE INDICATORS
The group measures business performance using key performance indicators to include turnover and gross profit. Year on year, turnover reduced by 5.7% and gross profit reduced by 4% compared to 2021.


UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

HEALTH AND SAFETY
The group is committed to achieving the highest practicable standards in health and safety management and strives to ensure environments are safe for employees and visitors.

ENVIRONMENT
The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

PARTNERS
The group would like to take this opportunity to thanks its employees, customers, suppliers and wider business partners for their continued support.

POST BALANCE SHEET EVENTS
On 8 August 2023, United Steels Holding Company Limited sold its shareholding in United Steels Limited via a management buy-out, buy-in. A newly formed company, Unico Nex Gen Limited, co-owned by Mark Unitt and Glyn Costigan, acquired 100% of the share capital.

The transaction also included the sale of the de-coiling plant and machinery previously hired to United Steels Limited.

A post transaction condition of the sale is a name change for United Steels Holding Company Limited which will become GCD 2024 Limited.

ON BEHALF OF THE BOARD:





Mrs K Tiltman - Director


16 September 2024

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

PRINCIPAL ACTIVITIES
The principal activity of the company in the year under review was that of a holding company to a trading subsidiary and rental income derived from external tenants.

The principal activities of the group continued to be those of steel stockists and service centre providing processing facilities for slitting, decoiling and shearing in coil, strip, blank and sheet form.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

FUTURE DEVELOPMENTS
No alterations to the company's present position are foreseen.

EVENTS SINCE THE END OF THE YEAR
On 8 August 2023, United Steels Holding Company Limited sold its shareholding in United Steels Limited via a management buy-out, buy-in. A newly formed company, Unico Nex Gen Limited, co-owned by Mark Unitt and Glyn Costigan, acquired 100% of the share capital.

The transaction also included the sale of the de-coiling plant and machinery previously hired to United Steels Limited.

A post transaction condition of the sale is a name change for United Steels HOlding Company Limited which will become GCD 2024 Limited.

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

Mrs M T Cashmore
R G Cashmore
J C Cashmore
Mrs K Tiltman
G Dudley

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006 a.414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.


UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Blackthorns, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mrs K Tiltman - Director


16 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNITED STEELS HOLDING COMPANY LIMITED


Opinion
We have audited the financial statements of United Steels Holding Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
UNITED STEELS HOLDING COMPANY LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 five, 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 group's and the parent 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 group or the parent 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:

Based on our understanding of the company and industry we did not identify any risks of non compliance with laws and regulations that would impact on the company's ability to trade or have a material impact on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006 and UK tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risk was regarding completeness of income. Audit procedures performed included:

- discussions with management, including consideration of known or suspected instances of non-compliance
with laws and regulations and fraud;
- reviewing correspondence for any issues of non-compliance;
- identifying and testing journal entries both at the year end and during the year, in particular any journal entries
posted with unusual account combinations or posted by senior management; and
- challenging assumptions and judgements made by management in their significant accounting estimates and
judgements.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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 or collusion.

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
UNITED STEELS HOLDING COMPANY 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.




Victoria Brassington BA FCA (Senior Statutory Auditor)
for and on behalf of Blackthorns
Chartered Accountants
and Registered Auditors
Admiral House
Waterfront East
Brierley Hill
West Midlands
DY5 1XG

16 September 2024

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 27,133,519 28,771,991

Cost of sales 24,195,769 24,478,764
GROSS PROFIT 2,937,750 4,293,227

Administrative expenses 2,653,175 3,164,726
OPERATING PROFIT 5 284,575 1,128,501

Other finance income 21 1,000 -
285,575 1,128,501

Interest payable and similar expenses 6 221,989 163,060
Other finance costs 21 - 7,000
221,989 170,060
PROFIT BEFORE TAXATION 63,586 958,441

Tax on profit 7 14,947 220,383
PROFIT FOR THE FINANCIAL YEAR 48,639 738,058
Profit attributable to:
Owners of the parent 48,639 738,058

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 48,639 738,058


OTHER COMPREHENSIVE INCOME
Actuarial gain/(loss) on pension scheme (21,000 ) 441,000
Asset curtailments (41,000 ) (84,000 )
Income tax relating to components of other
comprehensive income

-

(81,000

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(62,000

)

276,000
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(13,361

)

1,014,058

Total comprehensive income attributable to:
Owners of the parent (13,361 ) 1,014,058

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 131,072
Tangible assets 10 6,189,648 6,205,648
Investments 11 - -
Investment property 12 4,000,000 4,000,000
10,189,648 10,336,720

CURRENT ASSETS
Stocks 13 6,613,328 3,939,034
Debtors 14 5,378,903 4,731,646
Cash at bank 520,537 233,472
12,512,768 8,904,152
CREDITORS
Amounts falling due within one year 15 13,648,231 10,080,885
NET CURRENT LIABILITIES (1,135,463 ) (1,176,733 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,054,185

9,159,987

CREDITORS
Amounts falling due after more than one
year

16

(401,575

)

(469,016

)

PROVISIONS FOR LIABILITIES 19 (325,000 ) (350,000 )
NET ASSETS 8,327,610 8,340,971

CAPITAL AND RESERVES
Called up share capital 20 1,001 1,001
Revaluation reserve 21 1,091,240 1,091,240
Other reserves 21 5,695,628 5,695,628
Retained earnings 21 1,539,741 1,553,102
SHAREHOLDERS' FUNDS 8,327,610 8,340,971

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mrs K Tiltman - Director


UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

COMPANY BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 5,898,186 5,929,033
Investments 11 401,000 401,000
Investment property 12 4,000,000 4,000,000
10,299,186 10,330,033

CURRENT ASSETS
Debtors 14 209,298 84,025
Cash at bank 259,919 110,221
469,217 194,246
CREDITORS
Amounts falling due within one year 15 3,074,515 3,809,068
NET CURRENT LIABILITIES (2,605,298 ) (3,614,822 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,693,888

6,715,211

CREDITORS
Amounts falling due after more than one
year

16

(357,512

)

(442,471

)

PROVISIONS FOR LIABILITIES 19 (125,000 ) (150,000 )
NET ASSETS 7,211,376 6,122,740

CAPITAL AND RESERVES
Called up share capital 20 1,001 1,001
Revaluation reserve 21 1,091,240 1,091,240
Retained earnings 21 6,119,135 5,030,499
SHAREHOLDERS' FUNDS 7,211,376 6,122,740

Company's profit for the financial year 1,088,636 1,077,830

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





Mrs K Tiltman - Director


UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2022 1,001 539,044 1,091,240 5,695,628 7,326,913

Changes in equity
Total comprehensive income - 1,014,058 - - 1,014,058
Balance at 31 December 2022 1,001 1,553,102 1,091,240 5,695,628 8,340,971

Changes in equity
Total comprehensive income - (13,361 ) - - (13,361 )
Balance at 31 December 2023 1,001 1,539,741 1,091,240 5,695,628 8,327,610

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 1,001 3,952,669 1,091,240 5,044,910

Changes in equity
Total comprehensive income - 1,077,830 - 1,077,830
Balance at 31 December 2022 1,001 5,030,499 1,091,240 6,122,740

Changes in equity
Total comprehensive income - 1,088,636 - 1,088,636
Balance at 31 December 2023 1,001 6,119,135 1,091,240 7,211,376

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,185,565 1,595,497
Interest paid (221,989 ) (163,060 )
Tax paid (160,000 ) (144,674 )
Net cash from operating activities 803,576 1,287,763

Cash flows from investing activities
Purchase of tangible fixed assets (393,985 ) (338,295 )
Sale of tangible fixed assets 45,686 1,500
Net cash from investing activities (348,299 ) (336,795 )

Cash flows from financing activities
Loan repayments in year (193,679 ) (828,345 )
New hire purchase finance in the year 37,916 -
Capital repayments in year 34,362 -
Amount introduced by directors - 225,428
Amount withdrawn by directors (144,655 ) -
Net cash from financing activities (266,056 ) (602,917 )

Increase in cash and cash equivalents 189,221 348,051
Cash and cash equivalents at beginning of
year

2

(3,430,256

)

(3,778,307

)

Cash and cash equivalents at end of year 2 (3,241,035 ) (3,430,256 )

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 63,586 958,441
Depreciation charges 541,056 527,558
Profit on disposal of fixed assets (45,686 ) (1,500 )
Pension costs - (73,000 )
Finance costs 221,989 170,060
Finance income (1,000 ) -
779,945 1,581,559
(Increase)/decrease in stocks (2,674,294 ) 2,795,596
(Increase)/decrease in trade and other debtors (620,257 ) 685,379
Increase/(decrease) in trade and other creditors 3,700,171 (3,467,037 )
Cash generated from operations 1,185,565 1,595,497

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 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 520,537 233,472
Bank overdrafts (3,761,572 ) (3,663,728 )
(3,241,035 ) (3,430,256 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 233,472 712,546
Bank overdrafts (3,663,728 ) (4,490,853 )
(3,430,256 ) (3,778,307 )


UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 233,472 287,065 520,537
Bank overdrafts (3,663,728 ) (97,844 ) (3,761,572 )
(3,430,256 ) 189,221 (3,241,035 )
Debt
Finance leases - (34,362 ) (34,362 )
Debts falling due within 1 year (112,546 ) (360 ) (112,906 )
Debts falling due after 1 year (469,016 ) 95,124 (373,892 )
(581,562 ) 60,402 (521,160 )
Total (4,011,818 ) 249,623 (3,762,195 )

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

United Steels Holding Company Limited is a private company limited by shares and incorporated in England, registered number 07423677. Its registered office is Gibbons Industrial Park, Dudley Road, Kingswinford, West Midlands, DY6 8XF.

The financial statements are presented in Sterling, which is the functional currency of the company.

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.

Basis of consolidation
The group accounts include the accounts of the company and all of its subsidiaries for the year ended 31 December 2023.

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are
continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are addressed below.
In preparing these financial statements the directors have made the following judgements:

Recoverability of trade debtors

Trade and other debtors are recognised to the extent that they are judged recoverable. The directors' review is performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically
against invoices where recoverability is uncertain.
The directors make allowances for doubtful debts based on an assessment of the recoverability of debtors.
Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness,
current economic trends and changes in customer payment terms when making a judgement to evaluate the
adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such differences will impact the carrying value of debtors and the charge in the statement of income and retained
earnings.

Leasing

The company determines whether leases entered into by the company as a lessee are operating or finance leases. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.

Provisions
A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

Turnover
Group turnover represents amounts receivable for goods and services, net of VAT and trade discounts.

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.

Other intangible assets are being amortised evenly over their estimated useful life of five years.

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 20% on cost, 10% on cost and between 4% and 12.50% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost, 20% on cost and 10% on cost

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at fair value.

Any gains or losses arising from changes in the fair value are recognised in the profit or loss in the period they arise and no depreciation is provided in respect of investment properties.

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both.Investment properties are stated at fair value.

Any gains or losses arising from the changes in the fair value are recognised in profit and loss in the period that they arise and no depreciation is provided in respect of investment properties.

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

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payments is charged to the profit and loss account so as to produce a constant periodic rate of change on the net obligation outstanding in each period.

Pension
The group makes contributions to a number of pension scheme. The main scheme for employees was established in September 1994 and is a hybrid scheme being defined contribution in nature with benefits subject to requisite testing to guarantee minimum pensions. For this reason this scheme is accounted for as a defined benefit scheme in accordance with FRS102.

The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings. Any difference between the charge to the profit and loss account and the contributions paid to the scheme is shown as an asset or liability in the balance sheet.

The group also operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Current asset investment are stated at the lower of cost and net realisable value.

Going concern
At the time of approving the financial statements,the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Basic financial instruments
Basic financial liabilities, including trade and other debtors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market rate of interest.

Freehold Property

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - between 4% and 12.5% on cost

Under the transitional provisions of FRS 102 (March 2018) Triennial review provisions of the company has transferred properties let to group companies out of investment property and treated them as freehold land and buildings with a transition date of 1 January 2018, using the market value at that date as deemed cost.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

No analysis of turnover by geographical market is provided as the directors are of the opinion that such disclose would be prejudicial to the interests of the group.

4. EMPLOYEES AND DIRECTORS

31.12.22 31.12.21
£ £
Wages and salaries 2,475,367 2,120,995
Social security costs 263,6074 214,105
Other pension costs 69,774 54,405
2,808,784 2,389,505


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

31.12.22 31.12.21

Sales and administration 18 18
Production 47 45
65 63


31.12.23 31.12.22
£    £   
Directors' remuneration 345,755 218,755
Directors' pension contributions to money purchase schemes 28,400 24,000

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 89,714 86,305

5. OPERATING PROFIT

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

31.12.23 31.12.22
£    £   
Other operating leases - 4,913
Depreciation - owned assets 409,985 396,486
Profit on disposal of fixed assets (45,686 ) (1,500 )
Other intangible assets amortisation 131,072 131,071
Auditors remuneration: - audit services 19,000 17,750

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 221,989 163,060

7. 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 53,000 175,060
Adjustment for prior year (13,053 ) 1,323
Total current tax 39,947 176,383

Deferred tax (25,000 ) 44,000
Tax on profit 14,947 220,383

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED 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 lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 63,586 958,441
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

14,955

182,104

Effects of:
Expenses not deductible for tax purposes (13,442 ) (5,295 )
Income not taxable for tax purposes (10,746 ) -
Capital allowances in excess of depreciation - (38,182 )
Depreciation in excess of capital allowances 31,537 -
Adjustments to tax charge in respect of previous periods (13,053 ) 1,323
Deferred tax (25,000 ) 44,000

Consolidation adjustments 30,802 24,904


Other tax adjustments (106 ) 11,529
Total tax charge 14,947 220,383

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Actuarial gain/(loss) on pension scheme (21,000 ) - (21,000 )
Asset curtailments (41,000 ) - (41,000 )
(62,000 ) - (62,000 )

31.12.22
Gross Tax Net
£    £    £   
Actuarial gain/(loss) on pension scheme 441,000 (81,000 ) 360,000
Asset curtailments (84,000 ) - (84,000 )
357,000 (81,000 ) 276,000

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. INTANGIBLE FIXED ASSETS

Group
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 655,358
AMORTISATION
At 1 January 2023 524,286
Amortisation for year 131,072
At 31 December 2023 655,358
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 131,072

10. TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost and 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 25% on cost, 20% on cost and 10% on cost

Cost or valuation at 31 December 2023 is represented by:

Improvements
Freehold Long to
property leasehold property
£    £    £   
Valuation in 2019 441,240 - -
Valuation in 2021 650,000 - -
Cost 2,408,760 146,623 96,954
3,500,000 146,623 96,954

Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 441,240
Valuation in 2021 - - - 650,000
Cost 5,142,902 61,152 156,625 8,013,016
5,142,902 61,152 156,625 9,104,256

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 3,500,000 - 3,254,939 6,754,939
Additions - 96,954 - 96,954
At 31 December 2023 3,500,000 96,954 3,254,939 6,851,893
DEPRECIATION
At 1 January 2023 - - 825,906 825,906
Charge for year - - 127,801 127,801
At 31 December 2023 - - 953,707 953,707
NET BOOK VALUE
At 31 December 2023 3,500,000 96,954 2,301,232 5,898,186
At 31 December 2022 3,500,000 - 2,429,033 5,929,033

Cost or valuation at 31 December 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
Valuation in 2019 441,240 - - 441,240
Valuation in 2021 650,000 - - 650,000
Cost 2,408,760 96,954 3,254,939 5,760,653
3,500,000 96,954 3,254,939 6,851,893

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 401,000
NET BOOK VALUE
At 31 December 2023 401,000
At 31 December 2022 401,000

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

United Steels Limited
Registered office: Gibbons Industrial Park, Dudley Road, Kingswinford, West Midlands, DY6 8XF
Nature of business: Steel stockist service centre and processing
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 25,932,526 3,564,151
Profit for the year 91,075 791,300


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 4,000,000
NET BOOK VALUE
At 31 December 2023 4,000,000
At 31 December 2022 4,000,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 (2,469 )
Valuation in 2019 (28,463 )
Valuation in 2021 750,000
Cost 3,280,932
4,000,000

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 4,000,000
NET BOOK VALUE
At 31 December 2023 4,000,000
At 31 December 2022 4,000,000

The trading estate owned by the company was revalued by surveyors at market value on an existing use basis. This has been split across invest,emt property let out by the company and freehold property utilised by the group.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 (2,469 )
Valuation in 2019 (28,463 )
Valuation in 2021 750,000
Cost 3,280,932
4,000,000

13. STOCKS

Group
31.12.23 31.12.22
£    £   
Stocks 6,613,328 3,939,034

The current replacement cost of stock is not materially different from the historic cost.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 5,161,610 4,610,366 123,814 59,357
Other debtors - 18,433 - -
Directors' current accounts 47,000 - - -
Tax - 20,000 - -
VAT - - 6,135 -
Prepayments 170,293 82,847 79,349 24,668
5,378,903 4,731,646 209,298 84,025

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 17) 3,771,860 3,673,656 - -
Other loans (see note 17) 102,618 102,618 102,618 102,618
Hire purchase contracts (see note 18) 6,679 - - -
Trade creditors 8,871,853 5,002,976 45,326 50,870
Amounts owed to group undertakings - - 2,491,054 3,153,957
Tax (15,053 ) 125,000 90,309 45,000
Social security and other taxes 73,386 100,772 7,856 7,525
VAT 331,186 359,473 - 7,277
Other creditors 61,511 70,986 34,667 34,669
No description (2 ) - - -
Directors' current accounts 187,773 285,428 187,773 285,428
Accrued expenses 256,420 359,976 114,912 121,724
13,648,231 10,080,885 3,074,515 3,809,068

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans (see note 17) 16,380 26,545 - -
Other loans (see note 17) 357,512 442,471 357,512 442,471
Hire purchase contracts (see note 18) 27,683 - - -
401,575 469,016 357,512 442,471

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


17. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 3,761,572 3,663,728 - -
Bank loans 10,288 9,928 - -
Other loans 102,618 102,618 102,618 102,618
3,874,478 3,776,274 102,618 102,618
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,288 10,288 - -
Other loans - 1-2 years 102,618 102,618 102,618 102,618
112,906 112,906 102,618 102,618
Amounts falling due between two and five years:
Bank loans - 2-5 years 6,092 16,257 - -
Other loans - 1-2 years 254,894 339,853 254,894 339,853
260,986 356,110 254,894 339,853

The group's bankers hold a fixed and floating charge over the group's assets and a legal charge over the property at Gibbons Industrial Park, Kingswinsford. Hire purchase liabilities are secured on the assets financed.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 6,679 -
Between one and five years 27,683 -
34,362 -

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


19. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Deferred tax
Accelerated capital allowances 325,000 350,000 125,000 150,000

Group
Deferred
tax
£   
Balance at 1 January 2023 350,000
Credit to Income Statement during year (25,000 )
Balance at 31 December 2023 325,000

Company
Deferred
tax
£   
Balance at 1 January 2023 150,000
Credit to Income Statement during year (25,000 )
Movement in the year
Balance at 31 December 2023 125,000

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,001 Ordinary shares £1 1,001 1,001

21. RESERVES

Group
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2023 1,553,102 1,091,240 5,695,628 8,339,970
Profit for the year 48,639 - - 48,639
Actuarial gains or losses on
pension scheme assets (21,000 ) - - (21,000 )
Curtailment assets (41,000 ) - - (41,000 )
At 31 December 2023 1,539,741 1,091,240 5,695,628 8,326,609

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


21. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 5,030,499 1,091,240 6,121,739
Profit for the year 1,088,636 1,088,636
At 31 December 2023 6,119,135 1,091,240 7,210,375


22. EMPLOYEE BENEFIT OBLIGATIONS

The group makes contributions to a number of pension schemes. The main scheme for employees was established in September 1994 and is a hybrid scheme, being defined contribution in nature with benefits subject to requisite testing to guarantee minimum pensions. Since 31 December 1999 the scheme has ceased future accrual of benefits and no employees' contributions have been received in the scheme.

An executive scheme is also operated and is a defined contribution scheme.

The assets of the schemes are held separately to those of the group in independently administered funds.

Hybrid scheme

Contributions of £73,000 were made during the year (2021 - £57,000) to the scheme.

A qualified independent actuary has updated the results of the valuation as at 31 December 2021 to 31 December 2022 to obtain the following figures in accordance with Financial Reporting Standard No. 102 ("FRS 102").

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

(5,000

)

7,000
Past service cost - -
Gains/losses on settlements and curtailments 4,000 -
(1,000 ) 7,000

Actual return on plan assets 75,000 (298,000 )

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Opening defined benefit obligation 901,000 1,520,000
Interest cost 62,000 38,000
Actuarial losses/(gains) 29,000 (621,000 )
Benefits paid (177,000 ) (36,000 )
815,000 901,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Opening fair value of scheme assets 901,000 1,097,000
Contributions by employer 61,000 73,000
Expected return 67,000 31,000
Actuarial gains/(losses) 8,000 (180,000 )
Benefits paid (177,000 ) (36,000 )
Curtailments (45,000 ) (84,000 )
815,000 901,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Actuarial gains/(losses) on pensions scheme
assets

(62,000

)

441,000
Movement on deferred tax relating to
pension scheme assets

-

(81,000

)
(62,000 ) 360,000

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Equities 161,000 143,000
Bonds 448,000 434,000
Other assets 251,000 408,000
Asset curtailments (45,000 ) (84,000 )
815,000 901,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.23 31.12.22
Discount rate 4.80% 5.05%
Future pension increases - 3.00%
Inflation 3.05% 3.15%

To determine defined benefit obligations:
Discount rate 4.80% 5.05%
Duration used to set discount rate (in years) 14.00 14.00
Price inflation rate (RPI) 3.05% 3.15%

To determine cost relating to defined benefit plans:
Discount rate 5.05% 1.85%
Price inflation rate (RPI) 3.15%
3.35%

23. CONTINGENT LIABILITIES

Group
At the balance sheet date there were no contingent liabilities.

Company
The company is party to a group multilateral guarantee with its bankers. At the balance sheet date the liability under this guarantee amounted to £3,761,572 (2022 - £3,663,728).

The company is also part of a group VAT registration. At the balance sheet date the liability arising under the group registration amounted to £337,321 (2022 - £352,196).

UNITED STEELS HOLDING COMPANY LIMITED (REGISTERED NUMBER: 07423677)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


24. POST BALANCE SHEET EVENTS

On 8 August 2023, United Steels HOlding Company Limited sold its shareholding in United Steels Limited via a management buy-out, buy-in. A newly formed company, Unico Nex Gen Limited, co-owned by Mark Unitt and Glyn Costigan, acquired 100% of the share capital.

The transaction also included the sale of the de-coiling plant and machinery previously hired to United Steels Limited.

A post transaction condition of the sale is a name change for United Steels HOlding Company Limited which will become GCD 2024 Limited.

25. CONTROL

The company is controlled by The Estate of G J Cashmore who owns 100% of the issued shared capital.