REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Hambleton Steel Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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 £ |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 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 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: |
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. |
for and on behalf of |
Statutory Auditors and |
Chartered Accountants |
Cawley House |
149-155 Canal Street |
Nottingham |
Nottinghamshire |
NG1 7HR |
Hambleton Steel Limited (Registered number: 03106954) |
Income Statement |
for the year ended 31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,065,395 | 545,040 |
Other operating income | ( |
) |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
1,094,140 | 506,133 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Hambleton Steel Limited (Registered number: 03106954) |
Balance Sheet |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | (70,500 | ) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
£ | £ |
An analysis of turnover by geographical market is given below: |
31/12/23 | 31/12/22 |
£ | £ |
United Kingdom |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31/12/23 | 31/12/22 |
Administration | 5 | 9 |
Manufacturing | 23 | 36 |
31/12/23 | 31/12/22 |
£ | £ |
Directors' remuneration |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/12/23 | 31/12/22 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Patents and licences amortisation |
Auditors' remuneration |
Foreign exchange differences |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/23 | 31/12/22 |
£ | £ |
Bank interest |
Bank loan interest |
Loan interest |
Hire purchase |
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 |
Deferred tax | ( |
) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
10. | INTANGIBLE FIXED ASSETS |
Patents |
and |
Goodwill | licences | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | STOCKS |
31/12/23 | 31/12/22 |
£ | £ |
Stocks |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Prepayments and accrued income |
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) |
Hire purchase contracts (see note 18) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Other loans (see note 17) |
Hire purchase contracts (see note 18) |
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 |
Amounts falling due between one and two years: |
Other loans - 1-5 years | 383,269 |
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 |
Between one and five years |
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 |
Between one and five years |
In more than five years |
19. | PROVISIONS FOR LIABILITIES |
31/12/23 | 31/12/22 |
£ | £ |
Deferred tax | 127,453 | 96,127 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Tax rate change adjustment | 30,356 |
Balance at 31 December 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/23 | 31/12/22 |
value: | £ | £ |
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 |
31/12/23 | 31/12/22 |
£ | £ |
Amount due from related party |
Amount due to related party |
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. |