IRIS Accounts Production v24.2.0.383 01035162 Board of Directors 1.1.23 31.12.23 31.12.23 steel stockholders and processors. true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure010351622022-12-31010351622023-12-31010351622023-01-012023-12-31010351622021-12-31010351622022-01-012022-12-31010351622022-12-3101035162ns16:EnglandWales2023-01-012023-12-3101035162ns15:PoundSterling2023-01-012023-12-3101035162ns11:Director12023-01-012023-12-3101035162ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3101035162ns11:FRS1022023-01-012023-12-3101035162ns11:Audited2023-01-012023-12-3101035162ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3101035162ns11:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3101035162ns11:FullAccounts2023-01-012023-12-3101035162ns11:OrdinaryShareClass12023-01-012023-12-3101035162ns11:Director22023-01-012023-12-3101035162ns11:RegisteredOffice2023-01-012023-12-3101035162ns6:CurrentFinancialInstruments2023-12-3101035162ns6:CurrentFinancialInstruments2022-12-3101035162ns6:ShareCapital2023-12-3101035162ns6:ShareCapital2022-12-3101035162ns6:CapitalRedemptionReserve2023-12-3101035162ns6:CapitalRedemptionReserve2022-12-3101035162ns6:RetainedEarningsAccumulatedLosses2023-12-3101035162ns6:RetainedEarningsAccumulatedLosses2022-12-3101035162ns6:ShareCapital2021-12-3101035162ns6:RetainedEarningsAccumulatedLosses2021-12-3101035162ns6:CapitalRedemptionReserve2021-12-3101035162ns6:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101035162ns6:CapitalRedemptionReserve2022-01-012022-12-3101035162ns6:RetainedEarningsAccumulatedLosses2023-01-012023-12-3101035162ns6:CapitalRedemptionReserve2023-01-012023-12-3101035162ns6:PlantMachinery2023-01-012023-12-3101035162ns6:FurnitureFittings2023-01-012023-12-3101035162ns6:MotorVehicles2023-01-012023-12-3101035162ns6:ComputerEquipment2023-01-012023-12-3101035162ns6:ReportableOperatingSegment12023-01-012023-12-3101035162ns6:ReportableOperatingSegment12022-01-012022-12-3101035162ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3101035162ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3101035162ns16:UnitedKingdom2023-01-012023-12-3101035162ns16:UnitedKingdom2022-01-012022-12-3101035162ns16:Europe2023-01-012023-12-3101035162ns16:Europe2022-01-012022-12-3101035162ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-01-012023-12-3101035162ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-01-012022-12-3101035162ns6:OwnedAssets2023-01-012023-12-3101035162ns6:OwnedAssets2022-01-012022-12-310103516242023-01-012023-12-310103516242022-01-012022-12-310103516212023-01-012023-12-310103516212022-01-012022-12-3101035162ns11:OrdinaryShareClass12022-01-012022-12-3101035162ns6:PlantMachinery2022-12-3101035162ns6:FurnitureFittings2022-12-3101035162ns6:MotorVehicles2022-12-3101035162ns6:ComputerEquipment2022-12-3101035162ns6:PlantMachinery2023-12-3101035162ns6:FurnitureFittings2023-12-3101035162ns6:MotorVehicles2023-12-3101035162ns6:ComputerEquipment2023-12-3101035162ns6:PlantMachinery2022-12-3101035162ns6:FurnitureFittings2022-12-3101035162ns6:MotorVehicles2022-12-3101035162ns6:ComputerEquipment2022-12-3101035162ns6:WithinOneYearns6:CurrentFinancialInstruments2023-12-3101035162ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3101035162ns6:WithinOneYear2023-12-3101035162ns6:WithinOneYear2022-12-3101035162ns6:BetweenOneFiveYears2023-12-3101035162ns6:BetweenOneFiveYears2022-12-3101035162ns6:AllPeriods2023-12-3101035162ns6:AllPeriods2022-12-3101035162ns6:DeferredTaxation2022-12-3101035162ns6:DeferredTaxation2023-01-012023-12-3101035162ns6:DeferredTaxation2023-12-3101035162ns11:OrdinaryShareClass12023-12-3101035162ns6:RetainedEarningsAccumulatedLosses2022-12-3101035162ns6:CapitalRedemptionReserve2022-12-3101035162ns11:Director112022-12-3101035162ns11:Director112021-12-3101035162ns11:Director112023-01-012023-12-3101035162ns11:Director112022-01-012022-12-3101035162ns11:Director112023-12-3101035162ns11:Director112022-12-3101035162ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-01-012023-12-3101035162ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-01-012022-12-3101035162ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-12-3101035162ns6:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-12-31
REGISTERED NUMBER: 01035162 (England and Wales)















GALVANISED SHEETS & COIL LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


GALVANISED SHEETS & COIL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D W Broadhurst
Miss L L Wheeler





REGISTERED OFFICE: Doris Road
Bordesley Green
Birmingham
West Midlands
B9 4SJ





REGISTERED NUMBER: 01035162 (England and Wales)





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

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


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

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

There has been no change in the principal activities of the company during the period.

PRINCIPAL RISKS AND UNCERTAINTIES
As for many business of our size, the business environment in which we operate continues to be challenging. The market is highly competitive and margins continue to be under pressure. we are of course subject to world economic patterns and the level of activity within our economy.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

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

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts due.

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


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

Turnover has decreased by 2.64% compared to the previous period. Gross margin has decreased to 14.69% (2022 20.32%).

Overall there has been an operating profit of £45,363 (2022 £1,627,529) and a profit before tax of £99,146 (2022 £1,634,483). After taxation £76,725 (2022 £1,331,314) has been added to reserves.

Return on capital employed has decreased to 0.60% (2022 21.52%). Return on capital employed is calculated as profit before, interest and tax divided by capital employed, which constitutes total assets less current liabilities.

ON BEHALF OF THE BOARD:





D W Broadhurst - Director


19 September 2024

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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.

DIVIDENDS
Interim dividends totalling £3529.41171 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 120,000 .

The director recommends no change to the monthly dividend.

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

D W Broadhurst
Miss L L Wheeler

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

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

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

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

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

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

ON BEHALF OF THE BOARD:



D W Broadhurst - Director


19 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GALVANISED SHEETS & COIL LIMITED


Opinion
We have audited the financial statements of Galvanised Sheets & Coil 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, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 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
GALVANISED SHEETS & COIL LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GALVANISED SHEETS & COIL LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GALVANISED SHEETS & COIL LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




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

19 September 2024

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 3 11,916,869 16,206,651

Cost of sales 10,165,756 12,913,803
GROSS PROFIT 1,751,113 3,292,848

Administrative expenses 1,705,750 1,665,319
OPERATING PROFIT 5 45,363 1,627,529

Interest receivable and similar income 6 53,783 7,249
99,146 1,634,778

Interest payable and similar expenses 7 - 295
PROFIT BEFORE TAXATION 99,146 1,634,483

Tax on profit 8 22,421 303,169
PROFIT FOR THE FINANCIAL YEAR 76,725 1,331,314

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 76,725 1,331,314


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

76,725

1,331,314

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 69,638 86,080

CURRENT ASSETS
Stocks 11 2,276,790 1,851,952
Debtors 12 2,630,746 2,937,201
Cash at bank and in hand 4,177,491 3,503,174
9,085,027 8,292,327
CREDITORS
Amounts falling due within one year 13 1,638,500 815,163
NET CURRENT ASSETS 7,446,527 7,477,164
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,516,165

7,563,244

PROVISIONS FOR LIABILITIES 15 - 3,804
NET ASSETS 7,516,165 7,559,440

CAPITAL AND RESERVES
Called up share capital 16 34 34
Capital redemption reserve 17 66 66
Retained earnings 17 7,516,065 7,559,340
SHAREHOLDERS' FUNDS 7,516,165 7,559,440

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





D W Broadhurst - Director


GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 34 6,348,026 66 6,348,126

Changes in equity
Dividends - (120,000 ) - (120,000 )
Total comprehensive income - 1,331,314 - 1,331,314
Balance at 31 December 2022 34 7,559,340 66 7,559,440

Changes in equity
Dividends - (120,000 ) - (120,000 )
Total comprehensive income - 76,725 - 76,725
Balance at 31 December 2023 34 7,516,065 66 7,516,165

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 824,485 1,421,453
Interest paid - (295 )
Tax paid (67,259 ) (828,591 )
Net cash from operating activities 757,226 592,567

Cash flows from investing activities
Purchase of tangible fixed assets (3,500 ) (35,749 )
Interest received 53,783 7,249
Net cash from investing activities 50,283 (28,500 )

Cash flows from financing activities
Amount introduced by directors - 600
Amount withdrawn by directors (13,192 ) -
Equity dividends paid (120,000 ) (120,000 )
Net cash from financing activities (133,192 ) (119,400 )

Increase in cash and cash equivalents 674,317 444,667
Cash and cash equivalents at beginning of
year

2

3,503,174

3,058,507

Cash and cash equivalents at end of year 2 4,177,491 3,503,174

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 99,146 1,634,483
Depreciation charges 18,719 22,978
Loss on disposal of fixed assets 1,223 -
Finance costs - 295
Finance income (53,783 ) (7,249 )
65,305 1,650,507
(Increase)/decrease in stocks (424,838 ) 535,447
Decrease in trade and other debtors 420,497 1,022,104
Increase/(decrease) in trade and other creditors 763,521 (1,786,605 )
Cash generated from operations 824,485 1,421,453

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 4,177,491 3,503,174
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 3,503,174 3,058,507


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 3,503,174 674,317 4,177,491
3,503,174 674,317 4,177,491
Total 3,503,174 674,317 4,177,491

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Stock sold under consignment is recognised as the customer uses the stock or when the time limit expires.

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

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

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

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

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


GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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.

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.

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.

Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

3. TURNOVER

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

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

2023 2022
£    £   
Steel sales 11,916,869 16,206,651
11,916,869 16,206,651

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 11,896,851 16,160,144
Europe 20,018 46,507
11,916,869 16,206,651

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 705,613 775,780
Social security costs 75,667 90,529
Other pension costs 15,207 14,324
796,487 880,633

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

Directors 2 2
Direct labour 14 13
Sales 2 2
Administration 3 2
21 19

2023 2022
£    £   
Directors' remuneration 97,820 139,691
Directors' pension contributions to money purchase schemes 1,321 -

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 -

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 83,035 83,597
Depreciation - owned assets 18,717 22,978
Loss on disposal of fixed assets 1,223 -
Auditors' remuneration 6,500 5,000

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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


6. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
£    £   
Bank interest received 50,917 7,249
Taxation repayment supplement 2,866 -
53,783 7,249

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Late payment interest - 295

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 148,965 299,365

Deferred tax (126,544 ) 3,804
Tax on profit 22,421 303,169

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:

2023 2022
£    £   
Profit before tax 99,146 1,634,483
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

24,787

310,552

Effects of:
Expenses not deductible for tax purposes 5,869 (7,176 )
Capital allowances in excess of depreciation - (207 )
Change in rate of tax during the period (8,235 ) -

Total tax charge 22,421 303,169

9. DIVIDENDS
2023 2022
£    £   
Interim 120,000 120,000

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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


10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 562,258 81,999 161,089 37,595 842,941
Additions 3,499 - - - 3,499
Disposals (283,795 ) (26,980 ) - (19,902 ) (330,677 )
At 31 December 2023 281,962 55,019 161,089 17,693 515,763
DEPRECIATION
At 1 January 2023 544,322 59,825 118,506 34,208 756,861
Charge for year 3,074 3,255 10,643 1,745 18,717
Eliminated on disposal (282,980 ) (26,572 ) - (19,901 ) (329,453 )
At 31 December 2023 264,416 36,508 129,149 16,052 446,125
NET BOOK VALUE
At 31 December 2023 17,546 18,511 31,940 1,641 69,638
At 31 December 2022 17,936 22,174 42,583 3,387 86,080

11. STOCKS
2023 2022
£    £   
Stocks 2,276,790 1,851,952

12. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,187,793 2,774,834
Directors' current accounts 12,592 -
Taxation - 21,290
VAT 203,962 27,164
Prepayments 103,659 113,913
2,508,006 2,937,201

Amounts falling due after more than one year:
Deferred tax asset 122,740 -

Aggregate amounts 2,630,746 2,937,201

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,507,519 713,970
Corporation tax 60,416 -
PAYE & NIC control a/c 45,845 85,591
Directors' current accounts - 600
Accruals and deferred income 24,720 15,002
1,638,500 815,163

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 1,259 5,034
Between one and five years - 1,259
1,259 6,293

15. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax 3,804

Deferred
tax
£   
Balance at 1 January 2023 3,804
Credit to Income Statement during year (97,087 )
Change in rate of tax (29,457 )
Balance at 31 December 2023 (122,740 )

Deferred tax asset of £122,740 is included in other debtors.

16. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
34 Ordinary A shares £1 34 34

Ordinary shares have full voting, dividend and capital return rights including on a winding up and are not redeemable.

GALVANISED SHEETS & COIL LIMITED (REGISTERED NUMBER: 01035162)

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


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

At 1 January 2023 7,559,340 66 7,559,406
Profit for the year 76,725 76,725
Dividends (120,000 ) (120,000 )
At 31 December 2023 7,516,065 66 7,516,131

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2023 2022
£    £   
D W Broadhurst
Balance outstanding at start of year (600 ) -
Amounts advanced 13,192 -
Amounts repaid - (600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,592 (600 )

19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Sales 185,889 169,588
Purchases 595,353 308,831
Rent 78,000 78,000
Amount due from related party 17,465 11,559
Amount due to related party 668,889 123,810