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REGISTERED NUMBER: 02270027 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

North West Steel Limited

North West Steel Limited (Registered number: 02270027)






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 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


North West Steel Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J P W Roe
J Robertson
C J Taylor



REGISTERED OFFICE: 1 Fenlake Business Centre
Fengate
Peterborough
Cambridgeshire
PE1 5BQ



REGISTERED NUMBER: 02270027 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Colcomb FCCA



AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

North West Steel Limited (Registered number: 02270027)

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 company's primary target is growth in turnover and profitability. Specific operating and financial KPI's relevant to individual businesses achieving this objective are highlighted in the trading results.

Turnover for the company decreased by 35.3% to £15,944,411 from £24,650,686 in 2022.

The company's gross profit has decreased to £3,249,515 from £5,296,358 in 2022. The company's profit before taxation has decreased to £1,610,552 from £3,630,259 in 2022. The strong balance sheet of the company allows for large bulk purchases of steel to be made along with the strategic timing of purchases, this allows the company to maximise it's gross profit margin as far as possible.

The aim for 2024 is it to continue to generate good profit margins.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors of the company regularly meet to review any risks and uncertainties that are either currently faced by the company or will potentially be faced by the company in the future. Measures are then agreed upon to be put in place to mitigate these risks and uncertainties.

The principal risk of the company involve the steel prices continuously fluctuating. This is mitigated by bulk purchasing and forward pricing undertaken by the company.

ON BEHALF OF THE BOARD:





J P W Roe - Director


17 September 2024

North West Steel Limited (Registered number: 02270027)

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 processing steel reinforcing materials for the construction industry.

DIVIDENDS
There were no dividends distributed for the year ended 31 December 2023.

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

J P W Roe
J Robertson
C J Taylor

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.

ON BEHALF OF THE BOARD:





J P W Roe - Director


17 September 2024

Report of the Independent Auditors to the Members of
North West Steel Limited

Opinion
We have audited the financial statements of North West Steel Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of 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.

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.

Report of the Independent Auditors to the Members of
North West Steel Limited


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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the
entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its
legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end
journals.
- Assessing the extent of compliance with the relevant laws and regulations.

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.

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.




Paul Colcomb FCCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

17 September 2024

North West Steel Limited (Registered number: 02270027)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 15,944,411 24,650,686

Cost of sales 12,694,896 19,354,328
GROSS PROFIT 3,249,515 5,296,358

Distribution costs 140,894 124,008
Administrative expenses 1,655,020 1,535,691
1,795,914 1,659,699
OPERATING PROFIT 5 1,453,601 3,636,659

Interest receivable and similar income 185,312 14,983
1,638,913 3,651,642

Interest payable and similar expenses 6 28,361 21,383
PROFIT BEFORE TAXATION 1,610,552 3,630,259

Tax on profit 7 417,570 676,758
PROFIT FOR THE FINANCIAL YEAR 1,192,982 2,953,501

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,192,982

2,953,501

North West Steel Limited (Registered number: 02270027)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 952,767 866,086
Investments 9 100 100
Investment property 10 247,533 247,533
1,200,400 1,113,719

CURRENT ASSETS
Stocks 11 1,020,795 2,022,206
Debtors 12 6,284,526 6,040,225
Cash at bank and in hand 9,164,370 8,562,546
16,469,691 16,624,977
CREDITORS
Amounts falling due within one year 13 2,240,271 3,655,066
NET CURRENT ASSETS 14,229,420 12,969,911
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,429,820

14,083,630

CREDITORS
Amounts falling due after more than one
year

14

(371,254

)

(280,054

)

PROVISIONS FOR LIABILITIES 17 (181,320 ) (119,312 )
NET ASSETS 14,877,246 13,684,264

CAPITAL AND RESERVES
Called up share capital 18 100 100
Retained earnings 19 14,877,146 13,684,164
SHAREHOLDERS' FUNDS 14,877,246 13,684,264

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





J P W Roe - Director


North West Steel Limited (Registered number: 02270027)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 10,730,663 10,730,763

Changes in equity
Total comprehensive income - 2,953,501 2,953,501
Balance at 31 December 2022 100 13,684,164 13,684,264

Changes in equity
Total comprehensive income - 1,192,982 1,192,982
Balance at 31 December 2023 100 14,877,146 14,877,246

North West Steel Limited (Registered number: 02270027)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,008,161 4,187,038
Interest paid - (1 )
Interest element of hire purchase payments
paid

(28,361

)

(21,382

)
Tax paid (626,840 ) (545,540 )
Net cash from operating activities 3,352,960 3,620,115

Cash flows from investing activities
Purchase of tangible fixed assets (410,763 ) (469,331 )
Sale of tangible fixed assets 133,999 40,000
Interest received 185,312 14,983
Net cash from investing activities (91,452 ) (414,348 )

Cash flows from financing activities
Inter-company loan movement (1,286,924 ) (418,788 )
Hire purchase capital movement (270,647 ) (181,931 )
Related party loan movement (1,455,381 ) (1,392,611 )
New hire purchase arrangements 353,268 413,200
Net cash from financing activities (2,659,684 ) (1,580,130 )

Increase in cash and cash equivalents 601,824 1,625,637
Cash and cash equivalents at beginning
of year

2

8,562,546

6,936,909

Cash and cash equivalents at end of year 2 9,164,370 8,562,546

North West Steel Limited (Registered number: 02270027)

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 1,610,552 3,630,259
Depreciation charges 185,275 168,904
Loss/(profit) on disposal of fixed assets 4,808 (604 )
Finance costs 28,361 21,383
Finance income (185,312 ) (14,983 )
1,643,684 3,804,959
Decrease in stocks 1,001,411 49,520
Decrease/(increase) in trade and other debtors 1,992,057 (619,868 )
(Decrease)/increase in trade and other creditors (628,991 ) 952,427
Cash generated from operations 4,008,161 4,187,038

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 9,164,370 8,562,546
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 8,562,546 6,936,909


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 8,562,546 601,824 9,164,370
8,562,546 601,824 9,164,370
Debt
Finance leases (396,987 ) (82,621 ) (479,608 )
(396,987 ) (82,621 ) (479,608 )
Total 8,165,559 519,203 8,684,762

North West Steel Limited (Registered number: 02270027)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

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

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

Revenue is recognised on the despatch of the goods ordered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land & buildings - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

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

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The method of measuring the stock value is performed by using the average cost principle.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactions price. Any losses arising from impairment are recognised in the income statement in administrative expenses

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 that have been enacted or substantively enacted by the balance sheet date.

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.

North West Steel Limited (Registered number: 02270027)

Notes to the 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

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

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

2023 2022
£    £   
Sale of goods 15,944,411 24,650,686
15,944,411 24,650,686

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 15,944,411 24,650,686
15,944,411 24,650,686

Revenue is recognised on the despatch of the goods ordered.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,408,163 1,495,966
Social security costs 162,876 180,965
Other pension costs 26,820 26,762
1,597,859 1,703,693

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

Warehouse 21 24
Sales, distribution and administration 3 2
24 26

2023 2022
£    £   
Directors' remuneration 602,500 651,875
Directors' pension contributions to money purchase schemes 10,000 10,000

North West Steel Limited (Registered number: 02270027)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 302,500 350,000
Pension contributions to money purchase schemes 10,000 -

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant & machinery - 7,237
Depreciation - owned assets 185,275 168,904
Loss/(profit) on disposal of fixed assets 4,808 (604 )
Auditors' remuneration 12,435 11,900

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 1
Hire purchase 28,361 21,382
28,361 21,383

7. 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 355,562 625,358
Prior year underprovision - 2,429
Total current tax 355,562 627,787

Deferred tax 62,008 48,971
Tax on profit 417,570 676,758

UK corporation tax has been charged at 25% (2022 - 19%).

North West Steel Limited (Registered number: 02270027)

Notes to the 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 higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,610,552 3,630,259
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

402,638

689,749

Effects of:
Expenses not deductible for tax purposes 4,307 603
Capital allowances in excess of depreciation (29,018 ) (64,994 )
Adjustments to tax charge in respect of previous periods - 2,429

Deferred taxation 62,008 48,971
Changes in tax rates (22,365 ) -
Total tax charge 417,570 676,758

8. TANGIBLE FIXED ASSETS
Improvements
Land & to Plant and
buildings property machinery
£    £    £   
COST
At 1 January 2023 532,060 6,000 589,061
Additions - - 11,623
Disposals - - (143,058 )
At 31 December 2023 532,060 6,000 457,626
DEPRECIATION
At 1 January 2023 320,124 2,400 439,226
Charge for year 10,641 1,200 29,670
Eliminated on disposal - - (141,461 )
At 31 December 2023 330,765 3,600 327,435
NET BOOK VALUE
At 31 December 2023 201,295 2,400 130,191
At 31 December 2022 211,936 3,600 149,835

North West Steel Limited (Registered number: 02270027)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 10,757 816,442 7,089 1,961,409
Additions - 358,268 40,872 410,763
Disposals - (189,940 ) - (332,998 )
At 31 December 2023 10,757 984,770 47,961 2,039,174
DEPRECIATION
At 1 January 2023 10,755 316,129 6,689 1,095,323
Charge for year 2 134,638 9,124 185,275
Eliminated on disposal - (52,730 ) - (194,191 )
At 31 December 2023 10,757 398,037 15,813 1,086,407
NET BOOK VALUE
At 31 December 2023 - 586,733 32,148 952,767
At 31 December 2022 2 500,313 400 866,086

Included within fixed assets are assets held under hire purchase agreements with a net book value of £520,406 (2022: £516,412). Depreciation charged on these assets in the year amounted to £106,178 (2022:£118,484).

9. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

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

Viewdart Limited
Registered office: 1 Fenlake Business Centre, Fengate, Peterborough, Cambridgeshire PE15BQ
Nature of business: Provision of transport services.
%
Class of shares: holding
Ordinary 100.00

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 247,533
NET BOOK VALUE
At 31 December 2023 247,533
At 31 December 2022 247,533

North West Steel Limited (Registered number: 02270027)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. INVESTMENT PROPERTY - continued

Torrance Partnership has valued the investment property on an open market basis where the individual has relevant professional qualifications and recent experience in the location and category of the investment property. The current value was not considered materially different to its carrying value so no revaluation in the financial statements was required.

11. STOCKS
2023 2022
£    £   
Stocks 1,020,795 2,022,206

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,475,680 2,324,630
Amounts owed by group undertakings 1,199,766 418,789
Other debtors 609,941 1,770,206
Amounts due from related
undertakings 2,954,252 1,498,871
Prepayments and accrued income 44,887 27,729
6,284,526 6,040,225

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 108,354 116,933
Trade creditors 1,255,726 1,420,987
Corporation tax 354,080 625,358
Social security and other taxes 393,927 1,241,022
Other creditors 4,450 4,516
Accruals and deferred income 123,734 246,250
2,240,271 3,655,066

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 371,254 280,054

North West Steel Limited (Registered number: 02270027)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Gross obligations repayable:
Within one year 140,164 138,590
Between one and five years 410,101 302,828
550,265 441,418

Finance charges repayable:
Within one year 31,810 21,657
Between one and five years 38,847 22,774
70,657 44,431

Net obligations repayable:
Within one year 108,354 116,933
Between one and five years 371,254 280,054
479,608 396,987

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 479,608 396,987

Amounts due on hire purchase are secured against the related assets.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 181,320 119,312

Deferred
tax
£   
Balance at 1 January 2023 119,312
Provided during year 62,008
Balance at 31 December 2023 181,320

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

North West Steel Limited (Registered number: 02270027)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

19. RESERVES
Retained
earnings
£   

At 1 January 2023 13,684,164
Profit for the year 1,192,982
At 31 December 2023 14,877,146

20. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Companies under Common Control
During the year the company was charged a management fee of £264,000 (2022: £264,000) from a related party. The company made sales of £19,671 (2022: £268,851) and purchases of £454,471 (2022: £444,722).

The company received an advance of £2,693,619 (2022: £1,827,641) from a related party in respect of steel ships which is part of the stock utilised by North West Steel Limited. The company also paid £618,537 (2022: £3,242,195) on behalf of a related party for steel ships.

At the year end there was a balance of £2,954,252 owed by related parties (2022: £2,490,711 owed to related parties).

21. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr J P W Roe by virtue of owning 100% of the issued share capital of the company.