BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the business is the wholesale of sheet and box metal. 19 September 2024 NI635062 2023-12-31 NI635062 2023-01-31 NI635062 2022-01-31 NI635062 2023-02-01 2023-12-31 NI635062 2022-02-01 2023-01-31 NI635062 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2023-12-31 NI635062 uk-curr:PoundSterling 2023-02-01 2023-12-31 NI635062 uk-bus:FullAccounts 2023-02-01 2023-12-31 NI635062 uk-bus:Director1 2023-02-01 2023-12-31 NI635062 uk-bus:Director2 2023-02-01 2023-12-31 NI635062 uk-bus:RegisteredOffice 2023-02-01 2023-12-31 NI635062 uk-bus:Agent1 2023-02-01 2023-12-31 NI635062 uk-bus:Audited 2023-02-01 2023-12-31 NI635062 uk-core:ShareCapital 2023-12-31 NI635062 uk-core:ShareCapital 2023-01-31 NI635062 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI635062 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI635062 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 NI635062 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI635062 uk-core:RetainedEarningsAccumulatedLosses 2023-02-01 2023-12-31 NI635062 uk-bus:FRS102 2023-02-01 2023-12-31 NI635062 uk-core:PlantMachinery 2023-02-01 2023-12-31 NI635062 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-02-01 2023-12-31 NI635062 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-02-01 2023-01-31 NI635062 uk-core:CurrentFinancialInstruments 2023-12-31 NI635062 uk-core:CurrentFinancialInstruments 2023-01-31 NI635062 uk-core:WithinOneYear 2023-12-31 NI635062 uk-core:WithinOneYear 2023-01-31 NI635062 uk-bus:OrdinaryShareClass1 2023-02-01 2023-12-31 NI635062 uk-bus:OrdinaryShareClass1 2023-12-31 NI635062 2023-02-01 2023-12-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI635062
 
 
Hannon Steel Limited
 
Reports and Financial Statements
 
for the financial period ended 31 December 2023
Hannon Steel Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Adrian Hannon
Aodh Hannon
 
 
Company Registration Number NI635062
 
 
Registered Office 21 Brankinstown Road
Aghalee
Lurgan
Armagh
BT67 0DF
Northern Ireland
 
 
Business Address Old Ballyrobin Road
Muckamore
Antrim
Co. Antrim
BT41 4TJ
Northern Ireland
 
 
Independent Auditors MG accountants
(Portadown)
25-27 Carleton Street
Portadown
Co. Armagh
BT62 3EP
Northern Ireland
 
 
Bankers HSBC
  1 Grand Canal Square
  Grand Canal Harbour
  Dublin 2
  Ireland



Hannon Steel Limited
STRATEGIC REPORT
for the financial period ended 31 December 2023

 
The directors present their strategic report on the company for the financial period ended 31 December 2023.
 
Review of the Company's Business
The principal activity of the business is the wholesale of sheet and box metal
       
Business Review
The turnover for the financial period amounted to £14,420,151 (2023: £18,751,439). The decrease in revenue was attributable to a number of factors.

In the initial months of the 2023 trading period, because of the war in Ukraine, the business experienced a significant shift in market conditions, which positively impacted steel volumes and prices. Since then, during the current financial period, market prices have stablised. The company’s gross margin for the financial period was 13.8% (2023: 18.9%). Gross margin performance was impacted by these changes in market conditions. Gross margins normalised during the last quarter of 2023. As a result the directors are confident that the company performance will improve as market conditions stabilise.
       
Financial Risk Management
The company’s operations expose it to a variety of financial risks. The company has implemented policies and procedures to monitor and reduce financial risk within the entity. Ongoing financial performance is monitored and reviewed by management using a range of metrics to manage stability of both short and long term performance.
 
Key Performance Indicators
The Key Performance Indicators during the financial period were as follows:
       
    Dec 23 Jan 23
    £ £
Turnover   14,420,151 18,751,439
Gross profit   1,985,628 3,557,185
Gross Profit Margin %   14 19
       
Compliance Risk
The principal Compliance Risk for the company is the health and safety of the employees. In addition to the standard health and safety and employment requirements, there is continued emphasis and investment of time and resources to ensure ongoing compliance in this area.
       
Cost Control Risk
Management continually monitor costs and variances to test against margin requirements. A strategy of building long term supplier relationships is employed with marked price monitoring to ensure best value and consistency of service delivery.
       
Business continuity risk
The company engages with a short and long term IT infrastructure strategy, employing onsite and offsite data backup services. There is an ongoing review of hardware, software and protocols to ensure that any risk from current or future activities is managed and associated risk mitigated.
       
Foreign exchange risk
The main denomination used within the company is Sterling.
       
Credit Risk
The Company is exposed to credit risk and has implement robust policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterpart is subject to limit which is reassessed regularly by the credit control and management team.
       
Brexit & Customs Requirements
In June 2016, the UK voted by referendum to leave the EU. This created an onerous customs administration process for trade between the UK, NI and EU.

The business mitigated the risk associated with the introduction of the customs requirements by availing of the expertise of an in-house technical customs department for the Hannon Group. This department works closely with Hannon Steel Limited to ensure the smooth movement of goods across multiple international borders..

       
       
On behalf of the board
       
       
       
___________________________      
Adrian Hannon      
Director      
       
       
       
___________________________
Aodh Hannon
Director
       
19 September 2024      



Hannon Steel Limited
DIRECTORS' REPORT
for the financial period ended 31 December 2023

 
The directors present their report and the audited financial statements for the financial period ended 31 December 2023.
 
Principal Activity
The principal activity of the business is the wholesale of sheet and box metal.
     
Results and Dividends
The profit for the financial period after providing for depreciation and taxation amounted to £920,858 (Jan 23 - £2,217,637).
The directors have paid a final dividend amounting to £300,000.
     
Directors
The directors who served during the financial period are as follows:
     
Adrian Hannon
Aodh Hannon
   
There were no changes in shareholdings between 31 December 2023 and the date of signing the financial statements.
     
In accordance with the Articles of Association, the directors retire by rotation and, being eligible, offer themselves for re-election.
     
Future Developments
The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the financial period-end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial period.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial period. 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) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 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.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
The auditors, MG accountants, ((Portadown)) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
     
On behalf of the board
     
     
     
___________________________
Adrian Hannon
Director
     
     
     
___________________________
Aodh Hannon
Director
     
19 September 2024



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Hannon Steel Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Hannon Steel Limited ('the company') for the financial period ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 financial period 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 Auditor's 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 the date 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 other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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.
 
Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
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
- 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 for the financial statements
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 they determine is 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 has no realistic alternative but to do so.
 
Auditor's 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 an Auditor's Report 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.
 
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:
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
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 an auditor's report 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.
 
 
 
__________________________________
Claire Garvey (Senior Statutory Auditor)
for and on behalf of
MG ACCOUNTANTS
(Portadown)
25-27 Carleton Street
Portadown
Co. Armagh
BT62 3EP
Northern Ireland
 
19 September 2024



Hannon Steel Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



Hannon Steel Limited
PROFIT AND LOSS ACCOUNT
for the financial period ended 31 December 2023
Dec 23 Jan 23
Notes £ £

Turnover 5 14,420,151 18,751,439
 
Cost of sales (12,434,523) (15,194,254)
───────── ─────────
Gross profit 1,985,628 3,557,185
 
Administrative expenses (772,260) (823,690)
───────── ─────────
Operating profit 6 1,213,368 2,733,495
 
Interest receivable and similar income 7 2,430 -
Interest payable and similar expenses 8 - (10,965)
───────── ─────────
Profit before taxation 1,215,798 2,722,530
 
Tax on profit 10 (294,940) (504,893)
───────── ─────────
Profit for the financial period 920,858 2,217,637
    ═════════   ═════════



Hannon Steel Limited
Company Registration Number: NI635062
BALANCE SHEET
as at 31 December 2023

Dec 23 Jan 23
Notes £ £
 
Fixed Assets
Tangible assets 12 445,005 79,750
───────── ─────────
 
Current Assets
Stocks 13 1,997,307 2,517,523
Debtors 14 3,842,779 4,407,695
Cash and cash equivalents 15 604,571 418,699
───────── ─────────
6,444,657 7,343,917
───────── ─────────
Creditors: amounts falling due within one year 16 (1,035,077) (2,189,940)
───────── ─────────
Net Current Assets 5,409,580 5,153,977
───────── ─────────
Total Assets less Current Liabilities 5,854,585 5,233,727
═════════ ═════════
 
Capital and Reserves
Called up share capital 18 2 2
Retained earnings 5,854,583 5,233,725
───────── ─────────
Equity attributable to owners of the company 5,854,585 5,233,727
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 19 September 2024 and signed on its behalf by
           
           
           
________________________________          
Adrian Hannon          
Director          
           
           
           
________________________________
Aodh Hannon
Director
           



Hannon Steel Limited
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 31 December 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 February 2022 2 3,316,088 3,316,090
───────── ───────── ─────────
Profit for the financial year - 2,217,637 2,217,637
───────── ───────── ─────────
Payment of dividends - (300,000) (300,000)
  ───────── ───────── ─────────
At 31 January 2023 2 5,233,725 5,233,727
  ───────── ───────── ─────────
Profit for the financial period - 920,858 920,858
  ───────── ───────── ─────────
Payment of dividends - (300,000) (300,000)
  ───────── ───────── ─────────
At 31 December 2023 2 5,854,583 5,854,585
  ═════════ ═════════ ═════════



Hannon Steel Limited
CASH FLOW STATEMENT
for the financial period ended 31 December 2023
Dec 23 Jan 23
Notes £ £

Cash flows from operating activities
Profit for the financial period 920,858 2,217,637
Adjustments for:
Interest receivable and similar income (2,430) -
Interest payable and similar expenses - 10,965
Tax on profit on ordinary activities 294,940 504,893
Depreciation 14,691 7,881
───────── ─────────
1,228,059 2,741,376
Movements in working capital:
Movement in stocks 520,216 201,568
Movement in debtors 564,916 (381,263)
Movement in creditors (939,437) 427,848
───────── ─────────
Cash generated from operations 1,373,754 2,989,529
Interest paid - (10,965)
Tax paid (507,936) (764,513)
Tax repaid (2,430) -
───────── ─────────
Net cash generated from operating activities 863,388 2,214,051
───────── ─────────
Cash flows from investing activities
Interest received   2,430 -
Payments to acquire tangible assets   (379,946) (64,252)
    ───────── ─────────
Net cash used in investment activities   (377,516) (64,252)
    ───────── ─────────
Cash flows from financing activities
Dividends paid   (300,000) (300,000)
    ───────── ─────────
       
Net increase in cash and cash equivalents   185,872 1,849,799
Cash and cash equivalents at beginning of financial period   418,699 (1,431,100)
    ───────── ─────────
Cash and cash equivalents at end of financial period 15 604,571 418,699
    ═════════ ═════════



Hannon Steel Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial period ended 31 December 2023

   
1. General Information
 
Hannon Steel Limited is a company limited by shares incorporated in Northern Ireland. 21 Brankinstown Road, Aghalee, Lurgan, Armagh, BT67 0DF, Northern Ireland is the registered office. The principal place of business of the company is Old Ballyrobin Road, Muckamore, Co. Antrim. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the period ended 31 December 2023 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.  Revenue is recognised when the sales invoice is produced.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land - 0%
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Cost comprises the average price of goods purchased by calculating the unit cost on the initial cost price and the reorder cost price. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price.
 
Trade and other debtors
Trade and other debtors are recognised at fair value. Provision is made for bad and doubtful debts if required.
 
Trade and other creditors
Trade and other creditors are recognised at fair value.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant 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 value of stock of steel.  Due to market forces which can occur in the manufacturing and supply of steel substantial fluctuations in price may occur.  
The directors update the cost of the stock of steel on a 'per delivery' basis however the actual value of the stock may differ from the estimate.

Such estimates are continually reviewed and updated.  Any revisions are recognised in the period in which the estimate is revised.
   
4. Period of financial statements
 
The financial statements are for the 11 month period ended 31 December 2023.
       
5. Turnover
 
The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of the wholesale of sheet and box metal.
       
6. Operating profit Dec 23 Jan 23
  £ £
Operating profit is stated after charging:
Depreciation of tangible assets 14,691 7,881
Operating lease rentals
- Motor vehicles 16,959 24,315
Auditor's remuneration
- audit services 13,840 12,500
  ═════════ ═════════
       
7. Interest receivable and similar income Dec 23 Jan 23
  £ £
 
Other interest 2,430 -
  ═════════ ═════════
       
8. Interest payable and similar expenses Dec 23 Jan 23
  £ £
 
On bank loans and overdrafts - 10,965
  ═════════ ═════════
       
9. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial period was as follows:
 
  Dec 23 Jan 23
  Number Number
 
Accounts and Admin 2 2
Directors 2 2
Production 8 8
Sales 3 3
  ───────── ─────────
  15 15
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: Dec 23 Jan 23
  £ £
 
Wages and salaries 426,434 466,251
Social security costs 40,949 47,109
Pension costs 104,000 46,666
  ───────── ─────────
  571,383 560,026
  ═════════ ═════════
       
10. Tax on profit
  Dec 23 Jan 23
  £ £
(a)     Analysis of charge in the financial period
 
Current tax:
Corporation tax at 25.00% (Jan 23 - 19.00%) (Note 10 (b)) 294,940 504,893
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial period
 
The tax assessed for the financial period differs from the standard rate of corporation tax in the United Kingdom 25.00% (Jan 23 - 19.00%). The differences are explained below:
  Dec 23 Jan 23
  £ £
 
Profit taxable at 25.00% 1,215,798 2,722,530
  ═════════ ═════════
Profit before tax
multiplied by the standard rate of corporation tax
in the United Kingdom at 25.00% (Jan 23 - 19.00%) 303,950 517,281
Effects of:
Expenses not deductible for tax purposes 1,349 1,985
Depreciation in excess of capital allowances for period 2,700 (14,373)
Tax adjustment due to different tax rate (13,059) -
  ───────── ─────────
Total tax charge for the financial period (Note 10 (a)) 294,940 504,893
  ═════════ ═════════
 
       
11. Dividends Dec 23 Jan 23
  £ £
Dividends on equity shares:
 
Ordinary Shares Class 1 - Final paid 300,000 300,000
  ═════════ ═════════
           
12. Tangible assets
  Land Plant and Fixtures, Total
    machinery fittings and  
      equipment  
  £ £ £ £
Cost
At 1 February 2023 - 109,997 4,370 114,367
Additions 376,055 - 3,891 379,946
  ───────── ───────── ───────── ─────────
At 31 December 2023 376,055 109,997 8,261 494,313
  ───────── ───────── ───────── ─────────
Depreciation
At 1 February 2023 - 31,924 2,693 34,617
Charge for the financial period - 14,322 369 14,691
  ───────── ───────── ───────── ─────────
At 31 December 2023 - 46,246 3,062 49,308
  ───────── ───────── ───────── ─────────
Net book value
At 31 December 2023 376,055 63,751 5,199 445,005
  ═════════ ═════════ ═════════ ═════════
At 31 January 2023 - 78,073 1,677 79,750
  ═════════ ═════════ ═════════ ═════════
       
13. Stocks Dec 23 Jan 23
  £ £
 
Finished goods and goods for resale 1,997,307 2,517,523
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
14. Debtors Dec 23 Jan 23
  £ £
 
Trade debtors 3,502,540 4,015,572
Other debtors 312,224 376,055
Prepayments and accrued income 28,015 16,068
  ───────── ─────────
  3,842,779 4,407,695
  ═════════ ═════════
       
15. Cash and cash equivalents Dec 23 Jan 23
  £ £
 
Cash and bank balances 604,571 418,699
  ═════════ ═════════
       
16. Creditors Dec 23 Jan 23
Amounts falling due within one year £ £
 
Trade creditors 808,088 1,770,059
Taxation  (Note 17) 177,383 360,966
Other creditors 6,166 -
Accruals 43,440 58,915
  ───────── ─────────
  1,035,077 2,189,940
  ═════════ ═════════
       
17. Taxation Dec 23 Jan 23
  £ £
 
Creditors:
VAT 110,927 99,648
Corporation tax 35,924 251,350
PAYE / NI 30,532 9,968
  ───────── ─────────
  177,383 360,966
  ═════════ ═════════
           
18. Share capital     Dec 23 Jan 23
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary Shares Class 1 2 £1.00 each 2 2
 
      ═════════ ═════════
   
19. Financial commitments
 
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
       
20. Capital commitments
 
The company had no material capital commitments at the financial period-ended 31 December 2023.
       
21. Directors' remuneration Dec 23 Jan 23
  £ £
 
Remuneration 24,928 32,237
Pension contributions 104,000 46,666
  ───────── ─────────
  128,928 78,903
  ═════════ ═════════
           
22. Related party transactions
 
Hannon Transport Limited
During the period Hannon Transport Limited supplied transport and administration services to Hannon Steel Limited amounting to £512,179. The balance owing to Hannon Transport Limited at 31 December 2023 amounted to £86,762.
During the period Hannon Steel Limited supplied steel to Hannon Transport Limited amounting to £12,906.  The balance owing to Hannon Steel Limited at 31 December 2023 amounted to £NIL.

Hannon Holdings Property Ltd
During the period Hannon Holdings Property Limited invoiced Hannon Steel Limited £105,276 for works carried out at the site at Nutts Corner. The balance owing to Hannon Holdings Property Limited at 31 December 2023 amounted to £NIL.


Hannon Transport Limited and Hannon Holdings Property Limited are both wholly owned subsidiaries of Hannon Holdings Limited. Hannon Holdings Limited is a corporate shareholder of Hannon Steel Limited and Mr Aodh Hannon is a director in all of the above Companies.
   
23. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial period-end.