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REGISTERED NUMBER: 01628493 (England and Wales)















Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

STEELS MANAGEMENT LIMITED

STEELS MANAGEMENT LIMITED (REGISTERED NUMBER: 01628493)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 4

Chartered Accountants' Report 8

STEELS MANAGEMENT LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Jonathan Cooke
Jeremy Cooke
Colin Ivor Cooke





SECRETARY:





REGISTERED OFFICE: Newbridge House
44 Bowham Avenue
Bridgend
Mid Glamorgan
CF31 3PA





REGISTERED NUMBER: 01628493 (England and Wales)





ACCOUNTANTS: James de Frias
Chartered Accountants
Llanover House
Llanover Road
Pontypridd
Rhondda Cynon Taff
CF37 4DY

STEELS MANAGEMENT LIMITED (REGISTERED NUMBER: 01628493)

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 a holding company of a trading group.

REVIEW OF BUSINESS

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

Jonathan Cooke
Jeremy Cooke
Colin Ivor Cooke

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Jeremy Cooke - Director


24 September 2024

STEELS MANAGEMENT LIMITED (REGISTERED NUMBER: 01628493)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 603,859 600,243
Investments 5 698,901 790,238
1,302,760 1,390,481

CURRENT ASSETS
Debtors 6 250,010 221,440
Cash at bank 7,973 10,737
257,983 232,177
CREDITORS
Amounts falling due within one year 7 519,061 517,197
NET CURRENT LIABILITIES (261,078 ) (285,020 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,041,682

1,105,461

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,040,682 1,104,461
1,041,682 1,105,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Jeremy Cooke - Director


STEELS MANAGEMENT LIMITED (REGISTERED NUMBER: 01628493)

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

1. STATUTORY INFORMATION

Steels Management 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

STEELS MANAGEMENT LIMITED (REGISTERED NUMBER: 01628493)

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

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 600,000 20,331 620,331
Additions - 4,572 4,572
Disposals - (11,266 ) (11,266 )
At 31 December 2023 600,000 13,637 613,637
DEPRECIATION
At 1 January 2023 - 20,088 20,088
Charge for year - 956 956
Eliminated on disposal - (11,266 ) (11,266 )
At 31 December 2023 - 9,778 9,778
NET BOOK VALUE
At 31 December 2023 600,000 3,859 603,859
At 31 December 2022 600,000 243 600,243

Freehold land and buildings
Historical cost amounted to £330,077

Buildings were revalued by an independent valuer as at 31/12/2016, the Directors consider this value still valid as at the Year End.

5. FIXED ASSET INVESTMENTS
Investments
in
subsidiary Other
undertakings Investments Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 473,922 316,316 790,238
Additions - 17 17
Revaluations - (91,354 ) (91,354 )
At 31 December 2023 473,922 224,979 698,901
NET BOOK VALUE
At 31 December 2023 473,922 224,979 698,901
At 31 December 2022 473,922 316,316 790,238

STEELS MANAGEMENT LIMITED (REGISTERED NUMBER: 01628493)

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

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Investments
in
subsidiary Other
undertakings Investments Totals
£    £    £   
Valuation in 2018 473,922 303,777 777,699
Valuation in 2019 - (19,124 ) (19,124 )
Valuation in 2020 - 613,208 613,208
Valuation in 2021 - (93,730 ) (93,730 )
Valuation in 2022 - (487,815 ) (487,815 )
Valuation in 2023 - (91,337 ) (91,337 )
473,922 224,979 698,901

If Other Investments had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 475,869 475,869

Other Investments were valued on an open market value basis on 31 December 2023 by an independent valuer .

Investments in subsidiary undertakings are held at cost.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 116,774 109,848
Other debtors 133,236 111,592
250,010 221,440

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 104,315 101,665
Amounts owed to group undertakings 403,278 406,778
Taxation and social security 8,772 4,806
Other creditors 2,696 3,948
519,061 517,197

STEELS MANAGEMENT LIMITED (REGISTERED NUMBER: 01628493)

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.12.23 31.12.22
£    £   
Colin Ivor Cooke
Balance outstanding at start of year 40,202 36,983
Amounts advanced 224 3,219
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 40,426 40,202

Jeremy Cooke
Balance outstanding at start of year 12,260 12,260
Amounts advanced 237 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,497 12,260

Jonathan Cooke
Balance outstanding at start of year 19,652 19,652
Amounts advanced 2,000 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 21,652 19,652

9. CONTROLLING PARTY

The Colin Cooke 1982 Trust holds 60% of the share capital, so has controlling interest in the company.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Steels Management Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steels Management Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Steels Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Steels Management Limited and state those matters that we have agreed to state to the Board of Directors of Steels Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steels Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Steels Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Steels Management Limited. You consider that Steels Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Steels Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






James de Frias
Chartered Accountants
Llanover House
Llanover Road
Pontypridd
Rhondda Cynon Taff
CF37 4DY


26 September 2024