Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-304282023-05-01false430falseNo description of principal activityfalsefalse 00689647 2023-05-01 2024-04-30 00689647 2022-05-01 2023-04-30 00689647 2024-04-30 00689647 2023-04-30 00689647 2022-05-01 00689647 5 2023-05-01 2024-04-30 00689647 5 2022-05-01 2023-04-30 00689647 d:Director1 2023-05-01 2024-04-30 00689647 d:Director2 2023-05-01 2024-04-30 00689647 d:Director3 2023-05-01 2024-04-30 00689647 d:Director4 2023-05-01 2024-04-30 00689647 d:Director5 2023-05-01 2024-04-30 00689647 d:Director6 2023-05-01 2024-04-30 00689647 d:Director7 2023-05-01 2024-04-30 00689647 d:Director8 2023-05-01 2024-04-30 00689647 d:Director9 2023-05-01 2024-04-30 00689647 d:RegisteredOffice 2023-05-01 2024-04-30 00689647 e:Buildings 2023-05-01 2024-04-30 00689647 e:Buildings 2024-04-30 00689647 e:Buildings 2023-04-30 00689647 e:Buildings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00689647 e:Buildings e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00689647 e:PlantMachinery 2023-05-01 2024-04-30 00689647 e:PlantMachinery 2024-04-30 00689647 e:PlantMachinery 2023-04-30 00689647 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00689647 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00689647 e:MotorVehicles 2023-05-01 2024-04-30 00689647 e:MotorVehicles 2024-04-30 00689647 e:MotorVehicles 2023-04-30 00689647 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00689647 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00689647 e:FurnitureFittings 2023-05-01 2024-04-30 00689647 e:FurnitureFittings 2024-04-30 00689647 e:FurnitureFittings 2023-04-30 00689647 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00689647 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00689647 e:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 00689647 e:OtherPropertyPlantEquipment 2024-04-30 00689647 e:OtherPropertyPlantEquipment 2023-04-30 00689647 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00689647 e:OtherPropertyPlantEquipment e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00689647 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00689647 e:LeasedAssetsHeldAsLessee 2023-05-01 2024-04-30 00689647 e:CurrentFinancialInstruments 2024-04-30 00689647 e:CurrentFinancialInstruments 2023-04-30 00689647 e:Non-currentFinancialInstruments 2024-04-30 00689647 e:Non-currentFinancialInstruments 2023-04-30 00689647 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 00689647 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 00689647 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 00689647 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 00689647 e:UKTax 2023-05-01 2024-04-30 00689647 e:UKTax 2022-05-01 2023-04-30 00689647 e:ShareCapital 2023-05-01 2024-04-30 00689647 e:ShareCapital 2024-04-30 00689647 e:ShareCapital 2022-05-01 2023-04-30 00689647 e:ShareCapital 2023-04-30 00689647 e:ShareCapital 2022-05-01 00689647 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 00689647 e:RetainedEarningsAccumulatedLosses 2024-04-30 00689647 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 00689647 e:RetainedEarningsAccumulatedLosses 2023-04-30 00689647 e:RetainedEarningsAccumulatedLosses 2022-05-01 00689647 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-04-30 00689647 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 00689647 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2024-04-30 00689647 e:FinancialLiabilitiesFairValueThroughProfitOrLoss e:UnlistedNon-exchangeTraded 2023-04-30 00689647 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 00689647 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 00689647 e:TaxLossesCarry-forwardsDeferredTax 2024-04-30 00689647 e:TaxLossesCarry-forwardsDeferredTax 2023-04-30 00689647 d:OrdinaryShareClass1 2023-05-01 2024-04-30 00689647 d:OrdinaryShareClass1 2024-04-30 00689647 d:OrdinaryShareClass1 2023-04-30 00689647 d:FRS102 2023-05-01 2024-04-30 00689647 d:Audited 2023-05-01 2024-04-30 00689647 d:FullAccounts 2023-05-01 2024-04-30 00689647 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00689647 e:WithinOneYear 2024-04-30 00689647 e:WithinOneYear 2023-04-30 00689647 e:BetweenOneFiveYears 2024-04-30 00689647 e:BetweenOneFiveYears 2023-04-30 00689647 e:HirePurchaseContracts e:WithinOneYear 2024-04-30 00689647 e:HirePurchaseContracts e:WithinOneYear 2023-04-30 00689647 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-04-30 00689647 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-04-30 00689647 e:HirePurchaseContracts e:MoreThanFiveYears 2024-04-30 00689647 e:HirePurchaseContracts e:MoreThanFiveYears 2023-04-30 00689647 2 2023-05-01 2024-04-30 00689647 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-04-30 00689647 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-04-30 00689647 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-04-30 00689647 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-04-30 00689647 e:LeasedAssetsHeldAsLessee 2024-04-30 00689647 e:LeasedAssetsHeldAsLessee 2023-04-30 00689647 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00689647










A.J.N. STEELSTOCK LTD










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
A.J.N. STEELSTOCK LTD
 

COMPANY INFORMATION


Directors
J Boyden 
A Boyden 
N Boyden 
N Cressall 
C Bell 
S Nolan 
C Sage 
C McGall 
L Olson 




Registered number
00689647



Registered office
Icknield Way
Kentford

Newmarket

Suffolk

CB8 7QT




Independent auditors
Price Bailey LLP
Chartered Accountants & Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ





 
A.J.N. STEELSTOCK LTD
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 7
Independent auditors' report
 
8 - 11
Statement of comprehensive income
 
12
Balance sheet
 
13
Statement of changes in equity
 
14
Statement of cash flows
 
15
Analysis of net debt
 
16
Notes to the financial statements
 
17 - 30

 
A.J.N. STEELSTOCK LTD
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year 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.

Business review
 
2024 has proved to be tough year as far as the results and the financial position of the company are concerned under the current circumstances.
We have seen both prices and the market come under the tremendous pressure that is being experienced throughout the economy. 
Once again the economic pressures within the market have seen prices falling this year.  This has been caused by a multitude of factors ranging from rising interest rates and subsequent inflationary pressures and lacklustre demand within the industry caused by uncertainty within the economy.
 
As in previous years our competitors continue to dumbfound us with the lack of commercial reality, seemingly falling over themselves to drive themselves out of business, some not for the first time.
We are confident that as and when the market picks up we will once again be in the ideal position to take advantage of the increase in demand and with our proven reliability and high levels of service that we consistently strive to maintain.

Principal risks and uncertainties
 
Management continue to monitor risks to the business. Key business risks principally relate to market competition. Business risks are reviewed regularly by management and appropriate processes are put in place to monitor and mitigate their impact.
The Company is exposed to a variety of financial risks which include the following:
Price risk
The price of steel fluctuates, primarily due to change in the cost of the raw materials and also demand. Fluctuations in metal prices are reviewed on a regular basis and taken into consideration when placing purchase orders and setting sales price.
Interest rate risk
The Company's policy is to manage its cost of borrowing using a mix of debt types.
Exposure to credit and cash flow risks.
Liquidity risk is the risk that an entity (creditor) will encounter difficulty in meeting it’s obligations associated with financial liabilities. Cash flow risk is the risk of exposure or variability in cash flows caused by late payments. The Company aims to mitigate liquidity and cash flow risks by insuring its trade debtors and exercising strong credit control procedures.

Page 1

 
A.J.N. STEELSTOCK LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Financial key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross profit percentage and the percentage increase/ (decrease) in the tonnage sold during the year.
The turnover, gross profit margin and percentage increase/(decrease) in the tonnage sold for the last five years were:
   
 Turnover   Gross Margin Percentage change in
    (£'000)  (%)   Tonnages sold (%)
202
4     174,624  8.3    (0.04)
2023     227,631  9.6    (12.9)
2022           241,594            14   1.5
2021    150,979  16   10.9
2020    131,803  11.2   (3.2)

Other key performance indicators
 
Operationally the Company also uses stock turnover, tonnage delivered per employee and errors per tonnage delivered to monitor performance.
The Company also monitors staff turnover levels as a measure of employee satisfaction. Details of the number of employees can be found in note 7 of the financial statements.
All measures in the year were broadly on track and gave the management no exceptional cause for concern.

Page 2

 
A.J.N. STEELSTOCK LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Directors' statement of compliance with duty to promote the success of the Company
 
Under S172 of the Companies Act 2006 the directors have a duty to promote the success of the company for the benefit of the members as a whole and they are required to describe how they had regard to the following matters when performing their duties:
a) the consequence of decisions in the long term;
b) the interests of employees;
c) the company's business relationships with suppliers, customers and others;
d) the impact of the company's operations on the community and environment;
e) the desirability of maintaining a reputation for high standards of business conduct; and
f) the need to act fairly between members of the company.
The company's key stakeholders comprise its employees, suppliers, customers and shareholders. The management always consider the interests of these stakeholders when making any decisions.
The company has an average workforce of 430 people, with whom the management maintain a good working relationship and open dialogue through many formal and informal meetings where employee views are sought. The turnover rate of staff is considered important and monitored closely. The Health and Safety of staff is of paramount importance in the business.
Close relationships with key suppliers are facilitated by regular conversations and meetings. The company endeavours to pay its suppliers promptly and on agreed and reasonable terms believing they are vital to continued success.
Management frequently meets with key customers to ensure a good ongoing relationship and to ensure that they can understand and react to changes in customer requirements.
The directors do not believe that the company has a significant impact on the community and environment, however they are conscious of ensuring operations have no harmful effect on either.
The directors recognise the importance of maintaining a reputation for high standards and this is promoted informally throughout the company.


This report was approved by the board on 10 September 2024 and signed on its behalf.





N Boyden
Director
Page 3

 
A.J.N. STEELSTOCK LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors

The directors who served during the year were:

J Boyden 
A Boyden 
N Boyden 
N Cressall 
C Bell 
S Nolan 
C Sage 
C McGall 
L Olson 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the 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 year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.
Page 4

 
A.J.N. STEELSTOCK LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Results and dividends

The profit for the year, after taxation, amounted to £178,374 (2023 - £5,193,348).

The Directors' do not recommend the payment of a dividend this year (2023 - £5,392,700).

Political contributions

During the year the Company made charitable donations totalling £127,212 (2023 - £206,711).

Future developments

The Directors are not aware of any significant future developments affecting the company.

Research and development activities

No significant research and development activities were undertaken during the course of the year nor for the prior year.

Engagement with employees

The Company keeps employees informed of matters affecting them as employees and of the financial and economic factors affecting the performance of the Company. There are procedures in place for employees to make their views known to management so that the flow of information is maintained

Disabled employees

Applications for employment by disabled persons are given full and fair consideration for all vacancies having regard to their particular aptitudes and abilities. They are given equal treatment during their employment in regard to training, employment and career development.
In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the Company may continue.
Page 5

 
A.J.N. STEELSTOCK LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

The Company appointed Carbon Footprint Ltd, a leading carbon and energy management company, to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government's  'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidence'.

The GHG emissions have been assessed following the ISO 14064-1:2018 standard and the GHG Protocol and has used the 2022 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the location-based approach for assessing emissions from electricity usage and has used the UK electricity emissions factors (for generation and transmission & distribution). The operational control approach has been used.

The table below summarises the GHG emissions for the year ended 30 April 2024. As a business, we have been assessing our carbon emissions since 1 May 2019, and have provided the previous year’s assessment results for comparison below.


.


Element

Location-based
2024
Location-based
2023
 (tCO2e) 
 (tCO2e) 



Direct emissions (Scope 1) – Site LPG, site gas oil, and company vehicle fleet
7,486
6,315

Indirect emissions (Scope 2) - Purchased electricity
862
843

Total tCO2e (Scope 1 & 2)
8,348
7,158


Other indirect emissions (Scope 3) – grey fleet travel and hired vehicles
-
96

Total tCO2e (Scope 3)
-
96


Gross Total Tonnes of CO2e
8,348
7,254

Intensity metric: Tonnes of CO2e per employee (all scopes)
20
18

Intensity metric: Tonnes of CO2e per £M turnover (all scopes)
37
32

Total energy consumption (kWh)
36,663,075
31,295,728


.


Activity

2024
2023



Total energy consumed (kWh)
36,663,075
31,295,728

Total scope 1, 2 and 3 Gross Location- Based Emissions (tCO2e)
8,348
7,254

Renewable electricity generated on-site (kWh)
264,756
-

Intensity ratio: tCO2e (gross Scope 1 & 2, market-based) per £M revenue
37
32

Page 6

 
A.J.N. STEELSTOCK LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 10 September 2024 and signed on its behalf.
 





N Boyden
Director
Page 7

 
A.J.N. STEELSTOCK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD
 

Opinion


We have audited the financial statements of A.J.N. Steelstock Ltd (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 30 April 2024 and of its loss 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 8

 
A.J.N. STEELSTOCK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD (CONTINUED)


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 year 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 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 4, 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 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 have no realistic alternative but to do so.


Page 9

 
A.J.N. STEELSTOCK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD (CONTINUED)


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 an Auditors' 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:

- agreeing the financial statement disclosures to underlying supporting documentation to assess     compliance with provisions of relevant laws and regulations described as having a direct effect on the    financial statements;
- enquiries of management including those responsible for key regulations;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate    risks of material misstatement due to fraud.
In addressing the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of significant transactions outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.
Page 10

 
A.J.N. STEELSTOCK LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF A.J.N. STEELSTOCK LTD (CONTINUED)


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 2006Our 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 Auditors' 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.





Andrew Booth (Senior Statutory Auditor)
  
for and on behalf of
Price Bailey LLP
 
Chartered Accountants
Statutory Auditors
  
Tennyson House
Cambridge Business Park
Cambridge
CB4 0WZ

10 September 2024
Page 11

 
A.J.N. STEELSTOCK LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
174,623,822
227,631,214

Cost of sales
  
(160,196,817)
(205,879,016)

Gross profit
  
14,427,005
21,752,198

Administrative expenses
  
(14,178,432)
(14,793,899)

Operating profit
 5 
248,573
6,958,299

Interest receivable and similar income
 9 
101,072
59,447

Interest payable and similar expenses
 10 
(112,638)
(48,351)

Profit before tax
  
237,007
6,969,395

Tax on profit
 11 
(58,633)
(1,776,047)

Profit for the financial year
  
178,374
5,193,348

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 30 form part of these financial statements.
Page 12

 
A.J.N. STEELSTOCK LTD
REGISTERED NUMBER: 00689647

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
18,585,796
16,791,673

Current assets
  

Stocks
 14 
19,210,739
22,525,241

Debtors: amounts falling due within one year
 15 
34,836,027
42,498,483

Cash at bank and in hand
 16 
2,612,874
11,005,119

  
56,659,640
76,028,843

Creditors: amounts falling due within one year
 17 
(30,307,232)
(48,393,906)

Net current assets
  
 
 
26,352,408
 
 
27,634,937

Total assets less current liabilities
  
44,938,204
44,426,610

Creditors: amounts falling due after more than one year
 18 
(1,001,347)
(438,200)

Provisions for liabilities
  

Deferred tax
 21 
(987,287)
(1,217,214)

Net assets
  
42,949,570
42,771,196


Capital and reserves
  

Called up share capital 
 22 
12,000
12,000

Profit and loss account
 23 
42,937,570
42,759,196

  
42,949,570
42,771,196


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 September 2024.




A Boyden
Director

The notes on pages 17 to 30 form part of these financial statements.
Page 13

 
A.J.N. STEELSTOCK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
12,000
42,958,548
42,970,548


Comprehensive income for the year

Profit for the year
-
5,193,348
5,193,348
Total comprehensive income for the year
-
5,193,348
5,193,348


Contributions by and distributions to owners

Dividends: Equity capital
-
(5,392,700)
(5,392,700)


Total transactions with owners
-
(5,392,700)
(5,392,700)



At 1 May 2023
12,000
42,759,196
42,771,196


Comprehensive income for the year

Profit for the year
-
178,374
178,374
Total comprehensive income for the year
-
178,374
178,374


At 30 April 2024
12,000
42,937,570
42,949,570


The notes on pages 17 to 30 form part of these financial statements.
Page 14

 
A.J.N. STEELSTOCK LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
178,374
5,193,348

Adjustments for:

Depreciation of tangible assets
2,342,768
2,197,254

Loss on disposal of tangible assets
182,306
13,357

Interest paid
62,537
48,351

Interest received
(101,072)
(59,447)

Taxation charge
58,633
1,776,047

Decrease in stocks
3,314,502
6,476,976

Decrease in debtors
7,662,456
12,628,121

(Decrease) in creditors
(17,876,776)
(19,465,522)

Corporation tax (paid)
(1,220,825)
(2,188,209)

Net cash generated from operating activities

(5,397,097)
6,620,276


Cash flows from investing activities

Purchase of tangible fixed assets
(3,150,646)
(2,436,408)

Sale of tangible fixed assets
245,710
114,401

Interest received
101,072
59,447

HP interest paid
(62,537)
(48,351)

Net cash from investing activities

(2,866,401)
(2,310,911)

Cash flows from financing activities

Repayment of/new finance leases
(890,745)
(883,733)

Dividends paid
-
(5,392,700)

Net cash used in financing activities
(890,745)
(6,276,433)

Net (decrease) in cash and cash equivalents
(9,154,243)
(1,967,068)

Cash and cash equivalents at beginning of year
8,069,911
10,036,979

Cash and cash equivalents at the end of year
(1,084,332)
8,069,911


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,612,874
11,005,119

Bank overdrafts
(3,697,206)
(2,935,208)

(1,084,332)
8,069,911


Page 15

 
A.J.N. STEELSTOCK LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024





At 1 May 2023
Cash flows
New finance leases
At 30 April 2024
£

£

£

£

Cash at bank and in hand

11,005,119

(8,392,245)

-

2,612,874

Bank overdrafts

(2,935,208)

(761,998)

-

(3,697,206)

Finance leases

(1,180,193)

890,745

(1,414,261)

(1,703,709)







6,889,718
(8,263,498)
(1,414,261)
(2,788,041)

The notes on pages 17 to 30 form part of these financial statements.
Page 16

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

A.J.N Steelstock Limited is a private limited liability company incorporated in England and Wales, United Kingdom. The registered office is Icknield Way, Kentford, Newmarket Suffolk, CB8 7QT.
The financial statements are presented in Pounds Sterling, which is the Company's functional currency and are rounded to the nearest pound.
The company is not part of a group therefore these financial statements cover the individual entity only.
The principal activity of the Company continued to be that of steel stockholders.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors continue to monitor cashflow closely and exercise tight credit control, and based on their forecasts, built up reserves and availability of further funding if required, consider it appropriate to continue to prepare the financial statements on a going concern basis.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Page 17

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
evenly over 50 years
Plant and machinery
-
over 5 - 10 years on a straight line basis
Motor vehicles
-
25% on the reducing balance basis
Fixtures and fittings
-
over 5 years on a straight line basis
Assets under construction
-
not depreciated until in use.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

Page 18

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Financial instruments

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivates are initially recognised at fair value on the date a derivate contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivates. 

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.14

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 19

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.16

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 20

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In application of the Company's accounting policies, the Directors are required to make significant judgements, estimates and assumptions. The estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, event or actions; actual results ultimately may differ from those estimates. 
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
Details of the Company's significant accounting judgements and critical accounting estimates include:
Tangible Fixed Assets
Each year the Company reviews the estimated useful lives and residual values of tangible fixed assets and these are adjusted if appropriate. The depreciation rates are calculated according to the useful economic life that management believe to be appropriate based on the nature of the asset in operation.
Impairment of Trade Debtors
The recoverability of trade debtors has been assessed at the period end and up until the date of signing these financial statements. Management have made the decision to provide for any amounts based on their judgement of all the available information and their experience of the specific nature of the trade debtor in question.


4.


Turnover

The whole of the turnover is attributable to the one principal activity of the company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
2,342,768
2,197,254

Loss/(Profit) on sale of tangible assets
182,306
13,357

Other operating lease rentals
317,441
257,992

Defined contribution pension cost
701,296
654,526

Page 21

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
43,750
39,975

Fees payable to the Company's auditors and their associates in respect of:

Taxation compliance services
4,250
6,450

All taxation advisory services not included above
-
9,000

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
21,620,238
23,004,674

Social security costs
2,338,107
2,566,293

Cost of defined contribution scheme
701,296
654,526

24,659,641
26,225,493


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production and sales
350
344



Office and management
80
84

430
428

Page 22

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
5,066,442
5,521,254

Company contributions to defined contribution pension schemes
152,284
154,615

5,218,726
5,675,869


During the year retirement benefits were accruing to 8 directors (2023 - 8) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £2,006,940 (2023 - £2,055,922).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,000 (2023 - £4,000).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
101,072
59,447


10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
62,537
48,351

Other interest payable
50,101
-

112,638
48,351

Page 23

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
254,295
1,256,354

Adjustments in respect of previous periods
34,265
-

288,560
1,256,354

Deferred tax


Origination and reversal of timing differences
(229,927)
519,693


Taxation on profit on ordinary activities
58,633
1,776,047

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
237,007
6,969,395


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%/25%)
59,252
1,359,032

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
101,442
34,864

Capital allowances for year in excess of depreciation
120,521
(118,394)

Adjustments to tax charge in respect of prior periods
34,265
-

Short-term timing difference leading to an increase (decrease) in taxation
(229,927)
521,275

Changes in provisions leading to an increase (decrease) in the tax charge
(26,920)
(20,730)

Total tax charge for the year
58,633
1,776,047






12.


Dividends

2024
2023
£
£


Declared in the year
-
5,392,700
Page 24
 


 
A.J.N. STEELSTOCK LTD


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


13.


Tangible fixed assets






Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under construction
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
9,423,555
16,487,800
1,929,495
1,338,990
262,530
29,442,370


Additions
147,769
2,675,643
216,151
442,997
1,082,347
4,564,907


Disposals
-
(1,445,234)
(124,187)
-
-
(1,569,421)



At 30 April 2024

9,571,324
17,718,209
2,021,459
1,781,987
1,344,877
32,437,856



Depreciation


At 1 May 2023
1,274,100
9,431,520
1,200,300
744,777
-
12,650,697


Charge for the year on owned assets
98,797
1,313,298
201,425
224,533
-
1,838,053


Charge for the year on financed assets
-
496,855
7,860
-
-
504,715


Disposals
-
(1,022,439)
(118,966)
-
-
(1,141,405)



At 30 April 2024

1,372,897
10,219,234
1,290,619
969,310
-
13,852,060



Net book value



At 30 April 2024
8,198,427
7,498,975
730,840
812,677
1,344,877
18,585,796



At 30 April 2023
8,149,455
7,056,280
729,195
594,213
262,530
16,791,673

Page 25
 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           13.Tangible fixed assets (continued)



Included in land and buildings is freehold land at cost of £4,548,045 (2023 - £4,548,045) which is not depreciated. 



The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
2,760,705
2,446,852

Motor vehicles
23,557
106,870

2,784,262
2,553,722


14.


Stocks

2024
2023
£
£

Finished goods and goods for resale
19,210,739
22,525,241



15.


Debtors

2024
2023
£
£


Trade debtors
32,253,931
40,179,399

Other debtors
41,492
15,791

Prepayments and accrued income
2,540,604
2,303,293

34,836,027
42,498,483


Included in trade debtors are balances totalling £32,253,931 (2023: £40,179,399), which are subject to a receivables finance agreement.

Page 26

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,612,874
11,005,119

Less: bank overdrafts
(3,697,206)
(2,935,208)

(1,084,332)
8,069,911



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
3,697,206
2,935,208

Trade creditors
21,061,781
25,414,445

Corporation tax
204,295
1,136,560

Other taxation and social security
1,235,113
2,937,091

Obligations under finance lease and hire purchase contracts
702,362
741,993

Other creditors
2,161,989
6,418,312

Accruals and deferred income
1,244,486
8,810,297

30,307,232
48,393,906


Bank overdraft are secured by an All Asset Debenture.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
1,001,347
438,200


Page 27

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Hire purchase and finance leases

Hire purchases and finance leases primarily relate to plant and machinery as detailed in note 13.


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
771,203
785,201

Between 1-5 years
1,133,213
462,577

Less: Finance charges
(200,707)
(67,585)

1,703,709
1,180,193


20.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,612,874
11,005,119

Financial assets measured at amortised cost
32,295,423
40,314,984

34,908,297
51,320,103


Financial liabilities


Financial liabilities measured at amortised cost
(23,223,770)
(31,832,757)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets measured at amortised cost comprise trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors and other creditors.

Page 28

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,217,214)
(697,521)


Charged to profit or loss
229,927
(519,693)



At end of year
(987,287)
(1,217,214)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,071,754)
(1,328,601)

Other timing differences
84,467
111,387

(987,287)
(1,217,214)


No provision has been made where potentially taxable gains on past property disposals have been rolled over into replacement assets. Such tax would become payable only if the Company's current property was sold without it being possible to claim further rollover relief. The total amount unprovided for is £352,378 (2023 - £352,378).

22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,000 (2023 - 12,000) Ordinary shares of £1.00 each
12,000
12,000



23.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses less any dividends paid.


24.


Capital commitments


At 30 April 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
658,303

Page 29

 
A.J.N. STEELSTOCK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £701,296 (2023 - £654,526). An amount of £135,140 (2023 - £108,271) in contributions were payable to the fund at the date of the balance sheet.


26.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,143,210
1,061,661

Later than 1 year and not later than 5 years
1,444,614
2,039,134

2,587,824
3,100,795


27.


Related party transactions

During the year the Company operated a loan account with A Boyden, a director of the Company. The amount due to him at the year end was £1,101,880 (2023 - £2,777,575).
During the year the Company operated a loan account with N Boyden, a director of the Company. The amount due to him at the year end was £923,511 (2023 - £3,352,466).
During the year the Company paid dividends of £Nil (2023 - £5,392,700) to directors of the Company.
Key management personnel
Key management personnel are considered to be the Directors of the Company, whose remuneration can be found in note 8.


28.


Controlling party

The Company has no ultimate controlling party.

Page 30