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REGISTERED NUMBER: 01292879 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 September 2024

for

Laidler Steels Limited

Laidler Steels Limited (Registered number: 01292879)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Profit and Loss Account 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Laidler Steels Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Mr A R Laidler
Ms A J Finn
Mr R W Laidler
Mr S A Laidler



SECRETARY: Ms A J Finn



REGISTERED OFFICE: Stallings Lane
Kingswinford
West Midlands
DY6 7LE



REGISTERED NUMBER: 01292879 (England and Wales)



SENIOR STATUTORY AUDITOR: Geoffrey Hopwood BCOM FCA



AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Laidler Steels Limited (Registered number: 01292879)

Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The steel market continued to be volatile and not surprisingly there is fierce pricing competition. Despite this the directors are pleased with the performance of the business in 2024 given the difficult trading conditions faced.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks affecting the company are considered to be fire (or other similar sudden unforeseen events) leading to a reduction in production capacity and product availability, the impact of significant exchange rate fluctuations on purchases, overall market and economic conditions, and the volatility of steel prices.

The company mitigates these risks in a number of ways, including the use of a disaster recovery plan covering potential disruptions to its business, the maintenance of strategic stocks, the specific identification of alternate suppliers and the use of relevant financial instruments.

The company has reviewed its position, in the light of the present economic outlook, as part of its normal budgetary process. The directors believe that the company has considerable financial resources, as demonstrated by the cash balances of over £7.8m, and net current assets in excess of £10.0m at 30 September 2024. The company is expected to continue to trade profitably, even in the event of uncertainties in the global economy.

After making appropriate enquiries, the directors are of the opinion that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the report and accounts.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company's operations expose it to a variety of financial risks that include the effects of credit risk and investment risk.
The company monitors and takes action in each of these areas as follows:

CREDIT RISK
The company has implemented policies that require appropriate credit checks on potential customers before sales are made in addition, credit checks are made on those customers who are deemed to be a significant credit risk to the company. The company also monitors all court judgements made against its customers and makes appropriate adjustments in the light of this information.

INVESTMENT RISK
The company invests surplus cash in bank and building society deposit accounts and spreads the risk between institutions.

KEY PERFORMANCE INDICATORS
The directors use a number KPIs in measuring the performance of the business. Key indicators used by the company cover margins, debtor and stock ratios, and cash generation.
As these KPIs are derived from figures disclosed in this report, no additional KPIs are disclosed.

ON BEHALF OF THE BOARD:





Ms A J Finn - Secretary


29 January 2025

Laidler Steels Limited (Registered number: 01292879)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of steel stockholders.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

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

Mr A R Laidler
Ms A J Finn
Mr R W Laidler
Mr S A Laidler

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

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

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

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

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

AUDITORS
The auditors, Haines Watts, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:



Ms A J Finn - Secretary


29 January 2025

Report of the Independent Auditors to the Members of
Laidler Steels Limited

Opinion
We have audited the financial statements of Laidler Steels Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit and Loss Account, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Laidler Steels Limited


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

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

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

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

Report of the Independent Auditors to the Members of
Laidler Steels Limited


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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

- Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework;

- Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process;

- Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud;

- Reviewing assumptions and judgements made by the management in its significant accounting estimates;

- In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts;

We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to 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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation.

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

Report of the Independent Auditors to the Members of
Laidler Steels Limited


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




Geoffrey Hopwood BCOM FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

31 January 2025

Laidler Steels Limited (Registered number: 01292879)

Profit and Loss Account
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 3 10,845,458 13,548,058

Cost of sales 8,959,693 11,494,567
GROSS PROFIT 1,885,765 2,053,491

Administrative expenses 1,441,793 1,421,009
OPERATING PROFIT 5 443,972 632,482

Interest receivable and similar income 260,529 133,365
PROFIT BEFORE TAXATION 704,501 765,847

Tax on profit 6 178,950 172,711
PROFIT FOR THE FINANCIAL YEAR 525,551 593,136

Laidler Steels Limited (Registered number: 01292879)

Other Comprehensive Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 525,551 593,136


OTHER COMPREHENSIVE INCOME
Revaluation of property 949,173 -
Income tax relating to other
comprehensive income

(186,191

)

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

762,982

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,288,533

593,136

Laidler Steels Limited (Registered number: 01292879)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,505,581 346,849

CURRENT ASSETS
Stocks 8 1,164,310 1,450,143
Debtors 9 2,222,702 2,655,218
Investments 10 250,000 -
Cash at bank and in hand 7,819,725 7,100,783
11,456,737 11,206,144
CREDITORS
Amounts falling due within one year 11 1,381,244 1,501,069
NET CURRENT ASSETS 10,075,493 9,705,075
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,581,074

10,051,924

PROVISIONS FOR LIABILITIES 12 270,082 29,465
NET ASSETS 11,310,992 10,022,459

CAPITAL AND RESERVES
Called up share capital 13 50 50
Share premium 14 29,990 29,990
Revaluation reserve 14 762,982 -
Capital redemption reserve 14 60 60
Retained earnings 14 10,517,910 9,992,359
SHAREHOLDER FUNDS 11,310,992 10,022,459

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Mr A R Laidler - Director


Laidler Steels Limited (Registered number: 01292879)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 October 2022 50 9,399,223 29,990

Changes in equity
Total comprehensive income - 593,136 -
Balance at 30 September 2023 50 9,992,359 29,990

Changes in equity
Total comprehensive income - 525,551 -
Balance at 30 September 2024 50 10,517,910 29,990
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   
Balance at 1 October 2022 - 60 9,429,323

Changes in equity
Total comprehensive income - - 593,136
Balance at 30 September 2023 - 60 10,022,459

Changes in equity
Total comprehensive income 762,982 - 1,288,533
Balance at 30 September 2024 762,982 60 11,310,992

Laidler Steels Limited (Registered number: 01292879)

Cash Flow Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,048,227 1,678,431
Tax paid (46,721 ) (269,932 )
Net cash from operating activities 1,001,506 1,408,499

Cash flows from investing activities
Purchase of tangible fixed assets (307,945 ) (194,835 )
Sale of tangible fixed assets 14,852 56,061
Purchase of current asset investments (250,000 ) -
Interest received 260,529 133,365
Net cash from investing activities (282,564 ) (5,409 )

Cash flows from financing activities
Amount withdrawn by directors - (50,000 )
Net cash from financing activities - (50,000 )

Increase in cash and cash equivalents 718,942 1,353,090
Cash and cash equivalents at
beginning of year

2

7,100,783

5,747,693

Cash and cash equivalents at end of
year

2

7,819,725

7,100,783

Laidler Steels Limited (Registered number: 01292879)

Notes to the Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 704,501 765,847
Depreciation charges 95,109 99,981
Profit on disposal of fixed assets (11,576 ) (43,542 )
Finance income (260,529 ) (133,365 )
527,505 688,921
Decrease in stocks 285,833 600,262
Decrease in trade and other debtors 432,516 940,404
Decrease in trade and other creditors (197,627 ) (551,156 )
Cash generated from operations 1,048,227 1,678,431

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 7,819,725 7,100,783
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 7,100,783 5,747,693


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 7,100,783 718,942 7,819,725
7,100,783 718,942 7,819,725

Liquid resources
Current asset investments - 250,000 250,000
- 250,000 250,000
Total 7,100,783 968,942 8,069,725

Laidler Steels Limited (Registered number: 01292879)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Changes in accounting policies
The freehold property was subject to a revaluation on 30 September 2024. Any gains on revaluation are taken to a revaluation reserve and are reported as other comprehensive income.

Turnover
The turnover shown in the profit and loss account is the amount receivable for the provision of goods and services falling within the Company's activities, net of Value Added Tax, rebates and trade discounts.

Turnover from the provision of goods and services is recognised in the accounting period in which the Company obtains the right to consideration in exchange for its performance and when the amounts to be recognised are fixed or determinable and collectability is reasonably assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 12.5% on cost
Fixtures and fittings - 12.5% on cost
Motor vehicles - 25% on cost

The directors consider that the freehold property is maintained in such a state that its residual value is at least equal to the net book values.

The directors perform annual impairment reviews in accordance with the requirements of FRS102 to ensure that the recoverable amount is not lower than the carrying value. The property was subject to an independent valuation in October 2024 and the property was revalued in 2024 to reflect this valuation.

Stocks
Stock has been valued at the lower of cost and estimated selling price less costs to sell.


Laidler Steels Limited (Registered number: 01292879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as the financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

Current asset investments
Loans and receivables are initially recorded at cost. Interest receivable is accrued for in line with the interest rate in the loan agreement.

3. TURNOVER

All of the companies turnover is attributable to the UK market.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 899,740 894,462
Social security costs 96,098 99,957
Other pension costs 21,342 19,454
1,017,180 1,013,873

The average number of employees during the year was as follows:
2024 2023

Works 14 14
Sales and administrative staff 8 8
22 22

Laidler Steels Limited (Registered number: 01292879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS - continued

Key management compensation

The only key management are the directors.

2024 2023
£    £   
Directors' remuneration 266,626 313,867
Directors' pension contributions to money purchase schemes 6,187 5,747

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 77,200 137,200

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 95,110 99,982
Profit on disposal of fixed assets (11,576 ) (43,542 )
Auditors' remuneration 9,052 9,152

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 124,524 164,473

Deferred tax 54,426 8,238
Tax on profit 178,950 172,711

UK corporation tax has been charged at 25% .

Laidler Steels Limited (Registered number: 01292879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 704,501 765,847
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

176,125

191,462

Effects of:
Expenses not deductible for tax purposes 2,385 3,167
Capital allowances in excess of depreciation (51,092 ) -
Depreciation in excess of capital allowances - 12,353
(Profit)/loss on disposal of fixed assets (2,894 ) (10,886 )
Change in standard tax rate from April 2023 - (31,623 )
Movement in deferred tax provision 54,426 8,238
Total tax charge 178,950 172,711

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation of property 949,173 (186,191 ) 762,982

7. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2023 88,070 316,718 19,637 636,797 1,061,222
Additions - 1,394 1,614 304,937 307,945
Disposals - (8,945 ) (1,745 ) (27,000 ) (37,690 )
Revaluations 891,930 - - - 891,930
At 30 September 2024 980,000 309,167 19,506 914,734 2,223,407
DEPRECIATION
At 1 October 2023 55,482 294,890 13,237 350,764 714,373
Charge for year 1,761 5,042 1,863 86,444 95,110
Eliminated on disposal - (8,321 ) (1,351 ) (24,742 ) (34,414 )
Revaluation adjustments (57,243 ) - - - (57,243 )
At 30 September 2024 - 291,611 13,749 412,466 717,826
NET BOOK VALUE
At 30 September 2024 980,000 17,556 5,757 502,268 1,505,581
At 30 September 2023 32,588 21,828 6,400 286,033 346,849

Laidler Steels Limited (Registered number: 01292879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

7. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2024 891,930 - - - 891,930
Cost 88,070 309,167 19,506 914,734 1,331,477
980,000 309,167 19,506 914,734 2,223,407

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 88,070 88,070
Aggregate depreciation 57,243 55,482

Freehold land and buildings were valued on an open market basis on 24 October 2024 by Lambert Smith Hampton .

8. STOCKS
2024 2023
£    £   
Raw materials 1,164,310 1,450,143

The difference between purchase price of stocks and their replacement cost is not material.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,162,302 2,477,380
Other debtors 3,750 -
Prepayments and accrued income 56,650 177,838
2,222,702 2,655,218

10. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Loan notes 250,000 -

Laidler Steels Limited (Registered number: 01292879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 724,769 894,106
Corporation tax 124,524 46,721
Social security and other taxes 30,961 29,600
VAT 328,713 379,587
Other creditors 8,134 -
Accruals and deferred income 164,143 151,055
1,381,244 1,501,069

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 270,082 29,465

Deferred
tax
£   
Balance at 1 October 2023 29,465
Accelerated capital allowances 54,426
Unrealised gain on revaluation 186,191
Balance at 30 September 2024 270,082

The deferred tax provision is due to the following:
a) accelerated capital allowances - £106,391 (2023 - £51,965)
b) timing difference on expenditure - £(22,500) (2023 - £(22,500))
c) unrealised gain on revaluation - £186,191 (2023 - £nil)

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 Ordinary £1 50 50

14. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£    £    £    £    £   

At 1 October 2023 9,992,359 29,990 - 60 10,022,409
Profit for the year 525,551 525,551
Property revaluation - - 762,982 - 762,982
At 30 September 2024 10,517,910 29,990 762,982 60 11,310,942

15. ULTIMATE CONTROLLING PARTY

The controlling party is Mr A R Laidler.