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REGISTERED NUMBER: SC190210 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

COHEN ALLOYS LTD.

COHEN ALLOYS LTD. (REGISTERED NUMBER: SC190210)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COHEN ALLOYS LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: D K Stirrat
G L Watt
S Devlin



SECRETARY: G L Watt



REGISTERED OFFICE: 121 Barfillan Drive
Glasgow
G52 1BH



REGISTERED NUMBER: SC190210 (Scotland)



ACCOUNTANTS: Bannerman Johnstone Maclay
Chartered Accountants
213 St Vincent Street
Glasgow
G2 5QY



BANKERS: The Royal Bank of Scotland plc
23 Sauchiehall Street
Glasgow
G2 3AD



SOLICITORS: Rennie McInnes LLP
59 Mosshead Road
Bearsden
Glasgow
G61 3EZ

COHEN ALLOYS LTD. (REGISTERED NUMBER: SC190210)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,073,669 1,124,163

CURRENT ASSETS
Stocks 1,376,731 1,334,833
Debtors 5 2,493,719 3,197,948
Cash in hand 500 500
3,870,950 4,533,281
CREDITORS
Amounts falling due within one year 6 3,315,049 3,996,322
NET CURRENT ASSETS 555,901 536,959
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,629,570

1,661,122

PROVISIONS FOR LIABILITIES 165,170 167,944
NET ASSETS 1,464,400 1,493,178

CAPITAL AND RESERVES
Called up share capital 399,992 399,992
Retained earnings 1,064,408 1,093,186
SHAREHOLDERS' FUNDS 1,464,400 1,493,178

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

COHEN ALLOYS LTD. (REGISTERED NUMBER: SC190210)

BALANCE SHEET - continued
30 JUNE 2024


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 26 March 2025 and were signed on its behalf by:





D K Stirrat - Director


COHEN ALLOYS LTD. (REGISTERED NUMBER: SC190210)

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


1. STATUTORY INFORMATION

Cohen Alloys Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Monetary amounts in these financial statements are rounded to the nearest £.

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.

The financial statements have been prepared in accordance with the going concern principle of accounting. This is an appropriate policy considering the continued support that is being offered from the company's directors and shareholders.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost, 25% on reducing balance, 20% on cost and 15% on reducing balance

Stocks
Stocks are stated at lower of cost and net realisable value. Cost includes all costs incurred bringing each product to its present location and condition, as follows:

Raw materials and goods for resale - purchase cost on a first in, first out basis.

Work in progress and finished goods - cost of direct materials and labour plus attributable overheads based on a normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

COHEN ALLOYS LTD. (REGISTERED NUMBER: SC190210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include certain debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including certain creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

COHEN ALLOYS LTD. (REGISTERED NUMBER: SC190210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 360,657 2,501,639 2,862,296
Additions - 105,303 105,303
At 30 June 2024 360,657 2,606,942 2,967,599
DEPRECIATION
At 1 July 2023 118,983 1,619,150 1,738,133
Charge for year 7,213 148,584 155,797
At 30 June 2024 126,196 1,767,734 1,893,930
NET BOOK VALUE
At 30 June 2024 234,461 839,208 1,073,669
At 30 June 2023 241,674 882,489 1,124,163

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 930,721 1,213,972
Amounts owed by group undertakings 300,000 300,000
Amounts owed by related undertakings 1,172,115 1,554,016
VAT 35,728 53,833
Prepayments and accrued income 55,155 76,127
2,493,719 3,197,948

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,594,029 1,911,034
Trade creditors 688,677 843,588
Amounts owed to related undertakings 956,567 1,171,002
Tax - 691
Social security and other taxes 71,483 11,557
Accruals and deferred income 4,293 58,450
3,315,049 3,996,322

COHEN ALLOYS LTD. (REGISTERED NUMBER: SC190210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 1,594,029 1,911,034

8. CONTINGENT LIABILITIES

There is a contingent liability for inter-company guarantees given to the company's bankers in respect of overdraft facilities given to group and related companies. This is supported by a bond and floating charge over all the assets of the company and a standard security over certain properties owned by the group and related companies.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ensco 178 Limited.