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Previously known as kiveton park steel limited |
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Financial Statements |
Contents |
Page |
Strategic report |
1 |
Director's report |
3 |
Independent auditor's report to the members |
5 |
Statement of comprehensive income |
9 |
Statement of financial position |
10 |
Statement of changes in equity |
11 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Strategic Report |
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Director |
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Registered office: |
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United Kingdom |
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Director's Report |
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Director |
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Registered office: |
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United Kingdom |
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Independent Auditor's Report to the Members of
|
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Norham House |
Mountenoy Road |
Rotherham |
S60 2AJ |
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Statement of Comprehensive Income |
2024 |
2023 |
||
(restated) |
|||
Note |
£ |
£ |
|
Turnover |
4 |
|
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Cost of sales |
|
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ÄÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income |
5 |
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ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
Operating profit |
6 |
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Other interest receivable and similar income |
9 |
|
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Interest payable and similar expenses |
10 |
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ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
Profit before taxation |
|
|
|
Tax on profit |
11 |
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
Profit for the financial year |
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
||
Tax relating to components of other comprehensive income |
(
|
(
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
Total comprehensive income for the year |
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
|
Statement of Financial Position |
2024 |
2023 |
|
(restated) |
||
Note |
£ |
£ |
Tangible assets |
14 |
|
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Stocks |
15 |
|
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Debtors |
16 |
|
|
Cash at bank and in hand |
|
|
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ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
|
|
||
Creditors: amounts falling due within one year |
18 |
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
Net current assets |
|
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
19 |
|
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Provisions |
21 |
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ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
Net assets |
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
||
Called up share capital |
27 |
|
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Revaluation reserve |
28 |
|
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Profit and loss account |
28 |
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ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
||
Shareholders funds |
|
|
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ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
||
|
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Director |
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Statement of Changes in Equity |
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
|||
Note |
£ |
£ |
£ |
£ |
||
At 1 July 2022 |
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|
|
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Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
|
– |
||
Tax relating to components of other comprehensive income |
11 |
– |
(
|
– |
(
|
|
ÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|||
Total comprehensive income for the year |
– |
(
|
|
|
||
At 30 June 2023 (as previously reported) |
|
|
|
|
||
Prior period adjustments |
26 |
– |
(78,396) |
3,216 |
(75,180) |
|
ÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|||
At 30 June 2023 (restated) |
|
|
|
|
||
ÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|||
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from revaluation reserve to profit and loss account |
– |
(
|
|
– |
||
Tax relating to components of other comprehensive income |
11 |
– |
(
|
– |
(
|
|
ÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|||
Total comprehensive income for the year |
– |
(
|
|
|
||
Dividends paid and payable |
12 |
– |
– |
(
|
(
|
|
ÄÄÄÄ |
ÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|||
Total investments by and distributions to owners |
– |
– |
(
|
(
|
||
ÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|||
At 30 June 2024 |
|
|
|
|
||
ÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|||
|
Statement of Cash Flows |
2024 |
2023 |
|
(restated) |
||
Note |
£ |
£ |
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
|
|
Government grant income |
(
|
(
|
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Tax on profit |
|
|
Accrued (income)/expenses |
(
|
|
Changes in: |
||
Stocks |
|
|
Trade and other debtors |
(
|
(
|
Trade and other creditors |
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Cash generated from operations |
(
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Net cash (used in)/from operating activities |
(
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Purchase of tangible assets |
(
|
(
|
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Net cash used in investing activities |
(
|
(
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Proceeds from borrowings |
(
|
|
Government grant income |
|
|
Payments of finance lease liabilities |
(
|
(
|
Dividends paid |
(
|
– |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Net cash (used in)/from financing activities |
(
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
|
Cash and cash equivalents at beginning of year |
875,917 |
(977,585) |
|
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
||
Cash and cash equivalents at end of year |
17 |
(
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
||
|
Notes to the Financial Statements |
Plant and machinery |
- |
|
|
Fixtures and fittings |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Sale of goods |
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
United Kingdom |
|
|
Overseas |
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Government grant income |
|
|
Other operating income |
– |
|
ÄÄÄÄ |
ÄÄÄÄ |
|
|
|
|
ÍÍÍÍ |
ÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Depreciation of tangible assets |
|
|
Impairment of trade debtors |
(55,037) |
177,103 |
Foreign exchange differences |
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
– |
ÍÍÍÍÍÍÍ |
ÍÍÍÍ |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
ÄÄÄÄ |
ÄÄÄÄ |
|
|
|
|
ÍÍÍÍ |
ÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Wages and salaries |
|
|
Social security costs |
|
|
Other pension costs |
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Interest on bank deposits |
|
|
ÍÍÍÍ |
ÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
ÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
UK current tax expense |
|
|
Origination and reversal of timing differences |
(
|
(
|
Impact of change in tax rate |
– |
|
Impact of changes in accounting policies and material errors |
– |
95,849 |
Accelerated capital allowances |
(
|
|
Movement re revaluation reserve |
6,252
|
– |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
Total deferred tax |
(
|
|
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
Tax on profit |
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of capital allowances and depreciation |
|
(
|
Adjustments to deferred tax |
(
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Tax on profit |
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
|
– |
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍ |
|
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 July 2023 (as restated) |
|
|
|
|
Additions |
|
|
– |
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
At 30 June 2024 |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Depreciation |
||||
At 1 July 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
At 30 June 2024 |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Carrying amount |
||||
At 30 June 2024 |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
At 30 June 2023 |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Plant and machinery |
|
£ |
|
At 30 June 2024 |
|
Aggregate cost |
1,000,000 |
Aggregate depreciation |
(492,662) |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Carrying value |
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
At 30 June 2023 |
|
Aggregate cost |
1,000,000 |
Aggregate depreciation |
(436,291) |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
Carrying value |
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Raw materials and consumables |
|
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Trade debtors |
|
|
Prepayments and accrued income |
|
|
Other debtors |
|
– |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Cash at bank and in hand |
|
|
Bank overdrafts |
(
|
(
|
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
(
|
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Accruals and deferred income |
|
|
Corporation tax |
|
|
Social security and other taxes |
|
|
Obligations under finance leases and hire purchase contracts |
|
|
Director loan accounts |
|
|
Amounts owed to connected companies |
|
|
Wages and salaries control |
14,661
|
22,636
|
Other creditors |
|
|
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Bank loans and overdrafts |
– |
|
Obligations under finance leases and hire purchase contracts |
|
|
ÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Not later than 1 year |
|
|
Later than 1 year and not later than 5 years |
|
|
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
|
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
Deferred tax (note 22) |
|
£ |
|
At 1 July 2023 (as restated) |
|
Charge against provision |
(
|
ÄÄÄÄÄÄÄÄÄ |
|
At 30 June 2024 |
|
ÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Included in provisions (note 21) |
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Accelerated capital allowances |
|
|
Revaluation of tangible assets |
|
|
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
228,189 |
232,613 |
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Government grants released to profit or loss |
|
|
ÍÍÍÍ |
ÍÍÍÍ |
|
2024 |
2023 |
|
(restated) |
||
£ |
£ |
|
Financial assets measured at fair value through profit or loss |
4,872,732 |
3,745,387 |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Financial liabilities measured at fair value through profit or loss |
3,076,006 |
2,310,227 |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
|
Amount | ||
£ | ||
Prepayment for revised electricity invoices | 77,885 | |
Accrual for sales credits relating to year ended 2023 raised post year end | (143,049) | |
Revision to bad debt provision | 91,160 | |
Revision to deferred tax provision | (17,453) | |
Adjutment to corporation tax arising from prior period adjustments | (5,327) | |
Total effect on profit | 3,216 | |
2024 |
2023 |
|||
(restated) |
||||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
ÍÍÍÍ |
ÍÍÍÍ |
ÍÍÍÍ |
ÍÍÍÍ |
|
At 1 Jul 2023 |
Cash flows |
At 30 Jun 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(667,648) |
|
Bank overdrafts |
(40) |
(590,776) |
(590,816) |
Debt due within one year |
(327,846) |
35,437 |
(292,409) |
Debt due after one year |
(264,820) |
193,088 |
(71,732) |
ÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄÄÄÄ |
ÄÄÄÄÄÄÄÄÄ |
|
|
(
|
(
|
|
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍÍ |
|
|
Notes to the Financial Statements (continued) |
Transaction value |
Balance owed by/(owed to) |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
|
84,604 |
|
|
– |
|
(
48,000)
|
(
|
(
|
– |
|
(
6,918)
|
(
|
(
|
(
|
|
(
127,326)
|
(
|
– |
– |
ÍÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍÍ |
ÍÍÍÍÍÍÍ |
|