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REGISTERED NUMBER: NI617670 (Northern Ireland)















Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 30 June 2024

for

Steel Holdco Limited

Steel Holdco Limited (Registered number: NI617670)






Contents of the Consolidated Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Steel Holdco Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: J Rooney



REGISTERED OFFICE: Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX



REGISTERED NUMBER: NI617670 (Northern Ireland)



AUDITORS: Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX



SOLICITORS: Murnaghan & Fee
Boston Chambers
Queen Elizabeth Road
Enniskillen
Co. Fermanagh
BT74 7JA

Steel Holdco Limited (Registered number: NI617670)

Group Strategic Report
for the Year Ended 30 June 2024

The director presents his strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
Turnover for the year decreased by 19% compared with the previous year. Gross margin has increased to 26% from 24% in the previous year. Overall, the group made a profit before tax of £3.2m compared to £4.1m in the previous year.

The directors consider the results for the year to be satisfactory. The group operates in a competitive market place. It is anticipated that current levels of performance will be maintained or improved upon.

PRINCIPAL RISKS AND UNCERTAINTIES
Principal risks
The market for the group's products and services remains competitive. New markets and customers are continually being developed which serves to spread risk. On occasions when a large contract is being awarded substantive client due diligence is undertaken to ensure risk is minimised.

The risks to the group are mainly credit risk, interest rate risk and foreign exchange risk.

Credit risk
The group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring customer payment patterns.

Liquidity risk
The group takes a proactive approach to managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Continuity of funding is ensured by matching the source of funding to the purpose of those funds. The group maintains a high level of cash reserves and further reserves are available should they be required.

Interest rate risk
The group finances its operations through a mixture of retained earnings and hire purchase agreements. The group's exposure is minimised as all finance is tied into fixed interest contracts. As the group is not dependent on external finance, any interest rate risk can be managed through the ongoing review of potential borrowing requirements.

Foreign exchange risk
Having an operational subsidiary based in the Republic of Ireland, constant monitoring of exchange rate is undertaken and foreign exchange risk is minimised by matching working capital, labour and other purchases within the same economic zone to provide, insofar as possible, a natural hedge.

GOING CONCERN
The business activities, together with factors likely to affect future development, performance and position are continuously monitored by the group's management. These include cash flow, liquidity position and borrowing facilities. Consequently, the business is deemed to be well placed to manage its business risks despite the current level of economic uncertainty. The group has adequate resources to continue its normal business for the foreseeable future and thus continues to adopt the going concern basis in preparing the annual report and financial statements.

ON BEHALF OF THE BOARD:





J Rooney - Director


31 March 2025

Steel Holdco Limited (Registered number: NI617670)

Report of the Director
for the Year Ended 30 June 2024

The director presents his report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of steel fabrication and erection.

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

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
J Rooney held office during the whole of the period from 1 July 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The company did not make any donations for political purposes during the year (2023:£Nil).

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Dundas Gallagher, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Rooney - Director


31 March 2025

Report of the Independent Auditors to the Members of
Steel Holdco Limited

Opinion
We have audited the financial statements of Steel Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 June 2024 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Steel Holdco Limited


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

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Steel Holdco 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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
Steel Holdco 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.




Ruairi Dundas (Senior Statutory Auditor)
for and on behalf of Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX

31 March 2025

Steel Holdco Limited (Registered number: NI617670)

Consolidated Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 3 20,065,023 24,874,618

Cost of sales 14,931,125 18,834,307
GROSS PROFIT 5,133,898 6,040,311

Administrative expenses 2,052,973 1,943,617
3,080,925 4,096,694

Other operating income - 6,136
OPERATING PROFIT 6 3,080,925 4,102,830

Interest receivable and similar income 209,002 39,334
3,289,927 4,142,164

Interest payable and similar expenses 8 5,843 8,180
PROFIT BEFORE TAXATION 3,284,084 4,133,984

Tax on profit 9 581,726 646,903
PROFIT FOR THE FINANCIAL YEAR 2,702,358 3,487,081
Profit attributable to:
Owners of the parent 2,702,358 3,487,081

Steel Holdco Limited (Registered number: NI617670)

Consolidated Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 2,702,358 3,487,081


OTHER COMPREHENSIVE INCOME
Unrealised exchange gains (24,127 ) (1,103 )
Income tax relating to other comprehensive
income

6,032

210
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(18,095

)

(893

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,684,263

3,486,188

Total comprehensive income attributable to:
Owners of the parent 2,684,263 3,486,188

Steel Holdco Limited (Registered number: NI617670)

Consolidated Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 1,539,635 1,428,379
Investments 12
Interest in associate 2,074 2,074
1,541,709 1,430,453

CURRENT ASSETS
Stocks 13 1,405,641 3,052,924
Debtors 14 8,005,191 6,929,401
Prepayments and accrued income 1,382,097 399,151
Cash at bank 10,859,975 10,657,221
21,652,904 21,038,697
CREDITORS
Amounts falling due within one year 15 2,642,455 4,596,684
NET CURRENT ASSETS 19,010,449 16,442,013
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,552,158

17,872,466

CREDITORS
Amounts falling due after more than one
year

16

-

(48,544

)

PROVISIONS FOR LIABILITIES 18 (248,324 ) (204,351 )
NET ASSETS 20,303,834 17,619,571

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 20 20,302,834 17,618,571
SHAREHOLDERS' FUNDS 20,303,834 17,619,571

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:





J Rooney - Director


Steel Holdco Limited (Registered number: NI617670)

Company Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 43,105 73,826
Investments 12 606,222 606,222
649,327 680,048

CURRENT ASSETS
Debtors 14 7,611,310 3,534,627
Prepayments and accrued income 1,836 838,421
Cash at bank 6,721,020 7,808,751
14,334,166 12,181,799
CREDITORS
Amounts falling due within one year 15 2,890,744 3,806,479
NET CURRENT ASSETS 11,443,422 8,375,320
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,092,749

9,055,368

PROVISIONS FOR LIABILITIES 18 10,776 15,134
NET ASSETS 12,081,973 9,040,234

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Retained earnings 12,080,973 9,039,234
SHAREHOLDERS' FUNDS 12,081,973 9,040,234

Company's profit for the financial year 3,059,834 615,940

The financial statements were approved by the director and authorised for issue on 31 March 2025 and were signed by:





J Rooney - Director


Steel Holdco Limited (Registered number: NI617670)

Consolidated Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 1,000 14,132,383 14,133,383

Changes in equity
Total comprehensive income - 3,486,188 3,486,188
Balance at 30 June 2023 1,000 17,618,571 17,619,571

Changes in equity
Total comprehensive income - 2,684,263 2,684,263
Balance at 30 June 2024 1,000 20,302,834 20,303,834

Steel Holdco Limited (Registered number: NI617670)

Company Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 1,000 8,424,187 8,425,187

Changes in equity
Total comprehensive income - 615,047 615,047
Balance at 30 June 2023 1,000 9,039,234 9,040,234

Changes in equity
Total comprehensive income - 3,041,739 3,041,739
Balance at 30 June 2024 1,000 12,080,973 12,081,973

Steel Holdco Limited (Registered number: NI617670)

Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,964,196 3,598,891
Interest element of hire purchase payments
paid

(5,843

)

(8,180

)
Tax paid (560,653 ) (400,696 )
Net cash from operating activities 1,397,700 3,190,015

Cash flows from investing activities
Purchase of tangible fixed assets (343,692 ) (95,715 )
Sale of tangible fixed assets 52,917 12,380
Interest received 209,002 39,334
Net cash from investing activities (81,773 ) (44,001 )

Cash flows from financing activities
Loan repayments in year - (213,542 )
Capital repayments in year (65,355 ) (77,743 )
Amount introduced by directors 6,240 -
Amount withdrawn by directors (1,029,931 ) -
Net cash from financing activities (1,089,046 ) (291,285 )

Increase in cash and cash equivalents 226,881 2,854,729
Cash and cash equivalents at beginning of
year

2

10,657,221

7,797,458
Effect of foreign exchange rate changes (24,127 ) 5,034
Cash and cash equivalents at end of year 2 10,859,975 10,657,221

Steel Holdco Limited (Registered number: NI617670)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 June 2024

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

30.6.24 30.6.23
£    £   
Profit before taxation 3,284,084 4,133,984
Depreciation charges 204,868 211,531
Profit on disposal of fixed assets (25,348 ) (251 )
Government grants - (6,136 )
Finance costs 5,843 8,180
Finance income (209,002 ) (39,334 )
3,260,445 4,307,974
Decrease/(increase) in stocks 1,647,283 (993,904 )
Increase in trade and other debtors (1,043,365 ) (870,658 )
(Decrease)/increase in trade and other creditors (1,900,167 ) 1,155,479
Cash generated from operations 1,964,196 3,598,891

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 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 10,859,975 10,657,221
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 10,657,221 7,797,458


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 10,657,221 202,754 10,859,975
10,657,221 202,754 10,859,975
Debt
Finance leases (115,355 ) 65,355 (50,000 )
(115,355 ) 65,355 (50,000 )
Total 10,541,866 268,109 10,809,975

Steel Holdco Limited (Registered number: NI617670)

Notes to the Consolidated Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Steel Holdco Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

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


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 on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the merger method and as such the assets of each company are stated at their original cost. The results of companies acquired or disposed of are included in the profit and loss account as if they had been a part of the group throughout the period reflected in the accounts. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Significant judgements and 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. The following judgements (apart from those involving estimates) have been made in the process of applying the accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Amounts recoverable on contract
When the outcome of a construction contract can be estimated reliably and it is probable that the contract will be profitable, contract revenue and costs are recognised over the period of the contract by reference to the stage of completion using the 'percentage-of-completion method' to determine the appropriate amount to recognise in a given period. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately.

Turnover
Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, exclusive of value added tax and trade discounts. In respect of construction contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of construction contracts and contracts for ongoing services is recognised by reference to the stage of completion.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.


Long leasehold- 5% on cost and 2% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles- 15% on reducing balance
Computer equipment - 15% on reducing balance

Steel Holdco Limited (Registered number: NI617670)

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

2. ACCOUNTING POLICIES - continued

Investments in associates
Investments in associate undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost, using the weighted average method, and net realisable value.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified item is reduced to its selling price less costs to complete and sell, and an impairment charge is recognised in the profit and loss account. The selling price is deemed to be scrap value. Where a reversal of the impairment is recognised, the impairment charge is reversed up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments
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 entity after deducting all of it's financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Steel Holdco Limited (Registered number: NI617670)

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

2. ACCOUNTING POLICIES - continued

Foreign currencies
These financial statements have been produced in sterling as this is the primary operating currency for the group.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Going concern
The financial statements have been prepared on a going concern basis. This is deemed appropriate given the group's profitability, strong net asset position, low level of gearing with minimal levels of external finance and the fact that the group has significant cash reserves available. Management accounts to 31 December 2024 and projections to 31 March 2026 indicate continued sales growth while maintaining current margins and low overhead base.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

30.6.24 30.6.23
£    £   
United Kingdom 4,510,338 2,707,124
Europe 15,554,685 22,167,494
20,065,023 24,874,618

Steel Holdco Limited (Registered number: NI617670)

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

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 2,828,779 2,419,379
Social security costs 244,639 158,302
Other pension costs 82,440 34,236
3,155,858 2,611,917

The average number of employees during the year was as follows:
30.6.24 30.6.23

Administration 24 24
Production 51 52
75 76

The average number of employees by undertakings that were proportionately consolidated during the year was 73 (2023 - 73 ) .

5. DIRECTORS' EMOLUMENTS
30.6.24 30.6.23
£    £   
Director's remuneration 57,448 47,401

6. OPERATING PROFIT

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

30.6.24 30.6.23
£    £   
Hire of plant and machinery 596,758 424,427
Depreciation - owned assets 195,214 193,981
Depreciation - assets on hire purchase contracts 9,653 17,551
Profit on disposal of fixed assets (25,348 ) (251 )
Foreign exchange differences (138,048 ) 153,901

7. AUDITORS' REMUNERATION
30.6.24 30.6.23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

15,500

15,796

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Hire purchase 5,843 8,180

Steel Holdco Limited (Registered number: NI617670)

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

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 526,913 643,577
Foreign corporation tax 4,809 1,145
Total current tax 531,722 644,722

Deferred tax 50,004 2,181
Tax on profit 581,726 646,903

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

30.6.24 30.6.23
£    £   
Profit before tax 3,284,084 4,133,984
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.501 %)

821,021

847,508

Effects of:
Expenses not deductible for tax purposes 1,374 -
Capital allowances in excess of depreciation (10,036 ) (16,291 )
Utilisation of tax losses - (1,785 )
Deferred tax movement 50,004 2,181
Overseas tax impact (280,637 ) (184,710 )

Total tax charge 581,726 646,903

Tax effects relating to effects of other comprehensive income

30.6.24
Gross Tax Net
£    £    £   
Unrealised exchange gains (24,127 ) 6,032 (18,095 )

30.6.23
Gross Tax Net
£    £    £   
Unrealised exchange gains (1,103 ) 210 (893 )

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Steel Holdco Limited (Registered number: NI617670)

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

11. TANGIBLE FIXED ASSETS

Group
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2023 311,519 3,274,445 282,785 100,386 3,969,135
Additions 150,000 165,292 28,400 - 343,692
Disposals - (52,813 ) - - (52,813 )
At 30 June 2024 461,519 3,386,924 311,185 100,386 4,260,014
DEPRECIATION
At 1 July 2023 44,099 2,317,371 116,604 62,682 2,540,756
Charge for year 9,230 160,433 29,549 5,655 204,867
Eliminated on disposal - (25,244 ) - - (25,244 )
At 30 June 2024 53,329 2,452,560 146,153 68,337 2,720,379
NET BOOK VALUE
At 30 June 2024 408,190 934,364 165,032 32,049 1,539,635
At 30 June 2023 267,420 957,074 166,181 37,704 1,428,379

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 316,684
DEPRECIATION
At 1 July 2023 252,332
Charge for year 9,653
At 30 June 2024 261,985
NET BOOK VALUE
At 30 June 2024 54,699
At 30 June 2023 64,352

Steel Holdco Limited (Registered number: NI617670)

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

11. TANGIBLE FIXED ASSETS - continued

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 106,188 21,990 128,178
Disposals (52,813 ) - (52,813 )
At 30 June 2024 53,375 21,990 75,365
DEPRECIATION
At 1 July 2023 48,250 6,102 54,352
Charge for year 769 2,383 3,152
Eliminated on disposal (25,244 ) - (25,244 )
At 30 June 2024 23,775 8,485 32,260
NET BOOK VALUE
At 30 June 2024 29,600 13,505 43,105
At 30 June 2023 57,938 15,888 73,826

12. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
£   
COST
At 1 July 2023
and 30 June 2024 2,074
NET BOOK VALUE
At 30 June 2024 2,074
At 30 June 2023 2,074
Company
Shares in Interest
group in
undertakings associate Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 604,148 2,074 606,222
NET BOOK VALUE
At 30 June 2024 604,148 2,074 606,222
At 30 June 2023 604,148 2,074 606,222

Steel Holdco Limited (Registered number: NI617670)

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

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Steel Solutions (N.I.) Limited
Registered office: 125 Tullyneevin Road, Slushill, Lisnaskea, Co. Fermanagh, BT92 0FZ
Nature of business: Steel Fabrication
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 4,261,939 692,847
Profit for the year 6,570,092 353,015

Tarkelt Investments Limited
Registered office: Derrylin Enterprise Park, Main Street, Derrylin, Enniskillen, Co. Fermanagh, BT92 9LA
Nature of business: Property Letting
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 632,245 577,443
Profit for the year 45,802 44,358

Steel Solutions (UK) Limited
Registered office: Thistlebank House, 2 Old Henry Street, Enniskillen, Co. Fermanagh, BT74 7JX
Nature of business: Dormant Company
%
Class of shares: holding
A Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 100 100

Steel Solutions Construction Limited
Registered office: Fermanagh Street, Clones, Co. Monaghan, Ireland
Nature of business: Steel Erection
%
Class of shares: holding
Ordinary 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 3,922,529 7,912,709
Profit for the year 2,109,574 2,483,073

Steel Holdco Limited (Registered number: NI617670)

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

12. FIXED ASSET INVESTMENTS - continued

Associated companies

Charton Homes Limited
Registered office: 47 Church Street, Cavan, Co. Cavan, Ireland
Nature of business: Property Development
%
Class of shares: holding
Ordinary 42.00

Steel Holdco Limited purchased 42% of the share capital of Charton Homes Limited on 19 August 2014. This represents 4,200 of the 10,000 issued ordinary shares at €1 per share.

SRS Mobile Ltd
Registered office: 77 Redrock Road, Collone, Co. Armagh, BT60 2BL
Nature of business: Manufacturing
%
Class of shares: holding
Ordinary 50.00

Steel Holdco Limited purchased 50% of the share capital of SRS Mobile Ltd on 5 October 2016. This represents 50 of the 100 issued ordinary shares at £1 per share.


13. STOCKS

Group
30.6.24 30.6.23
£    £   
Stocks 1,405,641 3,052,924

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Trade debtors 1,001,082 2,523,643 1,027,100 54,980
Other debtors 5,741,206 3,651,339 5,554,279 3,478,801
Directors' current accounts 1,015,371 - 1,029,931 -
VAT 247,532 754,419 - 846
8,005,191 6,929,401 7,611,310 3,534,627

Steel Holdco Limited (Registered number: NI617670)

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

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Hire purchase contracts (see note 17) 50,000 66,811 - -
Trade creditors 1,765,046 3,661,056 9,150 394
Amounts owed to group undertakings - - 2,340,066 3,628,558
Tax 398,413 427,344 362,537 161,814
Social security and other taxes 95,874 108,575 1,821 6,175
VAT - - 166,496 -
Other creditors 51,936 58,581 8,174 7,020
Directors' current accounts - 8,320 - 18
Accruals and deferred income 281,186 265,997 2,500 2,500
2,642,455 4,596,684 2,890,744 3,806,479

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
30.6.24 30.6.23
£    £   
Hire purchase contracts (see note 17) - 48,544

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.6.24 30.6.23
£    £   
Gross obligations repayable:
Within one year 54,375 71,186
Between one and five years - 54,375
54,375 125,561

Finance charges repayable:
Within one year 4,375 4,375
Between one and five years - 5,831
4,375 10,206

Net obligations repayable:
Within one year 50,000 66,811
Between one and five years - 48,544
50,000 115,355

Steel Holdco Limited (Registered number: NI617670)

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

18. PROVISIONS FOR LIABILITIES

Group Company
30.6.24 30.6.23 30.6.24 30.6.23
£    £    £    £   
Deferred tax 248,324 204,351 10,776 15,134

Group
Deferred
tax
£   
Balance at 1 July 2023 204,351
Provided during year 43,973
Balance at 30 June 2024 248,324

Company
Deferred
tax
£   
Balance at 1 July 2023 15,134
Credit to Income Statement during year (4,358 )
Balance at 30 June 2024 10,776

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
1,000 Ordinary shares £1 1,000 1,000

20. RESERVES

Group
Retained
earnings
£   

At 1 July 2023 17,618,571
Profit for the year 2,702,358
Unrealised exchange gains (18,095 )
At 30 June 2024 20,302,834

Steel Holdco Limited (Registered number: NI617670)

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

20. RESERVES - continued

Company
Retained
earnings
£   

At 1 July 2023 9,039,234
Profit for the year 3,059,834
Unrealised exchange gains (18,095 )
At 30 June 2024 12,080,973


21. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
J Rooney
Balance outstanding at start of year (8,320 ) (8,320 )
Amounts advanced 1,023,691 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,015,371 (8,320 )

22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Common ownership
30.6.24 30.6.23
£    £   
Sales 65,646 36,484
Loans 1,590,000 -
Amount due from related party 3,647,858 1,644,090
Amount due to related party 286 286

Other related parties
30.6.24 30.6.23
£    £   
Sales - 21,057
Transfers (24,126 ) -
Rent 228,000 180,000
Amount due from related party 1,791,722 1,815,848

Steel Holdco Limited (Registered number: NI617670)

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

23. POST BALANCE SHEET EVENTS

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

24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Rooney.