Company registration number 06007023 (England and Wales)
CHAINBRIDGE STEEL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CHAINBRIDGE STEEL GROUP LIMITED
COMPANY INFORMATION
Director
Mr S Harrison
Company number
06007023
Registered office
Rainhill Road
Stephenson Industrial Estate
District 12
Washington
Tyne & Wear
NE37 3HU
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
CHAINBRIDGE STEEL GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group Income Statement
8
Group statement of comprehensive income
9
Group statement of financial position
10
Company statement of financial position
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
CHAINBRIDGE STEEL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of holding shares in subsidiary companies. The principal activtity of the group continued to be that of steel stockholders.

Review of the business

Turnover decreased by £2.9 million to £17.3 million during the year. The gross profit margin for the year decreased back down to be more in line with pre 2021 levels which had increased as a result of a lack of supply in the market due to COVID-19 restrictions pushing sales prices up.

 

Management are satisfied with the performance of the group for the year in what has been, and continues to be, a challenging and competitive market.

 

The group's key financial and other performance indicators during the year were as follows:

 

     Unit    2024    2023

Gross Profit Margin     %    11.67 14.81

Operating Profit Margin     % 4.01 7.60

Principal risks and uncertainties

The principal risks identified by the management team continue to be in relation to the growth of revenues and customers in what continues to be a challenging and competitive market and the management of cash resources.

 

The group always continues to develop and grow relations with existing customers and grow overall customer numbers by delivering a high quality product at competitive prices.

 

The group maintains adequate cash and open credit lines to enable the group to meet the demands of their cash flow cycle and monitor this on a regular basis.

On behalf of the board

Mr S Harrison
Director
17 June 2025
CHAINBRIDGE STEEL GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £154,100. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr S Harrison
Financial instruments
Objectives and policies

The group finances its activities with a combination of cash and short term deposits. Overdrafts are used to satisfy short term cash flow requirements. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the group's operating activities.

Price risk

Price risk is the risk that changes in raw material prices have the potential to impact on the profitability of the group. The group actively monitors raw material prices to minimise the group's exposure to price risk.

 

Credit risk

Credit risk is the risk that one party of a financial instrument will cause a financial loss for the other party by failing to discharge its obligation. Company policies are aimed at minimising such losses and require customers to satisfy credit worthiness procedures prior to acceptance of contracts. The group does not consider that it is materially exposed to credit risk.

 

Cash flow and liquidity risk

Cash flow and liquidity risk is the risk that a group's available cash will not be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the group, is deemed sufficient to minimise the group's exposure to cash flow and liquidity risk.

Future developments

The directors are confident about the future developments of the group and these are detailed within the strategic report.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

CHAINBRIDGE STEEL GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr S Harrison
Director
17 June 2025
CHAINBRIDGE STEEL GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The director is responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

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

CHAINBRIDGE STEEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHAINBRIDGE STEEL GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Chainbridge Steel Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CHAINBRIDGE STEEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHAINBRIDGE STEEL GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing 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 parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

CHAINBRIDGE STEEL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHAINBRIDGE STEEL GROUP LIMITED
- 7 -

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

 

 

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Simpson FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
18 June 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
CHAINBRIDGE STEEL GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,255,236
20,106,289
Cost of sales
(15,241,123)
(17,129,088)
Gross profit
2,014,113
2,977,201
Administrative expenses
(1,322,548)
(1,449,182)
Other operating income
500
500
Operating profit
4
692,065
1,528,519
Interest receivable and similar income
8
285,394
114,464
Interest payable and similar expenses
9
(14,306)
(12,000)
Profit before taxation
963,153
1,630,983
Tax on profit
10
(245,830)
(387,549)
Profit for the financial year
717,323
1,243,434
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

CHAINBRIDGE STEEL GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
717,323
1,243,434
Other comprehensive income
Tax relating to other comprehensive income
7,163
7,163
Total comprehensive income for the year
724,486
1,250,597
Total comprehensive income for the year is all attributable to the owners of the parent company.
CHAINBRIDGE STEEL GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,865,981
1,448,977
Investment property
13
131,961
112,561
1,997,942
1,561,538
Current assets
Stocks
16
2,309,054
2,627,878
Debtors
17
3,592,303
4,143,354
Cash at bank and in hand
7,071,687
6,427,515
12,973,044
13,198,747
Creditors: amounts falling due within one year
18
(3,394,697)
(3,869,023)
Net current assets
9,578,347
9,329,724
Total assets less current liabilities
11,576,289
10,891,262
Creditors: amounts falling due after more than one year
19
(10)
(10)
Provisions for liabilities
Deferred tax liability
21
384,894
270,253
(384,894)
(270,253)
Net assets
11,191,385
10,620,999
Capital and reserves
Called up share capital
23
300,000
300,000
Revaluation reserve
24
171,913
193,402
Capital redemption reserve
24
16,000
16,000
Profit and loss reserves
10,703,472
10,111,597
Total equity
11,191,385
10,620,999
The financial statements were approved and signed by the director and authorised for issue on 17 June 2025
17 June 2025
Mr S Harrison
Director
Company registration number 06007023 (England and Wales)
CHAINBRIDGE STEEL GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,225,414
812,554
Investment property
13
131,961
112,561
Investments
14
341,200
341,200
1,698,575
1,266,315
Current assets
Debtors
17
89,451
26,386
Cash at bank and in hand
4,798,952
2,751,620
4,888,403
2,778,006
Creditors: amounts falling due within one year
18
(5,634,727)
(3,152,977)
Net current liabilities
(746,324)
(374,971)
Total assets less current liabilities
952,251
891,344
Provisions for liabilities
Deferred tax liability
21
281,376
182,987
(281,376)
(182,987)
Net assets
670,875
708,357
Capital and reserves
Called up share capital
23
300,000
300,000
Revaluation reserve
24
171,913
193,402
Capital redemption reserve
24
16,000
16,000
Profit and loss reserves
182,962
198,955
Total equity
670,875
708,357

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £109,455 (2023 - £235,177 profit).

The financial statements were approved and signed by the director and authorised for issue on 17 June 2025
17 June 2025
Mr S Harrison
Director
Company registration number 06007023 (England and Wales)
CHAINBRIDGE STEEL GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
300,000
214,891
16,000
8,997,491
9,528,382
Year ended 31 December 2023:
Profit for the year
-
-
-
1,243,434
1,243,434
Other comprehensive income:
Tax relating to other comprehensive income
-
7,163
-
-
0
7,163
Total comprehensive income
-
7,163
-
1,243,434
1,250,597
Dividends
11
-
-
-
(157,980)
(157,980)
Transfers
-
(28,652)
-
28,652
-
Balance at 31 December 2023
300,000
193,402
16,000
10,111,597
10,620,999
Year ended 31 December 2024:
Profit for the year
-
-
-
717,323
717,323
Other comprehensive income:
Tax relating to other comprehensive income
-
7,163
-
-
0
7,163
Total comprehensive income
-
7,163
-
717,323
724,486
Dividends
11
-
-
-
(154,100)
(154,100)
Transfers
-
(28,652)
-
28,652
-
Balance at 31 December 2024
300,000
171,913
16,000
10,703,472
11,191,385
CHAINBRIDGE STEEL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
300,000
214,891
16,000
93,106
623,997
Year ended 31 December 2023:
Profit for the year
-
-
-
235,177
235,177
Other comprehensive income:
Tax relating to other comprehensive income
-
7,163
-
-
0
7,163
Total comprehensive income
-
7,163
-
235,177
242,340
Dividends
11
-
-
-
(157,980)
(157,980)
Transfers
-
(28,652)
-
28,652
-
Balance at 31 December 2023
300,000
193,402
16,000
198,955
708,357
Year ended 31 December 2024:
Profit for the year
-
-
-
109,455
109,455
Other comprehensive income:
Tax relating to other comprehensive income
-
7,163
-
-
0
7,163
Total comprehensive income
-
7,163
-
109,455
116,618
Dividends
11
-
-
-
(154,100)
(154,100)
Transfers
-
(28,652)
-
28,652
-
Balance at 31 December 2024
300,000
171,913
16,000
182,962
670,875
CHAINBRIDGE STEEL GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,495,939
5,384,223
Income taxes paid
(323,211)
(512,239)
Net cash inflow from operating activities
1,172,728
4,871,984
Investing activities
Purchase of tangible fixed assets
(644,894)
(123,652)
Proceeds from disposal of tangible fixed assets
18,750
7,252
Purchase of investment property
(19,400)
(38,889)
Interest received
285,394
114,464
Net cash used in investing activities
(360,150)
(40,825)
Financing activities
Interest paid
(14,306)
(12,000)
Dividends paid to equity shareholders
(154,100)
(157,980)
Net cash used in financing activities
(168,406)
(169,980)
Net increase in cash and cash equivalents
644,172
4,661,179
Cash and cash equivalents at beginning of year
6,427,515
1,766,336
Cash and cash equivalents at end of year
7,071,687
6,427,515
CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Chainbridge Steel Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Rainhill Road, Stephenson Industrial Estate, District 12, Washington, Tyne & Wear, NE37 3HU.

 

The group consists of Chainbridge Steel Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Chainbridge Steel Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

The financial statements have been prepared on a going concern basis.

 

The group meets its day to day working capital requirements through cash generated from operations. At the year end the group had net current assets of £9,723k including cash at bank of £7,072k.

 

The group's forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

 

Therefore at the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost or deemed cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Leasehold buildings
10% straight line
Plant and equipment
10%-15% reducing balance
Office equipment
33% straight line
Motor vehicles
25% reducing balance
CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The company has made an assumption of writing down the value of stock on items in which they expect the cost to exceed the net realisable value before it is fully sold/utilised.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
17,255,236
20,106,289
2024
2023
£
£
Turnover analysed by geographical market
UK and Europe
17,255,236
20,106,289
2024
2023
£
£
Other revenue
Interest income
285,394
114,464
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
6,283
(37,923)
Depreciation of owned tangible fixed assets
197,451
192,293
Loss on disposal of tangible fixed assets
11,689
1,330
Operating lease charges
148,290
118,145
CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,950
6,000
Audit of the financial statements of the company's subsidiaries
18,650
17,500
24,600
23,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
2024
2023
Number
Number
Production
14
15
Administration and support
11
9
Distribution
6
6
Management
3
4
Total
34
34

Their aggregate remuneration comprised:

Group
2024
2023
£
£
Wages and salaries
949,201
1,116,168
Social security costs
97,091
118,930
Pension costs
65,906
66,606
1,112,198
1,301,704
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
12,954
17,508

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
285,186
112,369
Other interest income
208
2,095
Total income
285,394
114,464
9
Interest payable and similar expenses
2024
2023
£
£
Dividends on redeemable preference shares not classified as equity
12,000
12,000
Other interest
2,306
-
Total finance costs
14,306
12,000
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
124,026
399,882
Adjustments in respect of prior periods
-
0
(16)
Total current tax
124,026
399,866
Deferred tax
Origination and reversal of timing differences
121,804
(12,317)
Total tax charge
245,830
387,549
CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
963,153
1,630,983
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
240,788
383,607
Tax effect of expenses that are not deductible in determining taxable profit
5,042
3,388
Effect of change in corporation tax rate
-
554
Taxation charge
245,830
387,549

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
(7,163)
(7,163)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
154,100
157,980
CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
12
Tangible fixed assets
Group
Freehold buildings
Leasehold buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
26,799
6,680
2,694,652
53,063
466,336
3,247,530
Additions
-
0
-
0
490,367
4,429
150,098
644,894
Disposals
-
0
-
0
-
0
-
0
(88,450)
(88,450)
At 31 December 2024
26,799
6,680
3,185,019
57,492
527,984
3,803,974
Depreciation and impairment
At 1 January 2024
19,829
6,680
1,490,422
39,003
242,619
1,798,553
Depreciation charged in the year
715
-
0
116,789
6,878
73,069
197,451
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(58,011)
(58,011)
At 31 December 2024
20,544
6,680
1,607,211
45,881
257,677
1,937,993
Carrying amount
At 31 December 2024
6,255
-
0
1,577,808
11,611
270,307
1,865,981
At 31 December 2023
6,970
-
0
1,204,230
14,060
223,717
1,448,977
Company
Plant and equipment
£
Cost or valuation
At 1 January 2024
1,550,149
Additions
490,367
At 31 December 2024
2,040,516
Depreciation and impairment
At 1 January 2024
737,595
Depreciation charged in the year
77,507
At 31 December 2024
815,102
Carrying amount
At 31 December 2024
1,225,414
At 31 December 2023
812,554

The company's plant and machinery were valued on a replacement cost basis by Bronx Engineering Limited, the manufacturer of the plant and machinery, on 3 May 2012. On transition to FRS 102 on 1 January 2014 the company elected to adopt a 'deemed cost' value at the date of transition and therefore revaluations are no longer performed.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 26 -

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £996,197 (2023 - £554,685).

13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
112,561
112,561
Additions through external acquisition
19,400
19,400
At 31 December 2024
131,961
131,961

The historical cost of the investment properties is £131,961 (2023: £112,561).

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
341,200
341,200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,341,200
Impairment
At 1 January 2024 and 31 December 2024
1,000,000
Carrying amount
At 31 December 2024
341,200
At 31 December 2023
341,200
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Chainbridge Steel (North East) Ltd
Rainhill Road, Stephenson
Industrial Estate, District 12,
Washington, Tyne & Wear,
NE37 3HU
A and B Ordinary
100.00
Chainbridge Steel (Scotland) Limited
Unit 4, Block 3 West Avenue,
Blantyre Industrial Estate,
Blantyre, Lanarkshire, G72 0UZ
A Ordinary
100.00
Chainbridge Steel (NI) Limited
51 Mallusk Road,
Newtonabbey, County Antrim,
BT36 4PX
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,309,054
2,627,878
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,212,714
3,856,884
-
0
-
0
Corporation tax recoverable
15,974
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
4,080
-
Other debtors
156,021
159,159
77,179
-
0
Prepayments and accrued income
207,594
127,311
8,192
26,386
3,592,303
4,143,354
89,451
26,386
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,910,635
2,850,558
395,431
42
Amounts owed to group undertakings
150,000
125,000
5,031,032
2,875,100
Corporation tax payable
-
0
183,211
-
0
26,066
Other taxation and social security
97,883
205,278
-
4,080
Other creditors
202,048
241,689
202,048
241,689
Accruals and deferred income
34,131
263,287
6,216
6,000
3,394,697
3,869,023
5,634,727
3,152,977
CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
10
10
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Preference shares
10
10
-
0
-
0
Payable after one year
10
10
-
0
-
0
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
341,916
212,949
Short term timing differences
42,978
57,304
384,894
270,253
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
238,398
125,683
Short term timing differences
42,978
57,304
281,376
182,987
CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
270,253
182,987
Charge to profit or loss
121,804
105,552
Credit to other comprehensive income
(7,163)
(7,163)
Liability at 31 December 2024
384,894
281,376
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
65,906
66,606

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

There were no outstanding contributions at the year end (2023: £nil) .

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
219,008
219,008
219,008
219,008
Ordinary Class C of £1 each
3,000
3,000
3,000
3,000
Ordinary Class A of £1 each
77,992
77,992
77,992
77,992
300,000
300,000
300,000
300,000

The Ordinary, A Ordinary and C Ordinary shares rank pari passu in all respects but constitute separate classes of shares.

24
Reserves
Revaluation reserve

This reserve records the value of the asset revaulations and fair value movements on assets recognised in other comprehensive income.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
2024
2023
£
£
Within one year
33,840
34,825
Between two and five years
29,201
62,571
63,041
97,396
26
Related party transactions
Transactions with related parties

The group entered into related party transactions with Rowanmoor Pensions Self-Invested Personal Pension Scheme for Shaun Harrison. £104,000 (2023 - £76,250) was recognised in the year in relation to rent for Rainhill Road, Stephenson Industrial Estate, District 12, Washington, Tyne & Wear NE37 3HU.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group and company
Harrvest Company Limited
150,000
125,000

Harrvest Company Limited is a related party by virtue of common ownership.

27
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S Harrison - Loan Account
(93,381)
173,962
(82,788)
(2,207)
(93,381)
173,962
(82,788)
(2,207)
28
Controlling party

The ultimate controlling parties are Mr S Harrison and Mrs P Harrison.

CHAINBRIDGE STEEL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
717,323
1,243,434
Adjustments for:
Taxation charged
245,830
387,549
Finance costs
14,306
12,000
Investment income
(285,394)
(114,464)
Loss on disposal of tangible fixed assets
11,689
1,330
Depreciation and impairment of tangible fixed assets
197,451
192,293
Movements in working capital:
Decrease in stocks
318,824
1,198,121
Decrease in debtors
567,025
1,473,015
(Decrease)/increase in creditors
(291,115)
990,945
Cash generated from operations
1,495,939
5,384,223
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
6,427,515
644,172
7,071,687
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr S 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