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Registered number: 14716659










UPTONSTEEL HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
UPTONSTEEL HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
T M Neale 
K W Walpole 




Registered number
14716659



Registered office
21 Shaw Lane
Markfield

Leicester

LE67 9PU




Independent auditor
MHA

Chartered Accountants & Statutory Auditors

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ




Bankers
HSBC
2-6 Gallowtree Gate

Leicester

LE1 1DA





 
UPTONSTEEL HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 7
Independent Auditor's Report
 
8 - 11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Balance Sheet
 
13 - 14
Company Balance Sheet
 
15 - 16
Consolidated Statement of Changes in Equity
 
17
Company Statement of Changes in Equity
 
18
Consolidated Statement of Cash Flows
 
19 - 20
Consolidated Analysis of Net Debt
 
21
Notes to the Financial Statements
 
22 - 41


 
UPTONSTEEL HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The Directors are satisfied with the performance of the Group during the year under review, which saw the business, once again, deliver a healthy trading performance, which was in line with expectations.
During the year the Group’s marketplace saw a continuation of the more normal levels of demand and price stability experienced in the previous year.
Consequently, the Group achieved a turnover of £100.0m in the year, which was slightly lower than the previous period, on a like-for-like basis, (9 months ended 31 December 2023 - £82.4m).
Gross profit margins were similarly slightly lower at 14.2% (2023 – 14.6%), meaning the Group generated an operating profit of £1.9m (9 months ended 31 December 2023 - £3.0m) and a profit before tax of £1.4m (9 months ended 31 December 2023 - £2.8m).
As in the prior year the Group retained all after tax profit generated, with the result that net assets increased to £3.1m (2023 - £2.0m).
This result was once again achieved against a landscape of ongoing economic uncertainty and global disruption, caused by continuing world conflicts and volatility in interest rates, inflation and other economic variables, as well as a high degree of political uncertainty.
As in previous years, this performance reflects the Board's clear and positive focus on its product purchasing and sales strategies, which remain consistent and forward-thinking.
Activity levels since the year end have remained positive, accordingly the Board are cautiously confident about the ongoing prospects of the business.

Principal risks and uncertainties
 
The Directors have assessed the main risks to the business being the ongoing impact of Brexit and the introduction of EU steel safeguarding measures, which continue to inhibit the Group's ability to source products from its traditional source of supply.
However, the Group continues to mitigate these risks by an ongoing policy of maintaining and fostering the already strong relationships with its longstanding global supply chain, as well as developing and nurturing relationships from new sources and regions.
The Group has moderate exposure to price, credit, liquidity and cash flow risk. These risks are effectively managed through maintaining and building strong relationships with suppliers, long-term customers and financing partners, all of whom remain loyal and supportive.
The principal credit risk arises from trade debtor exposure but   is mitigated by robust referencing procedures and extensive use of credit insurance.

Financial key performance indicators
 
The two key performance indicators most relevant to the Group are its gross profit margin and debtor days, both of which are closely managed and monitored on a regular basis through reviews of monthly management information, a long-term product purchasing strategy and rigorous credit control procedures.
During the year under review, the Group’s debtor days were 75 (2023 - 75).

Page 1

 
UPTONSTEEL HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators
 
The Group does not use any other key performance indicators.
Directors' statement of compliance with duty to promote the success of the Group
During the year, the Directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Group for the benefit of its members as a whole.
Specifically, the directors have considered the following:-
a. The likely consequences of any decision in the long term;
b. The interests of the Group's employees;
c. The need to foster the Group's business relationships with suppliers, customers and others;
d. The impact of the Group's operations on the community and the environment;
e. The desirability of the Group maintaining a reputation for high standards of business conduct; and
f. The need to act fairly between members of the Group.
S172 (1) (a) The likely consequences of any decision in the long term
The directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures they continue to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders.
Continually improving environmental performance and operating methods in line with key laws and regulations are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Group is delivering on their duty of care for the benefit of future generations.
S172 (1) (b) The interests of the Company's employees
The directors recognise that the employees are key to the business and its success. What makes them different is their approach to relationships, which extends past the expected customer focus, to all their employees.
Employee welfare and wellbeing is of the utmost importance, and they ensure all employees work in a safe and healthy environment and this is supported through regular external health and safety compliance checks. The directors regularly engage with employees through internal communication methods. When making decisions, the directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group, including the employees.
S172 (1) (c) The need to foster the Group's business relationships with suppliers, customers and others
The directors recognise that building relationships with suppliers and customers is also key to the success of the business. Their objective is to become a key partner, delivering quality products each time. This can only be achieved if they are also building relationships with their key suppliers. The directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised.
S172 (1) (d) The impact of the Group's operations on the community and the environment
The group recognise the importance of minimizing the impact of their operations on the community and environment.
S172 (1) (e) The desirability of the Group maintaining a reputation for high standards of business conduct
The Group is committed to improving quality and reducing any environmental impact, as noted above. This ensures that their reputation within the local community is maintained.
S172 (1) (f) The need to act fairly between members of the Company
When making decisions, the directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group.
 
Page 2

 
UPTONSTEEL HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet event
There have been no other significant events affecting the Group since the year end.


This report was approved by the board and signed on its behalf.



................................................
T M Neale
Director

Date: 5 June 2025

Page 3

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Principal activity

The principal activity of the Group during the period under review continued to be that of a steel sheet and coil distributor.


Results and dividends

The profit for the year, after taxation, amounted to £1,151k (2023 - £2,018k).

No dividends were declared in the period.

Directors

The directors who served during the year were:

T M Neale 
K W Walpole 

Page 4

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Invasion of Ukraine and Russian sanctions

The Group does not operate in either Ukraine or Russia and no key suppliers are located in either country. The Board's assessment of this highly tragic geopolitical situation is that the business is not impacted at present, and the situation will remain under review
Going concern
After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group can remain a viable going concern for the foreseeable future. The Directors have not identified any material uncertainty in relation to going concern. The Group therefore continues to adopt the going concern basis in preparing the financial statements.
Streamlined Energy and Carbon Reporting (‘SECR’)  
The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2018 requires the Company to disclose annual UK energy consumption and greenhouse gas emissions from SECR regulated sources.
The information below has been prepared and disclosed on a consolidated basis and includes all subsidiaries.
The Company is committed to responsible energy management and practice energy efficiency throughout the organisation, wherever it is cost effective. It is recognised that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions.
We have implemented the following during 2024:
 
Maintained ISO 14001 accreditation, monitoring and updating objectives regarding CO2 and Energy reduction;
Continued to monitor KPI for CO2 output and achieved energy reduction targets;
Continued to utilise 100% renewably sourced energy at all sites, utilising either solar, biomass or certified renewable electricity and gas;
Reduced overall electricity consumption by the utilisation of solar energy;
Replaced a number of HGVs with new better fuel efficiency vehicles;
Established a hybrid or electric only company car policy;
Confirmed that Group does not fall in scope of Energy Savings Opportunity Scheme (ESOS).
 
The following energy efficiency measures are now being implemented during 2025:
 
Target additional energy reduction opportunities through energy management system data;
Continued evaluation of the benefits of green fuels;
Replacing more HGVs with new better fuel efficiency vehicles;
Installing additional company car charging points;
Evaluating enhanced energy management systems;
Evaluating low carbon steel production in advance of CBAM requirements
 
The total consumption (kWh) figures for energy supplies reportable by the Company during the year was 10,994,904 (2023 – 10,810,159), an increase of 1.7%.



 
Page 5

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

This can be further analysed as follows
         2024           2023
Scope 1 Company vehicle fleet     9,364,009    9,127,882 
  Kerosene           -                - 
 
Scope 2 Electricity and gas      1,630,895    1,682,277 
Total                            10,994,904  10,810,159
      
The total emissions (tCO2e) figures for energy supplies reportable by the Company during the year was 2,299.611 (2023 – 2,326,010), a reduction of 1.1%.

This can be further analysed as follows:
       
 2024         2023
Scope 1 Company vehicle fleet     2,137.200  2,199.840 
  Kerosene                       0.000                0,000 
Scope 2 Electricity and gas         162.411        126.170
Total                             2,299.611  2,326.010
       
The intensity ratio (tCO2e/m2) figures for energy supplies reportable by the Company during the year was 0.2860 (2023 – 0.2893).  The relevant property footprint for calculation purposes is 8,040 m2 (2023 – 8,040 m2).
The Company has followed HM Government Environmental Reporting Guidelines (March 2024) and have used the 2022 UK Government's Conversion Factors to create this report.
When collecting total energy consumption verifiable data has been used where reasonably practicable.
Electricity, gas and other fuels data has been obtained from meter readings and using invoices from suppliers.
Transport data has been obtained through invoices and data management reports. Information supplied in litres has been converted to kWh using the UK Government's Conversion Factors (2022) information.

Matters covered in the Group Strategic Report

The Group has chosen in accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Group's Strategic Report certain matters required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Page 6

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
T M Neale
Director

Date: 5 June 2025

21 Shaw Lane
Markfield
Leicester
LE67 9PU

Page 7

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPTONSTEEL HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Uptonsteel Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 Auditor's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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 directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPTONSTEEL HOLDINGS LIMITED (CONTINUED)


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 directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


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 Directors' 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:


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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 9

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPTONSTEEL HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud.
Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations.
Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transations outside the normal course of business and reviewing accounting estimates for bias. 
Reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations. 
Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud. 
Reviewing minutes of meetings of those charged with governance.


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 Auditor's Report.


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 2006Our 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.


Page 10

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPTONSTEEL HOLDINGS LIMITED (CONTINUED)





Shelley Harvey (Senior Statutory Auditor)
  
for and on behalf of MHA, Statutory Auditor,
Leicester, United Kingdom
 
Date: 05/06/2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (Registered number OC455542).
  

Page 11

 
UPTONSTEEL HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

Year ended 31 December 2024
9 months ended 31 December 2023
Note
£000
£000

  

Turnover
 4 
100,007
82,402

Cost of sales
  
(85,785)
(70,390)

Gross profit
  
14,222
12,012

Distribution costs
  
(6,092)
(4,572)

Administrative expenses
  
(6,271)
(4,408)

Operating profit
 5 
1,859
3,032

Interest payable and similar expenses
 9 
(447)
(188)

Profit before taxation
  
1,412
2,844

Tax on profit
 10 
(261)
(826)

Profit for the financial year
  
1,151
2,018

  

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 22 to 41 form part of these financial statements.

Page 12

 
UPTONSTEEL HOLDINGS LIMITED
REGISTERED NUMBER: 14716659

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 11 
695
772

Tangible assets
 12 
9,979
8,002

  
10,674
8,774

Current assets
  

Stocks
 14 
11,731
17,777

Debtors: amounts falling due within one year
 15 
22,530
24,641

Cash at bank and in hand
 16 
607
490

  
34,868
42,908

Creditors: amounts falling due within one year
 17 
(28,996)
(30,889)

Net current assets
  
 
 
5,872
 
 
12,019

Total assets less current liabilities
  
16,546
20,793

Creditors: amounts falling due after more than one year
 18 
(12,724)
(18,171)

Deferred taxation
 20 
(652)
(603)

  
 
 
(652)
 
 
(603)

Net assets
  
3,170
2,019


Capital and reserves
  

Called up share capital 
 21 
1
1

Profit and loss account
  
3,169
2,018

  
3,170
2,019


Page 13

 
UPTONSTEEL HOLDINGS LIMITED
REGISTERED NUMBER: 14716659
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
T M Neale
Director

Date: 5 June 2025

The notes on pages 22 to 41 form part of these financial statements.

Page 14

 
UPTONSTEEL HOLDINGS LIMITED
REGISTERED NUMBER: 14716659

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Investments
 13 
39,426
39,426

  
39,426
39,426

Current assets
  

Cash at bank and in hand
 16 
1
1

Current Liabilities
  
1
1

Creditors: amounts falling due within one year
 17 
(36,326)
(30,426)

Total assets less current liabilities
  
 
 
3,101
 
 
9,001

  

Creditors: amounts falling due after more than one year
 18 
(3,100)
(9,000)

  

Net assets
  
1
1


Capital and reserves
  

Called up share capital 
 21 
1
1

  
1
1


Page 15

 
UPTONSTEEL HOLDINGS LIMITED
REGISTERED NUMBER: 14716659
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
T M Neale
Director

Date: 5 June 2025

The notes on pages 22 to 41 form part of these financial statements.

Page 16

 
UPTONSTEEL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000


At 8 March 2023

Profit for the period
-
2,018
2,018

Shares issued during the period
1
-
1



At 1 January 2024
1
2,018
2,019



Profit for the year
-
1,151
1,151


At 31 December 2024
1
3,169
3,170


The notes on pages 22 to 41 form part of these financial statements.

Page 17

 
UPTONSTEEL HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Total equity

£000
£000


At 8 March 2023
-
-
Comprehensive income for the period
-
-

Shares issued during the period
1
1



At 1 January 2024
1
1


Comprehensive income for the period


At 31 December 2024
1
1


The notes on pages 22 to 41 form part of these financial statements.

Page 18

 
UPTONSTEEL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
1,151
2,018

Adjustments for:

Amortisation of intangible assets
77
-

Depreciation of tangible assets
1,064
828

Loss on disposal of tangible assets
(65)
96

Interest paid
447
188

Taxation charge
261
826

Decrease/(increase) in stocks
6,046
(80)

Decrease in debtors
2,110
12,682

(Decrease)/increase in creditors
(7,845)
12,894

Corporation tax (paid)
(221)
(916)

Net cash generated from operating activities

3,025
28,536


Cash flows from investing activities

Purchase of tangible fixed assets
(3,116)
(1,026)

Sale of tangible fixed assets
139
217

Purchase of fixed asset investments
-
(28,357)

HP interest paid
(46)
(35)

Net cash from investing activities

(3,023)
(29,201)

Cash flows from financing activities

Issue of ordinary shares
-
1

Repayment of/new finance leases
516
(304)

Movements on invoice discounting
-
1,611

Interest paid
(401)
(153)

Net cash used in financing activities
115
1,155
Page 19

 
UPTONSTEEL HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£000
£000



Net increase in cash and cash equivalents
117
490

Cash and cash equivalents at beginning of year
490
-

Cash and cash equivalents at the end of year
607
490


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
607
490

607
490


The notes on pages 22 to 41 form part of these financial statements.

Page 20

 
UPTONSTEEL HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
New finance leases
At 31 December 2024
£000

£000

£000

£000

Cash at bank and in hand

490

117

-

607

Finance leases

(880)

806

(1,322)

(1,396)


(390)
923
(1,322)
(789)

The notes on pages 22 to 41 form part of these financial statements.

Page 21

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The entity is a private company imited by shares, which is incorporated in England and Wales. The registered office address is 21 Shaw Lane, Markfield, Leicester, LE67 9PU. The Company registration number is 14716659.
The principal activity of the Company and the Group is disclosed in the Directors Report. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements have been presented in British Pound Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.

  
2.3

Going concern

After reviewing the Company's and Group's forecasts and projections, the directors have a reasonabe expectation that the Company and the Group has adequate resources to continue in operational existence for the forseeable future. The Company and the Group therefore continues to adopt the going concern basis in preparing its financial statements. 

Page 22

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.5

Operating leases: the Group as a lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to  over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

  
2.8

Hire purchase agreements

Assets obtained under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charge to the Consolidated Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. 

Page 23

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comphrensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 24

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Short leasehold property
-
Over the life of the lease
Plant and machinery
-
14%
straight line
Motor vehicles
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Consolidated Statement of Comprehensive Income.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 25

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price,, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to Consolidated Statement of Comprehensive Income..

 
2.18

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.


 
Page 26

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Consolidated Balance Sheet when there is an 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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 Company and Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the tangible fixed assets, and note 2.11 for the useful economic lives for each class of assets.
(ii) Stock provision
The directors continually monitor movements in steel prices and a provision is made against year end stock where the net realisable value of stock falls below its original cost. The stock value shown in note 14 is expressed net of any provision. 
(iii) Bad debt provision
Where neccesary a bad debt provision is in included in the financial statements as an allowance for any  expected future bad debts. The trade debtors shown in note 15 are expressed net of any bad debt provision. The estimate is based on managements prior knowledge and experience of the industry and is amended when necessary based on the current economic climate. 

Page 27

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


Year ended 31 December 2024
9 months ended 31 December 2023
£000
£000

Sale of goods
100,007
82,402

100,007
82,402


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

Year ended 31 December 2024
9 months ended 31 December 2023
£000
£000

Depreciation of tangible fixed assets
1,064
828

Profit/(loss) on disposal of tangible fixed assets
(65)
96

Other operating lease rentals
3
3

Share-based payment
77
-

Page 28

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


Year ended 31 December
9 months ended 31 December 
2024
2023
£000
£000

Fees payable to the Groups's auditors and their associates for the audit of the Group's annual financial statements
5
5


Fees payable to the Group's auditor and its associates in respect of:


Audit of subsidiaries
41
41

Non-audit services
26
26

67
67

Page 29

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Year ended 31 December 2024
9 months ended 31 December 2023
£000
£000


Wages and salaries
5,265
4,048

Social security costs
533
413

Cost of defined contribution scheme
175
114

5,973
4,575


The average monthly number of employees, including the directors, during the year was as follows:


Year ended 31 December
9 months ended 31 December 
        2024
        2023
            No.
            No.







Production staff
83
88



Sales and administrative staff
34
34

117
122

Page 30

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

Year ended 31 December
9 months ended 31 December
2024
2023
£000
£000

Directors' emoluments
384
467

Group contributions to defined contribution pension schemes
37
17

421
484


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £198k (2023 - £118k).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18k (2023 - £7k).

The total accrued pension provision of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).

The amount of the accrued lump sum in respect of the highest paid director at 31 December 2024 amounted to £NIL (2023 - £NIL).


9.


Interest payable and similar expenses

Year ended 31 December 2024
9 months ended 31 December 2023
£000
£000


Other loan interest payable
350
84

Finance leases and hire purchase contracts
46
35

Other interest payable
51
69

447
188

Page 31

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


Year ended 31 December
9 months ended 31 December 
2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
309
978

Adjustments in respect of previous periods
(48)
(59)


261
919


Total current tax
261
919

Deferred tax


Origination and reversal of timing differences
-
(93)

Total deferred tax
-
(93)


Tax on profit
261
826
Page 32

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year/period

The tax assessed for the year/period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

Year ended 31 December
9 months ended 31 December 
2024
2023
£000
£000


Profit on ordinary activities before tax
1,412
2,844


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
353
711

Effects of:


Non-tax deductible amortisation of goodwill and impairment
19
5

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13
-

Capital allowances for year/period in excess of depreciation
(125)
122

Change in provisions leading to an decrease in tax charge
49
(99)

Qualifying loss on fixed asset disposal
-
24

Other differences leading to an increase in the tax charge
(48)
63

Total tax charge for the year/period
261
826


Factors that may affect future tax charges

There are no factors that may affect future tax charges.

Page 33

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets






Goodwill

£000



Cost


At 1 January 2024
772



At 31 December 2024

772



Amortisation


Charge for the year
77



At 31 December 2024

77



Net book value



At 31 December 2024
695



At 31 December 2023
772



Page 34

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets

Group






Freehold property
Short leasehold property
Plant & machinery
Motor vehicles
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 January 2024
5,400
1
1,867
1,420
8,688


Additions
1,701
-
173
1,242
3,116


Disposals
-
-
-
(562)
(562)



At 31 December 2024

7,101
1
2,040
2,100
11,242



Depreciation


At 1 January 2024
95
-
259
332
686


Charge for the year
136
-
310
619
1,065


Disposals
-
-
-
(487)
(487)



At 31 December 2024

231
-
569
464
1,264



Net book value



At 31 December 2024
6,870
1
1,471
1,636
9,978



At 31 December 2023
5,305
1
1,608
1,088
8,002

Included within freehold property is land at a cost of £1,940k (2023 - £300k) which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£000
£000



Plant & machinery
-
7

Motor vehicles
1,220
640

1,220
647

The depreciation charge on these assets amounts to £454k (2023 - £381k).

Page 35

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£000



Cost or valuation


At 1 January 2024
39,426



At 31 December 2024
39,426





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

C.J. Upton (Demergeco) Limited
9 Brownhill Crescent, Rothley, Leicester, LE7 7LA
Holding Company
Ordinary
100%


Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

C.J. Upton Holdings Ltd
21 Shaw Lane, Markfield, Leicester, LE67 9PU
Holding Company
Ordinary
100%
C.J. Upton & Sons Limited
Number one, Lanyon Quay, Belfast, BT1 3LG
Steel sheet and coil distributor
Ordinary
100%
Brandvik Limited
21 Shaw Lane, Markfield, Leicester, LE67 9PU
Steel sheet and coil distributor
Ordinary
100%

As a parent company established under the law of the UK for the year ended 31 December 2024, UptonSteel Holdings Limited took advantage of the audit exemption under section 479A of the  Companies Act 2006 relating to Brandvik Limited (registered number 03438113) included in the consolidated accounts. 
C.J. Upton Holdings Ltd guarantees the liabilities of Brandvik Limited under Section 479C of the Companies Act 2006 in respect of the financial year ended 31 December 2024. 

Page 36

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Stocks

Group
Group
2024
2023
£000
£000

Finished goods
11,731
17,777

11,731
17,777



15.


Debtors



Group
Group
2024
2023
£000
£000


Trade debtors
22,000
23,211

Other debtors
71
1,084

Prepayments and accrued income
459
346

22,530
24,641



16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Cash at bank and in hand
607
490
1
1

607
490
1
1


Page 37

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Trade creditors
14,359
14,715
-
-

Amounts owed to group undertakings
-
-
30,426
21,426

Corporation tax
85
91
-
-

Other taxation and social security
966
183
-
-

Obligations under finance lease and hire purchase contracts
508
445
-
-

Other creditors
9,571
9,299
5,900
9,000

Accruals and deferred income
3,507
6,156
-
-

28,996
30,889
36,326
30,426


Obligations under hire purchase agreements are secured on the assets to which they relate.
Included within other creditors is the invoicing financing facility of £3,548k (2023 - £155k).
The invoice financing facility is secured on the book debts of the Group.
The Group's bankers also hold legal charges over freehold property, as well as a fixed charge over book debts and a floating charge over all other assets of the Group.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Net obligations under finance leases and hire purchase contracts
888
435
-
-

Other creditors
11,836
17,736
3,100
9,000

12,724
18,171
3,100
9,000


Obligations under hire purchase agreements are secured on the assets to which they relate.

Page 38

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£000
£000

Within one year
508
445

Between 1-5 years
888
435

1,396
880


20.


Deferred taxation


Group



2024


£000






At beginning of year
(603)


Charged to Consolidated Statement of Comprehensive Income
(49)



At end of period
(652)












At end of year
-
Group
Group
2024
2023
£000
£000

Accelerated capital allowances
(652)
(603)

(652)
(603)

Page 39

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



45,000 (2023 - 45,000) Ordinary A shares of £0.010 each
0.450
0.450
45,000 (2023 - 45,000) Ordinary B shares of £0.010 each
0.450
0.450
10,000 (2023 - 10,000) Ordinary C shares of £0.010 each
0.100
0.100

1.000

1.000



22.


Capital commitments




At 31 December 2024 the Group had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Contracted for but not provided in these financial statements
-
62
-
62

-
62
-
62

The Company had no capital commitments at the year end.


23.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the Group in a independently administered fund. The pension cost charge of the £174k (2023 - £161k) represents contributions payable by the Group to the fund.

Page 40

 
UPTONSTEEL HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£000
£000

Not later than 1 year
3
3

Later than 1 year and not later than 5 years
8
4

11
7

The Company had no operating lease commitments at the year end.


25.


Related party transactions

The Group has taken advantage of the exemption under Financial Reporting Standard 102, section 33.1A fnot to disclosure transactions with wholly owned subsidiaries of the group.
Transactions and balances with related parties are as follows:


2024
2023
£000
£000

Amounts owed to directors
8,470
17,999
Key management personnel remuneration
1,478
732
Balances owed to other related parties
8,737
8,737

Amounts owed to and from Group undertakings are unsecured, interest free and repayable on demand.
No other transactions with related parties were undertaken such as are required to be dislcosed under Financial Report Standard 102, section 33.1A.


26.


Controlling party

At the balance sheet date, the ultimate controlling party is K W Walpole and T M Neale.

Page 41