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REGISTERED NUMBER: 06759649 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

A C STEELS LTD

A C STEELS LTD (REGISTERED NUMBER: 06759649)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


A C STEELS LTD

Company Information
for the Year Ended 31 December 2024







DIRECTORS: Mr R P Price
Mr P W Price
Mr C P W Price





REGISTERED OFFICE: International House
Fryers Road
Bloxwich
Walsall
WS2 7LY





REGISTERED NUMBER: 06759649 (England and Wales)





AUDITORS: Lawton Bradford Accountants Ltd
Chartered Certified Accountants and
Statutory Auditors
7 Marconi Gate
Stafford
Staffordshire
ST18 0FZ

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

The principal activities of the company during the period were that of manufacturer, distributor and stock holder of steel products.

REVIEW OF BUSINESS
The directors are pleased with the trading results for the period following the general downturn in steel prices.The
results also demonstrate the strength of the business and its core activities together with its management and
employees.The stated results report a profit before taxation of £894,731 and the net assets at the balance sheet date were £7,155,970 which shows the company is in a good financial position to address the challenges to be faced from the market conditions and the general economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES
Management continues to monitor risks to ensure that overall business risk remains within acceptable levels. The
principal risks and uncertainties are external market risks arising from global commodity price movements and activity
within the steel industry supply chain.

Customer and credit risk
The company supplies a range of markets and customers in order to avoid reliance on a single customer and the
associated risks. The company uses credit insurance with agreed credit limits to minimise its exposure to credit risk.

Supplier and product risk
The company uses a relatively small number of steel suppliers in order to maintain a reliable supply of products in the
quantities required. There are a large number of suppliers available to minifies the risk of product supply.

Liquidity risk
The company forecasts its future cash flows on a daily basis and ensures it has sufficient reserves and facilities to meet all its obligations.

Interest rate risk
The company maintains close relationships with its bankers and finance providers in order to ensure the interest rate
risk is managed effectively.

Foreign currency risk
The company has purchases of steel in foreign currencies and due to the relatively small number of transactions the
directors do not consider the company is exposed to a significant risk from currency exchange fluctuations.

Commodity price risk
Steel is a globally traded commodity and therefore subject to price fluctuations, the company manages this risk through forward pricing options.

KEY PERFORMANCE INDICATORS
The directors consider the following to be the key performance indicators:
The decrease in turnover has reduced this year. 2024 turnover was £35,473,707 compared to £35,994,706 for 2023 and £38,675,007 in 2022 as a result of the general downturn is steel prices. Steel prices began to increase from early 2025.
Gross profit has increased to £7,023,315 from £6,468,646 in 2023.
Profit before tax has decreased to £894,731 from £1,240,061 in 2023.
The underlying profits of the company continue to be strong in the current year.

ON BEHALF OF THE BOARD:





Mr P W Price - Director


7 August 2025

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2024 will be £48,000.

FUTURE DEVELOPMENTS
The directors expect to maintain the current level of performance for the current year and therefore similar results are
forecast for the year ended 31 December 2025.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr R P Price
Mr P W Price
Mr C P W Price

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Lawton Bradford Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr P W Price - Director


7 August 2025

Report of the Independent Auditors to the Members of
A C Steels Ltd

Opinion
We have audited the financial statements of A C Steels Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
A C Steels Ltd


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
A C Steels Ltd


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtain an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
- We obtain an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.
- Identify which laws and regulations are of significance in the context of the entity;
- We obtain an understanding of the entity’s risk assessment process, including the risk of fraud;
- We assess the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;
- Identify and test unusual or unexpected journal entries;
- Use Data Analytics to review the client data for unusual trends/anomalies;
- Evaluate the assumptions and judgements used by management within significant accounting estimates and assess if these indicate evidence of management bias;
- Test significant transactions, in particular evaluate the business rationale for any which appear unusual or outside the company’s normal course of business;
- Review the financial statements and test the disclosures against supporting documentation;
- Communicate relevant matters (including those above) to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.

In order to ascertain the above and relative to the specific risks identified, the procedures followed included:
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
Review of financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations.
Perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
A C Steels Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Adele Lawton (Senior Statutory Auditor)
for and on behalf of Lawton Bradford Accountants Ltd
Chartered Certified Accountants and
Statutory Auditors
7 Marconi Gate
Stafford
Staffordshire
ST18 0FZ

7 August 2025

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   

TURNOVER 3 35,473,707 35,994,706

Cost of sales 28,450,392 29,526,060
GROSS PROFIT 7,023,315 6,468,646

Distribution costs 1,810,161 1,516,316
Administrative expenses 3,528,967 3,037,890
5,339,128 4,554,206
1,684,187 1,914,440

Other operating income 74,940 76,642
OPERATING PROFIT 5 1,759,127 1,991,082

Interest receivable and similar income - 2,265
1,759,127 1,993,347

Interest payable and similar expenses 6 864,396 753,286
PROFIT BEFORE TAXATION 894,731 1,240,061

Tax on profit 7 190,963 346,241
PROFIT FOR THE FINANCIAL YEAR 703,768 893,820

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Other Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 703,768 893,820


OTHER COMPREHENSIVE INCOME
Property Revaluation 335,000 -
Income tax relating to other comprehensive
income

-

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

335,000

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,038,768

893,820

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 8,150,520 6,221,848

CURRENT ASSETS
Stocks 10 11,463,386 9,851,749
Debtors 11 8,764,724 8,611,507
Cash at bank 75,875 434,861
20,303,985 18,898,117
CREDITORS
Amounts falling due within one year 12 16,437,883 15,140,402
NET CURRENT ASSETS 3,866,102 3,757,715
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,016,622

9,979,563

CREDITORS
Amounts falling due after more than one
year

13

(3,824,561

)

(3,256,996

)

PROVISIONS FOR LIABILITIES 17 (988,091 ) (537,365 )

ACCRUALS AND DEFERRED INCOME 18 (48,000 ) (20,000 )
NET ASSETS 7,155,970 6,165,202

CAPITAL AND RESERVES
Called up share capital 19 103 103
Revaluation reserve 20 1,649,882 1,314,882
Capital redemption reserve 20 600,000 600,000
Retained earnings 20 4,905,985 4,250,217
SHAREHOLDERS' FUNDS 7,155,970 6,165,202

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2025 and were signed on its behalf by:





Mr P W Price - Director


A C STEELS LTD (REGISTERED NUMBER: 06759649)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2023 300,103 3,704,397 1,314,882 300,000 5,619,382

Changes in equity
Issue of share capital (300,000 ) - - - (300,000 )
Dividends - (48,000 ) - - (48,000 )
Total comprehensive income - 893,820 - - 893,820
Preference share redemption - (300,000 ) - 300,000 -
Balance at 31 December 2023 103 4,250,217 1,314,882 600,000 6,165,202

Changes in equity
Dividends - (48,000 ) - - (48,000 )
Total comprehensive income - 703,768 335,000 - 1,038,768
Balance at 31 December 2024 103 4,905,985 1,649,882 600,000 7,155,970

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,693,744 1,179,081
Interest paid (799,065 ) (701,349 )
Interest element of hire purchase payments
paid

(65,331

)

(51,937

)
Tax paid (49,457 ) (93,520 )
Net cash from operating activities 779,891 332,275

Cash flows from investing activities
Purchase of tangible fixed assets (1,928,923 ) (366,897 )
Interest received - 2,265
Net cash from investing activities (1,928,923 ) (364,632 )

Cash flows from financing activities
Loan repayments in year (126,000 ) (126,000 )
New hire purchase in year 1,454,400 -
Capital repayments in year (411,266 ) 272,726
Amount introduced by directors 145,119 112,976
Amount withdrawn by directors (254,465 ) -
Share issue - (300,000 )
Equity dividends paid (48,000 ) (48,000 )
Net cash from financing activities 759,788 (88,298 )

Decrease in cash and cash equivalents (389,244 ) (120,655 )
Cash and cash equivalents at beginning of
year

2

434,861

555,516

Cash and cash equivalents at end of year 2 45,617 434,861

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

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

31.12.24 31.12.23
£    £   
Profit before taxation 894,731 1,240,061
Depreciation charges 335,251 373,188
Finance costs 864,396 753,286
Finance income - (2,265 )
2,094,378 2,364,270
(Increase)/decrease in stocks (1,611,637 ) 117,989
(Increase)/decrease in trade and other debtors (89,137 ) 49,427
Increase/(decrease) in trade and other creditors 1,300,140 (1,352,605 )
Cash generated from operations 1,693,744 1,179,081

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 75,875 434,861
Bank overdrafts (30,258 ) -
45,617 434,861
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 434,861 555,516


A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 434,861 (358,986 ) 75,875
Bank overdrafts - (30,258 ) (30,258 )
434,861 (389,244 ) 45,617
Debt
Finance leases (1,402,734 ) (1,043,134 ) (2,445,868 )
Debts falling due within 1 year (116,713 ) (9,287 ) (126,000 )
Debts falling due after 1 year (2,151,287 ) 135,287 (2,016,000 )
(3,670,734 ) (917,134 ) (4,587,868 )
Total (3,235,873 ) (1,306,378 ) (4,542,251 )

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

A C Steels Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

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

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost

Tangible assets are initially stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use. Freehold land and buildings have been revalued, freehold land is not depreciated and the residual value of the buildings are considered to be at least the same as the revalued amount and, therefore, have not been depreciated.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

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 the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position 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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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

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

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and tangible fixed assets, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group fo related assets in the prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

31.12.24 31.12.23
£    £   
Sale of goods 35,473,707 35,994,706
35,473,707 35,994,706

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 35,473,707 35,994,706
35,473,707 35,994,706

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 2,462,510 2,307,293
Social security costs 262,500 241,745
Other pension costs 40,681 44,326
2,765,691 2,593,364

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.12.24 31.12.23

Production 47 42
Administration 23 23
Directors 3 3
73 68

31.12.24 31.12.23
£    £   
Directors' remuneration 234,741 223,619
Directors' pension contributions to money purchase schemes 3,701 3,655

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 117,420 223,619
Pension contributions to money purchase schemes 1,321 1,321

The directors' remuneration reflects the total compensation to key management personnel during the financial year.

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£    £   
Hire of plant and machinery 291,680 230,140
Other operating leases 557,893 282,828
Depreciation - owned assets 335,251 373,188
Auditors' remuneration 38,195 40,315
Foreign exchange differences 14,239 23,311

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank loan interest 279,490 195,290
Invoice finance interest 517,509 506,059
Interest on corporation tax 2,066 -
Hire purchase 65,331 51,937
864,396 753,286

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax (259,763 ) 218,617

Deferred tax 450,726 127,624
Tax on profit 190,963 346,241

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

31.12.24 31.12.23
£    £   
Profit before tax 894,731 1,240,061
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

223,683

310,015

Effects of:
Expenses not deductible for tax purposes 19,823 15,006
Capital allowances in excess of depreciation (401,982 ) (6,291 )
Utilisation of tax losses - (48,520 )
Adjustments to tax charge in respect of previous periods (259,760 ) (43,001 )
Deferred tax 450,726 127,624
Effect of change in tax rate - (8,592 )
Tax losses carried forward 6,966 -
Tax loss carried back 151,507 -
Total tax charge 190,963 346,241

Tax effects relating to effects of other comprehensive income

31.12.24
Gross Tax Net
£    £    £   
Property Revaluation 335,000 - 335,000

8. DIVIDENDS




Period
01.01.24
to
30.12.24




Year
Ended
31.12.23
££
B Ordinary shares of £1 Interim24,00024,000
C Ordinary Shares o £1 Interim24,00024,000
48,00048,000

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 3,665,000 3,694,435 112,964 7,472,399
Additions - 1,928,923 - 1,928,923
Revaluations 335,000 - - 335,000
At 31 December 2024 4,000,000 5,623,358 112,964 9,736,322
DEPRECIATION
At 1 January 2024 - 1,138,506 112,045 1,250,551
Charge for year - 335,251 - 335,251
At 31 December 2024 - 1,473,757 112,045 1,585,802
NET BOOK VALUE
At 31 December 2024 4,000,000 4,149,601 919 8,150,520
At 31 December 2023 3,665,000 2,555,929 919 6,221,848

Cost or valuation at 31 December 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2016 650,000 - - 650,000
Valuation in 2019 167,280 - - 167,280
Valuation in 2021 380,175 - - 380,175
Valuation in 2024 335,000 - - 335,000
Cost 2,467,545 5,623,358 112,964 8,203,867
4,000,000 5,623,358 112,964 9,736,322

The freehold property was valued at market value by Lambert Smith Hampton, on 23rd October 2024 and P Price, the director, considers this value to be the appropriate value at 31 December 2024.

10. STOCKS
31.12.24 31.12.23
£    £   
Raw materials 11,147,581 9,625,244
Work-in-progress 315,805 226,505
11,463,386 9,851,749

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 8,388,497 8,344,285
Other debtors 77,817 32,892
Directors' current accounts 254,465 145,119
Tax - 45,266
Prepayments and accrued income 43,945 43,945
8,764,724 8,611,507

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 14) 156,258 116,713
Hire purchase contracts (see note 15) 637,307 297,025
Trade creditors 8,213,622 7,456,172
Tax (94,723 ) 259,763
Social security and other taxes 53,232 34,479
VAT 357,918 601,407
Other creditors 1,075 4,093
Invoice financing 7,113,194 6,370,750
16,437,883 15,140,402

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 14) 2,016,000 2,151,287
Hire purchase contracts (see note 15) 1,808,561 1,105,709
3,824,561 3,256,996

14. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 30,258 -
Bank loans 126,000 116,713
156,258 116,713

Amounts falling due between one and two years:
Bank loans - 1-2 years 126,000 117,884

Amounts falling due between two and five years:
Bank loans - 2-5 years 378,000 360,801

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. LOANS - continued
31.12.24 31.12.23
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,512,000 1,672,602

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 637,307 297,025
Between one and five years 1,808,561 1,005,562
In more than five years - 100,147
2,445,868 1,402,734

Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 351,628 -
Between one and five years 635,787 -
In more than five years 10,868 -
998,283 -

16. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Bank loans 2,142,000 2,268,000
Hire purchase contracts 2,445,868 1,402,734
Invoice financing 7,270,276 6,370,750
11,858,144 10,041,484

The bank loan and invoice financing are secured by a debenture over the assets and undertaking of the company.

The hire purchase contracts are secured against the associated assets.

17. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 988,091 537,365

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

17. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 537,365
Charge to Income Statement during year 450,726
Balance at 31 December 2024 988,091

18. ACCRUALS AND DEFERRED INCOME
31.12.24 31.12.23
£    £   
Accruals and deferred income 48,000 20,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.12.24 31.12.23
value: £ £
100 A Ordinary £1 100 100
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
1 D Ordinary £1 1 1
103 103
B, C and D shares do not have any voting rights.

20. RESERVES
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2024 4,250,217 1,314,882 600,000 6,165,099
Profit for the year 703,768 703,768
Dividends (48,000 ) (48,000 )
Revaluation - 335,000 - 335,000
At 31 December 2024 4,905,985 1,649,882 600,000 7,155,867

A C STEELS LTD (REGISTERED NUMBER: 06759649)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
Mr P W Price
Balance outstanding at start of year 145,119 258,095
Amounts advanced 109,346 187,024
Amounts repaid - (300,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 254,465 145,119

The loan was repaid after the year end.