| Registered Number:NI062967 |
For the year ended 31 December 2024
Northern Ireland
Report of the Directors and Unaudited Financial Statements
For the year ended 31 December 2024
Gillen Steel Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Gillen Steel Limited
Statement of Financial Position
2023
2024
| Property, plant and equipment |
159,580
172,451
3
159,580
172,451
162,665
287,791
4
| Trade and other receivables |
36,589
22,952
5
143,292
| Cash and cash equivalents |
56,540
367,283
342,546
| Trade and other payables: amounts falling due within one |
| year |
(83,867)
(177,164)
6
258,679
190,119
Net current assets
| Total assets less current liabilities |
349,699
431,130
| Trade and other payables: amounts falling due after more |
| than one year |
(18,356)
(8,350)
7
(16,412)
(27,460)
| Provisions for liabilities |
324,937
Net assets
385,314
65,005
65,005
259,932
320,309
324,937
385,314
Shareholders' funds
| For the year ended 31 December 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006 |
| The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of |
| each financial year and of its profit or loss for each financial year in accordance with the requirements of Section |
| 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial |
| statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
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For the year ended 31 December 2024
Gillen Steel Limited
Statement of Financial Position Continued
| These financial statements were approved and authorised for issue by the Board on 30 June 2025 and were signed by: |
| The notes form part of these financial statements |
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For the year ended 31 December 2024
Gillen Steel Limited
Notes to the Financial Statements
Statutory Information
| Gillen Steel Limited is a private limited company, limited by shares, domiciled in Northern Ireland, registration number |
| NI062967. |
27 Derryraine Road
Armagh
Armagh
BT60 1NZ
| The presentation currency is £ sterling. |
Basis of preparing the financial statements
| These financial statements have been prepared in accordance with the provisions of Section 1A of 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 costs convention as |
| modified by the revaluation of certain assets. |
Revenue recognition
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. |
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Goodwill
| Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of 18 years. |
Property, plant and equipment
| Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Land and Improvements
Plant and Machinery
Computer Equipment
Motor Vehicles
Cranes
Inventories
| Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Deferred tax
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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 at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result. |
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For the year ended 31 December 2024
Gillen Steel Limited
Notes to the Financial Statements Continued
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
| The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable. |
| 2. Intangible fixed assets |
Goodwill
24,000
24,000
24,000
24,000
-
-
| 3. Property, plant and equipment |
Cranes
604,435
15,564
107,725
97,337
319,976
63,833
63,833
97,337
107,725
15,564
604,435
319,976
| Provision for depreciation and impairment |
431,984
13,101
91,990
63,990
226,993
35,910
Charge for year
12,871
369
1,574
5,002
4,649
1,277
444,855
13,470
93,564
68,992
231,642
37,187
26,646
88,334
28,345
14,161
2,094
159,580
27,923
92,983
33,347
15,735
2,463
172,451
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For the year ended 31 December 2024
Gillen Steel Limited
Notes to the Financial Statements Continued
2023
2024
287,791
162,665
| 5. Trade and other receivables |
2023
2024
3,630
27,635
19,322
8,954
36,589
22,952
| 6. Trade and other payables: amounts falling due within one year |
2023
2024
10,648
10,648
138,811
39,136
| Taxation and social security |
-
18,916
27,705
15,167
177,164
83,867
| 7. Trade and other payables: amounts falling due after more than one year |
2023
2024
8,350
18,356
| 8. Average number of persons employed |
During the year the average number of employees was 11 (2023 : 10)
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