2024-01-01 NI062967 2024-12-31 NI062967 2024-01-01 2024-12-31 NI062967 2023-12-31 NI062967 2023-01-01 2023-12-31 NI062967 uk-core:WithinOneYear 2023-12-31 NI062967 uk-core:WithinOneYear 2024-12-31 NI062967 uk-core:AfterOneYear 2023-12-31 NI062967 uk-core:AfterOneYear 2024-12-31 NI062967 uk-core:ShareCapital 2024-12-31 NI062967 uk-core:ShareCapital 2023-12-31 NI062967 uk-core:RetainedEarningsAccumulatedLosses 2024-12-31 NI062967 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 NI062967 uk-bus:Director1 2024-01-01 2024-12-31 NI062967 uk-bus:Director2 2024-01-01 2024-12-31 NI062967 uk-core:NetGoodwill 2024-01-01 2024-12-31 NI062967 uk-core:LandBuildings 2024-01-01 2024-12-31 NI062967 uk-core:PlantMachinery 2024-01-01 2024-12-31 NI062967 uk-core:ComputerEquipment 2024-01-01 2024-12-31 NI062967 uk-core:MotorVehicles 2024-01-01 2024-12-31 NI062967 uk-core:OtherVehicles 2024-01-01 2024-12-31 NI062967 uk-core:Goodwill 2023-12-31 NI062967 uk-core:Goodwill 2024-12-31 NI062967 uk-core:ComputerEquipment 2023-12-31 NI062967 uk-core:OtherVehicles 2023-12-31 NI062967 uk-core:MotorVehicles 2023-12-31 NI062967 uk-core:PlantMachinery 2023-12-31 NI062967 uk-core:LandBuildings 2023-12-31 NI062967 uk-core:LandBuildings 2024-12-31 NI062967 uk-core:MotorVehicles 2024-12-31 NI062967 uk-core:OtherVehicles 2024-12-31 NI062967 uk-core:ComputerEquipment 2024-12-31 NI062967 uk-core:PlantMachinery 2024-12-31 NI062967 uk-core:WithinOneYear 2024-12-31 NI062967 uk-core:WithinOneYear 2023-12-31 NI062967 uk-core:AfterOneYear uk-core:Secured 2024-12-31 NI062967 uk-core:AfterOneYear uk-core:Secured 2023-12-31 iso4217:GBP xbrli:pure NI062967 uk-bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 NI062967 uk-bus:FRS102 2024-01-01 2024-12-31 NI062967 uk-bus:FilletedAccounts 2024-01-01 2024-12-31 NI062967 uk-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31
Gillen Steel Limited
Registered Number:NI062967
For the year ended 31 December 2024
Northern Ireland
Report of the Directors and Unaudited Financial Statements
2
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
3
Registered Number :
NI062967
As at 31 December 2024
Gillen Steel Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
159,580
172,451
3
159,580
172,451
Current assets
Inventories
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
Capital and reserves
Called up share capital
65,005
65,005
Retained earnings
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.
1 of 5
4
Registered Number :
NI062967
For the year ended 31 December 2024
Gillen Steel Limited
Statement of Financial Position Continued
Andrew Gillen Director
Patricia Gillen Director
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
2 of 5
5
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.
Registered address:
27 Derryraine Road
Armagh
Armagh
BT60 1NZ
The presentation currency is £ sterling.
1. Accounting policies
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
2 Straight line
Plant and Machinery
5% Reducing balance
15% Reducing balance
Computer Equipment
16% Reducing balance
Motor Vehicles
10 Reducing balance
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.
3 of 5
6
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
Cost or valuation
£
At 01 January 2024
24,000
At 31 December 2024
24,000
Amortisation
At 01 January 2024
24,000
At 31 December 2024
24,000
Net book value
At 31 December 2024
-
At 31 December 2023
-
3. Property, plant and equipment
Total
Computer
Equipment
Cranes
Motor
Vehicles
Plant and
Machinery
Land and
Improvements
£
£
£
£
£
£
Cost or
valuation
At 01 January
2024
604,435
15,564
107,725
97,337
319,976
63,833
At 31 December
2024
63,833
97,337
107,725
15,564
604,435
319,976
Provision for depreciation and impairment
At 01 January
2024
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
At 31 December
2024
444,855
13,470
93,564
68,992
231,642
37,187
At 31 December
2024
Net book value
26,646
88,334
28,345
14,161
2,094
159,580
27,923
92,983
33,347
15,735
2,463
172,451
At 31 December
2023
4 of 5
7
For the year ended 31 December 2024
Gillen Steel Limited
Notes to the Financial Statements Continued
4. Inventories
2023
2024
£
£
Stocks
287,791
162,665
5. Trade and other receivables
2023
2024
£
£
Trade debtors
3,630
27,635
Other debtors
19,322
8,954
36,589
22,952
6. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
10,648
10,648
Trade creditors
138,811
39,136
Taxation and social security
-
18,916
Other creditors
27,705
15,167
177,164
83,867
7. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
8,350
18,356
8. Average number of persons employed
During the year the average number of employees was 11 (2023 : 10)
5 of 5