REGISTERED NUMBER: 01628493 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

STEELS MANAGEMENT LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Jonathan Cooke

Jeremy Cooke

Colin Ivor Cooke

SECRETARY:

REGISTERED OFFICE:

Newbridge House

44 Bowham Avenue

Bridgend

Mid Glamorgan

CF31 3PA

REGISTERED NUMBER:

01628493 (England and Wales)

ACCOUNTANTS:

James de Frias

Chartered Accountants

Llanover House

Llanover Road

Pontypridd

Rhondda Cynon Taff

CF37 4DY

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a holding company of a trading group.

REVIEW OF BUSINESS

DIRECTORS

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

Jonathan Cooke

Jeremy Cooke

Colin Ivor Cooke

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Jeremy Cooke - Director

2 September 2025

FIXED ASSETS

Tangible assets

4

754,267

603,859

Investments

5

621,102

698,901

1,375,369

1,302,760

CURRENT ASSETS

Debtors

6

255,069

250,010

Cash at bank

50,756

7,973

305,825

257,983

CREDITORS

Amounts falling due within one year

7

578,998

519,061

NET CURRENT LIABILITIES

(273,173

)

(261,078

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,102,196

1,041,682

PROVISIONS FOR LIABILITIES

37,500

-

NET ASSETS

1,064,696

1,041,682

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

1,063,696

1,040,682

1,064,696

1,041,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

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 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 Sections 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

Jeremy Cooke - Director

1.	STATUTORY INFORMATION

Steels Management Limited 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

600,000

13,637

613,637

Additions

-

2,507

2,507

Revaluations

150,000

-

150,000

At 31 December 2024

750,000

16,144

766,144

DEPRECIATION

At 1 January 2024

-

9,778

9,778

Charge for year

-

2,099

2,099

At 31 December 2024

-

11,877

11,877

NET BOOK VALUE

At 31 December 2024

750,000

4,267

754,267

At 31 December 2023

600,000

3,859

603,859

Freehold land and buildings

Historical cost amounted to £330,077

Buildings were revalued at open market value of £750,000 on the 31st December 2024, by the Directors.

5.	FIXED ASSET INVESTMENTS

Investments

in

subsidiary

Other

undertakings

Investments

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

473,922

224,979

698,901

Additions

-

34

34

Revaluations

-

(77,833

)

(77,833

)

At 31 December 2024

473,922

147,180

621,102

NET BOOK VALUE

At 31 December 2024

473,922

147,180

621,102

At 31 December 2023

473,922

224,979

698,901

Cost or valuation at 31 December 2024 is represented by:

Investments

in

subsidiary

Other

undertakings

Investments

Totals

£

£

£

Valuation in 2022

473,922

316,316

790,238

Valuation in 2023

-

(91,337

)

(91,337

)

Valuation in 2024

-

(77,799

)

(77,799

)

473,922

147,180

621,102

If Other Investments had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

475,869

475,869

Other Investments were valued on an open market value basis on 31 December 2023 by an independent valuer .

Investments in subsidiary undertakings are held at cost.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

134,129

116,774

Other debtors

120,940

133,236

255,069

250,010

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

168,317

104,315

Amounts owed to group undertakings

403,278

403,278

Taxation and social security

934

8,772

Other creditors

6,469

2,696

578,998

519,061

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.12.24

31.12.23

£

£

Colin Ivor Cooke

Balance outstanding at start of year

40,426

40,202

Amounts advanced

2,283

224

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

42,709

40,426

Jeremy Cooke

Balance outstanding at start of year

12,497

12,260

Amounts advanced

-

237

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,497

12,497

Jonathan Cooke

Balance outstanding at start of year

21,652

19,652

Amounts advanced

-

2,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,652

21,652

9.	CONTROLLING PARTY

The Colin Cooke 1982 Trust holds 60% of the share capital, so has controlling interest in the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steels Management Limited for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Steels Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Steels Management Limited and state those matters that we have agreed to state to the Board of Directors of Steels Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steels Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Steels Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Steels Management Limited. You consider that Steels Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Steels Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James de Frias

Chartered Accountants

Llanover House

Llanover Road

Pontypridd

Rhondda Cynon Taff

CF37 4DY

2 September 2025