REGISTERED NUMBER: SC226597 (Scotland)

Financial Statements

For The Year Ended 31 December 2024

for

A.G.S. STEEL ERECTORS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A Cunningham

Mr K Cunningham

Miss K Cunningham

SECRETARY:

Mr A Cunningham

REGISTERED OFFICE:

Unit E6

North Caldeen Road

Coatbridge

ML5 4EF

REGISTERED NUMBER:

SC226597 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Tangible assets

4

1,040,971

1,207,014

CURRENT ASSETS

Debtors

5

413,928

189,582

Cash at bank and in hand

116,176

130,207

530,104

319,789

CREDITORS

Amounts falling due within one year

6

323,617

214,479

NET CURRENT ASSETS

206,487

105,310

TOTAL ASSETS LESS CURRENT LIABILITIES

1,247,458

1,312,324

CREDITORS

Amounts falling due after more than one year

7

(363,787

)

(540,189

)

PROVISIONS FOR LIABILITIES

10

(260,243

)

(229,333

)

NET ASSETS

623,428

542,802

CAPITAL AND RESERVES

Called up share capital

1,800

1,800

Retained earnings

621,628

541,002

SHAREHOLDERS' FUNDS

623,428

542,802

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 4 September 2025 and were signed on its behalf by:

Mr A Cunningham - Director

1.	STATUTORY INFORMATION

A.G.S. STEEL ERECTORS LTD is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made are described below:

Estimated useful lives and residual values of fixed assets

As described under the Tangible Fixed Asset heading of this accounting policies note, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as applicable. The reviews take into account estimated useful lives used by other companies operating within the same sector and actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Debtors recoverability

For any balance considered irrecoverable, provision is made against the debtor. The remaining debtor balance at the year end not provided for, is therefore considered fully recoverable.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

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 represents net invoiced sales of steel erecting and crane hire services, excluding value added tax.

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

Rendering of services:

Revenue from agreement to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance and 12.5% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible assets are stated at original cost less accumulated depreciation and accumulated impairment losses.

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the

company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to

the profit and loss during the year in which they are incurred except for any parts unused at the year end.

Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted

prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with

the carrying amount and recognised in the profit and loss during the year of disposal.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors and directors' loans.

Trade debtors, trade creditors and directors' loans are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest rate 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

1,669,182

201,941

1,871,123

Additions

2,380

-

2,380

Disposals

-

(59,998

)

(59,998

)

At 31 December 2024

1,671,562

141,943

1,813,505

DEPRECIATION

At 1 January 2024

554,576

109,533

664,109

Charge for year

140,002

21,329

161,331

Eliminated on disposal

-

(52,906

)

(52,906

)

At 31 December 2024

694,578

77,956

772,534

NET BOOK VALUE

At 31 December 2024

976,984

63,987

1,040,971

At 31 December 2023

1,114,606

92,408

1,207,014

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2024

and 31 December 2024

1,043,421

DEPRECIATION

At 1 January 2024

215,877

Charge for year

103,443

At 31 December 2024

319,320

NET BOOK VALUE

At 31 December 2024

724,101

At 31 December 2023

827,544

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

142,777

97,166

Amounts owed by group undertakings

231,837

-

Tax

-

23,297

VAT

18,710

49,687

Prepayments and accrued income

20,604

19,432

413,928

189,582

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

176,402

165,124

Trade creditors

13,236

31,086

Tax

104,754

-

Social security and other taxes

14,285

7,625

Other creditors

-

53

Accruals and deferred income

14,940

10,591

323,617

214,479

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

363,787

540,189

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

176,402

165,124

Between one and five years

363,787

540,189

540,189

705,313

Non-cancellable

operating leases

2024

2023

£

£

Within one year

11,235

2,809

Between one and five years

2,809

-

14,044

2,809

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

540,189

705,313

Hire purchase creditors are secured against the assets concerned.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

260,243

229,333

Deferred

tax

£

Balance at 1 January 2024

229,333

Deferred tax on accelerated

30,910

capital allowances:

Balance at 31 December 2024

260,243

11.	RELATED PARTY DISCLOSURES

Included within debtors due within one year is an amount of £231,837 (2023-£nil) due from A.G.S. (Steel Erectors) Holdings Limited.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr A Cunningham.

The ultimate controlling company is A.G.S. (Steel Erectors) Holdings Limited.

Loan notes amounting to £699,550 within A.G.S. (Steel Erectors) Holdings Limited are secured by floating charge against the assets in A.G.S. Steel Erectors Ltd.