Registration number: NI014105

Smyth Steel Ltd

(Registration number: NI014105)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	3,236,649	3,569,481
Current assets
Stocks	6	1,026,458	74,035
Debtors	7	1,448,452	257,256
Cash at bank and in hand		451,779	1,676,677
		2,926,689	2,007,968
Creditors: Amounts falling due within one year	8	(1,510,291)	(1,120,245)
Net current assets		1,416,398	887,723
Total assets less current liabilities		4,653,047	4,457,204
Provisions for liabilities		(153,252)	(203,270)
Net assets		4,499,795	4,253,934
Capital and reserves
Called up share capital	9	28,408	28,408
Share premium reserve		97,092	97,092
Revaluation reserve		2,981,514	2,936,305
Retained earnings		1,392,781	1,192,129
Shareholders' funds		4,499,795	4,253,934

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 June 2025 and signed on its behalf by:
 

......................................... Mr Adrian Dixon Director

Smyth Steel Ltd

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

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 15 Gorran Road, Garvagh, Coleraine, BT51 4HA.

These financial statements were authorised for issue by the Board on 30 June 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 30 June 2025 was Sean McIlhatton, who signed for and on behalf of Stevenson & Wilson.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Smyth Steel Ltd

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

Contract revenue recognition

Long term contracts are recognised over the life of the contract using the percentage of completion method. Progress towards completion is measured using the output method. Anticipated profit is recognised over the life of the contract based on the stage of completion and contract losses are recognised immediately when anticipated. Contract balances are presented in the balance sheet under 'Stocks'.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost/valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	4% straight line
Plant and machinery	25% reducing balance
Motor vehicles	25% straight line
Office equipment	15% straight line

Smyth Steel Ltd

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 26).

Smyth Steel Ltd

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

4	Intangible assets

	Licences  £	Total £
Cost or valuation
At 1 January 2024	53,436	53,436
At 31 December 2024	53,436	53,436
Amortisation
At 1 January 2024	53,436	53,436
At 31 December 2024	53,436	53,436
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Land and buildings £	Plant and machinery £	Fixtures and fittings  £	Total £
Cost or valuation
At 1 January 2024	2,800,000	1,262,214	82,439	4,144,653
Additions	-	816	3,184	4,000
Disposals	-	(12,600)	-	(12,600)
At 31 December 2024	2,800,000	1,250,430	85,623	4,136,053
Depreciation
At 1 January 2024	149,332	345,108	80,732	575,172
Charge for the year	112,000	229,293	(4,461)	336,832
Eliminated on disposal	-	(12,600)	-	(12,600)
At 31 December 2024	261,332	561,801	76,271	899,404
Carrying amount
At 31 December 2024	2,538,668	688,629	9,352	3,236,649
At 31 December 2023	2,650,668	917,106	1,707	3,569,481

Included within the net book value of land and buildings above is £2,538,668 (2023 - £2,650,668) in respect of freehold land and buildings.
 

Smyth Steel Ltd

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

Revaluation
A revaluation adjustment has been included in the financial statements to ensure land & buildings and plant & equipment are reflected at fair value. The valuation was carried out at 25th August 2022. Had these classes of assets been measured on a historical cost basis, the carrying amount would have been as follows:
Land and buildings: £238,650
Plant and machinery: £188,459

6

Stocks

	2024 £	2023 £
Stock and work in progress	1,026,458	74,035

7

Debtors

Current	2024 £	2023 £
Trade debtors	965,070	11,760
Prepayments	20,916	-
Other debtors	462,466	245,496
	1,448,452	257,256

8

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	649,519	12,789
Taxation and social security	29,429	346,660
Accruals and deferred income	24,212	17,491
Other creditors	807,131	743,305
	1,510,291	1,120,245

Smyth Steel Ltd

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

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	28,408	28,408	28,408	28,408

10	Related party transactions

The following balance was owed (to)/from the directors at the year end:

	2024  £	2023  £
Directors current account	237,355	232,132

Included in other creditors is £788,261 (2023: £743,305) owed to its parent Company, Maine Surface Finishing Ltd.

Other creditors includes £6,431 (2023: Nil) due to Premier Protective Coatings Ltd, a company controlled by the directors of Smyth Steel Limited. Purchases from Premier Protective Coatings Ltd amounted to £9,343 during the year (2023: Nil).

11	Parent and ultimate parent undertaking

Smyth Steel Limited is a 100% subsidiary of Maine Surface Finishing Ltd, a company incorporated in Northern Ireland. Mr Eugene Dixon and Mr Adrian Dixon are considered to be the ultimate controlling parties.