Hannon Steel Limited iXBRL

Company Registration Number: NI635062

Hannon Steel Limited

Reports and Financial Statements

for the financial year ended 31 December 2024

Hannon Steel Limited

DIRECTORS AND OTHER INFORMATION


Directors	Adrian Hannon
	Aodh Hannon


Company Registration Number	NI635062


Registered Office	21 Brankinstown Road
	Aghalee
	Lurgan
	Armagh
	BT67 0DF
	Northern Ireland


Business Address	Old Ballyrobin Road
	Muckamore
	Antrim
	Co. Antrim
	BT41 4TJ
	Northern Ireland


Independent Auditors	MG accountants
	(Portadown)
	25-27 Carleton Street
	Portadown
	Co. Armagh
	BT62 3EP
	Northern Ireland


Bankers	HSBC
	1 Grand Canal Square
	Grand Canal Harbour
	Dublin 2
	Ireland

Hannon Steel Limited

STRATEGIC REPORT

for the financial year ended 31 December 2024

The directors present their strategic report on the company for the financial year ended 31 December 2024.

Review of the Company's Business

The principal activity of the business is the wholesale of sheet and box metal

Business Review

The turnover for the financial period amounted to £13,123,538 (2024: £14,420,151). The decrease of 9% in revenue is attributable to the commodity nature of product sales which is constantly subject to volume and price fluctuations.

The company’s gross margin for the financial period was 15.3% (2024: 13.8%). Gross margin performance was impacted by changes in market conditions. The sales price of steel increased during the period May 2025 to September 2025 which the company is now able to take advantage of due to stock holdings at competitive pricing.

Financial Risk Management

The company’s operations expose it to a variety of financial risks. The company has implemented policies and procedures to monitor and reduce financial risk within the entity. Ongoing financial performance is monitored and reviewed by management using a range of metrics to manage stability of both short and long term performance.

Key Performance Indicators

The Key Performance Indicators during the financial year were as follows:


	2024	2023
	£	£
Turnover	13,123,538	14,420,151
Gross profit	2,003,902	1,985,628
Gross Profit Margin %	15	14

Compliance Risk

The principal Compliance Risk for the company is the health and safety of the employees. In addition to the standard health and safety and employment requirements, there is continued emphasis and investment of time and resources to ensure ongoing compliance in this area.

Cost Control Risk

Management continually monitor costs and variances to test against margin requirements. A strategy of building long term supplier relationships is employed with marked price monitoring to ensure best value and consistency of service delivery.

Business continuity risk

The company engages with a short and long term IT infrastructure strategy, employing onsite and offsite data backup services. There is an ongoing review of hardware, software and protocols to ensure that any risk from current or future activities is managed and associated risk mitigated.

Foreign exchange risk

The main denomination used within the company is Sterling.

Credit Risk

The Company is exposed to credit risk and has implement robust policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterpart is subject to limit which is reassessed regularly by the credit control and management team.

On behalf of the board

___________________________

Adrian Hannon

Director

___________________________

Aodh Hannon

Director


24 September 2025

Hannon Steel Limited

DIRECTORS' REPORT

for the financial year ended 31 December 2024

The directors present their report and the audited financial statements for the financial year ended 31 December 2024.

Principal Activity

The principal activity of the business is the wholesale of sheet and box metal.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £865,943 (2023 - £920,858).

The directors have paid a final dividend amounting to £2,000,000.

Directors

The directors who served during the financial year are as follows:

Adrian Hannon

Aodh Hannon

On 5th February 2025 Hannon Holdings Limited acquired 1 £1 ordinary share in Hannon Steel Limited. Hannon Steel Limited is now a wholly owned subsidary of Hannon Holdings Limited

In accordance with the Articles of Association, the directors retire by rotation and, being eligible, offer themselves for re-election.

Future Developments

The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and apply them consistently;

-make judgements and accounting estimates that are reasonable and prudent;

-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, MG accountants, ((Portadown)) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

___________________________

Adrian Hannon

Director

___________________________

Aodh Hannon

Director

24 September 2025

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Hannon Steel Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Hannon Steel Limited ('the company') for the financial year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors for the financial statements

The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

__________________________________

Claire Garvey (Senior Statutory Auditor)

for and on behalf of

MG accountants

(Portadown)

25-27 Carleton Street

Portadown

Co. Armagh

BT62 3EP

Northern Ireland

24 September 2025

Hannon Steel Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Hannon Steel Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Turnover	4	13,123,538	14,420,151

Cost of sales		(11,119,636)	(12,434,523)
		─────────	─────────
Gross profit		2,003,902	1,985,628

Administrative expenses		(867,026)	(772,260)
Other operating income		20,001	-
		─────────	─────────
Operating profit	5	1,156,877	1,213,368

Interest receivable and similar income	6	18,920	2,430
		─────────	─────────
Profit before taxation		1,175,797	1,215,798

Tax on profit	8	(309,854)	(294,940)
		─────────	─────────
Profit for the financial year		865,943	920,858
		═════════	═════════

Hannon Steel Limited

Company Registration Number: NI635062

BALANCE SHEET

as at 31 December 2024

		2024	2023
	Notes	£	£

Fixed Assets

Tangible assets

526,757

445,005

─────────

Current Assets

Stocks

1,275,329

1,997,307

Debtors

3,665,681

3,842,779

Cash and cash equivalents

132,085

604,571

─────────

5,073,095

6,444,657

─────────

Creditors: amounts falling due within one year

(843,205)

(1,035,077)

─────────

Net Current Assets

4,229,890

5,409,580

─────────

Total Assets less Current Liabilities

4,756,647

5,854,585

Provisions for liabilities

(36,119)

─────────

Net Assets

4,720,528

5,854,585

═════════

Capital and Reserves

Called up share capital

Retained earnings

4,720,526

5,854,583

─────────

Equity attributable to owners of the company

4,720,528

5,854,585

═════════

Approved by the Board and authorised for issue on 24 September 2025 and signed on its behalf by

________________________________

Adrian Hannon

Director

________________________________

Aodh Hannon

Director

Hannon Steel Limited

RECONCILIATION OF SHAREHOLDERS' FUNDS

as at 31 December 2024

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 January 2023	2	5,233,725	5,233,727
	─────────	─────────	─────────
Profit for the financial year	-	920,858	920,858
	─────────	─────────	─────────
Payment of dividends	-	(300,000)	(300,000)
	─────────	─────────	─────────
At 31 December 2023	2	5,854,583	5,854,585
	─────────	─────────	─────────
Profit for the financial year	-	865,943	865,943
	─────────	─────────	─────────
Payment of dividends	-	(2,000,000)	(2,000,000)
	─────────	─────────	─────────
At 31 December 2024	2	4,720,526	4,720,528
	═════════	═════════	═════════

Hannon Steel Limited

CASH FLOW STATEMENT

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Cash flows from operating activities

Profit for the financial year

865,943

920,858

Adjustments for:

Interest receivable and similar income

(18,920)

(2,430)

Tax on profit on ordinary activities

309,854

294,940

Depreciation

22,784

14,691

Profit/loss on disposal of tangible assets

(5,500)

─────────

1,174,161

1,228,059

Movements in working capital:

Movement in stocks

721,978

520,216

Movement in debtors

177,098

564,916

Movement in creditors

(222,806)

(939,437)

─────────

Cash generated from operations

1,850,431

1,373,754

Tax paid

(252,450)

(507,936)

Tax repaid

(12,354)

(2,430)

─────────

Net cash generated from operating activities

1,585,627

863,388

─────────

Cash flows from investing activities

Interest received

18,920

2,430

Payments to acquire tangible assets

(104,536)

(379,946)

Receipts from sales of tangible assets

5,500

─────────

Net cash used in investment activities

(80,116)

(377,516)

─────────

Cash flows from financing activities

Advances from subsidiaries/group companies		22,003	-
Dividends paid		(2,000,000)	(300,000)
		─────────	─────────
Net cash used in financing activities		(1,977,997)	(300,000)
		─────────	─────────

Net (decrease)/increase in cash and cash equivalents		(472,486)	185,872
Cash and cash equivalents at beginning of financial year		604,571	418,699
		─────────	─────────
Cash and cash equivalents at end of financial year	13	132,085	604,571
		═════════	═════════

Hannon Steel Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

Hannon Steel Limited is a company limited by shares incorporated in Northern Ireland. 21 Brankinstown Road, Aghalee, Lurgan, Armagh, BT67 0DF, Northern Ireland is the registered office. The principal place of business of the company is Old Ballyrobin Road, Muckamore, Co. Antrim. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised when the sales invoice is produced.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land

Plant and machinery

20% Reducing Balance

Fixtures, fittings and equipment

20% Reducing Balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Leasing

Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost comprises the average price of goods purchased by calculating the unit cost on the initial cost price and the reorder cost price. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price.

Trade and other debtors

Trade and other debtors are recognised at fair value. Provision is made for bad and doubtful debts if required.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are recognised at fair value.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Significant accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the value of stock of steel. Due to market forces which can occur in the manufacturing and supply of steel substantial fluctuations in price may occur.
The directors update the cost of the stock of steel on a 'per delivery' basis however the actual value of the stock may differ from the estimate.

Such estimates are continually reviewed and updated. Any revisions are recognised in the period in which the estimate is revised.

Turnover

The whole of the company's turnover is attributable to its market in the United Kingdom and is derived from the principal activity of the wholesale of sheet and box metal.


5.	Operating profit	2024	2023
		£	£
	Operating profit is stated after charging/(crediting):
	Depreciation of tangible assets	22,784	14,691
	(Profit) on disposal of tangible assets	(5,500)	-
	Operating lease rentals
	- Motor vehicles	18,415	16,959
	Auditor's remuneration
	- audit services	15,152	13,840
		═════════	═════════


6.	Interest receivable and similar income	2024	2023
		£	£

	Other interest	18,920	2,430
		═════════	═════════


7.	Employees and remuneration

	Number of employees
	The average number of persons employed (including executive directors) during the financial year was as follows:

		2024	2023
		Number	Number

	Accounts and Admin	2	2
	Directors	2	2
	Production	8	8
	Sales	3	3
		─────────	─────────
		15	15
		═════════	═════════

	The staff costs (inclusive of directors' salaries) comprise:	2024	2023
		£	£

	Wages and salaries	445,973	426,434
	Social security costs	43,163	40,949
	Pension costs	30,000	104,000
		─────────	─────────
		519,136	571,383
		═════════	═════════

Tax on profit

2024

2023

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2023 - 25.00%) (Note 8 (b))

273,735

294,940

─────────

Deferred tax:

Origination and reversal of timing differences

36,119

─────────

Total deferred tax

36,119

═════════

Tax on profit (Note 8 (b))

309,854

294,940

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 25.00%). The differences are explained below:

2024

2023

Profit taxable at 25.00%

1,175,797

1,215,798

═════════

Profit before tax

multiplied by the standard rate of corporation tax

in the United Kingdom at 25.00% (2023 - 25.00%)

293,949

303,950

Effects of:

Expenses not deductible for tax purposes

(1,151)

1,349

Capital allowances for period in excess of depreciation

(19,063)

2,700

Deferred tax

36,119

Tax adjustment due to different tax rate

(13,059)

─────────

Total tax charge for the financial year (Note 8 (a))

309,854

294,940

═════════


9.	Dividends	2024	2023
		£	£
	Dividends on equity shares:

	Ordinary Shares Class 1 - Final paid	2,000,000	300,000
		═════════	═════════


10.	Tangible assets
		Land	Plant and	Fixtures,	Total
			machinery	fittings and
				equipment
		£	£	£	£
	Cost
	At 1 January 2024	376,055	109,997	8,261	494,313
	Additions	-	99,180	5,356	104,536
		─────────	─────────	─────────	─────────
	At 31 December 2024	376,055	209,177	13,617	598,849
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2024	-	46,246	3,062	49,308
	Charge for the financial year	-	21,393	1,391	22,784
		─────────	─────────	─────────	─────────
	At 31 December 2024	-	67,639	4,453	72,092
		─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2024	376,055	141,538	9,164	526,757
		═════════	═════════	═════════	═════════
	At 31 December 2023	376,055	63,751	5,199	445,005
		═════════	═════════	═════════	═════════

11.

Stocks

2024

2023

Finished goods and goods for resale

1,275,329

1,997,307

═════════

The replacement cost of stock did not differ significantly from the figures shown.


12.	Debtors	2024	2023
		£	£

	Trade debtors	3,143,817	3,502,540
	Other debtors	504,367	312,224
	Prepayments and accrued income	17,497	28,015
		─────────	─────────
		3,665,681	3,842,779
		═════════	═════════


13.	Cash and cash equivalents	2024	2023
		£	£

	Cash and bank balances	132,085	604,571
		═════════	═════════


14.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Trade creditors	623,788	808,088
	Amounts owed to group undertakings	22,003	-
	Taxation (Note 15)	170,841	177,383
	Other creditors	10,526	6,166
	Accruals	16,047	43,440
		─────────	─────────
		843,205	1,035,077
		═════════	═════════


15.	Taxation	2024	2023
		£	£

	Creditors:
	VAT	111,361	110,927
	Corporation tax	44,855	35,924
	PAYE / NI	14,625	30,532
		─────────	─────────
		170,841	177,383
		═════════	═════════

16.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2024

2023

At financial year start

Charged to profit and loss

36,119

36,119

─────────

At financial year end

36,119

═════════


17.	Share capital			2024	2023
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary Shares Class 1	2	£1.00 each	2	2

				═════════	═════════

18.

Financial commitments

Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.

19.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2024.


20.	Directors' remuneration	2024	2023
		£	£

	Remuneration	27,953	24,928
	Pension contributions	30,000	104,000
		─────────	─────────
		57,953	128,928
		═════════	═════════

21.

Related party transactions

Hannon Transport Limited
During the period Hannon Transport Limited supplied transport and administration services to Hannon Steel Limited amounting to £482,639. The balance owing to Hannon Transport Limited at 31 December 2024 amounted to £47,862.
During the period Hannon Steel Limited supplied steel to Hannon Transport Limited amounting to £44,754. and rent and rates charges amounting to £20,000. The balance owing to Hannon Steel Limited at 31 December 2024 amounted to £4,354.

Hannon Transport Limited is a wholly owned subsidiary of Hannon Holdings Limited. Hannon Holdings Limited is a corporate shareholder of Hannon Steel Limited and Mr Aodh Hannon is a director in both Companies.

22.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.