REGISTERED NUMBER: SC355100 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

A & W STEEL LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Thomas Wright Steel

Mrs Ann Agnes Steel

Callum Steel

SECRETARY:

Thomas Wright Steel

REGISTERED OFFICE:

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

REGISTERED NUMBER:

SC355100 (Scotland)

ACCOUNTANTS:

Gilmour Hamilton LLP

Chartered Accountants

37 Portland Road

KILMARNOCK

Ayrshire

KA1 2DJ

FIXED ASSETS

Tangible assets

4

833,648

804,754

Investments

5

59,281

61,179

892,929

865,933

CURRENT ASSETS

Stocks

608,590

516,140

Debtors

156,376

135,863

Cash at bank

670,762

411,838

1,435,728

1,063,841

CREDITORS

Amounts falling due within one year

377,387

305,016

NET CURRENT ASSETS

1,058,341

758,825

TOTAL ASSETS LESS CURRENT LIABILITIES

1,951,270

1,624,758

CREDITORS

Amounts falling due after more than one year

(57,971

)

-

PROVISIONS FOR LIABILITIES

(174,816

)

(157,886

)

NET ASSETS

1,718,483

1,466,872

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,718,383

1,466,772

SHAREHOLDERS' FUNDS

1,718,483

1,466,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2025 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 November 2025 and were signed on its behalf by:

Thomas Wright Steel - Director

1.	STATUTORY INFORMATION

A & W Steel Limited 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, rounded to the nearest Pound.

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.

Turnover

Turnover from the sale of milk and livestock is recognised when significant risks and rewards of ownership of have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Subsidies are recognised in turnover when there is reasonable assurance that the conditions attaching to the subsidy have been met, the amount of the subsidy can be measured reliably and it is probable that the economic benefits will flow to the company.

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 etc

-

33% on cost, 25% on reducing balance and 10% on cost

Stocks

Stocks, including livestock are stated at the lower of cost and estimated selling price less costs to sell. Provision is made for damaged,obsolete and slow-moving stock where appropriate.

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 that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

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

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Government and other grants

Grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute. Where grants relate to expenditure on fixed assets, they are treated as deferred credits and credited to the profit and loss account over the estimated useful life of the relevant fixed assets.

Financial instruments

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 profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Hire purchase and leasing

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2024

2,532,472

Additions

288,529

Disposals

(108,978

)

At 31 March 2025

2,712,023

DEPRECIATION

At 1 April 2024

1,727,718

Charge for year

249,030

Eliminated on disposal

(98,373

)

At 31 March 2025

1,878,375

NET BOOK VALUE

At 31 March 2025

833,648

At 31 March 2024

804,754

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST OR VALUATION

At 1 April 2024

61,179

Revaluations

(1,898

)

At 31 March 2025

59,281

NET BOOK VALUE

At 31 March 2025

59,281

At 31 March 2024

61,179

Cost or valuation at 31 March 2025 is represented by:

Totals

£

Valuation in 2021

23,216

Valuation in 2022

41,491

Valuation in 2023

(6,636

)

Valuation in 2024

3,108

Valuation in 2025

(1,898

)

59,281

6.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

85,881

-

7.	RELATED PARTY DISCLOSURES

Creditors: Amounts falling due within one year include loans from the directors of £163,527 (2024 £98,480). The loans are unsecured, have no fixed repayment terms and accrue interest at 8% which totalled £10,480 (2024 £13,085) during the year.

The business operates rent free from farm property and land owned by the directors.