Company Registration No. 04316537 (England and Wales)
All Steels Trading Limited
Annual report and financial statements
for the year ended 31 December 2023
All Steels Trading Limited
Company information
Directors
Laurence McDougall
Matthew Rhodes
Kim McDougall
Thomas McDougall
Jonathan Jacobs
Lee White
Anthony Gabbutt
(Appointed 2 January 2023)
Company number
04316537
Registered office
Vulcan House
York Road
Thirsk
North Yorkshire
YO7 3BT
Independent auditor
Saffery LLP
Mitre House
North Park Road
Harrogate
North Yorkshire
HG1 5RX
Bankers
HSBC Bank plc
North & West Yorkshire Corporate Banking Centre
HSBC House
1 Bond Court
Leeds
LS1 2JZ
All Steels Trading Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 7
Directors' responsibilities statement
8
Independent auditor's report
9 - 12
Statement of comprehensive income
13
Statement of financial position
14
Statement of changes in equity
15
Notes to the financial statements
16 - 30
All Steels Trading Limited
Strategic report
For the year ended 31 December 2023
1
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
We aim to present a balanced review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and relatively non-complex nature of the business and mindful of the risks and uncertainties we face.
The business review has been prepared solely to provide information to stakeholders as a body to assess the Company’s strategies and the potential for those strategies to succeed. The review should not be relied on by any other party or for any other purpose.
Description of principal risks and uncertainties
The business’ principal customers are steel stockholders where the main risk is any significant reduction in steel demand and a deterioration in steel prices. There also remains an underlying problem of uncertainty caused by both EU/UK Safeguard quotas and high inflation exacerbating the general economic downturn.
The Company continues to insure its trading debts.
The Company’s principal foreign currency exposures arise from trading with overseas companies. Company procedure provides, but does not demand, that these exposures may be hedged in order to fix the cost in sterling. The hedging activity involves the use of foreign exchange forward contracts.
Development and performance
We consider that our key performance indicators are those demonstrating our financial performance and strength of the Company as a whole, being turnover, gross profit margin, profit before tax and net assets.
All Steels Trading Limited
Strategic report (continued)
For the year ended 31 December 2023
2
Analysis based on Key Performance Indicators
The Company achieved a very acceptable result in respect of sales turnover and profitability.
After two record years, it was inevitable that difficult times would arise, and this happened early in the summer of 2023. Ever increasing inflation and the Bank of England’s response to continue to raise interest rates stifled demand. The consequences for the building sector were dire and we witnessed in the UK a record number of construction business failures. Underlying demand for steel diminished very quickly and this was compounded by heavy destocking throughout the distribution chain leading to a significant fall in steel prices during the second half of the year.
The difficult conditions continued to the end of Q4 with the UK economy officially falling into recession.
Whilst reporting on so much negativity, it felt at the year end that we had reached a turning point.
Steel prices plateaued, albeit at a relatively low level, and most stockists had completed their destocking phase creating a better demand outlook for the start of the new year. We can also take a lot of comfort from the fact that the business still managed to generate a very satisfactory profit before tax of £2.3m despite such adversity. Furthermore, whilst our sales volume was down by 12.6% year on year, evidence shows a much steeper fall in general demand indicating our market share may have actually advanced.
In the second half of the year, we partially opened our own new storage facility in Scunthorpe very close to our main port side warehousing and this will help to alleviate storage constraints going forward. This was fully opened towards the end of Q1 in 2024.
All Steels Trading Limited
Strategic report (continued)
For the year ended 31 December 2023
3
Future outlook
The outlook for 2024 is that we have a challenging year ahead of us. Demand remains very lack lustre and more business failures across the supply network are expected. The cost of finance remains high as the Bank of England appears to remain steadfast in using higher interest rates to control inflation. An election year also creates a degree of uncertainty, and we are not seeing any great infrastructure projects starting to stimulate demand, so no real catalyst can be seen to provide that economic confidence boost.
On a positive note, we will open the year having sold the vast majority of our highest priced stock our inventory value starts the new year £8m lower than the start of 2023. We have also added strength to our commercial team with some good recruits and secured a significant portfolio of good quality bespoke business with exclusivity protection by investing in rolls with one of our most important trade partner manufacturing mills.
We have also strengthened our Logistics and Operations resource with an additional port side facility combined with warehousing whilst managing to keep this consolidated in the Scunthorpe area to maintain optimal efficiency and simplicity. We are therefore well positioned to benefit from any growth opportunities.
We also retain a very strong balance sheet, and this provides an excellent degree of financial stability along with very important supplier confidence in the business.
The directors believe that the business remains very well positioned with what is now an established, professional, and experienced team coupled with very strong supplier and customer relationships that firmly form the foundations for the business’ sustained success.
The recent financial forecasts have been carefully reviewed and sensitised and these show the Company remains profitable and trading well within borrowing facilities. The Company retains the support of HSBC and based on the detailed forecasts, the current trading position and this continued support, the directors are confident that the Company will remain a going concern.
It was quite remarkable for the business to generate a very respectable profit in a very depressed 2023 and this demonstrates the resilience of the Company and the great effort, energy and commitment of the Team and Associates at All Steels Trading; the directors would like to thank all personnel involved for their professionalism and resolute efforts throughout a challenging and demanding year.
Section 172 statement
Training
The directors are aware of the importance of undertaking regular and ongoing training to support regulatory requirements. There is currently an informal induction process for new directors, with presentations and materials delivered as part of the induction process. Going forward, it is anticipated that a regular and ongoing directors training programme will be developed to support broader regulatory requirements, cascaded to senior managers as required.
Board meetings
The Company holds regular meetings throughout the year and is supported by management and various departmental divisions providing timely and detailed information in support of the Board’s decision making. The Board operates an agenda of items appropriate to the size and complexity of the business. Items requiring Board approval are clearly defined and will include; new bank facilities, investment proposals, including acquisitions and disposals, and significant changes to the way health and safety is managed and monitored. The Board receives monthly reports on the operating and financial performance of the business including current and forecast financial information in order to assist in making informed decision-making and strategic planning. The Board ensures that appropriate policies are in place in relation to matters including anti-slavery and human trafficking, anti-bribery and corruption and the Company’s tax strategy.
All Steels Trading Limited
Strategic report (continued)
For the year ended 31 December 2023
4
Decision making
Where appropriate the Board will consult with professionals or other organisations to assist with decision making and help consider the likely consequences of the decision in the long term. The interests of all key stakeholders including the Company’s employees, suppliers, customers and the wider community are considered as part of the decision-making process. The Company actively engages with key stakeholders through employee, customer and supplier feedback in the form of surveys and one-on-one meetings.
Principal decisions
Principal decisions are undertaken by the Board following a thorough review process to take account of stakeholder and operational benefits to the business.
Culture
The Company’s culture combines a family business ethos with a commitment to high quality across everything we do including corporate governance and general business conduct. The Company’s relationships with its stakeholder community are central to this.
Laurence McDougall
Director
28 March 2024
All Steels Trading Limited
Directors' report
For the year ended 31 December 2023
5
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the Company during the year was the procurement and wholesale of general structural steels.
Results and dividends
The results for the year are set out on page 13.
The trading profit before tax was £2.3m (2022: £17.0m).
An interim dividend has been paid in the year of £0.975m.
The total distribution of dividends for the year ended 31 December 2023 was £0.975m (2022: £5.7m).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Laurence McDougall
Matthew Rhodes
Kim McDougall
Thomas McDougall
Jonathan Jacobs
Lee White
Anthony Gabbutt
(Appointed 2 January 2023)
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its directors which were
made during the year and remain in force at the date of this report
Auditor
Saffery LLP have expressed their willingness to continue in office.
All Steels Trading Limited
Directors' report (continued)
For the year ended 31 December 2023
6
Energy and carbon report
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
94,550
105,055
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1.60
2.51
- Fuel consumed for owned transport
57.90
70.60
59.50
73.11
Scope 2 - indirect emissions
- Electricity purchased
8.03
10.03
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the business
10.99
9.63
Total gross emissions
78.52
92.77
Intensity ratio
Tonnes CO2e per employee
3.57
4.88
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.
Measures taken to improve energy efficiency
The Company has on site electric car charging points to encourage staff to purchase private electric cars. The Company is planning to add solar panels to the office to reduce reliance on grid provided power.
All Steels Trading Limited
Directors' report (continued)
For the year ended 31 December 2023
7
Strategic report
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of information on future developments, financial instruments and financial risk management.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.
Corporate responsibility
During 2023 the business again selected The Prince’s Trust as its main vehicle for charitable donations. Each four year cycle commitment totals £100,000 that is supporting 100 young people to go through The Trust’s training and education programme to get into employment. Such a commitment continues to award the business with a patronage status of The Prince’s Trust.
The Company also made sizable charitable donations to Yorkshire Children's Charity, The Renaissance Club Charitable Foundation and Beefy's Charity Foundation.
On behalf of the board
Laurence McDougall
Director
28 March 2024
All Steels Trading Limited
Directors' responsibilities statement
For the year ended 31 December 2023
8
The directors are responsible for preparing the annual 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).
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 then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
All Steels Trading Limited
Independent auditor's report
To the members of All Steels Trading Limited
9
Opinion
We have audited the financial statements of All Steels Trading Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 2023 and of its profit for the 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.
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 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.
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.
All Steels Trading Limited
Independent auditor's report (continued)
To the members of All Steels Trading Limited
10
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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 the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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
As explained more fully in the directors' responsibilities statement, 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 the directors 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 have 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.
All Steels Trading Limited
Independent auditor's report (continued)
To the members of All Steels Trading Limited
11
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.
All Steels Trading Limited
Independent auditor's report (continued)
To the members of All Steels Trading Limited
12
Martin Holden
Senior Statutory Auditor
For and on behalf of Saffery LLP
28 March 2024
Chartered Accountants
Statutory Auditors
Mitre House
North Park Road
Harrogate
North Yorkshire
HG1 5RX
All Steels Trading Limited
Statement of comprehensive income
For the year ended 31 December 2023
13
2023
2022
Notes
£
£
Turnover
3
97,203,004
129,303,728
Cost of sales
(90,400,723)
(107,411,099)
Gross profit
6,802,281
21,892,629
Administrative expenses
(3,713,746)
(3,922,719)
Operating profit
4
3,088,535
17,969,910
Interest receivable and similar income
7
358,926
140,936
Interest payable and similar expenses
8
(1,125,137)
(685,652)
Other gains and losses
9
(22,193)
(397,691)
Profit before taxation
2,300,131
17,027,503
Tax on profit
10
(592,630)
(3,233,028)
Profit for the financial year
1,707,501
13,794,475
The income statement has been prepared on the basis that all operations are continuing operations.
All Steels Trading Limited
Statement of financial position
As at 31 December 2023
14
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,835,911
1,863,132
Current assets
Stocks
14
24,127,608
31,919,124
Debtors
15
25,523,046
30,881,546
Cash at bank and in hand
605,611
338,253
50,256,265
63,138,923
Creditors: amounts falling due within one year
16
(24,174,842)
(35,927,373)
Net current assets
26,081,423
27,211,550
Total assets less current liabilities
29,917,334
29,074,682
Creditors: amounts falling due after more than one year
17
(32,106)
Provisions for liabilities
Deferred tax liability
20
202,244
59,987
(202,244)
(59,987)
Net assets
29,715,090
28,982,589
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
29,714,090
28,981,589
Total equity
29,715,090
28,982,589
The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Laurence McDougall
Director
Company Registration No. 04316537
All Steels Trading Limited
Statement of changes in equity
For the year ended 31 December 2023
15
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,000
20,897,114
20,898,114
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
13,794,475
13,794,475
Dividends
11
-
(5,710,000)
(5,710,000)
Balance at 31 December 2022
1,000
28,981,589
28,982,589
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,707,501
1,707,501
Dividends
11
-
(975,000)
(975,000)
Balance at 31 December 2023
1,000
29,714,090
29,715,090
All Steels Trading Limited
Notes to the financial statements
For the year ended 31 December 2023
16
1
Accounting policies
Company information
All Steels Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is Vulcan House, York Road, Thirsk, North Yorkshire, YO7 3BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of All Steels Trading Holdings Limited. These consolidated financial statements are available from its registered office, Vulcan House, York Road, Thirsk, North Yorkshire, England, YO7 3BT.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.true
The financial forecasts have been reviewed and sensitised and these show the Company remaining profitable and trading within borrowing facilities. The Company retains the support of HSBC and are pleased to confirm that the facilities are sufficient to meet the anticipated requirements for the forthcoming year. Based on the detailed forecasts, healthy current trading position and this continued support, the directors are confident that the company will remain a going concern.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
17
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on buildings only
Land and buildings Leasehold
Straight line over the term of the lease
Plant and machinery
14% - 33% straight line
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
18
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and accrued income, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
19
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
20
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
21
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Critical 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 carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Provisions
Provision is made for bad and doubtful debts and impaired stock. These provisions require management's best estimate of the recoverability of trade debtors and the expected future use of stock.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
97,203,004
129,303,728
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
87,861,823
122,065,064
Overseas
9,341,181
7,238,664
97,203,004
129,303,728
2023
2022
£
£
Other revenue
Interest income
358,926
140,936
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
22
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
136,048
(155,655)
Fees payable to the company's auditor for the audit of the company's financial statements
21,750
26,995
Depreciation of owned tangible fixed assets
147,214
167,632
Operating lease charges
94,243
88,615
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administrative staff
14
12
Management staff
7
6
Drivers
1
1
Total
22
19
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,631,356
1,896,521
Social security costs
150,984
244,062
Pension costs
55,905
18,143
1,838,245
2,158,726
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
910,683
1,095,900
Company pension contributions to defined contribution schemes
33,614
5,574
944,297
1,101,474
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 4).
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
Directors' remuneration (continued)
23
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
166,836
201,396
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
358,926
140,936
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
1,119,970
603,221
Interest payable to group undertakings
75,982
Interest on finance leases and hire purchase contracts
5,167
6,449
1,125,137
685,652
9
Other gains and losses
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Change in the value of financial liabilities held at fair value through profit or loss
(22,193)
(397,691)
As described in accounting policy 1.8 and further in note 13, derivative forward currency contracts are measured at fair value by reference to the relevant forward exchange rates at the year-end, with the movement taken through profit and loss, as presented above. The contracts mature within 8 months (2022: 7 months) of the year-end. The directors consider that the criteria for adopting hedge accounting as set out in FRS102 have not been met in relation to the contracts in place at the year-end and thus the fair value of the corresponding hedged items has not been measured.
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
24
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
450,373
3,270,350
Adjustments in respect of prior periods
(16,575)
Total current tax
450,373
3,253,775
Deferred tax
Origination and reversal of timing differences
142,257
(20,747)
Total tax charge
592,630
3,233,028
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,300,131
17,027,503
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
540,991
3,235,226
Tax effect of expenses that are not deductible in determining taxable profit
36,756
41,297
Change in unrecognised deferred tax assets
538
Double tax relief
(29,019)
Under/(over) provided in prior years
4,934
(16,575)
Deferred tax adjustment for changes in tax rate
10,991
Other
(1,042)
1,561
Taxation charge for the year
592,630
3,233,028
11
Dividends
2023
2022
£
£
Final paid
5,000,000
Interim paid
975,000
710,000
975,000
5,710,000
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
25
12
Tangible fixed assets
Freehold land and buildings
Land and buildings Leasehold
Plant and machinery
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,112,564
461,788
1,402,601
49,035
3,025,988
Additions
1,235,971
41,021
843,001
2,119,993
At 31 December 2023
2,348,535
502,809
2,245,602
49,035
5,145,981
Depreciation and impairment
At 1 January 2023
173,522
940,299
49,035
1,162,856
Depreciation charged in the year
46,176
101,038
147,214
At 31 December 2023
219,698
1,041,337
49,035
1,310,070
Carrying amount
At 31 December 2023
2,348,535
283,111
1,204,265
3,835,911
At 31 December 2022
1,112,564
288,266
462,302
1,863,132
No depreciation charge has been made in respect of freehold buildings because the asset is in the course of construction and is not available for use.
13
Financial instruments
2023
2022
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
271,312
249,119
Hedging arrangements
The company enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2023, the outstanding contracts all mature within 8 months (2022: 7 months) of the year end. The Group is committed to buy US$20,790,000 (2022: US$17,457,000), and sell US$nil (2022: US$850,000) and buy €nil (2022: €nil ) and sell €nil (2022: €1,850,000) and pay/receive a fixed sterling amount.
The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:USD and GBP:EUR. The fair value of the forward-foreign currency contracts is an asset of £1,280 and a liability of £272,592 (2022: asset: £71,099 and a liability of £320,218 ). The directors consider that the criteria for adopting hedge accounting as set out in FRS102 have not been met in relation to these contracts and thus the fair value of the corresponding hedged items has not been measured.
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
26
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
24,127,608
31,919,124
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,483,517
30,228,725
Amounts owed by group undertakings
1,240,506
Other debtors
116,001
100,000
Prepayments and accrued income
683,022
552,821
25,523,046
30,881,546
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
13,380,965
17,450,306
Obligations under finance leases
19
31,506
64,613
Trade creditors
9,736,370
11,669,036
Amounts owed to group undertakings
3,759,594
Corporation tax
16,830
461,330
Other taxation and social security
82,808
1,344,232
Derivative financial instruments
271,312
249,119
Other creditors
727
5,042
Accruals and deferred income
654,324
924,101
24,174,842
35,927,373
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
19
32,106
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
27
18
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
13,380,965
17,450,306
Payable within one year
13,380,965
17,450,306
Bank borrowings are secured by a debenture dated 16 April 2010, a fixed and floating charge over all assets of the company dated 7 May 2010, and a legal assignment dated 22 June 2010.
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
31,506
64,613
In two to five years
32,106
31,506
96,719
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 1.75 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The leases are secured over the assets to which they relate.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
355,397
85,410
Short term timing differences
(153,153)
(25,423)
202,244
59,987
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
20
Deferred taxation (continued)
28
2023
Movements in the year:
£
Liability at 1 January 2023
59,987
Charge to profit or loss
142,257
Liability at 31 December 2023
202,244
During the year beginning 1 January 2022 the net reversal of deferred tax liabilities is expected to increase the corporation tax charge for the year due to the reversal of accelerated capital allowances.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
55,905
18,143
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
10,000
10,000
1,000
1,000
Each ordinary share has voting rights, rights to dividends and to participate in a distribution.
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
2,400,000
669,408
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
29
24
Operating lease commitments
Lessee
At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
42,500
42,500
Between two and five years
170,000
170,000
In over five years
42,500
212,500
255,000
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Entities under common control
17,148,587
30,800,746
5,756,777
4,493,533
Recharges to
Recharges from
2023
2022
2023
2022
£
£
£
£
Entities under common control
575,027
440,653
-
22,512
The following amounts were outstanding by related parties at the reporting date:
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
3,759,594
Entities under common control
871,045
1,156,833
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities under common control
8,467,617
13,678,561
All Steels Trading Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
25
Related party transactions (continued)
30
Interest of £7,949 (2022: £3,663) was charged in the year on amounts due from related entities. Interest of £350,977(2022: £140,936) was charged in respect of overdue receivables from related entities.
Other information
The company occupies a property owned by a pension scheme set up for the benefit of one of its directors. During the current year, rent of £83,750 (2022: £83,750) was paid to the pension scheme in respect of this property.
26
Ultimate controlling party
The immediate and ultimate parent undertaking, and the smallest and largest group to consolidate these financial statements is All Steels Trading Holdings Limited, a company registered in England and Wales. All Steels Trading Holdings Limited prepares group financial statements which include the results of All Steels Trading Limited. The registered office of All Steels Trading Holdings Limited is Vulcan House, York Road, Thirsk, YO7 3BT.
Laurence McDougall is the ultimate controlling party by virtue of owning the entire issued share capital of All Steels Trading Holdings Limited.
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