REGISTERED NUMBER: 06297001 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

SUPERIOR SECTIONS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

S Mason

C J Skidmore

A Henshaw

SECRETARY:

C J Skidmore

REGISTERED OFFICE:

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

REGISTERED NUMBER:

06297001 (England and Wales)

AUDITORS:

Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The principal activity of the company during the year was the manufacture of roll formed steel profiles for a broad

cross-section of customers and markets.

Overall turnover held up well in a market that continued to see raw material prices fall and the knock-on effect on commodity pricing. However, our continued policy of providing technical specification helped support on-going revenues and margins. Further to this, our decision to broaden our market view and develop into areas where margins offer significantly greater returns continues to provide new business with further opportunities to be gained.

Government legislation on employment rates saw a significant increase in our cost base for the period, but this was primarily offset by improved gross margin and cost controls deployed elsewhere across the business.

The key results of the company are outlined below and show that sales revenues increased slightly by 0.5% to £21.48m (2024 - £21.37m). Gross profit increased 2.6% to £4.19m (2024 - £4.09m). The net result being a profit for the year of £1.44m (2024 - £1.43m). Overall, the Directors feel that the business continues to perform well in what has been a challenging market and that the business remains robust and fully able to capitalise on the future opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the Company's strategy are subject to a number of risks including price, credit, liquidity and cash flow risks.The Company has policies which are aimed at mitigating and managing such risks.

Credit risk is mitigated by management through a policy to constantly review trade debtors and their credit limits based on historical trends, credit checks and also credit insurance.

The Company's current ratio at the end of the financial period was 1.53 (2024 1.63). To manage cash flow and liquidity risk the Company ensures that there are sufficient levels of committed facilities, cash and cash equivalents so that, at all times, the Company is able to meet it's financial commitments. Short term borrowing, including overdraft and invoice discounting facilities, are in place with the Company's bankers. Facilities for longer term funding requirements such as capital acquisitions are also available in the form of hire purchase and bank loans. Liquidity risk is managed by continual monitoring of forecast and actual cash flows.

The Company has strong financial resources and well established relationships with a wide network of customers and suppliers. As a consequence the directors believe that the Company is well placed to successfully manage it's business risks. As the Company is currently trading profitably with adequate resources the directors continue to adopt the going concern basis in preparing the financial statements.

KEY PERFORMANCE INDICATORS

The key performance indicators of the business during the year are as follows:

2025

2024

Change

£

£

%

Turnover

21,482,468

21,370,262

+0.5%

Gross Profit

4,190,345

4,085,748

+2.6%

Profit before tax

1,442,008

1,438,350

+0.3%

Shareholders' funds

4,745,168

4,563,057

+4%

FUTURE DEVELOPMENTS

New appointments for strategic market and revenue developments are expected to provide continued growth in our chosen sectors as we move forwards into 2025 and beyond, whilst we continue to target further penetration into existing markets that we have more recently entered with considerable success.

New capital expenditure projects are expected to complete within the first quarter of the new financial year, and this will provide a considerable increase in production capacity and allow for further higher value-added products to be manufactured to complement our revenue and margin expectations.

Customer service remains at the forefront of our offer to all customers served. OTIF and other management KPI's are constantly monitored, reviewed and actioned to ensure that we fully understand our business and the impact we have on all our stakeholders.

ON BEHALF OF THE BOARD:

C J Skidmore - Director

28 August 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

DIVIDENDS

Interim dividends of £900,000 were paid during the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

S Mason

C J Skidmore

A Henshaw

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C J Skidmore - Director

28 August 2025

Opinion

We have audited the financial statements of Superior Sections Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 March 2025 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.

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 Auditors' 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 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 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

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the entity and the industry in which it operates, business performance and the control environment.

- The laws and regulations applicable to the entity.

- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.

- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.

- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct and indirect laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP and UK Tax Legislation. The indirect laws and regulations identified are International Organization Standardization (ISO) regulations, covering quality management (90001) and environmental management (14001), and also fire safety certification of products.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.

- Enquiring of management concerning actual or potential litigation claims.

- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.

- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.

- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Matthew Saxon (Senior Statutory Auditor)

for and on behalf of Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

28 August 2025

TURNOVER

3

21,482,468

21,370,262

Cost of sales

17,292,123

17,284,514

GROSS PROFIT

4,190,345

4,085,748

Administrative expenses

2,901,574

2,663,018

1,288,771

1,422,730

Other operating income

106,615

-

OPERATING PROFIT

6

1,395,386

1,422,730

Interest receivable and similar income

47,247

18,918

1,442,633

1,441,648

Interest payable and similar expenses

7

625

3,298

PROFIT BEFORE TAXATION

1,442,008

1,438,350

Tax on profit

8

359,897

303,728

PROFIT FOR THE FINANCIAL YEAR

1,082,111

1,134,622

PROFIT FOR THE YEAR

1,082,111

1,134,622

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,082,111

1,134,622

FIXED ASSETS

Intangible assets

10

198,155

224,791

Tangible assets

11

2,114,608

1,661,470

2,312,763

1,886,261

CURRENT ASSETS

Stocks

12

1,709,297

1,538,311

Debtors

13

5,369,797

5,536,105

Cash at bank and in hand

1,445,056

799,342

8,524,150

7,873,758

CREDITORS

Amounts falling due within one year

14

5,593,064

4,818,144

NET CURRENT ASSETS

2,931,086

3,055,614

TOTAL ASSETS LESS CURRENT LIABILITIES

5,243,849

4,941,875

PROVISIONS FOR LIABILITIES

17

498,681

378,818

NET ASSETS

4,745,168

4,563,057

CAPITAL AND RESERVES

Called up share capital

18

300

300

Retained earnings

19

4,744,868

4,562,757

SHAREHOLDERS' FUNDS

4,745,168

4,563,057

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:

C J Skidmore - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

300

4,128,135

4,128,435

Changes in equity

Dividends

-

(700,000

)

(700,000

)

Total comprehensive income

-

1,134,622

1,134,622

Balance at 31 March 2024

300

4,562,757

4,563,057

Changes in equity

Dividends

-

(900,000

)

(900,000

)

Total comprehensive income

-

1,082,111

1,082,111

Balance at 31 March 2025

300

4,744,868

4,745,168

Cash flows from operating activities

Cash generated from operations

1

2,309,092

987,113

Interest paid

-

(1,370

)

Interest element of hire purchase payments paid

(625

)

(1,928

)

Government grants

91,115

-

Tax paid

(201,201

)

(521,812

)

Net cash from operating activities

2,198,381

462,003

Cash flows from investing activities

Purchase of intangible fixed assets

(13,000

)

-

Purchase of tangible fixed assets

(674,868

)

(247,802

)

Sale of tangible fixed assets

-

1,000

Interest received

47,247

18,918

Net cash from investing activities

(640,621

)

(227,884

)

Cash flows from financing activities

Capital repayments in year

(12,046

)

(16,981

)

Equity dividends paid

(900,000

)

(700,000

)

Net cash from financing activities

(912,046

)

(716,981

)

Increase/(decrease) in cash and cash equivalents

645,714

(482,862

)

Cash and cash equivalents at beginning of year

2

799,342

1,282,204

Cash and cash equivalents at end of year

2

1,445,056

799,342

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,442,008

1,438,350

Depreciation charges

261,366

236,761

Loss on disposal of fixed assets

-

84

Government grants

(91,115

)

-

Finance costs

625

3,298

Finance income

(47,247

)

(18,918

)

1,565,637

1,659,575

(Increase)/decrease in stocks

(170,986

)

632,547

Decrease in trade and other debtors

166,308

1,352,347

Increase/(decrease) in trade and other creditors

748,133

(2,657,356

)

Cash generated from operations

2,309,092

987,113

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,445,056

799,342

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

799,342

1,282,204

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

799,342

645,714

1,445,056

799,342

645,714

1,445,056

Debt

Finance leases

(12,046

)

12,046

-

Debts falling due within 1 year

(706,891

)

-

(706,891

)

(718,937

)

12,046

(706,891

)

Total

80,405

657,760

738,165

1.	STATUTORY INFORMATION

Superior Sections Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£), which is also the company's functional currency.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Product accreditation are being amortised evenly over their estimated useful life of ten years.

Amortisation of intangible fixed assets is included in the income statement within Administrative expenses.

Tangible fixed assets

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

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets, including self constructed assets, are initially recognised at cost under the directly attributable principle in accordance with FRS 102.

Government grants

The company has recognised a Local Authority Grant received during the period using the performance model. All conditions of the grant have been complied with and no further performance-related conditions will be imposed.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debt factoring

Separate presentation has been adopted where the gross debts are shown on the balance sheet as assets and proceeds from factors are included within creditors as a liability.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,623,314

3,107,585

Social security costs

33,496

42,241

Other pension costs

51,989

42,800

3,708,799

3,192,626

The average number of employees during the year was as follows:

2025

2024

Production

77

76

Office

4

4

Management

4

4

Sales

5

5

90

89

5.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

284,185

364,668

Directors' pension contributions to money purchase schemes

6,899

6,763

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

181,237

267,741

Pension contributions to money purchase schemes

5,578

5,442

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

217,090

190,041

Depreciation - assets on hire purchase contracts

4,640

8,384

Loss on disposal of fixed assets

-

84

Product accreditation amortisation

39,636

38,336

Auditors' remuneration

11,000

11,000

Auditors' remuneration for non-audit services

4,750

2,277

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Factoring discount

-

1,370

Hire purchase

625

1,928

625

3,298

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

240,034

283,381

Deferred tax

119,863

20,347

Tax on profit

359,897

303,728

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,442,008

1,438,350

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

360,502

359,588

Effects of:

Expenses not deductible for tax purposes

(604

)

2,407

Capital allowances in excess of depreciation

(119,864

)

(20,346

)

Deferred tax

119,863

20,347

Effects of R&D claim

-

(58,268

)

Total tax charge

359,897

303,728

9.

DIVIDENDS

2025

2024

£

£

Dividends paid

900,000

700,000