REGISTERED NUMBER: 03480979 (England and Wales)

CONSOLIDATED STEEL PRODUCTS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs. G. Broadhurst

Mr. J.K. Broadhurst

Mr. J.J. Broadhurst

Miss E. Broadhurst

SECRETARY:

Mr. J.J. Broadhurst

REGISTERED OFFICE:

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

REGISTERED NUMBER:

03480979 (England and Wales)

AUDITORS:

Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

BANKERS:

National Westminster Bank Plc

103 Colmore Row

Birmingham

B3 3NR

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

The directors consider the key performance indicators to be turnover, gross profit, operating profit and net assets, which communicate the financial performance and strength of the company and are all disclosed within the body of the financial statements.

The increase in gross profit and operating profit both reflect the effectiveness of cost control measures introduced by the company, which continues to compete in what remains a difficult trading climate with increasing competition and volatile market prices.

From knowledge and information available currently, the directors feel that consistent application of company policies will enable them to compete in what continues to be a very difficult market.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's activities expose it to a number of financial risks including cash flow risk, credit risk and price risk.

Credit risk

The company's principal financial assets are trade and other receivables. The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has no significant concentration of credit risk, with exposure spread over a large number of counterparts and customers.

Price risk

The company is exposed to commodity price risk, but endeavours to manage this risk.

ON BEHALF OF THE BOARD:

Mrs. G. Broadhurst - Director

3 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of manhole covers and steel stockholders.

DIVIDENDS

An interim dividend of £750 per share was paid on the Ordinary £1 shares on 12 April 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 31 March 2025 will be £ 90,000 .

DIRECTORS

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

The beneficial interests of the directors holding office at 31 March 2025 in the shares of the company, according to the register of directors' interests, were as follows:

31.3.25

1.4.24

Ordinary shares of £1 each

Mrs. G. Broadhurst

-

40

Mr. J.K. Broadhurst

-

80

Mr. J.J. Broadhurst

100

80

Miss E. Broadhurst

100

-

These directors did not hold any non-beneficial interests in the shares of the company.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs. G. Broadhurst - Director

3 September 2025

Opinion

We have audited the financial statements of Consolidated Steel Products Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 three, 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:

Based on our understanding of the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to:

- Revenue recognition;

- Existence and valuation of stocks;

- Existence and valuation of trade receivables;

- Existence and completeness of trade liabilities and accruals;

- Management override of controls;

- The posting of inappropriate journal entries to increase revenue or reduce expenditure; and

- Management bias in accounting estimates and judgements

In response to the above identified risks, audit procedures were designed to enable us to arrive at appropriately drawn conclusions. These audit procedures include;

- Documentation of the invoice recording processes and agreement of a sample of income from source to the nominal entries;

- Review and challenging of journal entries, in particular unusual transactions and account combinations;

- Challenging of assumptions and judgements made by management in their assessment of significant accounting estimates;

- Review of the list of related parties, discussion with management and review of the records of account; and

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely it would be for the inherently limited procedures required by auditing standards to identify it. In addition, as with any audit, there remains a risk of not detecting irregularities as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Nigel Meredith FCA (Senior Statutory Auditor)

for and on behalf of Folkes Worton LLP

Chartered Accountants and Statutory Auditor

15-17 Church Street

Stourbridge

West Midlands

DY8 1LU

3 September 2025

TURNOVER

13,671,053

11,210,387

Cost of sales

10,864,849

8,917,197

GROSS PROFIT

2,806,204

2,293,190

Administrative expenses

393,228

574,727

2,412,976

1,718,463

Other operating income

415,808

487,700

OPERATING PROFIT

4

2,828,784

2,206,163

Interest receivable and similar income

(16,955

)

17,401

2,811,829

2,223,564

Gain/loss on revaluation of investment property

825,000

-

3,636,829

2,223,564

Interest payable and similar expenses

5

612

-

PROFIT BEFORE TAXATION

3,636,217

2,223,564

Tax on profit

6

872,672

555,891

PROFIT FOR THE FINANCIAL YEAR

2,763,545

1,667,673

OTHER COMPREHENSIVE INCOME

Revaluation of long leasehold property

430,000

-

Income tax relating to other comprehensive income

(67,606

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

362,394

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,125,939

1,667,673

FIXED ASSETS

Tangible assets

8

1,306,696

900,124

Investment property

9

1,478,450

1,155,950

2,785,146

2,056,074

CURRENT ASSETS

Stocks

10

540,268

290,018

Debtors

11

18,432,223

16,144,975

Cash at bank

143,669

175,387

19,116,160

16,610,380

CREDITORS

Amounts falling due within one year

12

824,904

864,425

NET CURRENT ASSETS

18,291,256

15,745,955

TOTAL ASSETS LESS CURRENT LIABILITIES

21,076,402

17,802,029

PROVISIONS FOR LIABILITIES

13

315,843

77,409

NET ASSETS

20,760,559

17,724,620

CAPITAL AND RESERVES

Called up share capital

14

200

200

Revaluation reserve

15

1,010,709

-

Retained earnings

15

19,749,650

17,724,420

SHAREHOLDERS' FUNDS

20,760,559

17,724,620

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

Mrs. G. Broadhurst - Director

Mr. J.K. Broadhurst - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

200

16,146,747

-

16,146,947

Changes in equity

Dividends

-

(90,000

)

-

(90,000

)

Total comprehensive income

-

1,667,673

-

1,667,673

Balance at 31 March 2024

200

17,724,420

-

17,724,620

Changes in equity

Dividends

-

(90,000

)

-

(90,000

)

Total comprehensive income

-

2,115,230

1,010,709

3,125,939

Balance at 31 March 2025

200

19,749,650

1,010,709

20,760,559

Cash flows from operating activities

Cash generated from operations

1

70,975

112,348

Interest paid

(612

)

-

Tax paid

(682,126

)

(549,903

)

Net cash from operating activities

(611,763

)

(437,555

)

Cash flows from investing activities

Purchase of tangible fixed assets

(3,000

)

(73,738

)

Sale of tangible fixed assets

-

55,535

Sale of investment property

690,000

566,500

Interest received

(16,955

)

17,401

Net cash from investing activities

670,045

565,698

Cash flows from financing activities

Equity dividends paid

(90,000

)

(90,000

)

Net cash from financing activities

(90,000

)

(90,000

)

(Decrease)/increase in cash and cash equivalents

(31,718

)

38,143

Cash and cash equivalents at beginning of year

2

175,387

137,244

Cash and cash equivalents at end of year

2

143,669

175,387

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

2025

2024

£

£

Profit before taxation

3,636,217

2,223,564

Depreciation charges

26,420

32,642

Profit on disposal of fixed assets

(187,492

)

(4,844

)

Gain on revaluation of fixed assets

(825,000

)

-

Finance costs

612

-

Finance income

16,955

(17,401

)

2,667,712

2,233,961

(Increase)/decrease in stocks

(250,250

)

139,827

Increase in trade and other debtors

(2,287,248

)

(2,278,208

)

(Decrease)/increase in trade and other creditors

(59,239

)

16,768

Cash generated from operations

70,975

112,348

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

143,669

175,387

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

175,387

137,244

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

175,387

(31,718

)

143,669

175,387

(31,718

)

143,669

Total

175,387

(31,718

)

143,669

1.	STATUTORY INFORMATION

Consolidated Steel Products Limited 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 as modified by the revaluation of certain assets.

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 value added tax. The fair value of consideration takes into account trade discounts.

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 the 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

Tangible fixed assets

Tangible fixed assets are initially measured at cost. After initial recognition, tangible fixed assets are measured at cost less any accumulated depreciation and any accumulated impairment losses.

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.

Investment property

-

Not provided

Long leasehold

-

Not provided

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the disposal proceeds and the carrying value of the asset, and is credited or charged to the statement of comprehensive income.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis.

At each reporting date, an assessment is made for impairment, being any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell. The impairment loss and any subsequent reversal is recognised in the statement of comprehensive income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

333,331

339,252

Social security costs

27,211

19,961

Other pension costs

6,563

5,947

367,105

365,160

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

2025

2024

Director

1

1

Employees

14

14

15

15

2025

2024

£

£

Directors' remuneration

12,570

12,570

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

26,420

32,642

Profit on disposal of fixed assets

(187,492

)

(4,844

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Corporation Tax interest

612

-

6.

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

701,844

560,790

Deferred tax

170,828

(4,899

)

Tax on profit

872,672

555,891

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Revaluation of long leasehold property

430,000

(67,606

)

362,394

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim dividends paid on ordinary shares

90,000

90,000

8.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 April 2024

757,496

385,211

58,330

1,201,037

Additions

-

3,000

-

3,000

Disposals

-

(500

)

-

(500

)

Revaluations

430,000

-

-

430,000

At 31 March 2025

1,187,496

387,711

58,330

1,633,537

DEPRECIATION

At 1 April 2024

-

288,722

12,191

300,913

Charge for year

-

14,884

11,536

26,420

Eliminated on disposal

-

(492

)

-

(492

)

At 31 March 2025

-

303,114

23,727

326,841

NET BOOK VALUE

At 31 March 2025

1,187,496

84,597

34,603

1,306,696

At 31 March 2024

757,496

96,489

46,139

900,124

Cost or valuation at 31 March 2025 is represented by:

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

Valuation in 2025

430,000

-

-

430,000

Cost

757,496

387,711

58,330

1,203,537

1,187,496

387,711

58,330

1,633,537

If long leasehold property had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

757,496

757,496

Long leasehold property were valued on an open market basis on 15 October 2024 by Bruton Knowles Chartered Surveyors .