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REGISTERED NUMBER: 01564981 (England and Wales)

| Strategic Report, |

| Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2024 |

| for |

| Roe Bros. & Co Ltd. |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 7 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

| Roe Bros. & Co Ltd. |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | J P W Roe

| J Robertson

| C J Taylor

| T G Bailey

| D P Simmons

| R L Bell

| REGISTERED OFFICE: | 1 Fenlake Business Centre

| Fengate

| Peterborough

| PE1 5BQ

| REGISTERED NUMBER: | 01564981 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Paul Colcomb FCCA

| AUDITORS: | Wright Vigar Limited

| Statutory Auditors

| Chartered Accountants & Business Advisers

| 15 Newland

| Lincoln

| Lincolnshire

| LN1 1XG

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Strategic Report

for the Year Ended 31 December 2024

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

REVIEW OF BUSINESS

The company's primary targets are growth in turnover and profitability. Specific operating and financial KPI's relevant to individual businesses achieving this objective are highlighted in the trading results.

Turnover decreased by 15.0% to £32,810,812 from £38,608,519 in the prior year.

The company's gross profit has decreased to £4,135,720 from £6,660,162 in the prior year. The company's profit before taxation has decreased to £945,521 from £2,655,651 in 2023. The strong balance sheet of the company allows for large bulk purchases of steel to be made along with the strategic timing of purchases, this allows the company to maximise it's gross profit margin.

The aim for 2025 is to continue to generate good profit margins.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors of the company regularly meet to review any risks and uncertainties that are either currently faced by the company or will potentially be faced by the company in the future. Measures are then agreed upon to be put in place to mitigate these risks and uncertainties as far as possible.

The principal risk of the company involve steel prices. This is mitigated as far as possible by bulk purchasing and forward pricing undertaken by the company.

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Strategic Report

for the Year Ended 31 December 2024

SECTION 172(1) STATEMENT

The revised UK Corporate Governance Code ('2018 Code') was published in July 2018 and applies to accounting periods beginning on or after January 1, 2019. The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') require directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 ('S172') when performing their duty to promote the success of the Company under S172. This includes considering the interest of other stakeholders which will have an impact on the long-term success of the company. This S172 statement explains how Roe Bros & Co Limited directors:

- |  | have engaged with employees, suppliers, customers and others; and |

- |  | have had regard to employee interests, the need to foster the company's business relationships with suppliers, customers and other, and the effect of that regards, including on the principal decisions taken by the company during the financial year. |

The S172 statement focuses on matters of strategic importance to the company, and the level of information disclosed is consistent with the size and the complexity of the business.

The oard of directors are aware of their responsibilities and when making decisions, each director ensures that they acts in the way that they consider in good faith, would most likely promote the Company's success for the benefit of its members as a whole and in doing so has regard to:

S172(1) (A) The likely consequences of any decision in the long term. The review of business and principal risks and uncertainties set out in the strategic report illustrate the long ter m focus of the directors.

S172(1) (B) The interests of the company's employees. Details of the way the company is set out in the employee involvement section of the directors report. The dir ectors recognise that the employees are fundamental to the delivery of strategic ambitions and work closely with their re presentatives.

S172(1) (C) The need to foster the company's business relationships with suppliers, customers and others. Delivery of strategic goals requires strong mutually beneficial relationships with suppliers, customers and other age ncies. The business continuously assesses the customer base within the context of business strategy and the manageme nt team ensures that these relationships are maintained.

S172(1) (D) The impact of the company's operations on the community and the environment. The company considers its energy usage looking to make efficiencies where possible. The company continues to i nvest resources to reduce the amount of raw materials we use in our activities and reducing the footprint with less de pots operated.

S172(1) (E) The desirability of the company maintaining a reputation for high standards of business conduct. Compliance with relevant governance standards helps assure that the correct decision are made by the board w hich promote high standards of business conduct.The directors ensure that the CARES certification for the quality of steel products is maintained.

S172(1) (F) The need to act fairly between members of the company. The directors consider all factors when determining the best course of action to deliver the Company's lon g term strategic goals. The impact on all stakeholders is considered as fairly as possible in the interest of the Company.

ON BEHALF OF THE BOARD:

J P W Roe - Director

18 September 2025

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of processing steel reinforcing materials for the construction industry.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

J P W Roe

J Robertson

C J Taylor

T G Bailey

D P Simmons

R L Bell

FINANCIAL INSTRUMENTS

The company uses a variety of financial instruments, including cash, inter-company debt and trade creditors that arise from its operations. The main purpose of these financial instruments are to provide working capital for the company's operations.

The company is financed with appropriate short-term and long-term finance to match the need of the business and enable the company to utilise its working capital in the most effective way.

ENGAGEMENT WITH EMPLOYEES

The company's policy is to consult and discuss with employees, at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through the information bulletins and reports which seeks to achieve a common awareness on the part of all employees of the financial economic factors affecting the company's performance.

DISABLED EMPLOYEES

The company's policy to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The company seeks to form long term relationships with both clients and suppliers. In particular the company try and provide the highest quality product at a competitive price, thereby leading to repeat future orders. The company work closely with the supply chain to make sure fair treatment including prompt payment as agreed.

STREAMLINED ENERGY AND CARBON REPORTING

Roe Bros. and Co. Ltd are a 'large unquoted company' under the Streamlined Energy and Carbon Reporting regulations so must report annually on greenhouse gas emissions from Scope 1 and 2 Electricity, Gas and Transport.

Methodology

The reporting period is the most recent financial year 01/04/2024 to 31/03/2025. This report has been compiled in line with the March 2019 BEIS 'Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance', and the EMA methodology for SECR Reporting. All measured emissions from activities which the organisation has financial control over are included as required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, unless otherwise stated in the exclusions statement.

The carbon figures have been calculated using the DESNZ 2024 carbon conversion factors for all fuels, other than the market based electricity which has been taken from Engie as the UK supplier.

Scope |  | Description |  | Emissions Source |  |  | tCO2e |

| 2023/24 |  | 2024/25 |

Scope 1 |  | Combustion of fuel on site and transportation |  | Transport: Diesel |  | Location based |  | 522 |  | 556 |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Report of the Directors

for the Year Ended 31 December 2024

| Market based |  | 522 |  | 556 |

Scope 2 |  | Purchased energy |  | Electricity |  | Location based |  | 87 |  | 71 |

| Market based |  | 55 |  | 88 |

Scope 3 |  | Indirect Emissions |  | Employee Business Mileage |  | Location based |  | 15 |  | 13 |

| Market based |  | 15 |  | 13 |

Total |  |  | Location based |  | 624 |  | 640 |

| Market based |  | 591 |  | 657 |

Intensity Ratio |  | tCO2e / £M Turnover |  |  | Location based |  | 16.15 |  | 19.52 |

| Market based |  | 15.32 |  | 20.02 |

Energy Usage |  | Total kWh consumed |  | Electricity, Diesel |  |  | 2,660,656 |  | 2,708,872 |

| Renewable % |  | Electricity |  |  | 37% |  | 23% |

Year on Year Emissions Changes

Total reported emissions increased from 624 tCO2e in 2023/24 to 640 tCO2e in 2024/25, a 2.5% increase. This is primarily due to greater scope 3 accountability versus the previous year as well as higher diesel consumption as part of scope 1 emissions.

Scope 1 emissions increased from 522 tCO2e in 2023/24 to 556 tCO2e inm 2024/25, a 6.5% increase in emissions. This is due to the aforementioned diesel consumption increase in company-owned vehicles.

Scope 2 emissions decreased from 15 tCO2e in 2023/24 to 13 tCO2e in 2024/25, a 13.3% reduction. This is due to a reduction in electricity consumption.

Energy Efficiency Actions taken

No specific energy efficiency actions implemented for the 2024/25 period.

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;

- | state whether applicable 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.

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Report of the Directors

for the Year Ended 31 December 2024

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.

ON BEHALF OF THE BOARD:

J P W Roe - Director

18 September 2025

Report of the Independent Auditors to the Members of

Roe Bros. & Co Ltd.

Opinion

We have audited the financial statements of Roe Bros. & Co Ltd. (the 'company') for the year ended 31 December 2024 which comprise the Statement of 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 December 2024 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.

Report of the Independent Auditors to the Members of

Roe Bros. & Co Ltd.

Responsibilities of directors

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

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- |  | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |

- |  | We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework. |

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- |  | Substantive procedures performed in accordance with the ISAs (UK). |

- |  | Challenging assumptions and judgments made by management in its significant accounting estimates. |

- |  | Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals. |

- |  | Assessing the extent of compliance with the relevant 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.

Paul Colcomb FCCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

18 September 2025

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Statement of Comprehensive

Income

for the Year Ended 31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 32,810,812 |  | 38,608,519 |  |

Cost of sales | 28,675,092 |  | 31,948,357 |  |

GROSS PROFIT | 4,135,720 |  | 6,660,162 |  |

Distribution costs | 480,332 |  | 366,129 |  |

Administrative expenses | 3,772,964 |  | 4,174,257 |  |

|  |  | 4,253,296 |  |  |  |  | 4,540,386 |  |

(117,576 | ) | 2,119,776 |  |

Other operating income | 4 | 265,124 |  | 264,000 |  |

OPERATING PROFIT | 6 | 147,548 |  | 2,383,776 |  |

Interest receivable and similar income | 894,713 |  | 390,670 |  |

1,042,261 |  | 2,774,446 |  |

Interest payable and similar expenses | 7 | 96,740 |  | 118,795 |  |

PROFIT BEFORE TAXATION | 945,521 |  | 2,655,651 |  |

Tax on profit | 8 | 278,590 |  | 677,571 |  |

PROFIT FOR THE FINANCIAL YEAR | 666,931 |  | 1,978,080 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 666,931 |  | 1,978,080 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 4,090,244 |  | 3,813,250 |  |

Investments | 10 | - |  | - |  |

4,090,244 |  | 3,813,250 |  |

CURRENT ASSETS

Stocks | 11 | 5,312,664 |  | 6,309,842 |  |

Debtors | 12 | 13,315,190 |  | 9,086,187 |  |

Cash at bank and in hand | 13,905,779 |  | 19,194,182 |  |

32,533,633 |  | 34,590,211 |  |

CREDITORS

Amounts falling due within one year | 13 | 2,861,328 |  | 5,829,311 |  |

NET CURRENT ASSETS | 29,672,305 |  | 28,760,900 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 33,762,549 |  | 32,574,150 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (842,685 | ) | (475,128 | ) |

PROVISIONS FOR LIABILITIES | 17 | (401,230 | ) | (247,319 | ) |

NET ASSETS | 32,518,634 |  | 31,851,703 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 126,000 |  | 126,000 |  |

Retained earnings | 32,392,634 |  | 31,725,703 |  |

SHAREHOLDERS' FUNDS | 32,518,634 |  | 31,851,703 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

J P W Roe - Director

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 126,000 |  | 29,747,623 |  | 29,873,623 |  |

Changes in equity

Total comprehensive income | - |  | 1,978,080 |  | 1,978,080 |  |

Balance at 31 December 2023 | 126,000 |  | 31,725,703 |  | 31,851,703 |  |

Changes in equity

Total comprehensive income | - |  | 666,931 |  | 666,931 |  |

Balance at 31 December 2024 | 126,000 |  | 32,392,634 |  | 32,518,634 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Cash Flow Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (2,661,659 | ) | (1,293,184 | ) |

Interest paid | (10,449 | ) | (70,733 | ) |

Interest element of hire purchase payments paid | (86,291 | ) | (48,062 | ) |

Tax paid | (800,474 | ) | (1,598,988 | ) |

Net cash from operating activities | (3,558,873 | ) | (3,010,967 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (923,523 | ) | (314,030 | ) |

Sale of tangible fixed assets | 148,750 |  | 63,167 |  |

Interest received | 894,713 |  | 390,670 |  |

Net cash from investing activities | 119,940 |  | 139,807 |  |

Cash flows from financing activities

Intercompany loan movement | (2,336,126 | ) | 1,181,263 |  |

Hire purchase arrangements in year | - |  | 309,225 |  |

Capital repayments in year | 483,056 |  | (306,501 | ) |

Amount introduced by directors | 3,600 |  | 2,791 |  |

Net cash from financing activities | (1,849,470 | ) | 1,186,778 |  |

Decrease in cash and cash equivalents | (5,288,403 | ) | (1,684,382 | ) |

Cash and cash equivalents at beginning of year | 2 | 19,194,182 |  | 20,878,564 |  |

Cash and cash equivalents at end of year | 2 | 13,905,779 |  | 19,194,182 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2024

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

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 945,521 |  | 2,655,651 |  |

| Depreciation charges | 579,713 |  | 456,226 |  |

| Profit on disposal of fixed assets | (81,935 | ) | (43,223 | ) |

| Finance costs | 96,740 |  | 118,795 |  |

| Finance income | (894,713 | ) | (390,670 | ) |

645,326 |  | 2,796,779 |  |

| Decrease in stocks | 997,178 |  | 3,161,016 |  |

| (Increase)/decrease in trade and other debtors | (1,896,476 | ) | 1,467,083 |  |

| Decrease in trade and other creditors | (2,407,687 | ) | (8,718,062 | ) |

| Cash generated from operations | (2,661,659 | ) | (1,293,184 | ) |

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 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 13,905,779 |  | 19,194,182 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 19,194,182 |  | 20,878,564 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 19,194,182 |  | (5,288,403 | ) | 13,905,779 |  |

19,194,182 |  | (5,288,403 | ) | 13,905,779 |  |

| Debt

| Finance leases | (665,478 | ) | (483,056 | ) | (1,148,534 | ) |

(665,478 | ) | (483,056 | ) | (1,148,534 | ) |

| Total | 18,528,704 |  | (5,771,459 | ) | 12,757,245 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Roe Bros. & Co 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.

| Critical accounting judgements and key sources of estimation uncertainty

| In the process of applying its accounting policies, the company is required to make certain estimates, judgments and assumptions that it believes are reasonable based on the information available. These judgments, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.

| On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

| Management has made judgment over the following accounting policies:

| - |  | The estimated useful economic lives of tangible fixed assets; and |  |

| - |  | Stock deterioration provisions which are calculated by management based on their ongoing review of stock quality and scrap amounts |  |

| Turnover

| Turnover represents net invoiced sales of goods, excluding value added tax.

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

| Turnover is recognised on the despatch of the goods ordered.

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method and reducing balance basis.

| The estimated useful lives range as follows:

| Buildings |  | 2% on cost |  |

| Improvements to property |  | 20% on cost |  |

| Plant and machinery |  | 6.5% on cost |  |

| Office equipment |  | 15% reducing balance |  |

| Motor vehicles |  | 33% reducing balance |  |

| Computer equipment |  | 33% on cost |  |

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are

| recognised in profit or loss.

| Stocks

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

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference

| between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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

| 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

| Provisions for liabilities

| Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

| Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the

| obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

| When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

| Consolidation

| Under section 405 of the Companies Act 2006, the company does not need to prepare consolidated accounts on the grounds that the results of the subsidiary companies of the group are immaterial, and consist solely of inter-group transactions which would be eliminated on consolidation. As such the financial statements only refer to Roe Bros & Co Ltd.

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | TURNOVER

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

| An analysis of turnover by class of business is given below:

| 2024 |  | 2023

£ | £ |

| Sale of goods | 32,810,812 |  | 38,608,519 |  |

32,810,812 |  | 38,608,519 |  |

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 32,810,812 |  | 38,608,519 |  |

32,810,812 |  | 38,608,519 |  |

4. | OTHER OPERATING INCOME

| 2024 |  | 2023

£ | £ |

| Management fees | 265,124 |  | 264,000 |  |

5. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 4,141,381 |  | 4,565,156 |  |

| Social security costs | 476,414 |  | 534,930 |  |

| Other pension costs | 72,115 |  | 68,379 |  |

4,689,910 |  | 5,168,465 |  |

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

| 2024 |  | 2023

| Warehouse | 57 |  | 56 |  |

| Sales, distribution and administration | 18 |  | 18 |  |

75 |  | 74 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 1,021,212 |  | 1,365,325 |  |

| Directors' pension contributions to money purchase schemes | 10,000 |  | 10,000 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 1 |  | 1 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 175,000 |  | 405,000 |  |

| Pension contributions to money purchase schemes | - |  | 10,000 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | OPERATING PROFIT

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

| 2024 |  | 2023

£ | £ |

| Hire of plant and machinery | 30,722 |  | 21,893 |  |

| Depreciation - owned assets | 579,714 |  | 456,226 |  |

| Profit on disposal of fixed assets | (81,935 | ) | (43,223 | ) |

| Auditors' remuneration | 17,916 |  | 25,075 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Bank interest | 4 |  | 849 |  |

| Interest on overdue tax | 10,445 |  | 69,884 |  |

| Hire purchase | 86,291 |  | 48,062 |  |

96,740 |  | 118,795 |  |

8. | TAXATION

| Analysis of the tax charge

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

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 124,679 |  | 630,324 |  |

| Deferred tax | 153,911 |  | 47,247 |  |

| Tax on profit | 278,590 |  | 677,571 |  |

| UK corporation tax has been charged at 25% (2023 - 25%).

| Reconciliation of total tax charge included in profit and loss

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

| 2024 |  | 2023

£ | £ |

| Profit before tax | 945,521 |  | 2,655,651 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 236,380 |  | 663,913 |  |

| Effects of:

| Expenses not deductible for tax purposes | 2,121 |  | 3,130 |  |

| Capital allowances in excess of depreciation | (93,339 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 2,929 |  |

| Profit of disposal of fixed assets | (20,483 | ) | - |  |

| Change in tax rates | - |  | (39,648 | ) |

| Deferred tax | 153,911 |  | 47,247 |  |

| Total tax charge | 278,590 |  | 677,571 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

9. | TANGIBLE FIXED ASSETS

| Improvements |

| to |  | Plant and

| Buildings |  | property |  | machinery

£ | £ | £ |

| COST

| At 1 January 2024 | 3,159,014 |  | 145,016 |  | 2,748,721 |  |

| Additions | - |  | - |  | 79,085 |  |

| Disposals | - |  | - |  | - |  |

| At 31 December 2024 | 3,159,014 |  | 145,016 |  | 2,827,806 |  |

| DEPRECIATION

| At 1 January 2024 | 811,252 |  | 144,719 |  | 2,087,049 |  |

| Charge for year | 63,180 |  | 295 |  | 89,028 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 December 2024 | 874,432 |  | 145,014 |  | 2,176,077 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,284,582 |  | 2 |  | 651,729 |  |

| At 31 December 2023 | 2,347,762 |  | 297 |  | 661,672 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 16,000 |  | 2,359,421 |  | 16,144 |  | 8,444,316 |  |

| Additions | - |  | 844,438 |  | - |  | 923,523 |  |

| Disposals | - |  | (635,452 | ) | - |  | (635,452 | ) |

| At 31 December 2024 | 16,000 |  | 2,568,407 |  | 16,144 |  | 8,732,387 |  |

| DEPRECIATION

| At 1 January 2024 | 14,057 |  | 1,562,523 |  | 11,466 |  | 4,631,066 |  |

| Charge for year | 292 |  | 425,333 |  | 1,586 |  | 579,714 |  |

| Eliminated on disposal | - |  | (568,637 | ) | - |  | (568,637 | ) |

| At 31 December 2024 | 14,349 |  | 1,419,219 |  | 13,052 |  | 4,642,143 |  |

| NET BOOK VALUE

| At 31 December 2024 | 1,651 |  | 1,149,188 |  | 3,092 |  | 4,090,244 |  |

| At 31 December 2023 | 1,943 |  | 796,898 |  | 4,678 |  | 3,813,250 |  |

| Included within fixed assets are assets held under hire purchase agreements with a net book value of £992,579 (2023: £768,446). Depreciation charged on these assets in the year amounted to £380,510 (2023: £270,524). During the year there were assets transferred to ownership with a net book value of £131,980 (2023: £4,823)

10. | FIXED ASSET INVESTMENTS

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Reinforcements Peterborough Limited

| Registered office:

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | FIXED ASSET INVESTMENTS - continued

| Peterborough Reinforcements Limited

| Registered office:

| Nature of business: Dormant

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

11. | STOCKS

2024 | 2023 |

£ | £ |

| Stocks | 5,312,664 |  | 6,309,842 |  |

12. | DEBTORS

2024 | 2023 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 4,082,089 |  | 5,094,404 |  |

| Other debtors | 5,395,996 |  | 2,589,557 |  |

| Amounts owed by related party | 3,717,575 |  | 1,309,448 |  |

| Directors' current accounts | 3,600 |  | 3,600 |  |

| Prepayments and accrued income | 110,830 |  | 80,478 |  |

13,310,090 |  | 9,077,487 |  |

| Amounts falling due after more than one year:

| Directors' current accounts | 5,100 |  | 8,700 |  |

| Aggregate amounts | 13,315,190 |  | 9,086,187 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 15) | 305,849 |  | 190,350 |  |

| Trade creditors | 879,546 |  | 3,256,581 |  |

| Corporation tax | 24,602 |  | 700,397 |  |

| Social security and other taxes | 698,148 |  | 1,151,026 |  |

| VAT | 629,567 |  | 338,280 |  |

| Other creditors | 10,309 |  | 11,718 |  |

| Accruals and deferred income | 313,307 |  | 180,959 |  |

2,861,328 |  | 5,829,311 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Hire purchase contracts (see note 15) | 842,685 |  | 475,128 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2024 | 2023 |

£ | £ |

| Gross obligations repayable:

| Within one year | 380,444 |  | 230,799 |  |

| Between one and five years | 913,413 |  | 514,433 |  |

1,293,857 |  | 745,232 |  |

| Finance charges repayable:

| Within one year | 74,595 |  | 40,449 |  |

| Between one and five years | 70,728 |  | 39,305 |  |

145,323 |  | 79,754 |  |

| Net obligations repayable:

| Within one year | 305,849 |  | 190,350 |  |

| Between one and five years | 842,685 |  | 475,128 |  |

1,148,534 |  | 665,478 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Hire purchase contracts | 1,148,534 |  | 665,478 |  |

| Amounts due on hire purchase are secured against the related assets.

17. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 401,230 |  | 247,319 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 247,319 |  |

| Accelerated capital allowances | 153,911 |  |

| Balance at 31 December 2024 | 401,230 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 126,000 | Ordinary | £1 | 126,000 |  | 126,000 |  |

| Roe Bros. & Co Ltd. (Registered number: 01564981) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 | 2023 |

£ | £ |

| D P Simmons

| Balance outstanding at start of year | 12,300 |  | 12,900 |  |

| Amounts repaid | (3,600 | ) | (600 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 8,700 |  | 12,300 |  |

20. | RELATED PARTY DISCLOSURES

| Companies under Common Control

| During the year the company charged a management fee of £265,124 (2023: £264,000) to a related party. Additionally, the company made sales of £317,115 (2023: £454,471) and purchases of £3,924 (2023: £19,671).

| The company was charged £738,670 (2023: £758,920) for travel costs by a related party.

| The company received an advance of £337,982 (2023: £618,537) from a related party in respect of steel ships which is part of the stock utilised by Roe Bros & Co Limited. The company also paid £291,456 (2023: £2,693,619) on behalf of a related party for steel ships.

| At the year end there was a balance of £3,717,575 owed by related parties (2023: £589,448 owed by related parties).

| Other related parties- Companies Controlled by Close Family Members

| During the year the company made purchases of £4,927,125 (2023: £906,452) and sales of £172,128 (2023: £Nil) with a related party. At the year end there was an advance of £1,973,829 (2023: £1,255,869) paid to a related party for steel ships.

21. | ULTIMATE CONTROLLING PARTY

| The company is controlled by Mr J P W Roe by virtue of him controlling the majority of the voting rights in the company.