REGISTERED NUMBER: 03106954 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Hambleton Steel Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

C M Bartholomew

D Curnock

M Dixon

A Fixter

M Gibson

J T Sapak

R A Mcadam

REGISTERED OFFICE:

Gatherley Road

Brompton on Swale

Richmond

North Yorkshire

DL10 7JH

REGISTERED NUMBER:

03106954 (England and Wales)

AUDITORS:

Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

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

REVIEW OF BUSINESS

The principal activity of the company is the design, fabrication and erection of steel framed buildings for commercial developments.

The directors are pleased with the business growth from a profit perspective over the last 12 month, which is ahead of plan on our 5 year strategy. Turnover for the year totalled £25,828,959 in 2024 compared to £25,949,285 in 2023. Consistently strong relationships with new and existing clients ensured that turnover was maintained at the high levels seen in the prior year.

Overall gross profit margins totalled £6,261,836 in 2024 compared to £5,163,828 in 2023. The company saw an increase in administrative expenses and overheads from £4,098,433 in 2023 to £4,314,086 in 2024.

The company made a pre tax profit for the year of £1,758,471in 2024 compared to £846,184 in 2023.

The net assets of the company at 31 December 2024 were £5,496,151 (2023 - £4,077,007), with net current assets of £4,916,640 (2023 - £3,503,402)

PRINCIPAL RISKS AND UNCERTAINTIES

General Economic Factors

The general economic position of the UK is considered as a risk for the business with slow growth forecast for 2025, the business plans to counter any downturn with plans to move into new sectors previously unexplored as well as providing a 'best in class' customer service delivery.

The company plans to maintain growth through expanding output capabilities. We are investing in modern machinery, digitising areas of the business to make us more efficient and maintaining strong business relationships with key stakeholders.

Labour & Skills Shortage

Having sufficient skilled staff is vital for the business to continue to grow. A lack of available skilled staff is therefore considered as a key risk for the business. We are tackling this on a number of fronts, improving our staff incentives and further developing our apprenticeship programme amongst other things.

ON BEHALF OF THE BOARD:

R A Mcadam - Director

23 September 2025

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 The company's principal activity during the year continued to be that of fabrication and erection of steel framed buildings.

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.

C M Bartholomew

D Curnock

M Dixon

A Fixter

M Gibson

J T Sapak

Other changes in directors holding office are as follows:

R A Mcadam was appointed as a director after 31 December 2024 but prior to the date of this report.

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, Clayton & Brewill, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R A Mcadam - Director

23 September 2025

Opinion

We have audited the financial statements of Hambleton Steel Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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.

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

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.

Mr Douglas Scott Perry (Senior Statutory Auditor)

for and on behalf of Clayton & Brewill

Statutory Auditors and

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

23 September 2025

TURNOVER

4

25,828,959

25,949,285

Cost of sales

19,567,123

20,785,457

GROSS PROFIT

6,261,836

5,163,828

Administrative expenses

4,314,086

4,098,433

OPERATING PROFIT

6

1,947,750

1,065,395

Interest receivable and similar income

28,331

28,745

1,976,081

1,094,140

Interest payable and similar expenses

7

217,610

247,956

PROFIT BEFORE TAXATION

1,758,471

846,184

Tax on profit

8

339,327

233,764

PROFIT FOR THE FINANCIAL YEAR

1,419,144

612,420

PROFIT FOR THE YEAR

1,419,144

612,420

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,419,144

612,420

FIXED ASSETS

Intangible assets

10

136,741

327,797

Tangible assets

11

2,133,871

777,655

Investments

12

1,200

1,200

2,271,812

1,106,652

CURRENT ASSETS

Stocks

13

98,500

139,464

Debtors

14

8,315,454

8,431,887

Cash at bank

2,668,001

3,725,183

11,081,955

12,296,534

CREDITORS

Amounts falling due within one year

15

6,165,315

8,793,132

NET CURRENT ASSETS

4,916,640

3,503,402

TOTAL ASSETS LESS CURRENT LIABILITIES

7,188,452

4,610,054

CREDITORS

Amounts falling due after more than one year

16

(1,225,521

)

(405,594

)

PROVISIONS FOR LIABILITIES

19

(466,780

)

(127,453

)

NET ASSETS

5,496,151

4,077,007

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Share premium

21

37,760

37,760

Retained earnings

21

5,457,391

4,038,247

SHAREHOLDERS' FUNDS

5,496,151

4,077,007

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

R A Mcadam - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

1,000

3,496,327

37,760

3,535,087

Changes in equity

Dividends

-

(70,500

)

-

(70,500

)

Total comprehensive income

-

612,420

-

612,420

Balance at 31 December 2023

1,000

4,038,247

37,760

4,077,007

Changes in equity

Total comprehensive income

-

1,419,144

-

1,419,144

Balance at 31 December 2024

1,000

5,457,391

37,760

5,496,151

1.	STATUTORY INFORMATION

Hambleton Steel 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Amounts recoverable on contracts are included within debtors and represent turnover recognised in excess of payments on account. Payments on account in excess of amounts recognised as turnover are included within creditors.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Government grants are recognised based on the performance model. Under the performance model grants are recognised as income where no specified performance-related conditions are imposed on the recipient. Grants that do impose specified future performance-related conditions on a recipient are recognised as income only when the performance-related conditions are met.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% of cost or valuation

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

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.

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.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

i) Carrying value of property, plant and equipment (note 11)

The carrying value of property, plant and equipment as at 31 December 2024 was £2,133,871. Additions in the year totalled £1,517,259 and the depreciation charge was £151,776. Estimated useful economic lives of property, plant and equipment are based on management's judgements and experience. When management identifies that actual useful lives differ materially from the estimates used to calculate depreciation, that charge is adjusted. Due to the significance of capital investment, variations between actual and estimated useful lives could impact operating results both positively and negatively. Asset values are reviewed annually and historically changes to remaining estimates of useful lives have not been material.

(ii) Amounts recoverable on long term contracts (note 14)

The carrying value of amounts recoverable under long term contracts as at 31 December 2024 was £6,009,445. These are calculated by reference to the stage of completion of a contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. The nature of construction contracts is such that disputes can occur over the valuation and recoverability of contract income at a particular point in time, particularly where there have been variations made contracts as they progress. In calculating the amounts recoverable under long term contracts the management have used their judgement and experience in calculating and assessing the valuation and recoverability of contract amounts.

4.

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

£

£

Construction contracts

25,770,450

25,863,090

Stock and waste material

58,509

86,195

25,828,959

25,949,285

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

25,828,959

25,949,285

25,828,959

25,949,285

5.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

819,890

1,171,861

Social security costs

10,513

12,970

Other pension costs

15,562

14,884

845,965

1,199,715

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

2024

2023

Administration

4

5

Manufacturing

16

23

20

28

2024

2023

£

£

Directors' remuneration

-

-

6.	OPERATING PROFIT

The operating profit is stated after charging:

2024

2023

£

£

Depreciation - owned assets

151,776

148,291

Loss on disposal of fixed assets

29,494

43,647

Patents and licences amortisation

133,329

116,640

Auditors' remuneration

24,000

23,250

Foreign exchange differences

17

-

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

£

£

Bank interest

80,418

107,634

Bank loan interest

34,675

41,292

Loan interest

97,941

92,047

Hire purchase

4,576

6,983

217,610

247,956

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

-

202,438

Deferred tax

339,327

31,326

Tax on profit

339,327

233,764

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:

2024

2023

£

£

Profit before tax

1,758,471

846,184

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

439,618

211,546

Effects of:

Expenses not deductible for tax purposes

(21,490

)

2,038

Depreciation in excess of capital allowances

-

1,587

Utilisation of tax losses

(337,040

)

-

Tax rate change adjustment

-

(12,733

)

Deferred tax movement

339,327

31,326

Group relief

(81,088

)

-

Total tax charge

339,327

233,764

9.

DIVIDENDS

2024

2023

£

£

Ordinary shares of 1 each

Interim

-

70,500

10.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 January 2024

80,000

456,014

536,014

Disposals

-

(82,272

)

(82,272

)

At 31 December 2024

80,000

373,742

453,742

AMORTISATION

At 1 January 2024

80,000

128,217

208,217

Amortisation for year

-

133,329

133,329

Eliminated on disposal

-

(24,545

)

(24,545

)

At 31 December 2024

80,000

237,001

317,001

NET BOOK VALUE

At 31 December 2024

-

136,741

136,741

At 31 December 2023

-

327,797

327,797

11.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

583,753

955,033

157,114

1,695,900

Additions

18,416

1,442,795

56,048

1,517,259

Disposals

-

(21,650

)

-

(21,650

)

At 31 December 2024

602,169

2,376,178

213,162

3,191,509

DEPRECIATION

At 1 January 2024

302,078

557,864

58,303

918,245

Charge for year

58,184

59,674

33,918

151,776

Eliminated on disposal

-

(12,383

)

-

(12,383

)

At 31 December 2024

360,262

605,155

92,221

1,057,638

NET BOOK VALUE

At 31 December 2024

241,907

1,771,023

120,941

2,133,871

At 31 December 2023

281,675

397,169

98,811

777,655

12.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

1,200

NET BOOK VALUE

At 31 December 2024

1,200

At 31 December 2023

1,200

13.

STOCKS

2024

2023

£

£

Stocks

98,500

139,464

14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

101,185

35,735

Amounts owed by group undertakings

1,616,176

2,349,866

Amounts recoverable on contract

6,009,445

5,256,142

Other debtors

293,070

518,026

Prepayments and accrued income

295,578

272,118

8,315,454

8,431,887