ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 14544826

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

COMPANY INFORMATION

Directors	S P Ross
	S C Ross


Company secretary	Carole Ross


Registered number	14544826


Registered office	Luton Street
	Liverpool
	L5 9XR


Independent auditors	LangtonsProfessional Services Limited
	Chartered Accountants & Registered Auditor
	The Plaza
	100 Old Hall Street
	Liverpool
	Merseyside
	L3 9QJ

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 8
Consolidated statement of comprehensive income	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13 - 14
Company statement of changes in equity	15 - 16
Consolidated statement of cash flows	17
Consolidated analysis of net debt	18
Notes to the financial statements	19 - 37

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

Introduction

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

Business review

The directors believe that the company has achieved a satisfactory result for the year under review in the light of
prevailing trading conditions.
The directors plan to continue to develop the existing activities of the company.

Principal risks and uncertainties

The company's operations expose it to a variety of financial risks that include the effect of credit risk and liquidity
risk. The company has in place policies that seek to limit the adverse effects on the financial performance of the company by monitoring levels of liquidity and the related finance costs. The policies set by the board of directors are implemented by the company's finance department.
Credit risk
The company has implemented policies that require appropriate credit assessments on potential customers
before sales are made. The amount of exposure to any individual counterparty is subject to review by the company's finance department. The vast majority of debtors are 85% insured.
Liquidity risk
The company actively maintains a mixture of medium and short term cash deposits together with loan facilities
that are designed to ensure the company has sufficient available funds for operations and planned expansions.

Financial key performance indicators

The company uses a range of industry specific, tailored KPIs to monitor the company's profitability and working
capital requirements.

This report was approved by the board on 9 October 2025 and signed on its behalf.

S P Ross

Director

Page 1

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £520,866 (2024 - £2,901,823).

The director recommended and paid dividends of £347,862 (2024: £557,965) during the year.

Directors

The directors who served during the year were:

S P Ross

S C Ross

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 2

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Auditors

The auditors, LangtonsProfessional Services Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 October 2025 and signed on its behalf.

S P Ross

Director

Page 3

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

Opinion

We have audited the financial statements of Higson Edwards (Steel Stock) Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the Parent Company's affairs as at 31 March 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the Parent 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.

Page 4

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 5

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED (CONTINUED)

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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are:
• to identify and assess the risks of material misstatement of the financial statements due to fraud;
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and
• to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR).
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved:
- enquiries of management; and
- journal entry testing, with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the business.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.
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

Page 7

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED (CONTINUED)

Auditors' Report.

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 Auditors' report.

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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Talbot (Senior statutory auditor)

for and on behalf of

LangtonsProfessional Services Limited

Chartered Accountants

Registered Auditor

The Plaza

100 Old Hall Street

Liverpool

Merseyside

L3 9QJ

9 October 2025

Page 8

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

	31 March	31 March
	2025	2024
Note	£	£


Turnover	4	15,248,350	15,512,630
Cost of sales		(11,513,242)	(11,462,769)
Gross profit		3,735,108	4,049,861
Administrative expenses		(2,941,025)	(2,803,594)
Operating profit		794,083	1,246,267
Income from fixed assets investments		-	2,017,932
Interest receivable and similar income	8	1,912	-
Interest payable and similar expenses	9	(52,405)	(25,833)
Profit before taxation		743,590	3,238,366
Tax on profit	10	(222,724)	(336,543)
Profit for the financial year		520,866	2,901,823


Total comprehensive income for the year		520,866	2,901,823

Profit for the year attributable to:
Owners of the parent Company	520,866	2,901,823
	520,866	2,901,823

Total comprehensive income for the year attributable to:
Owners of the parent Company	520,866	2,901,823
	520,866	2,901,823

The notes on pages 19 to 37 form part of these financial statements.

Page 9

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

REGISTERED NUMBER: 14544826

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		4,178,545		2,277,763
			4,178,545		2,277,763
Current assets
Stocks	14	888,858		1,041,393
Debtors: amounts falling due within one year	15	3,415,719		3,185,653
Cash at bank and in hand	16	2,488,483		2,516,324
		6,793,060		6,743,370
Creditors: amounts falling due within one year	17	(4,566,061)		(3,795,130)
Net current assets			2,226,999		2,948,240
Total assets less current liabilities			6,405,544		5,226,003
Creditors: amounts falling due after more than one year	18		(1,494,144)		(470,819)
Provisions for liabilities
Deferred taxation	21	(52,956)		(69,745)
			(52,956)		(69,745)
Net assets excluding pension asset			4,858,444		4,685,439
Net assets			4,858,444		4,685,439

Capital and reserves
Called up share capital	22	1,457	1,457
Other reserves		1,543	1,543
Profit and loss account		4,855,444	4,682,439
Equity attributable to owners of the parent Company		4,858,444	4,685,439
		4,858,444	4,685,439

Page 10

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

REGISTERED NUMBER: 14544826

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2025.

S P Ross

Director

The notes on pages 19 to 37 form part of these financial statements.

Page 11

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

REGISTERED NUMBER: 14544826

COMPANY BALANCE SHEET

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	12		3,951,122		1,960,747
Investments	13		1,457		1,457
			3,952,579		1,962,204
Current assets
Debtors: amounts falling due within one year	15	456,038		120,000
Cash at bank and in hand	16	48,926		-
		504,964		120,000
Creditors: amounts falling due within one year	17	(2,353,599)		-
Net current (liabilities)/assets			(1,848,635)		120,000
Total assets less current liabilities			2,103,944		2,082,204


Net assets excluding pension asset			2,103,944		2,082,204
Net assets			2,103,944		2,082,204

Capital and reserves
Called up share capital	22		1,457		1,457
Profit and loss account brought forward		2,080,747		-
Profit for the year		369,601		2,638,712
Other changes in the profit and loss account		(347,861)		(557,965)
Profit and loss account carried forward			2,102,487		2,080,747
			2,103,944		2,082,204

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 October 2025.

S P Ross

Director

The notes on pages 19 to 37 form part of these financial statements.

Page 12

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 April 2024	1,457	1,543	4,682,439	4,685,439	4,685,439
Comprehensive income for the year
Profit for the year	-	-	520,866	520,866	520,866
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	520,866	520,866	520,866
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(347,861)	(347,861)	(347,861)
Total transactions with owners	-	-	(347,861)	(347,861)	(347,861)
At 31 March 2025	1,457	1,543	4,855,444	4,858,444	4,858,444

The notes on pages 19 to 37 form part of these financial statements.

Page 13

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 March 2023	1	1,543	2,338,581	2,340,125	2,340,125
Comprehensive income for the period
Profit for the period	-	-	2,901,823	2,901,823	2,901,823
Other comprehensive income for the period	-	-	-	-	-
Total comprehensive income for the period	-	-	2,901,823	2,901,823	2,901,823
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(557,965)	(557,965)	(557,965)
Shares issued during the period	1,456	-	-	1,456	1,456
Total transactions with owners	1,456	-	(557,965)	(556,509)	(556,509)
At 31 March 2024	1,457	1,543	4,682,439	4,685,439	4,685,439

The notes on pages 19 to 37 form part of these financial statements.

Page 14

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 April 2024	1,457	2,080,747	2,082,204
Comprehensive income for the period
Profit for the year	-	369,601	369,601
Other comprehensive income for the year	-	-	-
Total comprehensive income for the year	-	369,601	369,601
Contributions by and distributions to owners
Dividends: Equity capital	-	(347,861)	(347,861)
Total transactions with owners	-	(347,861)	(347,861)
At 31 March 2025	1,457	2,102,487	2,103,944

The notes on pages 19 to 37 form part of these financial statements.

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HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 March 2023	1	-	1
Comprehensive income for the period
Profit for the period	-	2,638,712	2,638,712
Other comprehensive income for the period	-	-	-
Total comprehensive income for the period	-	2,638,712	2,638,712
Contributions by and distributions to owners
Dividends: Equity capital	-	(557,965)	(557,965)
Shares issued during the period	1,456	-	1,456
Total transactions with owners	1,456	(557,965)	(556,509)
At 31 March 2024	1,457	2,080,747	2,082,204

The notes on pages 19 to 37 form part of these financial statements.

Page 16

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	794,083	1,246,267
Adjustments for:
Depreciation of tangible assets	146,778	175,844
Decrease/(increase) in stocks	152,536	(65,147)
(Increase)/decrease in debtors	(230,069)	414,421
Increase in creditors	604,052	2,176,318
Corporation tax (paid)	(64,140)	(574,769)
Net cash generated from operating activities	1,403,240	3,372,934

Cash flows from investing activities
Purchase of tangible fixed assets	(2,047,559)	-
Interest received	1,912	-
HP interest paid	(2,065)	(4,474)
Net cash from investing activities	(2,047,712)	(4,474)
Cash flows from financing activities
New secured loans	1,300,000	-
Repayment of loans	(267,315)	(267,315)
Repayment of/new finance leases	(17,853)	(36,442)
Dividends paid	(347,861)	(557,965)
Interest paid	(50,340)	(21,359)
Net cash used in financing activities	616,631	(883,081)
Net (decrease)/increase in cash and cash equivalents	(27,841)	2,485,379
Cash and cash equivalents at beginning of year	2,516,324	30,945
Cash and cash equivalents at the end of year	2,488,483	2,516,324

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,488,483	2,516,324
<-- Enter subtotal text	2,488,483	2,516,324

The notes on pages 19 to 37 form part of these financial statements.

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HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 MARCH 2025


At 1 April 2024	Cash flows	At 31 March 2025
£	£	£

Cash at bank and in hand	2,516,324	(27,841)	2,488,483
Debt due after 1 year	(470,819)	(1,023,325)	(1,494,144)
Debt due within 1 year	(338,918)	71,602	(267,316)
Finance leases	(17,853)	17,853	-
	1,688,734	(961,711)	727,023

The notes on pages 19 to 37 form part of these financial statements.

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HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no.14544826). The address of the registered office is Luton Street, Liverpool, Merseyside L5 9XR.
These financial statements present the consolidated results of Higson Edwards (Steelstock) Holdings Limited and Higson Edwards (Steelstock) Limited.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
As a group reconstruction, the consolidated financial statements incorporate the results of business combinations using merger accounting. In the Balance sheet, the assets and liabilities of parties to the combination have not been restated to fair value and are included at book value; the results and cash flows of combining entities have been brought into the accounts from the beginning of the financial year in which the combination occurred;.

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HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

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HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

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.

Page 21

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Freehold property	-	25 - 50 years
Plant and machinery	-	5 - 10 years
Motor vehicles	-	5 years
Other fixed assets	-	3 years

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.

2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.11

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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 22

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash

Page 23

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 24

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

2.16

Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the directors' view there are no key sources of estimation uncertainty and there were no key judgments in the application of accounting policies.

Page 25

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Sales of steel	15,248,350	15,512,630
	15,248,350	15,512,630

Analysis of turnover by country of destination:

					31 March	31 March
					2025	2024
					£	£

United Kingdom	15,248,350	15,512,630
	15,248,350	15,512,630

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

19,000

Page 26

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

6.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	1,510,777	1,424,285
Social security costs	190,284	155,730
Cost of defined contribution scheme	87,880	66,237
	1,788,941	1,646,252

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	31 March	31 March	31 March	31 March
	2025	2024	2025	2024
	No.	No.	No.	No.

Directors	2	2	2	2
Other staff	35	34	-	-

	37	36	2	2

Directors' emoluments	170,350	138,329
Group contributions to defined contribution pension schemes	20,000	1,321
	190,350	139,650

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

Page 27

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

	Other interest receivable	1,912	-
		1,912	-

Bank interest payable	37,479	-
Other loan interest payable	-	6,871
Finance leases and hire purchase contracts	2,065	4,474
Other interest payable	12,861	14,488
	52,405	25,833

Page 28

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Corporation tax
Current tax on profits for the year	239,513	371,303
	239,513	371,303

Total current tax	239,513	371,303

Deferred tax
Origination and reversal of timing differences	(16,789)	(34,760)
Total deferred tax	(16,789)	(34,760)


	Tax on profit	222,724	336,543

Profit on ordinary activities before tax

743,590

3,238,367

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	194,493	319,405
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	22,870	18,116
Adjustments to tax charge in respect of prior periods	5,361	(978)
Total tax charge for the year/period	222,724	336,543

Factors that may affect future tax charges

Page 29

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

10.Taxation (continued)

There were no factors that may affect future tax charges.

11.	Dividends
		2025	2024
		£	£

	Dividends	347,861	557,965
		347,861	557,965

12.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Assets under construction	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	2,017,933	1,248,808	246,658	-	3,513,399
Additions	-	-	-	2,047,559	2,047,559
At 31 March 2025	2,017,933	1,248,808	246,658	2,047,559	5,560,958
Depreciation
At 1 April 2024	57,185	965,617	212,833	-	1,235,635
Charge for the year on owned assets	57,185	42,595	9,900	-	109,680
Charge for the year on financed assets	-	37,098	-	-	37,098
At 31 March 2025	114,370	1,045,310	222,733	-	1,382,413
Net book value
At 31 March 2025	1,903,563	203,498	23,925	2,047,559	4,178,545
At 31 March 2024	1,960,747	283,191	33,825	-	2,277,763

Page 30

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	36,477	57,988
	36,477	57,988

Page 31

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

12.Tangible fixed assets (continued)

	Company

	Freehold property	Assets under construction	Total
	£	£	£
Cost or valuation
At 1 April 2024	2,017,933	-	2,017,933
Additions	-	2,047,559	2,047,559
At 31 March 2025	2,017,933	2,047,559	4,065,492
Depreciation
At 1 April 2024	57,185	-	57,185
Charge for the year on owned assets	57,185	-	57,185
At 31 March 2025	114,370	-	114,370
Net book value
At 31 March 2025	1,903,563	2,047,559	3,951,122
At 31 March 2024	1,960,747	-	1,960,747

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	1,903,562	1,960,747
	1,903,562	1,960,747

Page 32

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

13.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 April 2024	1,457
	At 31 March 2025	1,457

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Higson Edwards (Steelstock) Limited

Luton Street, Liverpool, Merseyside, United Kingdom, L5 9XR

A and B

100%

	The aggregate of the share capital and reserves as at 31 March 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

Higson Edwards (Steelstock) Limited

2,755,957

499,126

14.	Stocks
		Group	Group
		2025	2024
		£	£

Finished goods and goods for resale	888,858	1,041,393
	888,858	1,041,393

The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 33

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

15.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	2,911,016	2,919,923	-	-
Amounts owed by group undertakings	-	-	126,000	120,000
Other debtors	466,228	17,285	330,038	-
Prepayments and accrued income	38,475	248,445	-	-
	3,415,719	3,185,653	456,038	120,000

Included within other debtors due within one year is a loan to Mr. S. P. Ross, a director, amounting to £109,131 (2024 - £NIL). Amounts repaid during the year totalled £NIL. The main conditions were as follows:

The loan was unsecured and interest was charged at a rate of 2.25%. There were no fixed terms for repayment of the loan which was cleared in full on 6 April 2025.

16.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	2,488,483	2,516,324	48,926	-
	2,488,483	2,516,324	48,926	-

Page 34

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

17.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	267,316	257,956	-	-
Trade creditors	3,412,942	2,751,995	5,609	-
Amounts owed to group undertakings	-	-	2,322,040	-
Corporation tax	417,945	242,572	25,950	-
Other taxation and social security	265,019	283,890	-	-
Obligations under finance lease and hire purchase contracts	-	17,853	-	-
Other creditors	3,909	84,870	-	-
Accruals and deferred income	198,930	155,994	-	-
	4,566,061	3,795,130	2,353,599	-

The following liabilities were secured:
	Group	Group
	2025	2024
	£	£

Bank loans and overdrafts	267,316	257,956
Obligations under finance lease and hire purchase contracts	-	17,853
	267,316	275,809

Details of security provided:

Bank loans and overdrafts are secured by a fixed and floating charge over the undertaking and assets of the company and the Company's parent company.
Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

18.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	1,494,144	470,819
	1,494,144	470,819

Bank loans are secured by a fixed and floating charge over the undertaking and assets of the company.
Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

Page 35

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

19.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	267,316	257,956
	267,316	257,956
Amounts falling due 1-2 years
Bank loans	219,051	261,060
	219,051	261,060
Amounts falling due 2-5 years
Bank loans	1,275,094	209,759
	1,275,094	209,759

	1,761,461	728,775

20.	Financial instruments
		Group	Group
		2025	2024
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	2,488,483	2,516,324
Financial assets that are debt instruments measured at amortised cost	5,243,246	2,937,207
	7,731,729	5,453,531

	Financial liabilities
	Other financial liabilities measured at fair value through profit or loss	(5,377,241)	(3,767,837)

	Financial assets measured at fair value through profit or loss comprise bank and cash balances
	Other financial liabilities measured at fair value through profit and loss comprise trade creditors, accruals and loans and overdrafts.

Page 36

HIGSON EDWARDS (STEEL STOCK) HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

21.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(69,745)
	Charged to profit or loss	16,789
	At end of year	(52,956)

Company

		2025

	At end of year	-

		Group	Group
		2025	2024
		£	£

	Accelerated capital allowances	(52,956)	(69,745)
		(52,956)	(69,745)

22.	Share capital
		2025	2024
		£	£

Authorised, allotted, called up and fully paid

751 (2024 - 751) Ordinary A shares shares of £1.00 each	751	751
706 (2024 - 706) Ordinary B shares shares of £1.00 each	706	706

	1,457	1,457

23.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £87,880 (2024: £66,237).
Contributions totalling £nil (2024: £nil) were payable to the fund at the balance sheet date.

Page 37