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REGISTERED NUMBER: 01627352 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2025

FOR

ELLAND STEEL STRUCTURES LIMITED

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Cash Flow Statement | 13 |

Notes to the Cash Flow Statement | 14 |

Notes to the Financial Statements | 15 |

ELLAND STEEL STRUCTURES LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30TH JUNE 2025

| DIRECTORS: | K Denham

| Mrs D M Denham

| M Denham

| J L Shorrocks

| A Sutcliffe

| H Smith

| SECRETARY: | Ms K Denham

| REGISTERED OFFICE: | Philmar House

| Gibbet Street

| Halifax

| West Yorkshire

| HX2 0AR

| REGISTERED NUMBER: | 01627352 (England and Wales)

| AUDITORS: | Cresswells Accountants (UK) Limited

| Chartered Accountants

| and Statutory Auditors

| 12 Market Street

| Hebden Bridge

| West Yorkshire

| HX7 6AD

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

STRATEGIC REPORT

FOR THE YEAR ENDED 30TH JUNE 2025

The directors present their strategic report for the year ended 30th June 2025.

The principal activity of the company continues to be the design, detailing, fabrication, supply and installation of structural steelwork frames for the construction industry for our clients, namely Tier 1 Principal Contractors. In addition, the company manages sub-contractors supplying precast flooring, metal decking, steel stairs and edge protection.

The directors foresee no major changes in the nature of the company's activities for the next financial year ending 30 June 2026.

REVIEW OF BUSINESS

Turnover for the year ending 30th June 2025 was £17.9 million, circa 21.8% lower than the previous year. The decrease in turnover is not what we had hoped for, but the market has been very challenging. It is our understanding that the market for structural steelwork in tonnage in the UK has dipped by 13% for the same period, which also means that the market rate has also reduced on the back of this reduction in the tonnage.

We continue to be fully supported by our bankers, Barclays PLC, who have been our bankers for over fifty years.

Elland Steel continues to deliver quality steelwork contracts nationwide for a variety of clients, with order values ranging from £50k up to in the order of £9 million. The company continues to deliver structural steelwork packages for office blocks, portal framed buildings, schools, universities and the MOD.

KEY PERFORMANCE INDICATORS

The company's key performance indicators during the year were as follows:

| 2025 |  |  | 2024 |  |  | Change |

Turnover |  | £17.9m |  |  | £22.9m |  |  | £(5.0m | )

Gross Profit |  | £3.1m |  |  | £3.4m |  |  | £(0.3m | )

Gross Profit Margin |  | 17.3% |  |  | 14.8% |  |  | 2.5 |

Operating Profit |  | £0.7m |  |  | £0.9m |  |  | £(0.2m | )

Operating Profit Margin |  | 3.9% |  |  | 3.9% |  |  | 0.0 |

PRINCIPAL RISKS AND UNCERTAINTIES

Staffing levels are very similar to the previous year, we are recruiting throughout the business. Profits made for the year ending 30th June 2025 will trigger our employee wide bonus scheme to pay out in the final calendar quarter of 2025.

We think the market will continue to be challenging for the next financial year ending 30th June 2026 and our forecast is turnover will be in the regions of 10% higher than the year ending 30th June 2025. We are more confident for the year after.

The company is expecting traditional, manageable increases in the price of steel for the rest of this year and into 2026.

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

STRATEGIC REPORT

FOR THE YEAR ENDED 30TH JUNE 2025

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's operation exposes it to a variety of financial risks that include the effects of credit risk. The company continues to work with a client base where our financial exposure is insured up to 95% by credit insurance.

The Company has increased its overdraft facility to £2 million with Barclays Bank Plc.

We have facilities in place for retention and performance bonds on some of our contracts. The amounts held at the year end in respect of these bonds at 30th June was as follows:

| 2025 |  | 2024 |

| £ |  | £ |

Retention Bonds |  | - |  | 746,271 |

STRATEGY AND FUTURE OUTLOOK

The market is still very challenging; there seems to be long delays in starting contracts due to the Gateway 2 process. Investors do seem to be in a waiting pattern, considering the various uncertainties politically world-wide and this is resulting in clients waiting before they commit to build. The market price for structural steelwork is as low as it can be whilst still maintaining a financial sustainable product, as a result we are expecting the market rate for structural steelwork to increase. Therefore, we are expecting a slight increase in turnover to £19m and a slight increase in profit before tax of £1m for the year ending 30th June 2026.

In January 2025, the company commenced the installation of a state of the art Zeman robotic assembly and welding machine. We are expecting that this machine will be able to fabricate and weld up to 70% of our work in the future.

We are active members of our trade association, the BCSA and we are kept well informed of all future legislation, changes in Health, Safety and Environmental good practices. The company is also assessed by Achilles, Construction Line and the SCCS annually to independently audit our internal systems. Our chairman is a Past President of the BCSA and is currently a Vice-President of the association. In addition, our chairman is a current director of the SCCS.

FUTURE DEVELOPMENTS

We are active members of our trade association, the BCSA and we are kept well informed of all future legislation and requirements for the future. The company is also assessed by Achilles and Construction Line annually.

ON BEHALF OF THE BOARD:

M Denham - Director

17th October 2025

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH JUNE 2025

The directors present their report with the financial statements of the company for the year ended 30th June 2025.

DIVIDENDS

Interim dividends totalling £25 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th June 2025 will be £ 562,500 .

DIRECTORS

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

K Denham

Mrs D M Denham

M Denham

J L Shorrocks

A Sutcliffe

H Smith

DISCLOSURE IN THE STRATEGIC REPORT

The company's review of business is set out in the Strategic Report, and the future developments are set out in the strategy and future outlook section of the Strategic Report in accordance with S414C(11) of the Companies Act 2006 as the directors consider these to be of strategic importance to the company.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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.

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.

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH JUNE 2025

AUDITORS

The auditors,Cresswells Accountants (UK) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Denham - Director

17th October 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ELLAND STEEL STRUCTURES LIMITED

Opinion

We have audited the financial statements of Elland Steel Structures Limited (the 'company') for the year ended 30th June 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 30th June 2025 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ELLAND STEEL STRUCTURES LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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

- |  | we obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined the following laws and regulations were most significant: The Companies Act 2006, FRS 102 and Health and Safety Act. |

- |  | we obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management. |

- |  | we assessed the susceptibility of the company's financial statements to material misstatement including how fraud might occur. Audit procedures performed by the audit team included: |

- |  | identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud. |

- |  | understanding how those charged with governance considered and addressed the potential of override of controls or other inappropriate influence over the financial reporting process. |

- |  | challenging assumptions and judgements made by management in its significant accounting estimates. |

- |  | identifying and testing journal entries. |

- |  | 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ELLAND STEEL STRUCTURES LIMITED

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.

Sarah Helliwell BFP ACA FCCA FMAAT (Senior Statutory Auditor)

for and on behalf of Cresswells Accountants (UK) Limited

Chartered Accountants

and Statutory Auditors

12 Market Street

Hebden Bridge

West Yorkshire

HX7 6AD

17th October 2025

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

INCOME STATEMENT

FOR THE YEAR ENDED 30TH JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 17,879,970 |  | 22,902,458 |  |

Cost of sales | 14,740,874 |  | 19,545,981 |  |

GROSS PROFIT | 3,139,096 |  | 3,356,477 |  |

Administrative expenses | 2,436,280 |  | 2,370,603 |  |

702,816 |  | 985,874 |  |

Other operating income | 400 |  | 400 |  |

OPERATING PROFIT | 5 | 703,216 |  | 986,274 |  |

Interest receivable and similar income | 6 | 22,527 |  | 56,697 |  |

725,743 |  | 1,042,971 |  |

Interest payable and similar expenses | 7 | 36,168 |  | 59,310 |  |

PROFIT BEFORE TAXATION | 689,575 |  | 983,661 |  |

Tax on profit | 8 | 188,243 |  | 188,916 |  |

PROFIT FOR THE FINANCIAL YEAR | 501,332 |  | 794,745 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30TH JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 501,332 |  | 794,745 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 501,332 |  | 794,745 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

BALANCE SHEET

30TH JUNE 2025

| 2025 | 2024 |

| Notes | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 5,510,547 |  | 3,643,924 |  |

CURRENT ASSETS

Stocks | 11 | 22,091 |  | 74,455 |  |

Debtors | 12 | 2,256,253 |  | 4,246,503 |  |

Amounts due from group undertakings | 6,479,871 |  | 6,482,399 |  |

Cash at bank and in hand | 43,905 |  | 1,715,764 |  |

8,802,120 |  | 12,519,121 |  |

CREDITORS

Amounts falling due within one year | 13 | 2,764,949 |  | 4,785,437 |  |

NET CURRENT ASSETS | 6,037,171 |  | 7,733,684 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,547,718 |  | 11,377,608 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (12,000 | ) | (12,400 | ) |

PROVISIONS FOR LIABILITIES | 17 | (337,960 | ) | (106,282 | ) |

NET ASSETS | 11,197,758 |  | 11,258,926 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 22,500 |  | 22,500 |  |

Revaluation reserve | 19 | 1,326,628 |  | 1,326,628 |  |

Other reserves | 19 | 2,500 |  | 2,500 |  |

Retained earnings | 19 | 9,846,130 |  | 9,907,298 |  |

SHAREHOLDERS' FUNDS | 11,197,758 |  | 11,258,926 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17th October 2025 and were signed on its behalf by:

M Denham - Director

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30TH JUNE 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Other |  | Total

| capital |  | earnings |  | reserve |  | reserves |  | equity

£ | £ | £ | £ | £ |

Balance at 1st July 2023 | 22,500 |  | 9,452,753 |  | 1,326,628 |  | 2,500 |  | 10,804,381 |  |

Changes in equity

Dividends | - |  | (340,200 | ) | - |  | - |  | (340,200 | ) |

Total comprehensive income | - |  | 794,745 |  | - |  | - |  | 794,745 |  |

Balance at 30th June 2024 | 22,500 |  | 9,907,298 |  | 1,326,628 |  | 2,500 |  | 11,258,926 |  |

Changes in equity

Dividends | - |  | (562,500 | ) | - |  | - |  | (562,500 | ) |

Total comprehensive income | - |  | 501,332 |  | - |  | - |  | 501,332 |  |

Balance at 30th June 2025 | 22,500 |  | 9,846,130 |  | 1,326,628 |  | 2,500 |  | 11,197,758 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 30TH JUNE 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 932,970 |  | 1,531,969 |  |

Interest paid | (36,168 | ) | (59,310 | ) |

Tax paid | (162,708 | ) | 9,015 |  |

Net cash from operating activities | 734,094 |  | 1,481,674 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (2,228,033 | ) | (110,880 | ) |

Sale of tangible fixed assets | 11,704 |  | 36,400 |  |

Interest received | 22,527 |  | 56,697 |  |

Net cash from investing activities | (2,193,802 | ) | (17,783 | ) |

Cash flows from financing activities

Loan repayments in year | - |  | (537,036 | ) |

Amount introduced by directors | 100,000 |  | - |  |

Equity dividends paid | (562,500 | ) | (340,200 | ) |

Net cash from financing activities | (462,500 | ) | (877,236 | ) |

(Decrease)/increase in cash and cash equivalents | (1,922,208 | ) | 586,655 |  |

Cash and cash equivalents at beginning of year | 2 | 1,715,764 |  | 1,129,109 |  |

Cash and cash equivalents at end of year | 2 | (206,444 | ) | 1,715,764 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30TH JUNE 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 689,575 |  | 983,661 |  |

| Depreciation charges | 337,311 |  | 159,821 |  |

| Loss/(profit) on disposal of fixed assets | 12,395 |  | (25,224 | ) |

| Government grants | (400 | ) | (400 | ) |

| Finance costs | 36,168 |  | 59,310 |  |

| Finance income | (22,527 | ) | (56,697 | ) |

1,052,522 |  | 1,120,471 |  |

| Decrease in stocks | 52,364 |  | 44,312 |  |

| Decrease/(increase) in trade and other debtors | 2,104,963 |  | (334,363 | ) |

| (Decrease)/increase in trade and other creditors | (2,276,879 | ) | 701,549 |  |

| Cash generated from operations | 932,970 |  | 1,531,969 |  |

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 30th June 2025

| 30.6.25 |  | 1.7.24

£ | £ |

| Cash and cash equivalents | 43,905 |  | 1,715,764 |  |

| Bank overdrafts | (250,349 | ) | - |  |

(206,444 | ) | 1,715,764 |  |

| Year ended 30th June 2024

| 30.6.24 |  | 1.7.23

£ | £ |

| Cash and cash equivalents | 1,715,764 |  | 1,129,109 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 1.7.24 | Cash flow | At 30.6.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,715,764 |  | (1,671,859 | ) | 43,905 |  |

| Bank overdrafts | - |  | (250,349 | ) | (250,349 | ) |

1,715,764 |  | (1,922,208 | ) | (206,444 | ) |

| Total | 1,715,764 |  | (1,922,208 | ) | (206,444 | ) |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

1. | STATUTORY INFORMATION

| Elland Steel Structures 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.

| The functional and presentation currency of Elland Steel Structures Limited is considered to be pound sterling (£) because that is the currency of the primary economic environment in with the company operates. the financial statements have been prepared using round pounds only.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported tor assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

| (i) Valuation of long term contracts

| The directors undertake a review, on a contract-by-contract basis, by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

| The directors determine the need for provisions against ongoing long term contracts by reference to the stage of completeness of the contract and the expected future costs to complete the contract, assessed on a contract-by-contract basis.

| (ii) Useful economic lives of tangible assets

| The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| (iii) Stock provisions

| In determining the need for the impairment of stock the directors have made significant judgements as to the saleability of the stock that is being held in the company, together with the costs to complete and make that sale.

| (iv) Impairment of debtors

| The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the age ink profile of debtors and historical experience.

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is recognised at the fair value of consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts , settlements and volume rebates.

| Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, cost incurred and cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials , as a proportion of total costs. When the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

| Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

| 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 | - | over 50 years

| Plant and machinery | - | 10% on cost

| Fixtures and fittings | - | 10% on cost

| Motor vehicles | - | 20% on cost

| Computer equipment | - | 20% on cost

| Tangible fixed assets are initially recorded at cost and subsequently measured at cost or valuation, net of depreciation.

| Stocks

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

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Financial assets

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

| The company has no 'Other financial assets'.

| Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control ot the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Financial liabilities

| Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, here the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| The company has no 'Other financial liabilities'.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives.

| The interest element of the rental obligations is charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

| Rentals paid under operating leases are charged to income as incurred.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution scheme for certain of its employees. The contributions are charged to profit and loss account in the year in which they are incurred.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company. All turnover arises in the United Kingdom.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,517,050 |  | 3,671,301 |  |

| Social security costs | 416,749 |  | 370,816 |  |

| Other pension costs | 161,728 |  | 158,650 |  |

4,095,527 |  | 4,200,767 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Office and management | 50 |  | 52 |  |

| Production | 40 |  | 41 |  |

90 |  | 93 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 343,247 |  | 366,659 |  |

| Directors' pension contributions to money purchase schemes | 27,598 |  | 24,130 |  |

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

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 88,148 |  | 78,554 |  |

| Pension contributions to money purchase schemes | 8,062 |  | 3,589 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 269,572 |  | 159,135 |  |

| Other operating leases | 24,414 |  | 24,414 |  |

| Depreciation - owned assets | 337,311 |  | 159,821 |  |

| Loss/(profit) on disposal of fixed assets | 12,395 |  | (25,224 | ) |

| Auditors' remuneration | 22,491 |  | 19,270 |  |

| Auditors' remuneration for non audit work | 6,690 |  | 6,400 |  |

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 2025 |  | 2024

£ | £ |

| Bank interest received | 22,527 |  | 56,697 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | - |  | 31,277 |  |

| Interest on PAYE overdue | 25,298 |  | - |  |

| Interest on directors loan | 8,880 |  | 28,033 |  |

| Loan | 1,990 |  | - |  |

36,168 |  | 59,310 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | (43,435 | ) | 84,943 |  |

| Deferred tax | 231,678 |  | 103,973 |  |

| Tax on profit | 188,243 |  | 188,916 |  |

| 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:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 689,575 |  | 983,661 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 172,394 |  | 245,915 |  |

| Effects of:

| Expenses not deductible for tax purposes | 6,599 |  | (464 | ) |

| Group relief | - |  | (26,947 | ) |

| R&D Claim | - |  | (146,515 | ) |

| Non-qualifying depreciation | 9,250 |  | 9,250 |  |

| Deferred tax movement - release trading losses bfwd | - |  | 107,677 |  |

| Total tax charge | 188,243 |  | 188,916 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Interim | 562,500 |  | 340,200 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST OR VALUATION

| At 1st July 2024 | 3,050,000 |  | 2,645,635 |  | 272,005 |  |

| Additions | - |  | 2,201,744 |  | - |  |

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

| At 30th June 2025 | 3,050,000 |  | 4,847,379 |  | 272,005 |  |

| DEPRECIATION

| At 1st July 2024 | 55,500 |  | 2,183,546 |  | 220,320 |  |

| Charge for year | 37,000 |  | 251,062 |  | 6,868 |  |

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

| At 30th June 2025 | 92,500 |  | 2,434,608 |  | 227,188 |  |

| NET BOOK VALUE

| At 30th June 2025 | 2,957,500 |  | 2,412,771 |  | 44,817 |  |

| At 30th June 2024 | 2,994,500 |  | 462,089 |  | 51,685 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1st July 2024 | 235,572 |  | 286,275 |  | 6,489,487 |  |

| Additions | - |  | 26,289 |  | 2,228,033 |  |

| Disposals | (68,636 | ) | - |  | (68,636 | ) |

| At 30th June 2025 | 166,936 |  | 312,564 |  | 8,648,884 |  |

| DEPRECIATION

| At 1st July 2024 | 114,456 |  | 271,741 |  | 2,845,563 |  |

| Charge for year | 32,758 |  | 9,623 |  | 337,311 |  |

| Eliminated on disposal | (44,537 | ) | - |  | (44,537 | ) |

| At 30th June 2025 | 102,677 |  | 281,364 |  | 3,138,337 |  |

| NET BOOK VALUE

| At 30th June 2025 | 64,259 |  | 31,200 |  | 5,510,547 |  |

| At 30th June 2024 | 121,116 |  | 14,534 |  | 3,643,924 |  |

| Included in cost or valuation of land and buildings is freehold land of £ 1,200,000 (2024 - £ 1,200,000 ) which is not depreciated.

| Cost or valuation at 30th June 2025 is represented by:

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| Valuation in 2019 | 52,027 |  | - |  | - |  |

| Valuation in 2023 | 600,000 |  | - |  | - |  |

| Cost | 2,397,973 |  | 4,847,379 |  | 272,005 |  |

3,050,000 |  | 4,847,379 |  | 272,005 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

10. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| Valuation in 2019 | - |  | - |  | 52,027 |  |

| Valuation in 2023 | - |  | - |  | 600,000 |  |

| Cost | 166,936 |  | 312,564 |  | 7,996,857 |  |

166,936 |  | 312,564 |  | 8,648,884 |  |

| If freehold property and land had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 2,397,973 |  | 2,397,973 |  |

| Aggregate depreciation | 749,500 |  | 749,500 |  |

| Value of land in freehold land and buildings | 400,000 |  | 400,000 |  |

| Freehold property and land was valued on an open market basis on 31st December 2022 by Lawrence Hannah Consultants .

11. | STOCKS

2025 | 2024 |

£ | £ |

| Raw materials and consumables | 22,091 |  | 74,455 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,486,321 |  | 3,514,610 |  |

| Amounts recoverable on contract | 284,086 |  | 233,979 |  |

| Tax | 112,185 |  | - |  |

| VAT | 65,650 |  | 220,861 |  |

| Prepayments and accrued income | 308,011 |  | 277,053 |  |

2,256,253 |  | 4,246,503 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 15) | 250,349 |  | - |  |

| Trade creditors | 1,651,648 |  | 4,088,773 |  |

| Tax | - |  | 93,958 |  |

| Social security and other taxes | 133,934 |  | 142,030 |  |

| Other creditors | 43,272 |  | 39,618 |  |

| Directors' current accounts | 100,000 |  | - |  |

| Accrued expenses | 585,346 |  | 420,658 |  |

| Deferred government grants | 400 |  | 400 |  |

2,764,949 |  | 4,785,437 |  |

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

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

2025 | 2024 |

£ | £ |

| Deferred government grants | 12,000 |  | 12,400 |  |

15. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 250,349 |  | - |  |

16. | SECURED DEBTS

| There is a first legal mortgage over Philmar House, Highroad Well Works, Gibbet Street, Halifax, HX2 0AR dated 24 June 2008, along with a floating charge over the whole undertaking including a first charge on book debts.

| A debenture dated 23 December 2019 provides a cross guarantee between Elland Steel Structures Limited and the parent company Elland Steel Structures (UK) Limited.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 337,960 |  | 106,282 |  |

| Deferred |

| tax |

£ |

| Balance at 1st July 2024 | 106,282 |  |

| Charge to Income Statement during year | 231,678 |  |

| Balance at 30th June 2025 | 337,960 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 22,500 | Ordinary | £1 | 22,500 |  | 22,500 |  |

| Authorised Share Capital |  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Ordinary shares of £1 each |  | 100,000 |  | 100,000 |  |

| The Ordinary shares each carry one vote.

ELLAND STEEL STRUCTURES LIMITED (REGISTERED NUMBER: 01627352)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH JUNE 2025

19. | RESERVES

| Retained |  | Revaluation |  | Other |

| earnings |  | reserve |  | reserves |  | Totals

£ | £ | £ | £ |

| At 1st July 2024 | 9,907,298 |  | 1,326,628 |  | 2,500 |  | 11,236,426 |  |

| Profit for the year | 501,332 |  | 501,332 |  |

| Dividends | (562,500 | ) | (562,500 | ) |

| At 30th June 2025 | 9,846,130 |  | 1,326,628 |  | 2,500 |  | 11,175,258 |  |

20. | PENSION COMMITMENTS

| The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £161,728 (2024 £158,650). At the 30 June 2025 contributions amounting to £43,272 (2024 £39,617) were payable to the fund and included in creditors.

21. | ULTIMATE PARENT COMPANY

| Elland Steel Structures (UK) Limited (incorporated in England ) is regarded by the directors as being the company's ultimate parent company.

| Elland Steel Structures (UK) Limited prepare group financial statements and copies may be obtained from the Registrar of Companies, Companies House, Cardiff. The registered office address is Philmar House, Gibbet Street, Halifax, West Yorkshire, HX2 0AR.

22. | CONTINGENT LIABILITIES

| The company's bankers hold retention bonds to the value of £nil (2024 - £746,271) in respect of projects not completed at the year end.

23. | RELATED PARTY DISCLOSURES

| 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.

24. | ULTIMATE CONTROLLING PARTY

| There is no one ultimate controlling party.