Rainham Steel Holdings Limited
Annual Report and Audited Financial Statements
For the year ended 31 March 2025
Company Registration No. 04385487 (England and Wales)
Rainham Steel Holdings Limited
Company Information
Directors
T. Webb
K. F. Ives
A. M. Chapman
J. R. Dixon
Company number
04385487
Registered office
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Auditors
THP Limited
Chartered Accountants and Statutory Auditor
34-40 High Street
Wanstead
London
E11 2RJ
Business address
Steel Approach
Rainham
Essex
RM13 9PF
Bankers
National Westminster Bank Plc
PO Box 98
132 High Street
Southend-on-Sea
Essex
SS1 1BA
Rainham Steel Holdings Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5 - 8
Independent auditor's report
9 - 13
Consolidated statement of total comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 38
Rainham Steel Holdings Limited
Strategic Report
For the year ended 31 March 2025
Page 1

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

Principal activities

The principal activity of the group throughout the year was that of steel stockholding and distribution.

Rainham Steel specialises in the supply of universal beams and columns, parallel flange channels, angles, hollow sections and reinforcing products to a diverse range of industries. Our customers include steel stockholders, structural engineers, steel fabricators, construction companies, civil engineers, house builders and groundwork contractors.

The group holds stocks in excess of 140,000 tonnes of structural steel products at our Rainham and Scunthorpe sites, from where we service the UK, European and world markets. Our Scunthorpe site has significant purpose-built processing facilities offering customers the option of shot-blasting, painting, drilling, cutting and cambering. Our large modern fleet of heavy goods vehicles enable us to deliver throughout the UK normally within 24 hours.

Review of the business

The group's turnover decreased primarily as a result of selling prices reducing throughout the year. However, demand for the group's products in the year remained in line with the tonnages sold in both 2023/24 and 2022/​23. The UK steel market has seen approximately a 15% decrease in price during the year albeit this trend has stabilised during the start of the 2025/26 financial year. The group has seen continued demand for its products with a strong order book into the 2025/​​26 year.

The group maintains a comprehensive range of stock and continues its strategy of buying stock at the right price and at the right time. There has been continued investment in both our new Cut and Bent and Reinforcing facility in Althorpe, North Lincolnshire, and our sister facility in Rainham, Essex. This investment and its resultant increase in output has continued to contribute to the profitable result for the year.

As in the previous year, c areful consideration was given on how to reward key personnel with the directors agreeing to vary the method of bonus provision.

At the balance sheet date, the group had net assets of £89,566,450 (2024: £87,485,385) reflecting the solid position of the group from a solvency and liquidity point of view.

Principal risks and uncertainties

The directors consider that the group maintains a prominent position in the UK Steel Stockholder market and is well placed to move into 2025/​26. The risks and uncertainties faced by the group continue to be generated by external market factors, principally the worldwide cost of raw materials, energy prices to steel producers and the ongoing disruption to supplies of steel.

The effect of steel import quotas continue to have an effect on day to day business and adds to the complexities of trading in a market that remains fiercely competitive. The directors continue to maintain sufficient and competitively priced stock levels to safeguard against the uncertainties caused by the import quotas that remain in force. The directors have also put in place additional measures to allow the group to maintain its purchasing when quotas are critical or exhausted.

The group's geographic location, buying strengths and stock management enable it to continue to thrive under these difficult market conditions. The group has continued to see increased demand for EAF and other “greener” steel rather than steel produced by blast furnace which has meant the group has significantly reconfigured its stockholding parameters. The ongoing uncertainty of UK steel producers ability to fully serve the UK market is being closely monitored by the group and in turn the group continues to establish new trading partners along with building on existing supply relationships.

Rainham Steel Holdings Limited
Strategic Report (Continued)
For the year ended 31 March 2025
Page 2
Financial risk management

The group's financial risk factors are set out below.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. The group enters into forward currency contracts in order to minimise its exposure to currency fluctuations arising with overseas customers and suppliers.

Interest rate risk

The group finances its operations through a combination of retained profits and bank borrowings. The group's exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating rate facilities.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Key performance indicators

Turnover has decreased to £189,860,390 for the year ending 31 March 2025, compared with £216,097,841 for the previous year. The decrease in the sales value is primarily due to the falling price of steel throughout the year. The group has maintained its market share when compared to last year.

The gross profit margin, which is the group’s key performance indicator, decreased during the year due to the hardening of purchase prices throughout the financial period. Overall gross profit decreased to £32,514,995 compared with £40,917,852 in the previous year.

Future developments

The group's selling prices have stabilised following the short-term high sales prices experienced across our sector in 2022 and 2023 and the subsequent reduction in 2024. The start of the 2025/​​26 year has seen consistent sales prices across most products. The group has continued to see high demand in the reinforcing sector in 2025/​26. The group's continued investment in both its Rainham and Althorpe Cut and Bent processing sites has meant processing capacity has significantly increased enabling the group to take full advantage of increased demand for products in this sector. The group, therefore, remains on target to achieve strong results for 2025/​​26.

Rainham Steel Holdings Limited
Strategic Report (Continued)
For the year ended 31 March 2025
Page 3

Statement by the directors in performance of their statutory duties in accordance with Section 172(1) Companies Act 2006

The directors of the company and the group must act in accordance with a set of general duties. These duties are detailed in Section 172 of the Companies Act 2006 which is summarised as follows:

“A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

- the likely consequences of any decision in the long term,

- the interests of the company's employees,

- the need to foster the company's business relationships with suppliers, customers and others,

- the impact of the company's operations on the community and the environment,

- the desirability of the company maintaining a reputation for high standards of business conduct, and

- the need to act fairly as between members of the company.”

The following paragraphs summarise how the directors fulfil their duties:

Risk Management

The long-term success of the business is continually managed by identifying, evaluating, managing the risks encountered by the business and ensuring appropriate measures are in place to mitigate those risks. More details on these can be found stated earlier in this Strategic Report.

Our people

Our workforce is key to the business and for the business to continue to succeed we need to manage performance and develop and encourage talent, whilst ensuring the business operates as efficiently and effectively as possible. The directors place the health, safety and wellbeing of our people at the forefront of all decisions.

Business Relationships

The directors and key senior management maintain good working relationships with suppliers, customers and other strategic partners to ensure our business can continue to be effective and successful. Regular contact is maintained throughout the year to ensure we have a better understanding of our customers’ requirements and we aim to settle our suppliers promptly to obtain the best possible terms and support.

Community and Environment

We appreciate that, most of all, business operations have an impact on the community and the environment. The directors ensure that operations have the least possible impact on either of these. We work closely with local bodies and any regulatory body to ensure compliance and make changes to our operations to the benefit of the community and environment where possible.

High Standards of Business Conduct

The conduct of our employees is closely monitored by the directors and the wider management team to make sure the business conducts itself in a responsible manner in all activities. High standards are expected throughout our business and the group responds proactively to all feedback it receives.

Rainham Steel Holdings Limited
Strategic Report (Continued)
For the year ended 31 March 2025
Page 4

Shareholders

The board is committed to openly engaging with our shareholders. It is important for the business that shareholders understand our strategy and objectives so these must be explained clearly with any issues and feedback properly considered.

On behalf of the board

T. Webb
Director
9 December 2025
Rainham Steel Holdings Limited
Directors' Report
For the year ended 31 March 2025
Page 5

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

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T. Webb
K. F. Ives
A. M. Chapman
J. R. Dixon
Results and dividends

The results for the year are set out on page 14.

No ordinary dividends were paid (2024: £nil). The directors do not recommend payment of a final dividend.

Political donations

No donations to political parties were made in the year.

Research and development

The group did not carry out any research and development activities in the year to 31 March 2025.

Business relationships

Suppliers

Our suppliers are fundamental to the group’s success. We aim to forge long-term relationships with as many key suppliers as possible which in turn creates benefits for both parties. We expect all suppliers to comply with our standards, such as those relating to environmental responsibility, modern slavery, data protection, human rights and ethics. The group pays all suppliers as promptly as possible and reports its Prompt Payment Policy bi-annually at Gov.uk.

Customers

We aim to communicate with all our customers on a regular basis, using emails, letters and website updates. In a fiercely competitive industry such as ours we endeavour to build long-lasting business relationships with as many customers as possible by ensuring that product quality, delivery consistency and availability of material is maintained throughout the year.

Others

The group recognises its responsibilities to the community in which it operates and continues to make charitable donations to local charities both in North Lincolnshire and Essex.

Auditor
THP Limited were reappointed as auditors to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Rainham Steel Holdings Limited
Directors' Report (Continued)
For the year ended 31 March 2025
Page 6
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, 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 and then apply them consistently;

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

- state whether applicable UK 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s transactions and disclose with reasonable accuracy at any time the financial position of the group 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Matters included in the strategic report

In accordance with s414C(11) of the Companies Act 2006, the information relating to future developments and financial risk management are included in the Strategic Report.

Rainham Steel Holdings Limited
Directors' Report (Continued)
For the year ended 31 March 2025
Page 7
UK Greenhouse gas emissions and energy use data
The group continues to appoint the ESG division of Inspired PLC, one of the UK's longest established and leading independent UK energy consultancy firm to assess the group's Greenhouse Gas emissions and energy consumption. The table below summarises their findings for the year to 31 March 2025:
UK Greenhouse gas emissions and energy use data
2024/25
2023/24
Energy consumption used to calculate emissions (kwh)
13,299,058
12,823,309
Energy consumption break down (kwh):
• Gas
427,394
319,075
• Electricity
2,079,431
2,137,786
• Transport fuel
10,792,233
10,366,448
Scope 1 emissions in metric tonnes CO2e
• Gas consumption
78.17
58.37
• Owned transport
2,579.56
2,478.37
• Total Scope 1
2,657.73
2,536.74
Scope 2 emissions in metric tonnes CO2e
• Purchased electricity
430.55
442.68
Total gross emissions in metric tonnes CO2e
3,088.28
2,979.42
Intensity ratio Tonnes CO2e per £million turnover
16.27
13.79
The intensity ratio has increased compared to the prior year. The group has seen a small increase in total gross emissions this year primarily due to an increase in the size of the transport fleet of heavy goods vehicles and increased use of production and fabrication machinery at its Scunthorpe and Althorpe sites which resulted in more natural gas consumption. As detailed in the Strategic Report, the group's turnover has decreased which, coupled with the increase in the overall gross emissions, these have caused the increase in the intensity ratio.
In quantifying and reporting the above data, the group has followed the GHG Protocol – A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol – Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). Government Emissions Factor Database 2024 version 1.1 has been used, utilising the published kWh gross Calorific Value (CV) and kgCO2e emissions factors relevant for the reporting period.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £million turnover.
The group is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.
Rainham Steel Holdings Limited
Directors' Report (Continued)
For the year ended 31 March 2025
Page 8

Measures ongoing and undertaken through FY2025:

- Ongoing implementation of Euro VI E Compliant HGV Trucks - the group replaced 7 heavy goods vehicles (HGVs) with the latest Euro VIE compliant models.

- Transition to Renewable Electricity Sources - 100% of purchased electricity during 2024/25 came from renewable resources.

- Replacement of computers – the group has upgraded all computers to new energy-efficient models which reduce power consumption, lowers carbon emissions and supports e-waste recycling. New models are built with recyclable materials offering better performance and assisting the group to meet sustainability goals while improving productivity.

- Reconfiguration of computer settings – the group is committed to reducing energy consumption and has implemented a policy to reconfigure all computers to automatically restart and enter idle mode daily. By reducing unnecessary energy use and extending the lifespan of hardware, this measure contributes to the group’s broader sustainability goals, lowering carbon footprint and supporting responsible IT resource management.

Measures prioritised for implementation in FY2026:

- Continuation of replacement HGV vehicles with the latest most fuel efficient and low emission models aimed at lowering the group’s carbon output.

- Consideration is being given to implementing combustion air preheat systems on selected production machinery aimed at reducing emissions and increasing energy efficiency and productivity.

- Increased investment in Renewable Energy Solutions.

- Continued investment in Electric and Hybrid Vehicles.

On behalf of the board
T. Webb
Director
9 December 2025
Rainham Steel Holdings Limited
Independent Auditor's Report
To the Members of Rainham Steel Holdings Limited
Page 9
Opinion

We have audited the financial statements of Rainham Steel Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Total Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 the parent company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Rainham Steel Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Rainham Steel Holdings Limited
Page 10

Opinions on other matters prescribed by the Companies Act 2006

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

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

- the 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report or the Directors' R eport.

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.

Responsibilities of directors

As explained more fully in the Directors' R esponsibilities S tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Rainham Steel Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Rainham Steel Holdings Limited
Page 11
Auditor's 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 auditor's 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 financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Rainham Steel Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Rainham Steel Holdings Limited
Page 12

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the Group operates;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, trading standards and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC and any other relevant regulators as required.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Rainham Steel Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Rainham Steel Holdings Limited
Page 13
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 for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party 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.

Shahid Hameed FCA FCCA (Senior Statutory Auditor)
for and on behalf of THP Limited
9 December 2025
Chartered Accountants
Statutory Auditor
34-40 High Street
Wanstead
London
E11 2RJ
Rainham Steel Holdings Limited
Consolidated Statement of Total Comprehensive Income
For the year ended 31 March 2025
Page 14
2025
2024
Notes
£
£
Turnover
3
189,860,390
216,097,841
Cost of sales
(157,345,395)
(175,179,989)
Gross profit
32,514,995
40,917,852
Administrative expenses
(29,001,065)
(26,097,416)
Other operating income
171,970
190,392
Operating profit
4
3,685,900
15,010,828
Other interest receivable and similar income
8
155,767
70,335
Interest payable and similar expenses
9
(76,904)
(759,338)
Profit before taxation
3,764,763
14,321,825
Taxation
10
(1,683,698)
(3,537,112)
Profit for the financial year
2,081,065
10,784,713
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Rainham Steel Holdings Limited
Group Balance Sheet
As at 31 March 2025
31 March 2025
Page 15
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
19,014,714
18,532,717
Investments
12
71,196
71,196
19,085,910
18,603,913
Current assets
Stock
14
93,213,800
89,231,595
Debtors
16
37,935,619
41,833,058
Cash at bank and in hand
1,713,915
1,803,183
132,863,334
132,867,836
Creditors: amounts falling due within one year
17
(47,796,042)
(48,813,952)
Net current assets
85,067,292
84,053,884
Total assets less current liabilities
104,153,202
102,657,797
Creditors: amounts falling due after more than one year
18
(12,269,953)
(13,394,105)
Provisions for liabilities
22
(2,316,799)
(1,778,307)
Net assets
89,566,450
87,485,385
Capital and reserves
Called up share capital
24
3,904
3,904
Other reserves
25
241,706
241,706
Capital redemption reserve
25
206
206
Profit and loss reserves
25
89,320,634
87,239,569
Shareholders' funds
89,566,450
87,485,385
The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
09 December 2025
T. Webb
Director
Rainham Steel Holdings Limited
Company Balance Sheet
As at 31 March 2025
31 March 2025
Page 16
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
3,046,674
3,046,674
Current assets
Debtors
16
2,781,019
2,781,019
Cash at bank and in hand
537
537
2,781,556
2,781,556
Net current assets
2,781,556
2,781,556
Net assets
5,828,230
5,828,230
Capital and reserves
Called up share capital
24
3,904
3,904
Capital redemption reserve
25
206
206
Other reserves
25
5,923,337
5,923,337
Profit and loss reserves
25
(99,217)
(99,217)
Total equity
5,828,230
5,828,230

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £nil (2024: £nil).

The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
09 December 2025
T. Webb
Director
Company Registration No. 4385487 (England and Wales)
Rainham Steel Holdings Limited
Group Statement of Changes in Equity
For the year ended 31 March 2025
Page 17
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2023
3,904
206
241,706
76,454,856
76,700,672
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
10,784,713
10,784,713
Balance at 31 March 2024
3,904
206
241,706
87,239,569
87,485,385
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
2,081,065
2,081,065
Balance at 31 March 2025
3,904
206
241,706
89,320,634
89,566,450
Rainham Steel Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 March 2025
Page 18
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2023
3,904
206
5,923,337
(99,217)
5,828,230
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
-
-
0
Balance at 31 March 2024
3,904
206
5,923,337
(99,217)
5,828,230
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
-
-
-
-
0
Balance at 31 March 2025
3,904
206
5,923,337
(99,217)
5,828,230
Rainham Steel Holdings Limited
Group Statement of Cash Flows
For the year ended 31 March 2025
Page 19
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
6,475,610
34,814,694
Interest paid
(78,306)
(1,003,423)
Income taxes paid
-
(7,263,552)
Net cash inflow from operating activities
6,397,304
26,547,719
Investing activities
Purchase of tangible fixed assets
(5,012,973)
(7,604,308)
Proceeds from disposal of tangible fixed assets
601,920
448,306
Interest received
152,191
66,726
Dividends received
3,576
3,609
Net cash used in investing activities
(4,255,286)
(7,085,667)
Financing activities
(Proceeds)/repayment of borrowings
(886,138)
10,207,993
(Repayment)/proceeds from loans to related parties
(277,293)
996,700
Payment of finance leases obligations
(1,063,827)
(3,087,385)
Net cash (used in)/generated from financing activities
(2,227,258)
8,117,308
Net (decrease)/increase in cash and cash equivalents
(85,240)
27,579,360
Cash and cash equivalents at beginning of year
1,799,155
(25,780,205)
Cash and cash equivalents at end of year
1,713,915
1,799,155
Relating to:
Cash at bank and in hand
1,713,915
1,803,183
Bank overdrafts included in creditors payable within one year
-
(4,028)
Rainham Steel Holdings Limited
Notes to the Financial Statements
For the year ended 31 March 2025
Page 20
1
Accounting policies
Company information

Rainham Steel Holdings Limited (“the Company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ and its business address is Steel Approach, Rainham, Essex, RM13 9PF.

The group consists of Rainham Steel Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Rainham Steel Holdings Limited and all of its subsidiaries (i.e. entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 March 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

The parent company has taken the exemption from separately presenting its own statement of cash flows.

1.3
Going concern

The directors have assessed the Group and Company’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. The assessment considered forecast trading volumes, steel price sensitivities, operating cash flows, available liquid resources and committed financing facilities, and included downside scenarios and stress testing. The Group and Company maintains sufficient liquidity headroom and has no financial covenants. Based on this assessment, the directors concluded there are no material uncertainties that may cast significant doubt on the Group and Company’s ability to continue as a going concern.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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, settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 21
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
No depreciation on land
Plant and machinery
4-10% straight line & 25% reducing balance
Fixtures, fittings & equipment
10% straight line & 25% reducing balance
Motor vehicles
25% reducing balance

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

1.6
Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is defined as actual cost and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in the profit or loss account.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 and 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 receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 22
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value.

1.9
Foreign currency forward contracts

The group enters into foreign exchange forward contracts to manage its exposure to fluctuations in foreign currency rates. FX forward contracts are recognised as financial instruments in accordance with Sections 11 and 12 of FRS 102. They are initially recognised at fair value on the date the contract is entered into and subsequently re-measured at each reporting date.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 23
1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

The group operates an Employee Benefit Trust (EBT) and has de facto control of the shares held by the trust and bears their benefits and risks. The group records assets and liabilities of the trust as its own. Consideration paid by the EBT for shares of the companies within the group is deducted from equity. Finance costs and administrative expenses incurred by the group in relation to the E BT are recognised on an accruals basis.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 24
1.16
Foreign exchange

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the company at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the initial transaction dates.

Foreign exchange differences are expensed or credited to the Statement of Comprehensive Income with administrative expenses.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

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

Useful economic life of tangible fixed assets

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic 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. See note 11 for the carrying amount of the tangible fixed assets and note 1.5 for the useful economic lives for each class of asset.

Stock provisions

The level of stocks net of stock provision s are set out in note 14. For each line of stock, a provision may be made due to the age and condition of the stock, or where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for stocks less all estimated costs of completion and costs necessary to make the sale. The estimated selling price for each stock line is a judgement based mainly on recent selling patterns for that product.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 25
3
Turnover and other revenue

The whole of the turnover is attributable to the one principal activity of the group.

2025
2024
£
£
Other significant revenue
Interest income
152,191
66,726
Dividends received
3,576
3,609
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
185,951,661
207,066,403
Europe
3,908,135
9,031,438
Other
594
-
189,860,390
216,097,841
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(43,909)
14,827
Depreciation of owned tangible fixed assets
4,143,998
3,953,103
Depreciation of tangible fixed assets held under finance leases
33,144
677,629
Profit on disposal of tangible fixed assets
(187,367)
(157,337)
Operating lease charges
1,540,275
1,980,194
5
Auditors' remuneration
2025
2024
Fees payable to the company's auditor and its associates:
£
£
For audit services
Audit of the company and its subsidiaries
28,000
28,000
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 26
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2025
2024
Number
Number
Administration
37
39
Selling and distribution
204
200
241
239

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
13,025,396
10,046,894
Social security costs
1,583,981
1,133,577
Pension costs
341,981
301,796
14,951,358
11,482,267
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
2,761,173
583,560
Company pension contributions to defined contribution schemes
19,383
24,694
2,780,556
608,254

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
Remuneration for qualifying services
2,150,000
180,714
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 27
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
55,152
66,726
Other interest income
97,039
-
Total interest revenue
152,191
66,726
Other income from investments
Dividends received
3,576
3,609
Total income
155,767
70,335
Disclosed on the profit and loss account as follows:
Interest receivable and similar income
155,767
70,335

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
152,191
66,726
Dividends from financial assets measured at fair value through profit or loss
3,576
3,609
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,464
379,343
Other finance costs:
Interest on finance leases and hire purchase contracts
59,440
109,387
Other interest
-
270,608
Total finance costs
76,904
759,338
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
63,148
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
10
Taxation
(Continued)
Page 28
Deferred tax
Origination and reversal of timing differences
1,683,698
3,473,964
Total tax charge
1,683,698
3,537,112

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,764,763
14,321,825
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
941,191
3,580,456
Tax effect of expenses that are not deductible in determining taxable profit
18,702
18,119
Tax effect of utilisation of tax losses not previously recognised
(1,054,379)
-
0
Unutilised tax losses carried forward
-
0
1,650,505
Adjustments in respect of prior years
-
0
63,148
Capital allowances in excess of depreciation
187,488
(961,596)
Dividend income
(894)
(902)
Provisions movement
(92,108)
(4,286,582)
Short-term timing differences
1,683,698
3,473,964
Tax expense for the year
1,683,698
3,537,112
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 29
11
Tangible fixed assets
Group
Land and buildings Freehold and Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
2,928,865
32,360,866
1,759,365
9,187,310
46,236,406
Additions
2,407,500
892,421
122,106
1,651,665
5,073,692
Disposals
(282,608)
(277,081)
-
0
(1,295,663)
(1,855,352)
At 31 March 2025
5,053,757
32,976,206
1,881,471
9,543,312
49,454,746
Depreciation and impairment
At 1 April 2024
282,608
20,967,467
1,258,200
5,195,414
27,703,689
Depreciation charged in the year
-
0
2,706,643
155,663
1,314,836
4,177,142
Eliminated in respect of disposals
(282,608)
(247,719)
-
0
(910,472)
(1,440,799)
At 31 March 2025
-
0
23,426,391
1,413,863
5,599,778
30,440,032
Carrying amount
At 31 March 2025
5,053,757
9,549,815
467,608
3,943,534
19,014,714
At 31 March 2024
2,646,257
11,393,399
501,165
3,991,896
18,532,717
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.

Included within the cost of land and buildings is freehold land of £5,053,757 (2024: £2,646,257) that is not depreciated.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted £33,144 (2024: £677,629) for the year.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and machinery
-
0
1,301,361
-
0
-
0
Motor vehicles
99,432
731,527
-
0
-
0
99,432
2,032,888
-
-
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 30
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
3,046,674
3,046,674
Listed investments
71,196
71,196
-
0
-
0
71,196
71,196
3,046,674
3,046,674
Listed investments carrying amount
71,196
71,196
-
-

At the year end the market value of fixed asset investments was £37,874 (2024: £34,555).

13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Rainham Steel Company Limited
England and Wales
Ordinary
100.00
-
Rainham Steel Tubes Limited
England and Wales
Ordinary
100.00
-
Rainham Reinforcement Limited
England and Wales
Ordinary
0
100.00

All of the subsidiary companies are registered to Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ.

14
Stock
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
93,213,800
89,231,595
-
0
-
0
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 31
15
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
35,271,586
36,976,850
2,781,019
2,781,019
Equity instruments measured at cost less impairment
71,196
71,196
3,046,674
3,046,674
Carrying amount of financial liabilities
Measured at amortised cost
58,531,768
59,306,091
-
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
35,228,496
36,968,620
-
0
-
0
Amounts owed by group undertakings
-
-
2,781,019
2,781,019
Amounts due from related parties
43,090
8,230
-
0
-
0
Prepayments and accrued income
2,067,907
3,114,876
-
0
-
0
37,339,493
40,091,726
2,781,019
2,781,019
Deferred tax asset (note 22)
596,126
1,741,332
-
0
-
0
37,935,619
41,833,058
2,781,019
2,781,019
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
-
0
4,028
-
0
-
0
Obligations under finance leases
20
8,505
773,599
-
0
-
0
Trade creditors
36,312,487
36,941,462
-
0
-
0
Amounts due to related parties
5,062,645
5,239,938
-
0
-
0
Other taxation and social security
1,534,227
2,901,966
-
-
Other creditors
2,347,936
2,325,475
-
0
-
0
Accruals and deferred income
2,530,242
627,484
-
0
-
0
47,796,042
48,813,952
-
0
-
0
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 32
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
20
52,213
290,227
-
0
-
0
Other borrowings
19
12,217,740
13,103,878
-
0
-
0
12,269,953
13,394,105
-
-
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
-
0
4,028
-
0
-
0
Other loans
12,217,740
13,103,878
-
0
-
12,217,740
13,107,906
-
-
Payable within one year
-
0
4,028
-
0
-
0
Payable after one year
12,217,740
13,103,878
-
0
-
0

The bank holds an Unscheduled Mortgage Debenture dated 16 August 1979 incorporating a fixed and floating charge over all current and future assets of the group.

An unlimited composite guarantee dated 11 June 2002 exists between the company, Rainham Steel Tubes Limited and Rainham Steel Company Limited.

Loans provided by directors and other related parties are disclosed in notes 2 9 and 30.

20
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,973
820,185
-
0
-
0
In two to five years
53,543
337,243
-
0
-
0
64,516
1,157,428
-
-
Less: future finance charges
(3,798)
(93,602)
-
0
-
0
60,718
1,063,826
-
0
-
0
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
20
Finance lease obligations
(Continued)
Page 33

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Deferred tax liabilities
22
2,316,799
1,778,307
-
0
-
0
2,316,799
1,778,307
-
0
-
0
22
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
2,273,049
1,734,557
-
-
Unutilised tax losses
-
-
596,126
1,741,332
Other timing differences
43,750
43,750
-
-
2,316,799
1,778,307
596,126
1,741,332
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
36,975
-
Charge to profit or loss
1,683,698
-
Liability at 31 March 2025
1,720,673
-
Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
22
Deferred taxation
(Continued)
Page 34

A deferred tax asset of £596,126 (2024: £1,741,332) has been recognised based on tax losses carried forward available for use against future profits of the group.

The balance of the other timing differences relates to a liability of £43,750 (2024: £43,750) in respect of contributions made to the group's Employment Benefit Trust.

The deferred taxation charge for the year was at 25% (2024: 25%).

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
341,981
301,796

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.1p each
3,677,310
3,677,310
3,677
3,677
Ordinary B shares of 0.1p each
227,128
227,128
227
227
3,904,438
3,904,438
3,904
3,904

On 6 June 2017 the Ordinary shares in issue were redesignated as Ordinary A shares. On the same date, the rights attached to the Ordinary A shares were varied so that the shares have rights to dividends but are not entitled to participate in capital distributions in excess of £75,000,000 on winding up of the Company or proceeds from an exit. The Ordinary A shares have full voting rights.

On 6 June 2017, 432,625 Ordinary B shares with a par value of £0.001 were issued. The shares have rights to dividends and are entitled to capital distributions only in excess of £75,000,000 on winding up of the Company or proceeds from an exit. The Ordinary B shares have no voting rights.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 35
25
Reserves

Other reserves

In 1997 Rainham Steel Company Limited ("the company") created an Employee Benefit Trust. The purpose of the Trust is to encourage and facilitate employees and former employees of the company to hold shares in the company.

Contributions to the Trust are not charged to the profit and loss account until the shares vest in employees and former employees of the company. The group made no contributions in the year to the Trust.

In the year ended 31 March 2005 the Trust exchanged 470 ordinary shares in Rainham Steel Company L i mited for 173,000 ordinary shares of £0.001 in Rainham Steel Holdings Limited. The transaction was a share for share exchange and there was no cash consideration.

The Employee Benefit Trust reserve equates to the contributions paid into Rainham Steel Employee Benefit Trust of £375,000, which were used to acquire the ordinary shares in Rainham Steel Holdings Limited. Additionally a dividend of £176,532 was declared in 2005 but is yet to be paid across and is offset against this reserve. In the directors' opinion the value of the investments is not less than the cost.

Capital redemption reserve

During the year ended 31 March 20 23 the company repurchased O rdinary B shares from a former director, which were cancelled on the date of repurchase, creating the capital redemption reserve.

Merger reserve

The merger reserve arose due to the difference between the assets acquired in the group reconstruction and the nominal value of shares issued in exchange. Section 612 of the Companies Act 2006 has been applied.

Profit and loss reserve

This reserve records the cumulative profits and losses arising in each year.

26
Financial commitments

At the balance sheet date the group had committed to forward currency contracts to £1,670,106 in EUR (2024: £1,100,279). The fair value of these contracts at the balance sheet date amounted to a gain of £2,793 (2024: £7,145 loss).

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 36
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases relating to rented property, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
1,308,275
1,848,194
-
-
Between two and five years
1,928,659
3,193,668
-
-
In over five years
783,721
1,770,000
-
-
4,020,655
6,811,862
-
-
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
461,867
77,669
-
-

In addition to the amounts above, included within prepayments at the balance sheet date is £413,154 (2024: £47,932) relating to deposits paid for capital commitments.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 37
29
Related party transactions

No guarantees have been given or received.

Key management personal remuneration is that of the directors' remuneration, as disclosed in note 7 of the financial statements.

The group has elected to take advantage of the exemption from the requirements of FRS 102 to disclose transactions with other members of the group in these consolidated financial statements.

The group charged management expenses during the year to Rainham Steel Investments Limited tota l ling £114,002 (2024: £115,247). The group paid rent of £1,389,055 (20 24: £1,528,000) to Rainham Steel Investments Limited. The group made sales of £145 (2024: £232,608) to Rai nham Steel Investments Limited. During the year the group charged wages costs to Rainham Steel Investments Limited totalling £nil (2024: £58,954). During the year the group purchased land, at market value, from Rainham Steel Investments Limited amounting to £2,300,000 (2024: £nil). At the year end £5,002,345 (2024: £5,179,638) was owing to Rainham Steel Investments Limited, included in creditors due within one year. The group is related to Rainham Steel Investments Limited by virtue of common management and control.

The group paid rent of £90,000 (2024: £90,000) to Voric (Scunthorpe) Limited. At the year end £27,000 (2024: £27,000) was owing to Voric (Scunthorpe) Limited, included in creditors due within one year. The group is related to Voric (Scunthorpe) Limited by virtue of common management and control.

The group paid rent of £111,000 (2024: £111,000) to Morelands Industrial Estate Limited. At the year end £33,000 (2024: £33,000) was owing to Morelands Industrial Estate Limited, included in creditors due within one year. The group is related to Morelands Industrial Estate Limited by virtue of common management and control.

30
Directors' transactions

During the year the group made purchases amounting to £9,154 (2024: £28,491) on behalf of and paid rent at market rates of £25,502 (2024: £nil) to the W. J. Ives Accumulation and Maintenance Settlement. Management expenses were made to the fund of £nil (2024: £83,179). At the year end an amount of £458,191 (2024: £567,345) was owed to the fund, and is included in creditors due after one year.

At the year end an amount of £12,209,340 (2024: £12,507,300) was owed to T. Webb, a director, and is included in creditors due after one year. The loan has n o repayment terms set. No interest was paid on this loan balance both during this year and the preceding year.

At the year end an amount of £nil (2024: £98,661) was owed to K. F. Ives, a director, and is included in creditors due after one year. No interest was paid on this loan balance both during this year and the preceding year.

At the year end an amount of £8,400 (2024: £497,917) was owed to A. M. Chapman, a director, and is included in creditors due after one year. No interest was paid on this loan balance both during this year and the preceding year.

31
Controlling party

The controlling party is T Webb by virtue of his majority control of the ordinary share capital of the company.

Rainham Steel Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 38
32
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
2,081,065
10,784,713
Adjustments for:
Taxation charged
1,683,698
3,537,112
Finance costs
76,904
759,338
Investment income
(155,767)
(70,335)
Gain on disposal of tangible fixed assets
(187,367)
(157,337)
Depreciation and impairment of tangible fixed assets
4,177,142
4,630,732
Movements in working capital:
(Increase)/decrease in stocks
(3,982,204)
47,139,552
Decrease in debtors
2,752,233
16,245,283
Increase/(decrease) in creditors
29,906
(48,054,364)
Cash generated from operations
6,475,610
34,814,694
33
Analysis of changes in net debt - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
1,803,183
(89,268)
1,713,915
Bank overdrafts
(4,028)
4,028
-
0
1,799,155
(85,240)
1,713,915
Borrowings excluding overdrafts
(13,103,878)
886,138
(12,217,740)
Obligations under finance leases
(1,063,826)
1,003,108
(60,718)
(12,368,549)
1,804,006
(10,564,543)
2025-03-31 2024-04-01 false false CCH Software CCH Accounts Production 2025.300 No description of principal activity W. J. Ives T. Webb K. F. Ives A. M. Chapman Mr J R Dixon false 04385487 2024-04-01 2025-03-31 04385487 bus:Director2 2024-04-01 2025-03-31 04385487 2025-03-31 04385487 bus:Consolidated 2024-04-01 2025-03-31 04385487 bus:Consolidated 2023-04-01 2024-03-31 04385487 2023-04-01 2024-03-31 04385487 bus:Consolidated 2025-03-31 04385487 bus:Consolidated 2024-03-31 04385487 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2025-03-31 04385487 core:PlantMachinery bus:Consolidated 2025-03-31 04385487 core:FurnitureFittings bus:Consolidated 2025-03-31 04385487 core:MotorVehicles bus:Consolidated 2025-03-31 04385487 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-03-31 04385487 core:PlantMachinery bus:Consolidated 2024-03-31 04385487 core:FurnitureFittings bus:Consolidated 2024-03-31 04385487 core:MotorVehicles bus:Consolidated 2024-03-31 04385487 2024-03-31 04385487 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-03-31 04385487 core:CurrentFinancialInstruments bus:Consolidated 2024-03-31 04385487 core:CurrentFinancialInstruments 2025-03-31 04385487 core:CurrentFinancialInstruments 2024-03-31 04385487 core:ShareCapital bus:Consolidated 2025-03-31 04385487 core:ShareCapital bus:Consolidated 2024-03-31 04385487 core:OtherMiscellaneousReserve bus:Consolidated 2025-03-31 04385487 core:OtherMiscellaneousReserve bus:Consolidated 2024-03-31 04385487 core:CapitalRedemptionReserve bus:Consolidated 2025-03-31 04385487 core:CapitalRedemptionReserve bus:Consolidated 2024-03-31 04385487 core:ShareCapital 2025-03-31 04385487 core:ShareCapital 2024-03-31 04385487 core:CapitalRedemptionReserve 2025-03-31 04385487 core:CapitalRedemptionReserve 2024-03-31 04385487 core:OtherMiscellaneousReserve 2025-03-31 04385487 core:OtherMiscellaneousReserve 2024-03-31 04385487 core:RetainedEarningsAccumulatedLosses 2025-03-31 04385487 core:RetainedEarningsAccumulatedLosses 2024-03-31 04385487 core:ShareCapital bus:Consolidated 2023-03-31 04385487 core:CapitalRedemptionReserve bus:Consolidated 2023-03-31 04385487 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-03-31 04385487 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-03-31 04385487 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-03-31 04385487 core:ShareCapital 2023-03-31 04385487 core:CapitalRedemptionReserve 2023-03-31 04385487 core:RetainedEarningsAccumulatedLosses 2023-03-31 04385487 bus:Consolidated 2023-03-31 04385487 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 04385487 core:PlantMachinery 2024-04-01 2025-03-31 04385487 core:FurnitureFittings 2024-04-01 2025-03-31 04385487 core:MotorVehicles 2024-04-01 2025-03-31 04385487 core:UKTax bus:Consolidated 2024-04-01 2025-03-31 04385487 core:UKTax bus:Consolidated 2023-04-01 2024-03-31 04385487 bus:Consolidated 1 2024-04-01 2025-03-31 04385487 bus:Consolidated 1 2023-04-01 2024-03-31 04385487 bus:Consolidated 2 2024-04-01 2025-03-31 04385487 bus:Consolidated 2 2023-04-01 2024-03-31 04385487 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-03-31 04385487 core:PlantMachinery bus:Consolidated 2024-03-31 04385487 core:FurnitureFittings bus:Consolidated 2024-03-31 04385487 core:MotorVehicles bus:Consolidated 2024-03-31 04385487 bus:Consolidated 2024-03-31 04385487 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-04-01 2025-03-31 04385487 core:PlantMachinery bus:Consolidated 2024-04-01 2025-03-31 04385487 core:FurnitureFittings bus:Consolidated 2024-04-01 2025-03-31 04385487 core:MotorVehicles bus:Consolidated 2024-04-01 2025-03-31 04385487 core:PlantMachinery 2025-03-31 04385487 core:PlantMachinery 2024-03-31 04385487 core:MotorVehicles 2025-03-31 04385487 core:MotorVehicles 2024-03-31 04385487 core:ListedExchangeTraded bus:Consolidated 2025-03-31 04385487 core:ListedExchangeTraded bus:Consolidated 2024-03-31 04385487 core:ListedExchangeTraded 2025-03-31 04385487 core:ListedExchangeTraded 2024-03-31 04385487 core:Subsidiary1 2024-04-01 2025-03-31 04385487 core:Subsidiary2 2024-04-01 2025-03-31 04385487 core:Subsidiary3 2024-04-01 2025-03-31 04385487 core:Subsidiary1 1 2024-04-01 2025-03-31 04385487 core:Subsidiary2 2 2024-04-01 2025-03-31 04385487 core:Subsidiary3 3 2024-04-01 2025-03-31 04385487 core:CurrentFinancialInstruments bus:Consolidated 2025-03-31 04385487 core:CurrentFinancialInstruments bus:Consolidated 1 2025-03-31 04385487 core:CurrentFinancialInstruments bus:Consolidated 1 2024-03-31 04385487 core:CurrentFinancialInstruments 2 2025-03-31 04385487 core:CurrentFinancialInstruments 3 2025-03-31 04385487 core:WithinOneYear bus:Consolidated 2025-03-31 04385487 core:WithinOneYear bus:Consolidated 2024-03-31 04385487 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 04385487 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04385487 core:Non-currentFinancialInstruments bus:Consolidated 2025-03-31 04385487 core:Non-currentFinancialInstruments bus:Consolidated 2024-03-31 04385487 core:Non-currentFinancialInstruments 2025-03-31 04385487 core:Non-currentFinancialInstruments 2024-03-31 04385487 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-03-31 04385487 core:WithinOneYear 2025-03-31 04385487 core:WithinOneYear 2024-03-31 04385487 core:BetweenTwoFiveYears bus:Consolidated 2025-03-31 04385487 core:BetweenTwoFiveYears bus:Consolidated 2024-03-31 04385487 core:BetweenTwoFiveYears 2025-03-31 04385487 core:BetweenTwoFiveYears 2024-03-31 04385487 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 04385487 bus:FRS102 2024-04-01 2025-03-31 04385487 bus:Audited 2024-04-01 2025-03-31 04385487 bus:ConsolidatedGroupCompanyAccounts 2024-04-01 2025-03-31 04385487 bus:Director1 2024-04-01 2025-03-31 04385487 bus:Director3 2024-04-01 2025-03-31 04385487 bus:Director4 2024-04-01 2025-03-31 04385487 bus:Director5 2024-04-01 2025-03-31 04385487 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP