REGISTERED NUMBER: 02059404 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

A. D. BIRD STAINLESS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditor

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTOR:

Mr N H Bird

SECRETARY:

Mr H G Bird

REGISTERED OFFICE:

Box Mill

Sheffield Road

Penistone

Sheffield

South Yorkshire

S36 6HQ

REGISTERED NUMBER:

02059404 (England and Wales)

AUDITOR:

Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The principal activity of the group throughout the year was that of steel stockholders.

The past financial year has been challenging; high interest rates and continued high inflation have contributed to this. The Directors remain reassured that the financial results for the year demonstrate resilience during a period of economic and political uncertainty. Steel prices continue to be both volatile and at times, adverse. However, the business monitors stock levels closely as the price of steel continues to fluctuate, carefully supplying their customers with the stock which they require.

The year to 31 March 2025 ended with a group profit before tax of £21,824 (2024: £1,170,822) from turnover of £8,489,611 (2024: £13,105,101) and a gross margin of £1,239,863 (2024: £2,488,141). The Directors consider the business to be well-positioned to address the challenges and opportunities that the following years will bring.

PRINCIPAL RISKS AND UNCERTAINTIES

Management continue to monitor risk to ensure that overall business risk remains within acceptable levels and is reduced as far as possible. The principal risks and uncertainties are external market risks arising from global commodity price movements and activity within the steel supply chain and steel industry.

Customer and credit risk

The group supplies a range of customers and markets. The market in which the group operates remains competitive however, the business is well placed within the market with it being long established and offering a wide range of readily available stock. The business has built strong relationships with its longstanding customers and key suppliers in order to continue to remain competitive.

Economic risk

The business anticipates ongoing challenges in relation to the continuing economic uncertainty within the UK. It remains alert to securing stock for customers, reliably meeting supply and demand requirements.

Supplier and product risk

The group's main purchases are steel products, which is dominated by a small number of suppliers, as the most efficient buying strategy is buying in bulk. The group is not however limited to specific suppliers and reliance is never placed on a single supplier for any produce category. The business uses both UK suppliers and suppliers from abroad.

Liquidity risk

The business monitors its cashflow carefully. It ensures it maintains sufficient reserves and facilities in order to meet all of its obligations as they fall due.

Interest rate risk

The group maintains a close relationship with its bank and other external advisors. The Directors are proactive in reviewing funding requirements, ensuring that the funding received provides best value for money and that the cost of funding is cost effective wherever possible.

Foreign currency and exchange rate risk

The group frequently makes purchases in non GBP currencies. The Directors consider and monitor the likely impact of future foreign currency movements and plan the timing of purchases carefully. Steel is a globally traded commodity and as such prices can be volatile.

FUTURE PLANS

Management expect the general market conditions to remain challenging. The group will continue to drive operational efficiencies wherever possible with the understanding that it maintains the necessary infrastructure, staffing and support from its banks in order to proceed and move forward.

ON BEHALF OF THE BOARD:

Mr N H Bird - Director

2 December 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of steel stockholding, specialised grinding work, bar sawing, and reheat treatment of stainless steels.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTOR

Mr N H Bird held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditor is unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditor is aware of that information.

AUDITOR

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr N H Bird - Director

2 December 2025

Opinion

We have audited the financial statements of A. D. Bird Stainless Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditor 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has 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 Auditor 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor.

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 Auditor 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.

Scott Mell FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

2 December 2025

TURNOVER

8,489,611

13,105,101

Cost of sales

7,249,748

10,616,960

GROSS PROFIT

1,239,863

2,488,141

Distribution costs

46,643

27,265

Administrative expenses

661,159

898,820

707,802

926,085

OPERATING PROFIT

4

532,061

1,562,056

Interest payable and similar expenses

5

510,237

391,235

PROFIT BEFORE TAXATION

21,824

1,170,821

Tax on profit

6

6,251

303,585

PROFIT FOR THE FINANCIAL YEAR

15,573

867,236

Profit attributable to:

Owners of the parent

15,573

867,236

PROFIT FOR THE YEAR

15,573

867,236

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

15,573

867,236

Total comprehensive income attributable to:

Owners of the parent

15,573

867,236

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

594,554

687,465

Investments

10

-

-

594,554

687,465

CURRENT ASSETS

Stocks

11

11,329,319

12,741,058

Debtors

12

1,792,363

2,699,242

Cash at bank and in hand

54,795

74,281

13,176,477

15,514,581

CREDITORS

Amounts falling due within one year

13

4,360,394

6,438,046

NET CURRENT ASSETS

8,816,083

9,076,535

TOTAL ASSETS LESS CURRENT LIABILITIES

9,410,637

9,764,000

CREDITORS

Amounts falling due after more than one year

14

(343,489

)

(693,540

)

PROVISIONS FOR LIABILITIES

18

(67,270

)

(86,156

)

NET ASSETS

8,999,878

8,984,304

CAPITAL AND RESERVES

Called up share capital

19

23,000

23,000

Capital redemption reserve

20

2,032

2,032

Retained earnings

20

8,974,846

8,959,272

SHAREHOLDERS' FUNDS

8,999,878

8,984,304

The financial statements were approved by the director and authorised for issue on 2 December 2025 and were signed by:

Mr N H Bird - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

562,525

649,703

Investments

10

1,144,142

1,144,142

1,706,667

1,793,845

CURRENT ASSETS

Stocks

11

8,956,701

9,546,308

Debtors

12

1,837,473

2,434,533

Cash at bank and in hand

48,678

60,486

10,842,852

12,041,327

CREDITORS

Amounts falling due within one year

13

3,865,475

4,745,293

NET CURRENT ASSETS

6,977,377

7,296,034

TOTAL ASSETS LESS CURRENT LIABILITIES

8,684,044

9,089,879

CREDITORS

Amounts falling due after more than one year

14

(343,489

)

(693,540

)

PROVISIONS FOR LIABILITIES

18

(67,270

)

(86,156

)

NET ASSETS

8,273,285

8,310,183

CAPITAL AND RESERVES

Called up share capital

19

23,000

23,000

Capital redemption reserve

20

2,000

2,000

Retained earnings

20

8,248,285

8,285,183

SHAREHOLDERS' FUNDS

8,273,285

8,310,183

Company's (loss)/profit for the financial year

(36,898

)

684,251

The financial statements were approved by the director and authorised for issue on 2 December 2025 and were signed by:

Mr N H Bird - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

23,000

8,092,036

2,032

8,117,068

Changes in equity

Total comprehensive income

-

867,236

-

867,236

Balance at 31 March 2024

23,000

8,959,272

2,032

8,984,304

Changes in equity

Total comprehensive income

-

15,573

-

15,573

Balance at 31 March 2025

23,000

8,974,845

2,032

8,999,877

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

23,000

7,600,932

2,000

7,625,932

Changes in equity

Total comprehensive income

-

684,251

-

684,251

Balance at 31 March 2024

23,000

8,285,183

2,000

8,310,183

Changes in equity

Total comprehensive income

-

(36,898

)

-

(36,898

)

Balance at 31 March 2025

23,000

8,248,285

2,000

8,273,285

Cash flows from operating activities

Cash generated from operations

1

2,287,204

(1,725,249

)

Interest paid

(510,237

)

(391,235

)

Tax paid

(165,373

)

(734,490

)

Net cash from operating activities

1,611,594

(2,850,974

)

Cash flows from investing activities

Purchase of tangible fixed assets

(4,161

)

(25,088

)

Net cash from investing activities

(4,161

)

(25,088

)

Cash flows from financing activities

Capital repayments in year

(289,499

)

(281,635

)

Amount withdrawn by directors

(3,260

)

(1,428

)

Net cash from financing activities

(292,759

)

(283,063

)

Increase/(decrease) in cash and cash equivalents

1,314,674

(3,159,125

)

Cash and cash equivalents at beginning of year

2

(4,473,542

)

(1,314,417

)

Cash and cash equivalents at end of year

2

(3,158,868

)

(4,473,542

)

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

2025

2024

£

£

Profit before taxation

21,824

1,170,821

Depreciation charges

97,127

120,035

Finance costs

510,237

391,235

629,188

1,682,091

Decrease/(increase) in stocks

1,411,739

(3,328,073

)

Decrease in trade and other debtors

906,879

756,076

Decrease in trade and other creditors

(660,602

)

(835,343

)

Cash generated from operations

2,287,204

(1,725,249

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

54,795

74,281

Bank overdrafts

(3,213,663

)

(4,547,823

)

(3,158,868

)

(4,473,542

)

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

74,281

703,734

Bank overdrafts

(4,547,823

)

(2,018,151

)

(4,473,542

)

(1,314,417

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

74,281

(19,486

)

54,795

Bank overdrafts

(4,547,823

)

1,334,160

(3,213,663

)

(4,473,542

)

1,314,674

(3,158,868

)

Debt

Finance leases

(124,530

)

39,447

(85,083

)

Debts falling due within 1 year

(187,500

)

(62,500

)

(250,000

)

Debts falling due after 1 year

(604,266

)

312,499

(291,767

)

(916,296

)

289,446

(626,850

)

Total

(5,389,838

)

1,604,120

(3,785,718

)

1.	STATUTORY INFORMATION

A. D. Bird Stainless 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 General Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

Significant judgements and estimates

the level of stocks, net of stock provisions are detailed in the financial statements. The provisions have been calculated on a basis consistent with prior years, using judgement, based mainly on the historic selling patterns of stock lines held.

There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be reliably measured , it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold buildings

2% and 10% on cost

Plant and machinery

7.5% to 15% on cost and 15% reducing balance

Fixtures and fittings

12.5% to 15% on cost and 15% reducing balance

Motor vehicles

25% on cost and 25% reducing balance

Computer equipment

25% to 40% on cost

Freehold land is not depreciated.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs, after making due allowance for obsolete and slow moving stock.

Cost is calculated using the first-in first-out method and includes all purchase, transport and handling costs in bringing stock to their present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.