Architectural Steel Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 03902068

ARCHITECTURAL STEEL LIMITED

FINANCIAL STATEMENTS

31 December 2024

ARCHITECTURAL STEEL LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents	Pages

Officers and professional advisers 1

Strategic report 2 to 3

Directors' report 4 to 5

Independent auditor's report to the members 6 to 9

Consolidated statement of comprehensive income 10

Consolidated statement of financial position 11

Company statement of financial position 12

Consolidated statement of changes in equity 13

Company statement of changes in equity 14

Consolidated statement of cash flows 15

Notes to the financial statements 16 to 26

ARCHITECTURAL STEEL LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	S L C De Rue
	P G A G Magain
	M Jansa

Registered office	Lamont Business Park
	Lyons Road
	Trafford Park
	Manchester
	M17 1RN

Auditor	Wheawill & Sudworth Limited
	Chartered Accountants & Statutory Auditor
	35 Westgate
	Huddersfield
	HD1 1PA

Bankers	National Westminster Bank plc
	33 Piccadilly
	PO Box 2027, Parklands
	De Havilland Way
	Horwich
	BL6 4YU

ARCHITECTURAL STEEL LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024

The directors present their strategic report for the period ended 31 December 2024. Review of business During the year the group's principal activities were that of steel fabricators and the design and manufacture of bespoke cladding. There have not been any significant changes in the group's activity during the last year. The turnover growth came from the new facility in Birmingham which became operational during the year. Profitability was restricted by challenging market conditions. The group maintains good levels of working capital including funds lent into the Arcelormittal group treasury function on which interest income is generated. Business performance Architectural Steel's ongoing success is dependent on the consistent high level of quality in the goods that they manufacture and supply. The decrease in margin is the result of the current market conditions in the construction industry, with increasing labour and overheads, reduced customer demand and aggressive competitor pricing. The group is looking to continue to provide high quality products to the construction industry, thereby maintaining their reputation and increasing demand. This will be further complemented by continuing development of the operations in Birmingham and the introduction of new products to the market. The directors are of the opinion that the group is well placed to fund further growth, increase the group's current level of activity and improve future performance. The group is part of ArcelorMittal Construction the construction arm of one of world's leading steel and mining companies, ArcelorMittal. Principal risks and uncertainties The construction industry has an inherent uncertainty particularly in regard to sector volatility. The directors continue to target a wide range of sectors and customers to maintain a well-balanced portfolio. The directors believe the group's performance is reliant upon their well-established reputation within the construction industry market. They have identified loss of reputation as a principal risk that could damage the group. The directors have a hands-on approach to management to ensure that the risk is monitored. Bad debt risk is managed by regular monitoring of amounts outstanding for both value and aging. The majority of the debtor balance is covered by credit insurance. Recently, the sourcing and pricing of raw materials has affected the global economy due to general economic and political uncertainties. The directors continue to closely monitor developments in relation to inflation, war, interest rates and other potential consequential political and economic uncertainties in order to mitigate any risks to the business. Key performance indicators The key performance indicators used by the directors to assess the performance of the company are order intake, sales growth, customer and staff retention, operating margins and return on capital employed. These will continue to be monitored as part of the on-going management of the group's operations. Going concern The group meets its day to day working capital and other funding requirements through a combination of cash generated from operations and cash deposits.

This report was approved by the board of directors on 21 November 2025 and signed on behalf of the board by:

S L C De Rue	M Jansa
Director	Director

ARCHITECTURAL STEEL LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements of the group for the year ended 31 December 2024 .

Directors

The directors who served the company during the year were as follows:

K Hodge
S L C De Rue
P G A G Magain

K Hodge resigned as a director on 31 March 2025. M Jansa was appointed as a director on 31 March 2025.

Dividends

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report

In accordance with Section 414C(11), Companies Act 2006, the following information required to be contained in this report is set out in the company's Strategic Report on page 2: principal activities, business review, future developments, financial risks and research and development.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 the company and 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 judgments and accounting estimates that are reasonable and prudent;

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

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

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

This report was approved by the board of directors on 21 November 2025 and signed on behalf of the board by:

S L C De Rue	M Jansa
Director	Director

ARCHITECTURAL STEEL LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ARCHITECTURAL STEEL LIMITED

YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of Architectural Steel Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 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 or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report 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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Extent to which the audit was capable of detecting irregularities, including fraud We focused on laws and regulations that could give rise to a material misstatement in the financial statements. Our tests included, but were not limited to: - agreement of the financial statement disclosures to underlying supporting documentation; - enquiries of management regarding known or suspected instances of non-compliance with laws and regulations; and - obtaining an understanding of the control environment in place to prevent and detect irregularities. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 purpose 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. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr David Butterworth

(Senior Statutory Auditor)

For and on behalf of

Wheawill & Sudworth Limited

Chartered Accountants & Statutory Auditor

35 Westgate

Huddersfield

HD1 1PA

21 November 2025

ARCHITECTURAL STEEL LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 DECEMBER 2024

		2024	2023
Note		£	£
Turnover	4	24,596,619	10,824,433

Cost of sales	( 16,700,098)	( 4,685,133)
	-------------	-------------
Gross profit	7,896,521	6,139,300

Administrative expenses		( 7,555,684)	( 6,608,200)
		------------	------------
Operating profit/(loss)	5	340,837	( 468,900)

Other interest receivable and similar income	9	313,194	247,132
Interest payable and similar expenses	10	( 1,013,290)	( 798,986)
		------------	------------
Loss before taxation		( 359,259)	( 1,020,754)

Tax on loss	11	391,125	533,170
		------------	------------
Profit/(loss) for the financial year and total comprehensive income		31,866	( 487,584)
		------------	------------

All the activities of the group are from continuing operations.

ARCHITECTURAL STEEL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	12	195,593	73,884
Tangible assets	13	17,094,561	16,833,399
		-------------	-------------
		17,290,154	16,907,283

Current assets

Stocks	15	2,548,844	744,955
Debtors	16	11,135,287	2,219,859
Cash at bank and in hand		3,815,519	9,053,510
		-------------	-------------
		17,499,650	12,018,324

Creditors: amounts falling due within one year	17	12,732,461	6,869,440
		-------------	-------------
Net current assets		4,767,189	5,148,884
		-------------	-------------
Total assets less current liabilities		22,057,343	22,056,167

Creditors: amounts falling due after more than one year	18	10,000,000	10,000,000

Provisions

Taxation including deferred tax	19	–	30,690
		-------------	-------------
Net assets		12,057,343	12,025,477
		-------------	-------------

Capital and reserves

Called up share capital	22	10,000	10,000
Profit and loss account	23	12,047,343	12,015,477
		-------------	-------------
Shareholders funds		12,057,343	12,025,477
		-------------	-------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 21 November 2025 , and are signed on behalf of the board by:

S L C De Rue	M Jansa
Director	Director

Company registration number: 03902068

ARCHITECTURAL STEEL LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Intangible assets	12	75,726	–
Tangible assets	13	4,712,354	4,607,612
Investments	14	1,109,700	1,109,700
		------------	------------
		5,897,780	5,717,312

Current assets

Stocks	15	766,041	561,334
Debtors	16	8,800,804	1,564,483
Cash at bank and in hand		1,207,308	8,574,657
		-------------	-------------
		10,774,153	10,700,474

Creditors: amounts falling due within one year	17	1,702,875	1,832,168
		-------------	-------------
Net current assets		9,071,278	8,868,306
		-------------	-------------
Total assets less current liabilities		14,969,058	14,585,618

Provisions

Taxation including deferred tax	19	836,739	587,266
		-------------	-------------
Net assets		14,132,319	13,998,352
		-------------	-------------

Capital and reserves

Called up share capital	22	10,000	10,000
Profit and loss account	23	14,122,319	13,988,352
		-------------	-------------
Shareholders funds		14,132,319	13,998,352
		-------------	-------------

The profit for the financial year of the parent company was £ 133,967 (2023: £ 1,384,184 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 21 November 2025 , and are signed on behalf of the board by:

S L C De Rue	M Jansa
Director	Director

Company registration number: 03902068

ARCHITECTURAL STEEL LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2023	10,000	12,503,061	12,513,061

Loss for the year		( 487,584)	( 487,584)
	------------	-------------	-------------
Total comprehensive income for the year	–	( 487,584)	( 487,584)

At 31 December 2023	10,000	12,015,477	12,025,477

Profit for the year		31,866	31,866
	------------	-------------	-------------
Total comprehensive income for the year	–	31,866	31,866

	------------	-------------	-------------
At 31 December 2024	10,000	12,047,343	12,057,343
	------------	-------------	-------------

ARCHITECTURAL STEEL LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2023	10,000	12,604,168	12,614,168

Profit for the year		1,384,184	1,384,184
	------------	-------------	-------------
Total comprehensive income for the year	–	1,384,184	1,384,184

At 31 December 2023	10,000	13,988,352	13,998,352

Profit for the year		133,967	133,967
	------------	-------------	-------------
Total comprehensive income for the year	–	133,967	133,967

	------------	-------------	-------------
At 31 December 2024	10,000	14,122,319	14,132,319
	------------	-------------	-------------

ARCHITECTURAL STEEL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£

Cash flows from operating activities

Profit/(loss) for the financial year	31,866	( 487,584)

Adjustments for:
Depreciation of tangible assets	870,620	643,252
Amortisation of intangible assets	27,927	8,778
Other interest receivable and similar income	( 313,194)	( 247,132)
Interest payable and similar expenses	1,013,290	798,986
Gains on disposal of tangible assets	–	( 5,222)
Tax on profit	( 391,125)	( 533,170)

Changes in:
Stocks	( 1,803,889)	( 122,964)
Trade and other debtors	( 2,490,216)	2,688,964
Trade and other creditors	990,299	( 499,639)
	------------	------------
Cash generated from operations	( 2,064,422)	2,244,269

Interest paid	( 1,013,290)	( 798,986)
Interest received	313,194	247,132
Tax paid	( 269,093)	( 531,573)
	------------	------------
Net cash (used in)/from operating activities	( 3,033,611)	1,160,842
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 1,131,782)	( 7,835,392)
Proceeds from sale of tangible assets	–	( 203,649)
Purchase of intangible assets	( 149,636)	–
	------------	------------
Net cash used in investing activities	( 1,281,418)	( 8,039,041)
	------------	------------

Cash flows from financing activities

Proceeds from loans from group undertakings	4,872,722	5,763,472
Payment of loans to group undertakings	( 5,795,684)	–
	------------	------------
Net cash (used in)/from financing activities	( 922,962)	5,763,472
	------------	------------

Net decrease in cash and cash equivalents	( 5,237,991)	( 1,114,727)
Cash and cash equivalents at beginning of year	9,053,510	10,168,237
	------------	-------------
Cash and cash equivalents at end of year	3,815,519	9,053,510
	------------	-------------

ARCHITECTURAL STEEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales, Company number 03902068 . The address of the registered office is Lamont Business Park, Lyons Road, Trafford Park, Manchester M17 1RN.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest pound.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Architectural Steel Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Taxation

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at the date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	10% straight line
Product development	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold land & buildings	-	2% straight line
Leasehold improvements	-	10% straight line
Plant & machinery	-	20% straight line
Fixtures & fittings	-	20% straight line
Motor vehicles	-	20% straight line

Investments

Fixed asset investments are stated at cost less any provisions for diminution in value.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

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.

Defined contribution plans

The pension costs charged in the financial statements represent the contributions payable by the company during the year to defined consideration pension schemes.

4. Turnover

Turnover arises from:

	2024	2023
	£	£
Sale of goods	24,596,619	10,824,433
	-------------	-------------

The total turnover of the group for the year has been derived from its principal activities mainly undertaken within the United Kingdom. Turnover outside the United Kingdom with European countries amounted to £251,265.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
	£	£
Amortisation of intangible assets	27,927	8,778
Depreciation of tangible assets	870,620	643,252
Gains on disposal of tangible assets	–	( 5,222)
Research and development expenditure written off	96,813	14,196
Foreign exchange differences	35,332	–
	------------	------------

6. Auditor's remuneration

	2024	2023
	£	£
Fees payable for the audit of the financial statements	7,000	7,000
	------------	------------

7. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Production staff	52	50
Administrative staff	36	28
	------------	------------
	88	78
	------------	------------

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
	£	£
Wages and salaries	3,690,077	3,366,081
Social security costs	370,346	343,076
Other pension costs	107,538	95,758
	------------	------------
	4,167,961	3,804,915
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	168,250	251,865
Company contributions to defined contribution pension plans	1,321	2,367
	------------	------------
	169,571	254,232
	------------	------------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	No.	No.
Defined contribution plans	1	1
	------------	------------

Remuneration of the highest paid director in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	168,250	153,900
Company contributions to defined contribution pension plans	1,321	1,321
	------------	------------
	169,571	155,221
	------------	------------

9. Other interest receivable and similar income

	2024	2023
	£	£
Interest on cash and cash equivalents	310,257	240,589
Interest on corporation tax	–	6,543
Other interest receivable and similar income	2,937	–
	------------	------------
	313,194	247,132
	------------	------------

10. Interest payable and similar expenses

	2024	2023
	£	£
Group loan interest	1,013,117	786,972
Other interest	173	12,014
	------------	------------
	1,013,290	798,986
	------------	------------

11. Tax on profit

Major components of tax income

	2024	2023
	£	£

Current tax:

Adjustments in respect of prior periods	233,536	( 299,012)

Deferred tax:

Origination and reversal of timing differences	171,663	( 234,158)
Underprovision prior year	( 796,324)	–
	------------	------------
Total deferred tax	( 624,661)	( 234,158)
	------------	------------
Tax on profit	( 391,125)	( 533,170)
	------------	------------

Reconciliation of tax income

The tax assessed on the loss on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).

	2024	2023
	£	£
Loss on ordinary activities before taxation	( 359,259)	( 1,020,754)
	------------	------------
Loss on ordinary activities by rate of tax	( 89,815)	( 255,189)
Adjustment to tax charge in respect of prior periods	233,536	( 299,012)
Effect of expenses not deductible for tax purposes	2,570	41,726
Effect of capital allowances and depreciation	258,908	373,514
Utilisation of tax losses	–	( 35,857)
Movement in deferred tax not recognised	( 796,324)	( 358,352)
	------------	------------
Tax on profit	( 391,125)	( 533,170)
	------------	------------

12. Intangible assets

Group	Goodwill	Development costs	Total
	£	£	£
Cost
At 1 January 2024	87,782	–	87,782
Additions from internal developments	–	149,636	149,636
	------------	------------	------------
At 31 December 2024	87,782	149,636	237,418
	------------	------------	------------
Amortisation
At 1 January 2024	13,898	–	13,898
Charge for the year	8,778	19,149	27,927
	------------	------------	------------
At 31 December 2024	22,676	19,149	41,825
	------------	------------	------------
Carrying amount
At 31 December 2024	65,106	130,487	195,593
	------------	------------	------------
At 31 December 2023	73,884	–	73,884
	------------	------------	------------

Company	Development costs
	£
Cost
At 1 January 2024	–
Additions from internal developments	88,012
	------------
At 31 December 2024	88,012
	------------
Amortisation
At 1 January 2024	–
Charge for the year	12,286
	------------
At 31 December 2024	12,286
	------------
Carrying amount
At 31 December 2024	75,726
	------------
At 31 December 2023	–
	------------

13. Tangible assets

Group	Freehold property	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	10,760,461	173,344	9,590,124	210,885	440,418	21,175,232
Additions	126,307	63,247	901,387	14,448	26,393	1,131,782
	-------------	------------	-------------	------------	------------	-------------
At 31 Dec 2024	10,886,768	236,591	10,491,511	225,333	466,811	22,307,014
	-------------	------------	-------------	------------	------------	-------------
Depreciation
At 1 Jan 2024	509,535	20,005	3,362,604	184,444	265,245	4,341,833
Charge for the year	230,480	46,243	529,682	13,585	50,630	870,620
	-------------	------------	-------------	------------	------------	-------------
At 31 Dec 2024	740,015	66,248	3,892,286	198,029	315,875	5,212,453
	-------------	------------	-------------	------------	------------	-------------
Carrying amount
At 31 Dec 2024	10,146,753	170,343	6,599,225	27,304	150,936	17,094,561
	-------------	------------	-------------	------------	------------	-------------
At 31 Dec 2023	10,250,926	153,339	6,227,520	26,441	175,173	16,833,399
	-------------	------------	-------------	------------	------------	-------------

Company	Freehold property	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024	1,710,955	173,344	6,266,130	197,084	440,418	8,787,931
Additions	1,465	63,247	682,910	14,448	26,393	788,463
	------------	------------	------------	------------	------------	------------
At 31 Dec 2024	1,712,420	236,591	6,949,040	211,532	466,811	9,576,394
	------------	------------	------------	------------	------------	------------
Depreciation
At 1 Jan 2024	350,610	20,005	3,362,604	181,855	265,245	4,180,319
Charge for the year	47,453	46,243	529,682	9,713	50,630	683,721
	------------	------------	------------	------------	------------	------------
At 31 Dec 2024	398,063	66,248	3,892,286	191,568	315,875	4,864,040
	------------	------------	------------	------------	------------	------------
Carrying amount
At 31 Dec 2024	1,314,357	170,343	3,056,754	19,964	150,936	4,712,354
	------------	------------	------------	------------	------------	------------
At 31 Dec 2023	1,360,345	153,339	2,903,526	15,229	175,173	4,607,612
	------------	------------	------------	------------	------------	------------

14. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 and 31 December 2024	1,109,700
	------------
Impairment
At 1 January 2024 and 31 December 2024	–
	------------

Carrying amount
At 1 January 2024 and 31 December 2024	1,109,700
	------------
At 31 December 2023	1,109,700
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
Arcelormittal Construction UK Limited	Cakemore Road, Rowley Regis, B65 0QL	Ordinary	100

15. Stocks

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Raw materials and WIP / finished goods	2,548,844	744,955	766,041	561,334
	------------	------------	------------	------------

16. Debtors

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade debtors	4,356,828	1,435,843	1,922,498	1,408,172
Amounts owed by group undertakings	5,845,723	50,040	6,721,639	50,445
Deferred tax asset	593,971	–	–	–
Called up share capital not paid	102	102	–	–
Prepayments and accrued income	286,114	306,911	103,501	94,192
Corporation tax repayable	38,215	2,658	38,215	–
VAT	–	412,631	–	–
Other debtors	14,334	11,674	14,951	11,674
	-------------	------------	------------	------------
	11,135,287	2,219,859	8,800,804	1,564,483
	-------------	------------	------------	------------

17. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Trade creditors	1,320,461	1,518,188	933,758	1,192,719
Amounts owed to group undertakings	9,439,101	4,566,379	2,295	9,651
Accruals and deferred income	1,433,651	608,378	438,032	485,111
Corporation tax	–	–	–	12,407
Social security and other taxes	522,612	147,588	326,115	116,206
Other creditors	16,636	28,907	2,675	16,074
	-------------	------------	------------	------------
	12,732,461	6,869,440	1,702,875	1,832,168
	-------------	------------	------------	------------

18. Creditors: amounts falling due after more than one year

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Amounts owed to group undertakings	10,000,000	10,000,000	–	–
	-------------	-------------	------------	------------

19. Provisions

Group	Deferred tax (note 20)
	£
At 1 January 2024	30,690
Charge against provision	( 30,690)
	------------
At 31 December 2024	–
	------------

Company	Deferred tax (note 20)
	£
At 1 January 2024	587,266
Charge against provision	249,473
	------------
At 31 December 2024	836,739
	------------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Included in debtors (note 16)	593,971	–	–	–
Included in provisions (note 19)	–	( 30,690)	( 836,739)	( 587,266)
	------------	------------	------------	------------
	593,971	( 30,690)	( 836,739)	( 587,266)
	------------	------------	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Accelerated capital allowances	1,177,294	760,624	836,889	587,396
Unused tax losses	( 1,766,115)	( 724,804)	–	–
Provisions	( 5,150)	( 5,130)	( 150)	( 130)
	------------	------------	------------	------------
	(593,971)	30,690	836,739	587,266
	------------	------------	------------	------------

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 107,538 (2023: £ 95,758 ).

22. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 1 each	10,000	10,000	10,000	10,000
	------------	------------	------------	------------

23. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

24. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	9,053,510	(5,237,991)	3,815,519
Debt due within one year	(4,515,934)	847,443	(3,668,491)
Debt due after one year	(10,000,000)	–	(10,000,000)
	-------------	------------	-------------
	( 5,462,424)	( 4,390,548)	( 9,852,972)
	-------------	------------	-------------

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2024	2023	2024	2023
	£	£	£	£
Not later than 1 year	244,033	247,358	219,000	220,806
Later than 1 year and not later than 5 years	351,798	814,831	292,000	730,000
	------------	------------	------------	------------
	595,831	1,062,189	511,000	950,806
	------------	------------	------------	------------

26. Related party transactions

Group

Included in creditors are balances drawndown from unsecured credit facility agreements with a fellow group company of £18,769,689 (2023: £13,212,567). £8,769,689 (2023: £3,212,567) is repayable at any point up to 31 December 2026 and £10,000,000 (2022: £nil) repayable by 31st December 2026. Interest paid for the period was £1,013,117 (2023: £786,972). Group creditors also include trading balances. Included in debtors is £4,894,695 (2024: £50,445) and in creditors is £794,222 (2024: £1,354,218) due from/to group undertakings. The debts are unsecured, repayable on demand and currently interest free. During the period this group purchased fixed assets costing £40,173 (2023: £3,053,344) from other group companies. During the year the group paid rent of £364,380 (2024: £331,898) to connected parties, this took place on normal commercial terms.

Company

During the year the company traded with fellow group companies. All these transactions took place on normal commercial terms.

ARCHITECTURAL STEEL LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2024

27. Controlling party

The directors consider that the controlling party of the company is Arcelormittal Sa, a company incorporated in Luxembourg. The company's accounts are included in the consolidated accounts of this company which can be viewed at corporate.arcelormittal.com .