REGISTERED NUMBER: 04797346 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

STEELSTRIP SERVICES LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr R W Burton

Mr D Macready

Mrs S J Ostins

SECRETARY:

Mrs S J Ostins

REGISTERED OFFICE:

Pensnett Road

Dudley

West Midlands

DY1 2HA

REGISTERED NUMBER:

04797346 (England and Wales)

AUDITORS:

Stanton Ralph & Co Limited

Chartered Accountants

Statutory Auditor

The Old Police Station

Whitburn Street

Bridgnorth

Shropshire

WV16 4QP

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

REVIEW OF BUSINESS

The trading environment remained challenging throughout the period. Demand across construction, automotive and general manufacturing sectors continued to be subdued, with customers maintaining short-term, low-inventory purchasing patterns. European oversupply and competitive import availability contributed to continued downward pressure on steel prices for much of the year, despite some stabilisation emerging early in 2025.

The company experienced lower revenue across all divisions. Toll Processing activity decreased, reflecting reduced throughput from customers. Steel Sales were significantly affected by limited contractual opportunities and compressed resale margins, leading to a material reduction in turnover compared with the prior year. Laser Services also experienced reduced activity, although previous restructuring and targeted market focus continue to provide a stable base for future development.

Overall gross margin declined, driven by lower activity levels and tighter pricing across the supply chain.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces operational, commercial and financial risks. Price volatility and fluctuating demand remain core commercial risks, managed through controlled purchasing aligned to confirmed orders and the avoidance of speculative stockholding. Credit risk is mitigated through credit insurance and close oversight of account exposure.

Financial risks are managed through a combination of term loans and invoice discounting facilities, with interest rate exposure primarily relating to the latter. Forecasts prepared by the directors indicate that the company has adequate financial resources to continue in operational existence for the foreseeable future.

Outlook

While underlying demand remained weak at the year end, steel input prices showed signs of stabilisation and sentiment from EU producers began to improve. Trading in the first half of FY26 has shown modest increases in throughput across both Toll Processing and Laser Services, indicating slightly improved customer activity levels. Any near-term uplift is expected to be driven mainly by restocking, with a more gradual recovery anticipated during 2025/26 as economic conditions stabilise and confidence improves.

Director Changes and Obituaries

The directors were deeply saddened by the sudden and unexpected passing of Mr Steven Dickens, Commercial Director and co-owner, on 22nd January 2025. The Board places on record its appreciation for his significant contribution to the business over many years and extends its sincere condolences to his family.

Following his passing, the directors have implemented appropriate arrangements to ensure continuity in commercial oversight and strategic decision making.

KEY PERFORMANCE INDICATORS

Although Tonnage processed is considered to be a key performance indicator of the group. However the group directors have chosen not to disclose these figures given the commercially sensitive nature.

Return on capital employed for the year was 3.5% (2024: 13.9%) after accounting for the adjustments required by Financial Reporting Standard 102. Return on capital is calculated as profit on ordinary activities before taxation divided by capital employed, which constitutes total assets less current liabilities, less cash plus overdraft and loans.

Turnover in the year decreased by 25.1% from £13,701,029 in 2024 to £10,260,766 in 2025. Despite the decline in turnover the gross profit margin increased from 31.2% to 35.6%.

ON BEHALF OF THE BOARD:

Mrs S J Ostins - Director

29th December 2025

The directors present their report with the financial statements of the company for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of a steel service centre comprising steel processing, the purchase and supply of strip mill products and laser cutting and press brake services.

DIVIDENDS

Interim dividends per share were paid as follows:

0.03200144

- 6th April 2024

0.03138005

- 1st July 2024

0.03138005

- 1st October 2024

0.03138005

- 1st January 2025

0.12614159

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2025 will be £ 304,500 .

FUTURE DEVELOPMENTS

These are referred to in the company's Strategic Report.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mr R W Burton

Mr D Macready

Mrs S J Ostins

Other changes in directors holding office are as follows:

Mr S J Dickens - deceased 22nd January 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs S J Ostins - Director

29th December 2025

Opinion

We have audited the financial statements of Steelstrip Services Limited (the 'company') for the year ended 31st March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

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

Enquiring of the directors and senior management.

Discussing among the engagement team, including the tax team, how and where fraud might occur in the financial statements.

Obtaining an understanding of the legal and statutory framework that the company operates in.The key laws and regulations we considered in this context include the Companies Act 2006, Tax Legislation and Environmental and Health and Safety legislation.

Audit response to risks identified

As a result of performing the above we identified the occurrence of revenue as a key audit matter.

In addition to the above, our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations as detailed above.

Enquiring of management and the directors and external legal advisors concerning actual and potential litigation and claims.

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Completing focused testing on revenue via a detailed review of a sample of documents supporting revenue recorded during the year.

In addressing the risk of fraud through management override of controls, reviewing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Use of our report

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

Ann Hill FCA (Senior Statutory Auditor)

for and on behalf of Stanton Ralph & Co Limited

Chartered Accountants

Statutory Auditor

The Old Police Station

Whitburn Street

Bridgnorth

Shropshire

WV16 4QP

29th December 2025

13,701,029

TURNOVER

3

10,260,766

9,420,915

Cost of sales

6,607,930

4,280,114

GROSS PROFIT

3,652,836

3,428,547

Administrative expenses

3,474,130

851,567

178,706

9,281

Other operating income

2,845

860,848

OPERATING PROFIT

6

181,551

201,868

Interest receivable and similar income

191,909

1,062,716

373,460

210,552

Interest payable and similar expenses

7

185,110

852,164

PROFIT BEFORE TAXATION

188,350

173,437

Tax on profit

8

10,151

678,727

PROFIT FOR THE FINANCIAL YEAR

178,199

678,727

PROFIT FOR THE YEAR

178,199

-

OTHER COMPREHENSIVE INCOME

-

678,727

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

178,199

FIXED ASSETS

-

Intangible assets

10

-

2,141,810

Tangible assets

11

1,962,651

2,141,810

1,962,651

CURRENT ASSETS

250,247

Stocks

12

126,112

3,807,813

Debtors: amounts falling due within one year

13

2,682,311

3,839,394

Debtors: amounts falling due after more than one year

13

3,944,841

32,654

Cash at bank and in hand

1,305

7,930,108

6,754,569

CREDITORS

4,373,728

Amounts falling due within one year

14

3,794,447

3,556,380

NET CURRENT ASSETS

2,960,122

5,698,190

TOTAL ASSETS LESS CURRENT LIABILITIES

4,922,773

CREDITORS

(787,493

)

Amounts falling due after more than one year

15

(330,373

)

(266,882

)

PROVISIONS FOR LIABILITIES

19

(266,271

)

(1,003

)

ACCRUALS AND DEFERRED INCOME

20

(1,395

)

4,642,812

NET ASSETS

4,324,734

CAPITAL AND RESERVES

2,413,954

Called up share capital

21

2,413,954

111,740

Share premium

22

111,740

2,117,118

Retained earnings

22

1,799,040

4,642,812

SHAREHOLDERS' FUNDS

4,324,734

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29th December 2025 and were signed on its behalf by:

Mrs S J Ostins - Director

Mr D Macready - Director

Mr R W Burton - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st April 2023

2,413,954

2,000,000

111,740

4,525,694

Changes in equity

Dividends

-

(360,000

)

-

(360,000

)

Total comprehensive income

-

678,727

-

678,727

Capital distribution

-

(201,609

)

-

(201,609

)

Balance at 31st March 2024

2,413,954

2,117,118

111,740

4,642,812

Changes in equity

Dividends

-

(304,500

)

-

(304,500

)

Total comprehensive income

-

178,199

-

178,199

Capital distribution

-

(191,777

)

-

(191,777

)

Balance at 31st March 2025

2,413,954

1,799,040

111,740

4,324,734

1.	STATUTORY INFORMATION

Steelstrip Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements are prepared in Sterling (£), rounded to the nearest £1 and are for Steelstrip Services Limited as a single entity.

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed the company's financial position, including its liquidity and funding arrangements, as well as its forecasts for the foreseeable future, which covers a period of 12 months from the date of approval of these financial statements.

In making this assessment, the directors have considered all relevant information including the company's current trading performance, available funding, and future projections. Based on this review, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future including the impact of the post balance sheet event detailed in note 25. Accordingly, they have prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Processed steel sales are recognised when the steel has been fully processed and completed. Direct steel sales are recognised on the date of despatch.

Other operating income

Other operating income includes rental income received which is recognised in the profit and loss account over the period in which it is earned.

Financing transactions

Basic financial instruments are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Under FRS102, long term intercompany loans are recorded at present value using a market rate for a similar instrument. This has resulted in an amount of £191,777 (2024: £201,609) being recorded for interest receivable and a corresponding capital distribution at 31 March 2025.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Goodwill is the difference between amounts paid on acquisition of a business and the fair value of the identifiable assets and liabilities. It was amortised to the profit and loss account over its estimated economic life.

Amortisation was provided at the following rates:

Purchased goodwill - 10% on cost

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to leasehold property

10% straight line

Plant and machinery

10% - 33% straight line

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stocks.

Cost is determined by reference to the purchase invoice cost. Net realisable value is based on estimated selling price, less further costs of realisation.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

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 profit.

The company uses foreign currency forward contracts in order to manage its exposure to transactions denominated in certain foreign currencies.

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.

Operating leases

Rentals under leases are charged to the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a Group Personal Pension Plan. The pension charge represents the amounts payable to the scheme in respect of the year.

Group relief

The benefit of group relief is accounted for within the tax charge of the profit making undertaking. No payment is made for group relief between group undertakings.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Loans and borrowings

Loans and borrowing are initially recognised at transaction price including transaction costs. Subsequently they are measured at amortised cost using the effective rate of interest method, less impairment. If an arrangement constitutes a financial transaction it is measured at present value.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.25

31.3.24

£

£

Steel processing

5,940,395

7,168,763

Steel and other goods

4,320,371

6,532,266

10,260,766

13,701,029

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

2,734,893

3,019,503

Social security costs

261,648

286,085

Other pension costs

168,710

75,620

3,165,251

3,381,208

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

31.3.25

31.3.24

Production

63

70

Administrative

21

23

Directors and management

4

4

88

97

5.	DIRECTORS' EMOLUMENTS

31.3.25

31.3.24

£

£

Directors' remuneration

35,588

36,384

Directors' pension contributions to money purchase schemes

103,800

4,720

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

Money purchase schemes

4

4

6.	OPERATING PROFIT

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

31.3.25

31.3.24

£

£

Depreciation - owned assets

694,405

575,498

Depreciation - assets on hire purchase contracts or finance leases

-

56,195

Profit on disposal of fixed assets

-

(19

)

Auditors' remuneration

13,585

12,550

Operating leases - rent

818,820

818,840

Operating leases - plant and machinery

22,059

34,823

Release of capital grants

674

(1,740

)

Cost of stock recognised as an expense

3,591,919

5,792,414

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Interest on discounting

94,164

97,632

Bank loan interest

67,964

88,168

Interest on corporation tax

1,596

-

Bank and discounting charges

21,386

21,387

Hire purchase

-

3,365

185,110

210,552

8.

TAXATION

Analysis of the tax charge

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

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

10,762

102,001

Deferred tax

(611

)

71,436

Tax on profit

10,151

173,437

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

£

£

Profit before tax

188,350

852,164

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

47,088

213,041

Effects of:

Expenses not deductible for tax purposes

(189

)

(15

)

Capital allowances in excess of depreciation

-

(55,181

)

Depreciation in excess of capital allowances

12,789

-

Deferred tax movement

(611

)

71,436

Utilisation of group relief

(48,651

)

(55,844

)

Marginal relief

(275

)

-

Total tax charge

10,151

173,437

Factors that may affect future tax charges

The directors anticipate that future corporation tax liabilities of the company will be lower than the standard 25% rate of corporation tax due to the tax deductibility of ongoing capital expenditure, full expensing and ongoing claims of capital allowances pools brought forward.

9.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Interim

304,500

360,000

10.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2024

and 31st March 2025

365,001

AMORTISATION

At 1st April 2024

and 31st March 2025

365,001

NET BOOK VALUE

At 31st March 2025

-

At 31st March 2024

-

11.	TANGIBLE FIXED ASSETS

Leasehold

Plant and

Totals

Improvements

machinery

£

£

£

COST

At 1st April 2024

14,938,708

1,512,329

13,426,379

Additions

515,246

42,172

473,074

At 31st March 2025

15,453,954

1,554,501

13,899,453

DEPRECIATION

At 1st April 2024

12,796,898

1,218,071

11,578,827

Charge for year

694,405

61,674

632,731

At 31st March 2025

13,491,303

1,279,745

12,211,558

NET BOOK VALUE

At 31st March 2025

1,962,651

274,756

1,687,895

At 31st March 2024

2,141,810

294,258

1,847,552

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

COST

At 1st April 2024

561,953

Transfer to ownership

(561,953

)

At 31st March 2025

-

DEPRECIATION

At 1st April 2024

341,733

Transfer to ownership

(341,733

)

At 31st March 2025

-

NET BOOK VALUE

At 31st March 2025

-

At 31st March 2024

220,220