REGISTERED NUMBER: 08553719 (England and Wales)

FASTLINE STEEL SERVICES UK LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

M J Fellows

REGISTERED OFFICE:

Office 2

Charles Street

Walsall

WS2 9LZ

REGISTERED NUMBER:

08553719 (England and Wales)

AUDITORS:

Equus Miller Limited

Chartered Certified Accountants

Statutory Auditors

Brook House

47 High Street

Henley in Arden

Warwickshire

B95 5AA

The director presents his strategic report for the year ended 31 March 2025.

Fastline Steel Services UK Ltd are a manufacturer of steel perimeter security systems. Factory operations are conducted centrally from the West Midlands head office and primary manufacturing facility. A secondary manufacturing facility is now also in operation in Stoke. Sales and design offices operate from Liverpool, Bristol and Stoke; all of which combine to maximise the geographical reach of the business.

REVIEW OF BUSINESS

The company continues to maintain its position as one of the UK's leading manufacturers of steel perimeter systems with a strong focus on high demand products and exceptional customer service and support. It also continues to increase its range of high security certified and tested systems which has proven a good area of growth.

In a year in which strong challenges have undoubtedly been present it has continued to thrive, grow and compete. Despite a reduction in government subsidised rail network/ transport infrastructure funding, the business has shown a strong increase in turnover.

Key performance indicators

The director monitors the company's performance using turnover, gross profit and retained earnings as key metrics.

During the year, the company has once again enjoyed definite increases in market share; directly attributable to the exceptional customer service level provided by the company. The Director's proactive approach to market conditions and regular chairing of meetings with his management team to discuss any foreseeable circumstances that may necessitate a change to the company's strategy, continues to see the business thrive whilst mitigating exposure to changes within the working environment.

Gross profit is showing a slight reduction but forms part of a controlled, multi-year growth plan. A strong investment in personnel and property has been actioned and all indicators are that implementations are working in line with the medium-long-term strategy.

Future developments

The company's most up to date Quarterly Management Accounts confirms that the business has continued to maintain its share of the market and management continues to build upon its market knowledge and improve procedural implementations across all departments. This approach to the company's strategic planning continues to be very successful.

Fastline Steel Services UK Ltd remains one of the UK's largest manufacturers of steel perimeter systems and continues to improve on a monthly basis. The work ethic of the team and the commitment and foresight of the Managing Director are the key driving elements in the consistent improvement. Plans for 2026 and beyond are suitably impressive and reflect a balance of ambition and maturity unique to their industry.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's trading operations could be affected by a number of external factors that may pose a risk to its financial performance in the short, medium and long term which are: -

1. A significant downturn within the economy from external factors that are beyond the control of the company.

2. Uncapped price rises of raw materials resulted from supply and demand issues in particular as a result of the global instability and the potential impact this may have on the availability of resources.

3. The unknown impact on the industry and economy as a whole as the move to green energy continues and a general election looms on the horizon.

4. Short term competition from peer companies, offering unsustainable rates; attempting to attack the growing market share which the company continues to expand upon.

ON BEHALF OF THE BOARD:

M J Fellows - Director

22 December 2025

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

DIVIDENDS

The Directors do not recommend payment of a final dividend.

Dividends paid during the year amount to £355,000 (2024 £350,000).

DIRECTOR

M J Fellows held office during the whole of the period from 1 April 2024 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

The company has made the following donations in the year ended 31 March 2025:

Just Giving £1200

Cancer Research £100

Go Fund Me £250

Man Down £100

Read4Good £20

DISCLOSURE IN THE STRATEGIC REPORT

Items required to be disclosed under Sch 7 of the Companies Act are disclosed in the strategic report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are 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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M J Fellows - Director

22 December 2025

Opinion

We have audited the financial statements of Fastline Steel Services UK Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 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 Strategic Report and the Report of the Director, 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 Director 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 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 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 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, 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 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 three, 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 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 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 Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management it's own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal control established to mitigate risks related to fraud or non compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations including fraud.

We focussed on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to Health and Safety regulations, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example minutes of meetings and representations of the board of Directors.

Our tests included agreeing the financial statements disclosure to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of key staff manipulation that represented a risk of material misstatement due to fraud.

Our audit procedures were designed to respond to the 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 within the financial statements, the less likely we are to become aware of it.

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.

Deborah Jane Horsley FCCA (Senior Statutory Auditor)

for and on behalf of Equus Miller Limited

Chartered Certified Accountants

Statutory Auditors

Brook House

47 High Street

Henley in Arden

Warwickshire

B95 5AA

22 December 2025

TURNOVER

4

20,258,046

18,123,520

Cost of sales

16,639,365

14,309,667

GROSS PROFIT

3,618,681

3,813,853

Administrative expenses

3,201,519

2,518,973

417,162

1,294,880

Other operating income

69,965

10,518

OPERATING PROFIT

6

487,127

1,305,398

Income from fixed asset investments

12,500

-

Interest receivable and similar income

5,809

18,444

18,309

18,444

505,436

1,323,842

Interest payable and similar expenses

7

54,543

61,785

PROFIT BEFORE TAXATION

450,893

1,262,057

Tax on profit

8

(121,823

)

380,559

PROFIT FOR THE FINANCIAL YEAR

572,716

881,498

PROFIT FOR THE YEAR

572,716

881,498

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

572,716

881,498

FIXED ASSETS

Tangible assets

10

1,109,427

1,056,587

Investments

11

50

-

1,109,477

1,056,587

CURRENT ASSETS

Stocks

12

1,764,266

2,392,806

Debtors

13

6,837,987

5,028,748

Cash at bank

580,232

864,277

9,182,485

8,285,831

CREDITORS

Amounts falling due within one year

14

6,114,748

5,519,722

NET CURRENT ASSETS

3,067,737

2,766,109

TOTAL ASSETS LESS CURRENT LIABILITIES

4,177,214

3,822,696

CREDITORS

Amounts falling due after more than one year

15

(423,456

)

(339,242

)

PROVISIONS FOR LIABILITIES

19

(226,193

)

(173,605

)

NET ASSETS

3,527,565

3,309,849

CAPITAL AND RESERVES

Called up share capital

20

1

1

Capital redemption reserve

21

1

1

Retained earnings

21

3,527,563

3,309,847

SHAREHOLDERS' FUNDS

3,527,565

3,309,849

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

M J Fellows - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

1

2,778,349

1

2,778,351

Changes in equity

Dividends

-

(350,000

)

-

(350,000

)

Total comprehensive income

-

881,498

-

881,498

Balance at 31 March 2024

1

3,309,847

1

3,309,849

Changes in equity

Dividends

-

(355,000

)

-

(355,000

)

Total comprehensive income

-

572,716

-

572,716

Balance at 31 March 2025

1

3,527,563

1

3,527,565

Cash flows from operating activities

Cash generated from operations

1

1,141,921

645,011

Interest paid

(41,552

)

(35,289

)

Interest element of hire purchase payments paid

(12,991

)

(26,496

)

Tax paid

(134,317

)

17,652

Net cash from operating activities

953,061

600,878

Cash flows from investing activities

Purchase of tangible fixed assets

(120,022

)

(296,156

)

Purchase of fixed asset investments

(50

)

-

Sale of tangible fixed assets

46,000

85,250

Interest received

5,809

18,444

Dividends received

12,500

-

Net cash from investing activities

(55,763

)

(192,462

)

Cash flows from financing activities

Loan repayments in year

(173,784

)

(93,918

)

Capital repayments in year

(243,413

)

(232,603

)

Amount introduced by directors

355,325

350,000

Amount withdrawn by directors

(356,658

)

(405,566

)

Associated company payments

(984,536

)

(412,018

)

Equity dividends paid

(355,000

)

(350,000

)

Net cash from financing activities

(1,758,066

)

(1,144,105

)

Decrease in cash and cash equivalents

(860,768

)

(735,689

)

Cash and cash equivalents at beginning of year

2

864,277

1,599,966

Cash and cash equivalents at end of year

2

3,509

864,277

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

31/3/25

31/3/24

£

£

Profit before taxation

450,893

1,262,057

Depreciation charges

363,692

385,153

(Profit)/loss on disposal of fixed assets

(4,577

)

8,323

Finance costs

54,543

61,785

Finance income

(18,309

)

(18,444

)

846,242

1,698,874

Decrease/(increase) in stocks

628,540

(1,142,801

)

Increase in trade and other debtors

(824,701

)

(245,855

)

Increase in trade and other creditors

491,840

334,793

Cash generated from operations

1,141,921

645,011

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

580,232

864,277

Bank overdrafts

(576,723

)

-

3,509

864,277

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

864,277

1,599,966

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

Other

non-cash

At 1/4/24

Cash flow

changes

At 31/3/25

£

£

£

£

Net cash

Cash at bank

864,277

(284,045

)

580,232

Bank overdrafts

-

(576,723

)

(576,723

)

864,277

(860,768

)

3,509

Debt

Finance leases

(450,920

)

243,413

-

(545,442

)

Debts falling due

within 1 year

(209,265

)

165,828

-

(43,437

)

Debts falling due

after 1 year

(75,407

)

7,956

-

(67,451

)

(735,592

)

417,197

-

(656,330

)

Total

128,685

(443,571

)

-

(652,821

)

1.	STATUTORY INFORMATION

Fastline Steel Services UK Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The significant accounting policies applied in the preparation of these financial statements are set out below:

Depreciation rates are calculated using rates applied to write off each asset over its estimated useful life.

Finished goods and work in progress is valued at sales price less a provision for mark up based on the current margins of the company.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

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

Sale of goods

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

Interest receivable

Interest income is recognised as the company's right to receive payment is established.

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.

Improvements to property

-

over the period of the lease

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on cost

At each reporting period end, the Director considers whether there is any indication that any of it's tangible or intangible non-current assets have suffered an impairment loss. If there is an indication of an impairment loss, the recoverable amount of the asset is estimated to determine whether there has been a loss and if so, its amount.

If there has been an impairment loss, the asset is written down to it's recoverable amount, with the loss charged to expenditure. Where an impairment loss subsequently reverse, the carrying amount of the asset is increased to the revised estimate of the recoverable amount but capped at the amount that would have been determined had there been no initial impairment loss. The reversal of the impairment loss is credited to expenditure.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress

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

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

Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 profit and loss account in other administrative expenses.

4.

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

£

£

Sale of goods

20,258,046

18,123,520

20,258,046

18,123,520

5.	EMPLOYEES AND DIRECTORS

31/3/25

31/3/24

£

£

Wages and salaries

2,377,276

1,818,681

Social security costs

221,466

173,329

Other pension costs

20,098

37,266

2,618,840

2,029,276

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

31/3/25

31/3/24

Office and administration

29

30

Production

45

33

74

63

31/3/25

31/3/24

£

£

Director's remuneration

-

-

6.	OPERATING PROFIT

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

31/3/25

31/3/24

£

£

Hire of plant and machinery

5,390

3,175

Other operating leases

231,033

214,726

Depreciation - owned assets

197,060

224,895

Depreciation - assets on hire purchase contracts

166,634

160,258

(Profit)/loss on disposal of fixed assets

(4,577

)

8,323

Auditors' remuneration

21,000

20,000

Foreign exchange differences

(9,994

)

(2,894

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/3/25

31/3/24

£

£

Bank loan interest

21,536

31,349

Other interest

20,016

3,940

Hire purchase

12,991

26,496

54,543

61,785