Company registration number 02319502 (England and Wales)
STEELCO (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2025
One Bell Lane
Lewes
East Sussex
BN7 1JU
STEELCO (UK) LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
STEELCO (UK) LIMITED
COMPANY INFORMATION
- 1 -
Directors
A Fowle
N Fowle
M Fowle
E Fowle
S Fowle
Secretary
A Fowle
Company number
02319502
Registered office
Tremlon House
Menzie Road
Hastings
East Sussex
TN38 9BQ
Auditor
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
STEELCO (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 2 -

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

Review of the business

Steelco operates in the midlands, the heart of the steel trade. Its principle trade is as steel processors, stockists and traders. We provide a reliable service to our many customers which is the key to our success.

This year has shown a weakness in the steel market characterised by tighter margins and lower overall demand as the weaker PMI for manufacturing evinces with many of our competitors losing money, we feel that our results for this difficult year are more than satisfactory.

Principal risks and uncertainties

- We operated this year in a rather depressed market but in spite of that our s uperior service and quality has enabled us to once again make a decent net profit w hen many of our competitors struggle to do so. We look forward to a possibly better market when next year unfolds.

- Credit risk: Our sales are credit insured by HSBC.

Key performance indicators
2025
2024
£
£
Turnover
23,703,367
25,229,463
Net profit before interest and taxation
694,210
1,019,166
SECTION 172(1) STATEMENT

The director's duty primarily is to promote the success of the company for the benefit of its shareholders and its staff.

The directors are aware of their duty under section 172 and take into consideration the following key areas: -

a) the likely consequences of any decision in the long term .

b) the interests of the company employees.

c)the need to foster the company's relationships with suppliers, customers and others .

d)the impact of the company's operations on the community and environment.

e) the desirability of the company maintaining a reputation for high standards of business conduct.

f) the need to act fairly as between members of the company.

On behalf of the board

A Fowle
Director
6 January 2026
STEELCO (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of steel stockholders and processors and traders

in steel.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £280,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid.

Directors

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

A Fowle
N Fowle
M Fowle
E Fowle
S Fowle
Statement of disclosure to auditor

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

Auditors

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

On behalf of the board
A Fowle
Director
6 January 2026
STEELCO (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
- 4 -

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

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

STEELCO (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STEELCO (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Steelco (UK) Limited (the 'company') for the year ended 31 July 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 July 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

STEELCO (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STEELCO (UK) LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

STEELCO (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STEELCO (UK) LIMITED
- 7 -

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities .This description forms part of our auditor’s report.

STEELCO (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STEELCO (UK) LIMITED
- 8 -

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.

Jeff Fletcher FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
8 January 2026
Office: Lewes
STEELCO (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
23,703,367
25,229,463
Cost of sales
(20,970,468)
(22,064,223)
Gross profit
2,732,899
3,165,240
Distribution costs
(787,118)
(788,237)
Administrative expenses
(1,251,571)
(1,357,837)
Operating profit
4
694,210
1,019,166
Interest receivable and similar income
8
17,356
-
0
Interest payable and similar expenses
9
(42,029)
(30,765)
Profit before taxation
669,537
988,401
Tax on profit
10
(167,308)
(247,415)
Profit for the financial year
502,229
740,986

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

There were no items of other comprehensive income in the year.

STEELCO (UK) LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,616,575
3,879,080
Current assets
Stocks
13
1,409,449
1,726,936
Debtors
14
9,827,193
8,603,784
Cash at bank and in hand
-
0
1
11,236,642
10,330,721
Creditors: amounts falling due within one year
15
(1,579,561)
(1,104,474)
Net current assets
9,657,081
9,226,247
Total assets less current liabilities
13,273,656
13,105,327
Provisions for liabilities
Deferred tax liability
16
427,600
481,500
(427,600)
(481,500)
Net assets
12,846,056
12,623,827
Capital and reserves
Called up share capital
17
201,000
201,000
Revaluation reserve
1,175,782
1,199,274
Profit and loss reserves
11,469,274
11,223,553
Total equity
12,846,056
12,623,827
The financial statements were approved by the board of directors and authorised for issue on 6 January 2026 and are signed on its behalf by:
A Fowle
Director
Company registration number 02319502 (England and Wales)
STEELCO (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2023
201,000
1,222,766
10,939,075
12,362,841
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
740,986
740,986
Dividends
11
-
-
(480,000)
(480,000)
Other movements
-
(23,492)
23,492
-
Balance at 31 July 2024
201,000
1,199,274
11,223,553
12,623,827
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
502,229
502,229
Dividends
11
-
-
(280,000)
(280,000)
Other movements
-
(23,492)
23,492
-
Balance at 31 July 2025
201,000
1,175,782
11,469,274
12,846,056
STEELCO (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
1,877,671
3,002,963
Interest paid
(42,029)
(30,765)
Income taxes paid
(167,355)
(340,925)
Net cash inflow from operating activities
1,668,287
2,631,273
Investing activities
Purchase of tangible fixed assets
(3,580)
(453,421)
Proceeds from disposal of tangible fixed assets
-
0
29,000
Interest received
17,356
-
0
Net cash generated from/(used in) investing activities
13,776
(424,421)
Financing activities
Amount (repaid)/introduced (to)/by directors
(134,000)
620,000
Related party loan
(1,268,064)
(2,347,515)
Dividends paid
(280,000)
(480,000)
Net cash used in financing activities
(1,682,064)
(2,207,515)
Net decrease in cash and cash equivalents
(1)
(663)
Cash and cash equivalents at beginning of year
1
664
Cash and cash equivalents at end of year
-
0
1
STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 13 -
1
Accounting policies
Company information

Steelco (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tremlon House, Menzie Road, Hastings, East Sussex, TN38 9BQ.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

1.4
Tangible fixed assets

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

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

Freehold land and buildings
2% on valuation
Plant and equipment
5% and 20% reducing balance
Fixtures and fittings
15% on reducing balance
Computers
25% on cost
Motor vehicles
12.5% on cost and 6 years straight line
STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 14 -

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

Freehold land and buildings were revalued in 2021 and the associated deferred tax has been recognised in the financial statements.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Finished goods which have been delivered to customers but not invoiced, are valued at the lower of cost, processing and delivery, and estimated selling price.

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

1.7
Cash and cash equivalents

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

STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 15 -
1.8
Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

Deferred tax

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

STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Employee benefits

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

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

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
23,703,367
25,229,463
2025
2024
£
£
Turnover analysed by geographical market
United kingdom
23,703,367
25,229,463
STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Other revenue
Interest income
17,356
-
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(22)
14
Fees payable to the company's auditor for the audit of the company's financial statements
13,500
8,100
Depreciation of owned tangible fixed assets
266,085
232,867
Profit on disposal of tangible fixed assets
-
(27,025)
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,500
8,100
For other services
Taxation compliance services
1,500
1,500
All other non-audit services
3,645
-
0
5,145
1,500
6
Employees

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

2025
2024
Number
Number
32
29
STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,420,130
1,500,067
Social security costs
166,179
170,102
Pension costs
83,970
83,042
1,670,279
1,753,211
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
59,695
42,342
Company pension contributions to defined contribution schemes
1,229
1,083
60,924
43,425

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
17,356
-
0
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest
41,410
30,697
Factoring charges
619
68
42,029
30,765
STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 20 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
221,208
171,115
Deferred tax
Origination and reversal of timing differences
(53,900)
76,300
Total tax charge
167,308
247,415

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

2025
2024
£
£
Profit before taxation
669,537
988,401
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
167,384
247,100
Tax effect of expenses that are not deductible in determining taxable profit
(76)
264
-
0
51
Taxation charge for the year
167,308
247,415
11
Dividends
2025
2024
£
£
Final paid
280,000
480,000

The dividend in respect of the 8.75% preference shares has been waived, as in the previous year.

STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 21 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 August 2024
2,275,000
1,793,539
153,752
53,730
991,108
5,267,129
Additions
-
0
3,580
-
0
-
0
-
0
3,580
At 31 July 2025
2,275,000
1,797,119
153,752
53,730
991,108
5,270,709
Depreciation and impairment
At 1 August 2024
148,260
867,931
122,446
44,280
205,132
1,388,049
Depreciation charged in the year
42,362
58,043
4,139
4,030
157,511
266,085
At 31 July 2025
190,622
925,974
126,585
48,310
362,643
1,654,134
Carrying amount
At 31 July 2025
2,084,378
871,145
27,167
5,420
628,465
3,616,575
At 31 July 2024
2,126,740
925,608
31,306
9,450
785,976
3,879,080

Included in cost or valuation of land and buildings is freehold land of £156,900 (2024: £156,900) which is not depreciated.

There is a legal charge over the freehold property in support of loans made to Fowle & CO Limited by the Fowle Executive Pension Scheme. Fowle & Co Limited has a participating interest in Steelco (UK) Limited and is controlled by the same directors.

Land and buildings with a carrying amount of £2,084,378 were revalued at 27th June 2025 by a qualified independent valuers not connected with the company on the basis of market value. The valuation conforms to the RICS "Red book" valuation approach.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Cost
993,510
993,510
Accumulated depreciation
(345,118)
(325,248)
Carrying value
648,392
668,262
STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
13
Stocks
2025
2024
£
£
Raw materials
1,162,254
1,355,907
Finished goods
247,195
371,029
1,409,449
1,726,936
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
5,958,973
6,102,071
Other debtors
3,615,580
2,414,752
Prepayments and accrued income
252,640
86,961
9,827,193
8,603,784

Within Other debtors is £3,615,580 (2024: £2,347,516) owed by an entity which holds a participating interest in the company and is under common control. This amount is interest free and repayable on demand.

Included in trade debtors are factored debts amounting to £5,957,134 (202 4 - £6,099,442) consisting of Gross debt of £5,973,457 (2024: £6,098,447) and Non-returnable proceeds of £16,323 (2024: £955). These debts are factored without recourse to the company for losses.

15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
170,772
108,301
Corporation tax
(2,031)
-
0
Other taxation and social security
150,712
46,034
Other creditors
609,118
632,001
Accruals and deferred income
650,990
318,138
1,579,561
1,104,474

Within Other creditors are Directors' current accounts totalling £586,000 (2024: £620,000).

STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 23 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
427,600
481,500
2025
Movements in the year:
£
Liability at 1 August 2024
481,500
Credit to profit or loss
(53,900)
Liability at 31 July 2025
427,600
17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
600
600
600
600
B Ordinary Shares of £1 each
400
400
400
400
1,000
1,000
1,000
1,000
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
8.75% Preference Shares of £1 each
200,000
200,000
200,000
200,000
Preference shares classified as equity
200,000
200,000
Total equity share capital
201,000
201,000
STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 24 -
18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Entities with control, joint control or significant influence over the company
311,508
112,068
19,592,952
20,887,916
Entities with control, joint control or significant influence over the company
2025
2024
£
£
Management charge expenses
48,000
78,000
Diesel and lorry rental expenses
167,738
183,763
Amounts due from related parties - Fowle & Co Limited
3,615,580
2,347,516

Purchases of materials have been charged to Steelco (UK) Limited at the cost at which the related party bought the materials originally.

Other recharges expenses amounting to £377,998 (2024: £63,411) from Fowle & Co Limited relates to other over head costs, including insurance, professional fees, storage costs and pricing adjustments. Both Fowle & Co Limited and Steelco (UK) limited are controlled by the directors A Fowle and N Fowle.

At the year end there was £489,000 (2024: £293,117) of accrued expenditure in respect of post year end purchases from this this entity.

Directors Loan Account

Amounts due to directors at the year end total l ed £5 86,000 (2024: £620,000). The amount is unsecured, carries interest at 3.5% above base, and is repayable on demand. Interest during the year amounted to £41,410 (2024: £30,481).

19
Ultimate controlling party

The company is controlled by the directors A Fowle and N Fowle.

STEELCO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 25 -
20
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
502,229
740,986
Adjustments for:
Taxation charged
167,308
247,415
Finance costs
42,029
30,765
Investment income
(17,356)
-
0
Gain on disposal of tangible fixed assets
-
(27,025)
Depreciation and impairment of tangible fixed assets
266,086
232,867
Movements in working capital:
Decrease in stocks
317,487
229,154
(Increase)/decrease in debtors
(11,230)
1,938,054
Increase/(decrease) in creditors
611,118
(389,253)
Cash generated from operations
1,877,671
3,002,963
21
Analysis of changes in net funds
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
1
(1)
-
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