Company registration number 00973101 (England and Wales)
FOWLE & CO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2025
One Bell Lane
Lewes
East Sussex
BN7 1JU
FOWLE & CO LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 31
FOWLE & CO LIMITED
COMPANY INFORMATION
- 1 -
Directors
A Fowle
N Fowle
Mrs E Fowle
Mrs B Fowle
M Fowle
E Fowle
S Fowle
Secretary
A Fowle
Company number
00973101
Registered office
Tremlon House
Menzie Road
Hastings
East Sussex
TN38 9BQ
Auditor
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
FOWLE & CO 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

Another year passes in the steel trade with demand in the UK being somewhat muted with the PMI figure for manufacturing being in negative territory for the entire period - which actually is quite unusual with steel prices rising like some stricken animal only to fall back again. However, I don't think we can complain that we made £655,000 net profit in this dull market, our associate company Steelco made £669,000. Several of our competitors lost money - which looking over the last 10 years or so is quite unusual - testimony to the poor conditions prevailing.

Our profits over the last few years rather than being paid out in vast dividends as some have done we have retained and now invest in a number of timed deposits with our bank and as interest is falling we have turned to gilt edge securities offering 4.5 % and better, after our year end we have expanded our purchases in this area it has proved a very useful adjunct to our business.

We are looking to next year with protectionist policies by the UK and most of Europe attempting to maintain steel prices which have been weakened by cheaper imports from outside the EU, it will be interesting to see the outcome of these efforts.

As usual we will follow the gyrations in steel prices closely and try and keep on the right side of the market.

Principal risks and uncertainties

- Fluctuations in steel prices: N othing new there - we just have to continue following the market movements a nd trying to second guess the likely outcome, of course something we have been doing now for over 50 years.

- C re dit risk: O ur sales are covered by credit protection by HSBC invoice finance.

- Health and Safety: The nature of the company’s operations requires ongoing attention to safety standards and staff training.

Key performance indicators
2025
2024
£
£
Turnover
46,069,058
50,132,487
Net profit before interest and taxation
707,420
953,911
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.

FOWLE & CO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 3 -

On behalf of the board

A Fowle
Director
6 January 2026
FOWLE & CO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2025
- 4 -

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 10.

Ordinary dividends were paid amounting to £172,000. The directors do not recommend payment of a further dividend.

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
Mrs E Fowle
Mrs B 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.

On behalf of the board
A Fowle
Director
6 January 2026
FOWLE & CO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2025
- 5 -

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.

FOWLE & CO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOWLE & CO LIMITED
- 6 -
Opinion

We have audited the financial statements of Fowle & Co 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.

FOWLE & CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOWLE & CO LIMITED
- 7 -

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.

FOWLE & CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOWLE & CO LIMITED
- 8 -

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.

FOWLE & CO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FOWLE & CO LIMITED
- 9 -

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
FOWLE & CO LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
46,069,057
50,132,484
Cost of sales
(42,540,673)
(46,540,000)
Gross profit
3,528,384
3,592,484
Distribution costs
(1,269,653)
(1,260,916)
Administrative expenses
(2,195,421)
(2,057,007)
Other operating income
54,977
81,778
Operating profit
4
118,287
356,339
Interest receivable and similar income
8
589,133
597,569
Interest payable and similar expenses
9
(51,705)
(131,957)
Profit before taxation
655,715
821,951
Tax on profit
10
(179,868)
(206,379)
Profit for the financial year
475,847
615,572

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.

FOWLE & CO LIMITED
BALANCE SHEET
AS AT
31 JULY 2025
31 July 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,229,324
3,695,939
Investment property
13
158,620
-
0
Investments
14
1,091,270
602,000
4,479,214
4,297,939
Current assets
Stocks
17
5,314,055
5,859,384
Debtors
18
7,660,399
8,483,082
Cash at bank and in hand
16
13,946,003
14,002,011
26,920,457
28,344,477
Creditors: amounts falling due within one year
19
(13,515,361)
(14,984,786)
Net current assets
13,405,096
13,359,691
Total assets less current liabilities
17,884,310
17,657,630
Creditors: amounts falling due after more than one year
20
-
0
(26,667)
Provisions for liabilities
Deferred tax liability
22
584,700
635,200
(584,700)
(635,200)
Net assets
17,299,610
16,995,763
Capital and reserves
Called up share capital
23
500,000
500,000
Revaluation reserve
766,384
780,795
Profit and loss reserves
16,033,226
15,714,968
Total equity
17,299,610
16,995,763
FOWLE & CO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2025
31 July 2025
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

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 00973101 (England and Wales)
FOWLE & CO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2025
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 August 2023
500,000
795,238
15,356,953
16,652,191
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
615,572
615,572
Dividends
11
-
-
(272,000)
(272,000)
Other movements
-
(14,443)
14,443
-
Balance at 31 July 2024
500,000
780,795
15,714,968
16,995,763
Year ended 31 July 2025:
Profit and total comprehensive income
-
-
475,847
475,847
Dividends
11
-
-
(172,000)
(172,000)
Other movements
-
(14,411)
14,411
-
Balance at 31 July 2025
500,000
766,384
16,033,226
17,299,610
FOWLE & CO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(412,922)
1,053,691
Interest paid
(51,705)
(131,957)
Income taxes paid
(192,349)
(75,718)
Net cash (outflow)/inflow from operating activities
(656,976)
846,016
Investing activities
Purchase of tangible fixed assets
(175,327)
(174,284)
Proceeds from disposal of tangible fixed assets
56,306
-
0
Purchase of fixed asset investments
(489,270)
-
0
Interest received
589,133
597,569
Net cash (used in)/generated from investing activities
(19,158)
423,285
Financing activities
Repayment of borrowings
(60,000)
(93,334)
Amount withdrawn by directors
(415,938)
(1,994,252)
Related party loan
1,268,064
2,347,516
Dividends paid
(172,000)
(272,000)
Net cash generated from/(used in) financing activities
620,126
(12,070)
Net (decrease)/increase in cash and cash equivalents
(56,008)
1,257,231
Cash and cash equivalents at beginning of year
14,002,011
12,744,780
Cash and cash equivalents at end of year
13,946,003
14,002,011
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2025
- 15 -
1
Accounting policies
Company information

Fowle & Co 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 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
Leasehold land and buildings
over the period of the lease
Plant and equipment
5% and 20% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% on cost
Motor vehicles
20% reducing balance, 12.5% on cost and 6 years straight line
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 16 -

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 2023 and the associated deferred tax has been recognised in the financial statements. Freehold land is not depreciated.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.7
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.

FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 17 -

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.

1.8
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.

1.9
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.

1.10
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.

FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 18 -
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.

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.

FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

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

1.11
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.

1.12
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.

1.13
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.

1.14
Retirement benefits

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

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 20 -
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
46,069,057
50,132,484
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
46,069,057
50,132,484
2025
2024
£
£
Other revenue
Interest income
589,133
597,569
4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Exchange losses
398
-
0
Depreciation of owned tangible fixed assets
377,193
396,748
Loss on disposal of tangible fixed assets
49,823
-
Operating lease charges
148,580
128,672
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 21 -
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
23,000
13,500
For other services
Taxation compliance services
2,000
1,500
All other non-audit services
8,667
-
0
10,667
1,500
6
Employees

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

2025
2024
Number
Number
Office and management
10
7
Production
11
11
Sales and distribution
13
11
Total
34
29

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,197,161
2,077,058
Social security costs
268,904
241,455
Pension costs
38,341
37,643
2,504,406
2,356,156
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 22 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
561,030
489,687
Company pension contributions to defined contribution schemes
5,215
5,215
566,245
494,902

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2024 - 7).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
162,572
149,671
Company pension contributions to defined contribution schemes
1,321
1,321
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
589,133
597,569
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
51,705
131,957
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
230,368
278,379
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
10
Taxation
2025
2024
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(50,500)
(72,000)
Total tax charge
179,868
206,379

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
655,715
821,951
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
163,929
205,488
Tax effect of expenses that are not deductible in determining taxable profit
15,939
891
Taxation charge for the year
179,868
206,379
11
Dividends
2025
2024
£
£
Final paid
172,000
272,000
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 24 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 August 2024
970,000
211,485
2,795,335
564,257
77,107
1,870,734
6,488,918
Additions
-
0
-
0
-
0
-
0
-
0
175,327
175,327
Disposals
-
0
-
0
-
0
-
0
-
0
(355,271)
(355,271)
Transfer to investment property
-
0
(164,373)
-
0
-
0
-
0
-
0
(164,373)
At 31 July 2025
970,000
47,112
2,795,335
564,257
77,107
1,690,790
6,144,601
Depreciation and impairment
At 1 August 2024
24,027
14,963
1,467,209
454,345
62,871
769,564
2,792,979
Depreciation charged in the year
16,960
5,295
81,430
16,486
6,331
250,691
377,193
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(249,142)
(249,142)
Transfer to investment property
-
0
(5,753)
-
0
-
0
-
0
-
0
(5,753)
At 31 July 2025
40,987
14,505
1,548,639
470,831
69,202
771,113
2,915,277
Carrying amount
At 31 July 2025
929,013
32,607
1,246,696
93,426
7,905
919,677
3,229,324
At 31 July 2024
945,973
196,522
1,328,126
109,912
14,236
1,101,170
3,695,939
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 25 -

Included in cost or valuation of land and buildings is freehold land of £50,000 (2024: £50,000) which is not depreciated.

Land and buildings with a carrying amount of £929,013 were revalued on 3 April 2023 by qualified independent chartered surveyors 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
176,355
176,335
Accumulated depreciation
(61,596)
(58,069)
Carrying value
114,759
118,266
13
Investment property
2025
£
Fair value
At 1 August 2024
-
0
Transfers from owner-occupied property
158,620
At 31 July 2025
158,620

The fair value of the investment property at 31 July 2025 has been determined by the directors using market evidence of recent transactions for similar properties in the area. No independent valuation was obtained.

14
Fixed asset investments
2025
2024
Notes
£
£
Investments in associates
15
602,000
602,000
Listed investments
489,270
-
0
1,091,270
602,000
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
14
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Investments in associates
Listed investments
Total
£
£
£
Cost or valuation
At 1 August 2024
602,000
-
602,000
Additions
-
489,270
489,270
At 31 July 2025
602,000
489,270
1,091,270
Carrying amount
At 31 July 2025
602,000
489,270
1,091,270
At 31 July 2024
602,000
-
602,000
15
Associates

Details of the company's associates at 31 July 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Steelco (UK) Limited
Tremlon House, Menzies Road, Hastings, East Sussex, England, TN38 9BQ
'B' Ordinary Shares
100.00
Steelco (UK) Limited
As above
8.75% Preference shares
100.00
16
Cash at bank and in hand

Cash in bank and in hand includes a balance on deposit of £12,750,000 which are held at call with banks and £1,196,003 held in current accounts.

17
Stocks
2025
2024
£
£
Raw materials
4,971,976
5,483,856
Finished goods
342,079
375,528
5,314,055
5,859,384
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 27 -
18
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
6,529,727
7,548,350
Other debtors
4,960
269,412
Prepayments and accrued income
1,125,712
665,320
7,660,399
8,483,082

Included in trade debtors are factored debts amounting to £6,521,962 (202 4 - £7,505,787) consisting of Gross debt of £6,518,013 (2024: £7,497,484) and Non-returnable proceeds of £3,949 (2024: £8,303). These debts are factored without recourse to the company for losses.

19
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Other borrowings
21
26,667
60,000
Trade creditors
8,800,794
11,456,316
Amounts owed to undertakings in which the company has a participating interest
3,615,580
2,347,516
Corporation tax
165,368
127,347
Other taxation and social security
212,982
65,915
Other creditors
557,692
869,803
Accruals and deferred income
136,278
57,889
13,515,361
14,984,786

Amounts due to undertakings in which the company has a participating interest is an unsecured loan with no interest and repayable on demand.

Within Other creditors are Directors' current accounts totalling £537,777 (2024: £853,716).

20
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
21
-
0
26,667
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 28 -
21
Loans and overdrafts
2025
2024
£
£
Other loans
26,667
86,667
Payable within one year
26,667
60,000
Payable after one year
-
0
26,667

The long-term loans are secured by fixed charges over the freehold property held by Fowle & Co Limited.

At the balance sheet date the company had a loan of £26,667 (2024: £86,667) due to Fowle Executive Pension Fund, a related party under common control.

The loan is repayable within one year, bears interest at 3% above base and is secured by a fixed charge over the company’s freehold property.

The loan agreement contains no restrictive covenants other than maintaining adequate security cover.

22
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
584,700
635,200
2025
Movements in the year:
£
Liability at 1 August 2024
635,200
Credit to profit or loss
(50,500)
Liability at 31 July 2025
584,700
FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 29 -
23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 25p each
1,200,000
1,200,000
300,000
300,000
Ordinary shares of 25p each
800,000
800,000
200,000
200,000
2,000,000
2,000,000
500,000
500,000

The voting rights and rights on winding up are the same for the A ordinary shares and the ordinary shares.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
147,395
147,395
Between two and five years
349,087
454,087
In over five years
311,400
353,795
807,882
955,277
25
Related party transactions
Transactions with related parties

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

FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
25
Related party transactions
(Continued)
- 30 -
Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Entities over which the entity has control, joint control or significant influence
19,592,952
20,877,916
311,508
112,068
Entities over which the entity has control, joint control or significant influence
2025
2024
£
£
Management charge income
48,000
78,000
Diesel and lorry rental income
167,738
183,763
Rent payable
105,000
86,278
Interest payable
4,190
10,983
Amounts due to related parties - Steelco (UK) Limited
3,615,580
2,347,516
Amounts due to related parties -
Loan from Fowle Executive Pension Fund
26,667
86,667

Other recharges amounting to £377,998 (2024: £63,411) to Steelco (UK) 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 income in respect of post year end sales to Steelco (UK) Limited.

Transactions with company under common control - Fowle Executive Pension Fund

The company paid rent of £105,000 (2024: £86,278) for the use of the trading premises. The amount due to this Fund at the year end in respect of a loan is £26,667 (£86,667). There was interest paid in the year on this loan totalling £4,190 (£10,983).

Directors Loan Account

Amounts due to directors at the year end total l ed £5 37,776 (2024: £853,716). The amount is unsecured, carries interest at 3.5% above base, and is repayable on demand. Interest during the year amounted to £47,367 (2024: £119,989).

Transactions with connected individual

The company received rental income of £6,000 (2024: £2,000) from a property let to a connected individual, being a family member of the company's shareholders.

26
Ultimate controlling party

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

FOWLE & CO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2025
- 31 -
27
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit for the year after tax
475,847
615,572
Adjustments for:
Taxation charged
179,868
206,379
Finance costs
51,705
131,957
Investment income
(589,133)
(597,569)
Loss on disposal of tangible fixed assets
49,823
-
Depreciation and impairment of tangible fixed assets
377,193
396,748
Movements in working capital:
Decrease/(increase) in stocks
545,329
(1,110,290)
Decrease in debtors
822,683
908,829
(Decrease)/increase in creditors
(2,326,237)
502,065
Cash (absorbed by)/generated from operations
(412,922)
1,053,691
28
Analysis of changes in net funds
1 August 2024
Cash flows
31 July 2025
£
£
£
Cash at bank and in hand
14,002,011
(56,008)
13,946,003
Borrowings excluding overdrafts
(86,667)
60,000
(26,667)
13,915,344
3,992
13,919,336
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