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Company Registration Number: 00968816 NEWSMITH STAINLESS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
NEWSMITH STAINLESS LIMITED COMPANY INFORMATION
Directors | S Newton (resigned 26 November 2025)
| R J Newton
| J R Newton
| H Newton
| R A Atkins
| A J H Newton
Company secretary | J Chappell
Registered number | 00968816
Registered office | Fountain Works
| Child Lane
| Roberttown
| Liversedge
| West Yorkshire
| WF15 7PH
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accounts & Statutory Auditors
| Third Floor
| 10 South Parade
| Leeds
| West Yorkshire
| LS1 5QS
Bankers | The Royal Bank of Scotland Plc
| St Ann Street
| Manchester
| M60 2SS
Solicitors | Knights
| 10 Wellington Place
| Leeds
| West Yorkshire
| LS1 4AP
NEWSMITH STAINLESS LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3
Directors' Responsibilities Statement | 4
Independent Auditors' Report | 5 - 8
Statement of Income and Retained Earnings | 9
Statement of Financial Position | 10
Notes to the Financial Statements | 11 - 26
NEWSMITH STAINLESS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
The directors present their strategic report for the year ended 30 June 2025.
Business review
The Company continued its principal activities throughout the current year. The directors are satisfied with the performance during the year but are aware of the challenges presented going forward by the uncertain economic and political environment in certain of its key markets.
Principal risks and uncertainties
Management continually monitor the key risks facing the Company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facings the business at least annually. The principal risks and uncertainties facing the Company are as follows:
Economic Downturn
The Company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining.
Competitor Pressure
The markets in which the Company operates are considered to be relatively competitive and therefore competitor pressure could result in losing sales to key competitors. The Company manages this risk by providing quality service and products whilst maintaining strong relationships with its key customers.
Reliance on Key Suppliers
The Company's purchasing activities could expose it to over reliance on certain suppliers and inflationary pricing pressure. The Company manages this risk by ensuring there is enough breadth in its supplier base, constantly reviewing prices and seeking to find alternative suppliers where necessary.
Loss of Key Personnel
This could present operational difficulties for the Company however, management have ensured that key personnel are appropriately remunerated to reflect good performance together with ensuring there is a robust company structure in place.
Old Equipment/Technology
The risk being the reliance upon old technology or equipment. In order to mitigate this potential risk, the Company ensures all equipment is maintained and that there is continuous investment in the latest technology. Page 1
NEWSMITH STAINLESS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Financial key performance indicators
The directors consider that the key performance indicators for the Company are turnover, gross margin, profit before taxation and shareholders funds. The performance of the Company was as follows: This report was approved by the board and signed on its behalf.
................................................ R J Newton Director
Date: 13 January 2026
Page 2
NEWSMITH STAINLESS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025
Results
The profit for the year, after taxation, amounted to £543,794 (2024 - £379,274). Directors The directors who served during the year were:
S Newton (resigned 26 November 2025)
R J Newton
J R Newton
H Newton
R A Atkins
A J H Newton
Future developments
The directors are not expecting to make any significant changes to the nature of the business in the near future.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There are no post balance sheet events.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
................................................ R J Newton Director
Date: 13 January 2026
Page 3
NEWSMITH STAINLESS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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. Page 4
NEWSMITH STAINLESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSMITH STAINLESS LIMITED
Opinion
We have audited the financial statements of Newsmith Stainless Limited (the 'Company') for the year ended 30 June 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 30 June 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Auditors' 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. Page 5
NEWSMITH STAINLESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSMITH STAINLESS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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' Responsibilities Statement set out on page 4, 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. Page 6
NEWSMITH STAINLESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSMITH STAINLESS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: •we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry; •we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and •identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the entity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: •making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and •considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: •performed analytical procedures to identify any unusual or unexpected relationships; •tested journal entries to identify unusual transactions; and •assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: •agreeing financial statement disclosures to underlying supporting documentation; and •enquiring of management as to actual and potential litigation and claims. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 7
NEWSMITH STAINLESS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEWSMITH STAINLESS LIMITED (CONTINUED)
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 Auditors' 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. Matthew Osbourne (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accounts & Statutory Auditors Leeds 13 January 2026 Page 8
NEWSMITH STAINLESS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 13,111,626 | 13,011,634
Cost of sales |  | (8,179,918) | (8,602,488)
Gross profit |  | 4,931,708 | 4,409,146
Distribution costs |  | (1,654,150) | (1,716,163)
Administrative expenses |  | (2,711,763) | (2,429,516)
Intercompany write off |  | (60,000) | -
Other operating income | 5 | 100,596 | 9,600
Operating profit |  | 606,391 | 273,067
Interest receivable and similar income | 10 | 165,169 | 167,666
Interest payable and similar expenses | 11 | (3,640) | (16,259)
Profit before tax |  | 767,920 | 424,474
Tax on profit | 12 | (224,126) | (45,200)
Profit after tax |  | 543,794 | 379,274
Retained earnings at the beginning of the year |  | 8,523,191 | 8,143,917
|  | 8,523,191 | 8,143,917
Profit for the year |  | 543,794 | 379,274
Retained earnings at the end of the year |  | 9,066,985 | 8,523,191
The notes on pages 11 to 26 form part of these financial statements.
Page 9
NEWSMITH STAINLESS LIMITED REGISTERED NUMBER: 00968816 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 2,031,400 |  | 1,950,506
Investments | 14 |  | 783,481 |  | 783,481
|  |  | 2,814,881 |  | 2,733,987
Current assets |  |  |  |  |
Stocks | 15 | 1,627,929 |  | 1,904,470 |
Debtors: amounts falling due within one year | 16 | 3,802,311 |  | 4,611,679 |
Cash at bank and in hand | 17 | 5,662,747 |  | 5,049,186 |
|  | 11,092,987 |  | 11,565,335 |
Creditors: amounts falling due within one year | 18 | (4,398,720) |  | (5,369,230) |
Net current assets |  |  | 6,694,267 |  | 6,196,105
Total assets less current liabilities |  |  | 9,509,148 |  | 8,930,092
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (241,163) |  | (205,901) |
|  |  | (241,163) |  | (205,901)
Net assets |  |  | 9,267,985 |  | 8,724,191
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 1,200 |  | 1,200
Share premium account | 21 |  | 199,800 |  | 199,800
Profit and loss account | 21 |  | 9,066,985 |  | 8,523,191
|  |  | 9,267,985 |  | 8,724,191
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ R J Newton
Director
Date: 13 January 2026
The notes on pages 11 to 26 form part of these financial statements. Page 10
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
The company is a private company limited by shares incorporated and domiciled in the United Kingdom. It trades from its registered office at Fountain Works, Child Lane, Roberttown, Liversedge, West Yorkshire, WF15 7PH. The principal activity of the company during the year was the manufacture of automated cleaning and handling equipment. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Newsmith Stainless Holdings Limited as at 30 June 2025 and these financial statements may be obtained from Companies House..
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. Page 11
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.4 | Going concern
The company's current level of cash is positive at £5,662,747 (2024 - £5,049,186). This would equate to nearly three years of operating expenditure. The company's post year end performance is in line with expected levels, having maintained the positive growth obtained this year. Margins remain consistent demonstrating the ability of the company to persevere through the current economic climate. In addition, the directors have ensured that the company has sufficient liquidity in order to ensure that they have sufficient funds to cover fixed overheads for a period of at least 12 months from the signing of the financial statements. After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.
| 2.5 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 12
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.6 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 13
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 14
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.13 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on either a straight line or reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | straight line
|  |  |  | Plant and machinery | - | 15% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures and fittings | - | 15% | reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 15
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.
| 2.20 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.21 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 16
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The company recognises the following as key accounting estimates: Work-in-Progress (WIP) Determining the valuation of WIP balances requires judgement based upon the different elements within an item of WIP. The Directors use their knowledge of the business and other external factors to value the WIP items. The carrying value of WIP is set out in note 15. Trade debtors Determining whether debtor balances are recoverable requires judgements based upon credit rating of the debtors, ageing profile of debtors and historical experience of the Directors. The carrying value of trade debtors and associated provision is set out in note 16.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 13,111,626 | 13,011,634
|  | 13,111,626 | 13,011,634
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 4,852,841 | 4,398,672
| Rest of World | 8,258,785 | 8,612,962
|  | 13,111,626 | 13,011,634
Page 17
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 9,600 | 9,600
| Sundry income | 90,996 | -
|  | 100,596 | 9,600
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's annual accounts | 18,700 | 16,650
| Depreciation charge | 223,012 | 203,062
| Loss on disposal of fixed assets | 23,031 | 3,741
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 18,700 | 16,650
Page 18
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,647,185 | 3,406,018
| Social security costs | 443,283 | 390,584
| Cost of defined contribution scheme | 187,594 | 217,606
|  | 4,278,062 | 4,014,208
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production staff | 41 | 40
|  | Administrative staff | 16 | 16
|  |  | 57 | 56
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 1,243,897 | 1,042,674
| Company contributions to defined contribution pension schemes | 88,762 | 109,628
|  | 1,332,659 | 1,152,302
| During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £797,219 (2024 - £709,448).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2024 - £32,500).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 165,169 | 167,666
|  | 165,169 | 167,666
Page 19
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdraft interest payable | 3,637 | 16,259
| Other interest payable | 3 | -
|  | 3,640 | 16,259
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 197,805 | 75,907
| Adjustments in respect of previous periods | (8,941) | (47,872)
|  | 188,864 | 28,035
| Total current tax | 188,864 | 28,035
| Deferred tax |  |
| Origination and reversal of timing differences | 35,262 | 17,165
| Total deferred tax | 35,262 | 17,165
| Tax on profit | 224,126 | 45,200
Page 20
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 767,920 | 424,474
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 191,980 | 106,119
| Effects of: |  |
| Fixed asset differences | 21,109 | 21,638
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,606 | 2,526
| Other permanent differences | - | (601)
| Group relief surrendered/(claimed) | - | (25,378)
| Adjustments to tax charge in respect of prior periods | 4,637 | (47,872)
| Movement in deferred tax not recognised | 1,076 | 4,458
| Additional deduction for R&D expenditure | 2,718 | (15,690)
| Total tax charge for the year | 224,126 | 45,200
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 July 2024 | 1,354,164 | 1,907,098 | 595,061 | 434,361 | 4,290,684
| Additions | - | 242,922 | 140,875 | - | 383,797
| Disposals | - | - | (122,909) | - | (122,909)
| At 30 June 2025 | 1,354,164 | 2,150,020 | 613,027 | 434,361 | 4,551,572
| Depreciation |  |  |  |  |
| At 1 July 2024 | 315,715 | 1,345,881 | 278,507 | 400,075 | 2,340,178
| Charge for the year on owned assets | 18,105 | 120,620 | 79,144 | 5,143 | 223,012
| Disposals | - | - | (43,018) | - | (43,018)
| At 30 June 2025 | 333,820 | 1,466,501 | 314,633 | 405,218 | 2,520,172
| Net book value |  |  |  |  |
| At 30 June 2025 | 1,020,344 | 683,519 | 298,394 | 29,143 | 2,031,400
| At 30 June 2024 | 1,038,449 | 561,217 | 316,554 | 34,286 | 1,950,506
| The net book value of land and buildings may be further analysed as follows: Freehold Property of £449,029 (2024 - £467,134) and Land of £571,315 (2024 - £571,315).
14. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 783,481
| At 30 June 2025 | 783,481
Page 22
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Willow Valley Farms Limited | Ordinary | 100%
| Willow Valley Golf & Country Club Limited | Ordinary | 100%
| Oliver Douglas Limited | Ordinary | 100%
| Newsmith Pacific Systems Limited | Ordinary | 100%
| Hiley Engineering Limited | Ordinary | 100%
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 460,019 | 570,149
| Work in progress | 1,167,910 | 1,334,321
|  | 1,627,929 | 1,904,470
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,494,345 | 3,177,940
| Amounts owed by group companies | 1,208,278 | 1,230,781
| Other debtors | 5,731 | 108,871
| Prepayments and accrued income | 93,957 | 94,087
|  | 3,802,311 | 4,611,679
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 5,662,747 | 5,049,186
|  | 5,662,747 | 5,049,186
Page 23
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,273,388 | 1,366,951
| Corporation tax | 76,693 | -
| Other taxation and social security | 126,139 | 117,113
| Other creditors | 2,419,178 | 2,738,833
| Accruals and deferred income | 503,322 | 1,146,333
|  | 4,398,720 | 5,369,230
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 205,901
| Charged to profit or loss | (35,262)
| At end of year | 241,163
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 242,320 | 207,145
| Short term timing differences | (1,157) | (1,244)
|  | 241,163 | 205,901
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,200 (2024 - 1,200) Ordinary shares of £1.00 each | 1,200 | 1,200
Page 24
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
21. | Reserves
Share premium account Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Profit and loss account Includes all current and prior period retained profits and losses.
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £187,594 (2024 - £217,605). Contributions totalling £11,839 (2024 - £11,464) were payable to the fund at the reporting date. 23.Other financial commitments A deed of set off and an unlimited inter-company guarantee exists between Newsmith Stainless Holdings Limited, Newsmith Stainless Limited, Oliver Douglas Limited, Willow Valley Farms Limited, and Willow Valley Golf & Country Club Limited, the maximum liability at the year end was £617,838 (2024 - £1,002,012).
24. | Transactions with Directors
Included within creditors is an amount due to R J Newton of £5,437 (2024 - £6,292). The balance is interest free and repayable on demand. Included within creditors is an amount due to S Newton of £4,735 (2024 - £94). The balance is interest free and repayable on demand. Included within creditors is an amount due to A Newton of £932 (2024 - £506). The balance is interest free and repayable on demand.
25. | Related party transactions
| The company has taken advantage of the exemption contained in Section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions or balances with entities which form part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available. The directors of Newsmith Stainless Limited are also the directors of Half Acre Eggs Limited. During the year, the company made purchases from and sales to Half Acre Eggs Limited of £30,142 (2024 - £30,159) and £1,200 (2024 - £1,200) respectively. At the year end, an amount of £8,681 (2024 - £8,686) was owed to Half Acre Eggs Limited. The balance is interest free and repayable on demand. During the year, £66,000 (2024 - £66,000) was paid in respect of storage charges to the John Newton 2002 Trust of which R J Newton is a trustee. Sales to John Newton 2002 Trust totalled £36 (2024 - £472). At the year end, an amount of £Nil (2024 - £108) was owed from John Newton 2002 Trust. The balance is interest free and repayable on demand.
Page 25
NEWSMITH STAINLESS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
26. | Controlling party
The parent company is Newsmith Stainless Holdings Limited, a company incorporated in the United Kingdom. During the year the ultimate controlling party was R J Newton, a director and shareholder of Newsmith Stainless Holdings Limited.
Page 26