Company registration number 05859449 (England and Wales)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
SHROPSHIRE STAINLESS & ALUMINIUM LTD
COMPANY INFORMATION
Director
G James
Company number
05859449
Registered office
1 The Sidings
Harlescott Lane
Shrewsbury
SY1 3AH
Auditor
Black Fox Audit LLP
Fletchers Business Centre
Grendon Road
Polesworth
Tamworth
B78 1NS
SHROPSHIRE STAINLESS & ALUMINIUM LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
SHROPSHIRE STAINLESS & ALUMINIUM LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

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

Review of the business

The summarised results for the year were as follows:

| £ | £
Sales | 21,324,951 | 21,143,739
Loss before tax | 446,518 | 83,839
Net assets | 6,419,237 | 7,071,257

Stock days: 124 days (2024: 107 days)

Debtors days: 85 days (2024: 80 days)

The financial year 2025 surprisingly proved to be one of the business’s biggest tests in its history however yet again a test that was overcome.

With low demand witnessed the previous year still present, margin was under greater pressure, which contributed to the result. Prices dropped further and although profits were disappointing the business saw a 7% increase in tonnage which is reflected in the turnover.

Aerospace still hasn’t lived up to its full expectations so with that in mind the business has explored other sectors for new business, with success. That said aerospace demand has slowly increased most recently, which has delivered a positive result in Q1 25/26 with tonnage up a further 11% on the same period last year.

Unprecedented costs to the business have contributed to 75% of the P&L position for the year, an example of these costs were realigning stocks, aged and expensive, to be relevant to the current demands of the market. Furthermore, the management have been unwilling to reduce staffing levels or infrastructure so the business can respond immediately to the demand that will be seen from the growth plans, this has further compounded the situation. These are lessons learnt from the days of the pandemic when after releasing staff it was impossible to reemploy to the same levels of experience when the demand returned. It has taken three years to rebuild these skillset levels and it’s a mistake that the business does not want to repeat.

The future for the business is extremely bright with plans already underway including new offices opening and the expansion of the existing operation in Bristol. The business continues to invest in plant with a handful of assets that will increase its capacity further.

Principal risks and uncertainties

The company has acted to minimise risk where possible, including appropriate insurance cover and monitoring foreign exchange movements.

The immediate uncertainty is the stability of metal prices that have weakened in 2025. The strength of the company is its close working relationships with it's suppliers, which will help mitigate this uncertainty.

Development and performance

The company continues to focus on seeking new customers and maintaining high levels of service.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -
Key performance indicators

The company uses key performance indicators to monitor activity, two of which are stock days and debtors days.

Stock levels have been actively managed in 2025 which stock days increasing over the period due to higher stock levels and sales at a similar level to 2024.

A key focus remains on debt collection and debt management. The measure of debtor days has increased this year.

Other performance indicators

The company uses a range of other performance indicators across the business for example, health and safety reporting.

On behalf of the board

G James
Director
22 January 2026
SHROPSHIRE STAINLESS & ALUMINIUM LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company continued to be that of a multi-metal stockholder.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £329,808. The director does not recommend payment of a final dividend.

Director

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

G James
Auditor

Black Fox Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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
G James
Director
22 January 2026
SHROPSHIRE STAINLESS & ALUMINIUM LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2025
- 4 -

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

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

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

SHROPSHIRE STAINLESS & ALUMINIUM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHROPSHIRE STAINLESS & ALUMINIUM LTD
- 5 -
Opinion

We have audited the financial statements of Shropshire Stainless & Aluminium Ltd (the 'company') for the year ended 31 August 2025 which comprise the profit and loss account, 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 August 2025 and of its loss 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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.

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 director's 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 director's report have been prepared in accordance with applicable legal requirements.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHROPSHIRE STAINLESS & ALUMINIUM LTD (CONTINUED)
- 6 -
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 director's 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which out procedures are capable of detecting irregularities, including fraud, is detailed below:

- Enquiring of management and those charged with governance around actual and potential litigation and claims;

- Enquiring of entity staff to identify any instance of non-compliance with laws and regulations;

- Reviewing minutes of meeting of those charged with governance;

- We performed testing on the financial statement disclosures to supporting documentation, performing substantive testing on account balances which were considered to be a greater risk of susceptibility to fraud and to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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 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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHROPSHIRE STAINLESS & ALUMINIUM LTD (CONTINUED)
- 7 -

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.

Susan Heard BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Black Fox Audit LLP, Statutory Auditor
Chartered Accountants
Fletchers Business Centre
Grendon Road
Polesworth
Tamworth
B78 1NS
23 January 2026
SHROPSHIRE STAINLESS & ALUMINIUM LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
21,324,951
21,143,739
Cost of sales
(16,748,531)
(16,622,889)
Gross profit
4,576,420
4,520,850
Administrative expenses
(4,672,658)
(4,581,589)
Other operating income
5,543
10,090
Exceptional items
4
(221,558)
-
0
Operating loss
5
(312,253)
(50,649)
Interest receivable and similar income
8
1,037
23,263
Interest payable and similar expenses
9
(135,302)
(56,003)
Loss before taxation
(446,518)
(83,389)
Tax on loss
10
142,926
30,878
Loss for the financial year
(303,592)
(52,511)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2025
- 9 -
2025
2024
£
£
Loss for the year
(303,592)
(52,511)
Other comprehensive income
-
-
Total comprehensive income for the year
(303,592)
(52,511)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
3,641
6,735
Tangible assets
13
1,806,373
1,743,344
1,810,014
1,750,079
Current assets
Stocks
14
5,509,175
4,859,709
Debtors
15
6,102,514
5,722,838
Cash at bank and in hand
256,571
580,939
11,868,260
11,163,486
Creditors: amounts falling due within one year
16
(6,555,617)
(5,107,000)
Net current assets
5,312,643
6,056,486
Total assets less current liabilities
7,122,657
7,806,565
Creditors: amounts falling due after more than one year
17
(453,533)
(356,308)
Provisions for liabilities
Deferred tax liability
20
249,887
379,000
(249,887)
(379,000)
Net assets
6,419,237
7,071,257
Capital and reserves
Called up share capital
23
100
100
Capital redemption reserve
5
5
Other reserves
76,380
95,000
Profit and loss reserves
6,342,752
6,976,152
Total equity
6,419,237
7,071,257

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

The financial statements were approved and signed by the director and authorised for issue on 22 January 2026
G James
Director
Company registration number 05859449 (England and Wales)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
Share capital
Capital redemption reserve
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2023
100
6
-
7,213,662
7,213,768
Year ended 31 August 2024:
Loss and total comprehensive income
-
-
-
(52,511)
(52,511)
Dividends
11
-
-
-
(185,000)
(185,000)
Credit to equity for equity settled share-based payments
22
-
-
95,000
-
0
95,000
Other movements
-
(1)
-
1
-
Balance at 31 August 2024
100
5
95,000
6,976,152
7,071,257
Year ended 31 August 2025:
Loss and total comprehensive income
-
-
-
(303,592)
(303,592)
Dividends
11
-
-
-
(329,808)
(329,808)
Other movements
-
-
(18,620)
-
(18,620)
Balance at 31 August 2025
100
5
76,380
6,342,752
6,419,237
SHROPSHIRE STAINLESS & ALUMINIUM LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(615,600)
1,232,624
Interest paid
(135,302)
(56,003)
Income taxes paid
(70,047)
(493,570)
Net cash (outflow)/inflow from operating activities
(820,949)
683,051
Investing activities
Purchase of intangible assets
-
0
(8,884)
Purchase of tangible fixed assets
(79,151)
(597,208)
Proceeds from disposal of tangible fixed assets
44,083
71,310
Repayment of loans
2,895
(183,573)
Interest received
1,037
23,263
Net cash used in investing activities
(31,136)
(695,092)
Financing activities
Payment of finance leases obligations
(368,301)
81,049
Dividends paid
(329,808)
(185,000)
Net cash used in financing activities
(698,109)
(103,951)
Net decrease in cash and cash equivalents
(1,550,194)
(115,992)
Cash and cash equivalents at beginning of year
80,296
196,288
Cash and cash equivalents at end of year
(1,469,898)
80,296
Relating to:
Cash at bank and in hand
256,571
580,939
Bank overdrafts included in creditors payable within one year
(1,726,469)
(500,643)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 13 -
1
Accounting policies
Company information

Shropshire Stainless & Aluminium Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Sidings, Harlescott Lane, Shrewsbury, SY1 3AH.

1.1
Basis of preparation

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. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Revenue

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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of the consideration and e nominal amount received is recognised as interest income.

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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
3 Years straight line
1.5
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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -

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:

Leasehold land and buildings
15% Reducing balance
Leasehold improvements
5 Years straight line
Plant and equipment
15%, 25% Reducing balance
Fixtures and fittings
25% Reducing balance
Motor vehicles
25% Reducing balance

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.

1.6
Impairment of fixed assets

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

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

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

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

1.7
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 16 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
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.

1.11
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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 17 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

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

1.14
Share-based payments

Equity-settled share-based payments are measured at fair value (excluding the effect of non-market based vesting conditions) at the date of grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. A corresponding adjustment is made to equity.

Where equity-settles arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to the date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement

The Company has no cash-settled arrangements.

1.15
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 18 -
1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock Provisions

The company considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and, should there be an indication of obsolescence, the stock is written down to its assessed net realisable value.

Share based payments

The company's employees have been granted share options by the company. In determining the charge to be recognised, an estimate must be made for the vesting period. At the date of granting management have estimated this vesting period as two years and therefore the share based payment charge has been calculated with a vesting period on that basis.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
19,896,831
20,046,791
Europe
1,428,120
1,096,948
21,324,951
21,143,739
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
3
Turnover and other revenue
(Continued)
- 19 -
2025
2024
£
£
Other revenue
Interest income
1,037
23,263
Grants received
4,500
8,300
4
Exceptional items
2025
2024
£
£
Expenditure
HMRC duty
30,113
-
Project Sevilla
191,445
-
221,558
-

Project Sevilla costs are in relation to a strategic review of options available to the business.

5
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Government grants
(4,500)
(8,300)
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
30,000
Depreciation of tangible fixed assets
433,014
363,186
Loss/(profit) on disposal of tangible fixed assets
10,511
(2,983)
Amortisation of intangible assets
3,094
2,598
Share-based payments
(18,620)
95,000
Operating lease charges
605,197
518,247
6
Employees

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

2025
2024
Number
Number
Total
85
85
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,714,190
2,655,374
Social security costs
283,809
252,715
Pension costs
54,063
52,941
3,052,062
2,961,030
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
101,703
80,717
Company pension contributions to defined contribution schemes
842
839
102,545
81,556

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1
1
Other interest income
1,036
23,262
Total income
1,037
23,263
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1
1
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on invoice finance arrangements
99,574
31,680
Other finance costs
Interest on finance leases and hire purchase contracts
35,728
24,323
135,302
56,003
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(8,187)
18,372
Adjustments in respect of prior periods
(10,281)
(46,500)
Total current tax
(18,468)
(28,128)
Deferred tax
Origination and reversal of timing differences
(129,113)
21,000
Deferred tax on share-based payments charge
4,655
(23,750)
Total deferred tax
(124,458)
(2,750)
Total tax credit
(142,926)
(30,878)

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

2025
2024
£
£
Loss before taxation
(446,518)
(83,389)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(111,630)
(20,847)
Tax effect of expenses that are not deductible in determining taxable profit
30,408
8,358
Effect of change in corporation tax rate
2,589
-
0
Depreciation on assets not qualifying for tax allowances
-
0
30,861
Under/(over) provided in prior years
(10,281)
(46,500)
Deferred tax adjustments in respect of prior years
(54,096)
-
0
Deferred tax at substantially enacted rate 25%
-
0
(2,750)
Other
84
-
0
Taxation credit for the year
(142,926)
(30,878)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 22 -
11
Dividends
2025
2024
£
£
Interim paid
329,808
185,000
12
Intangible fixed assets
Software
£
Cost
At 1 September 2024 and 31 August 2025
136,754
Amortisation and impairment
At 1 September 2024
130,019
Amortisation charged for the year
3,094
At 31 August 2025
133,113
Carrying amount
At 31 August 2025
3,641
At 31 August 2024
6,735
13
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2024
24,000
489,551
2,646,695
200,518
461,574
3,822,338
Additions
-
0
8,023
424,005
19,269
99,340
550,637
Disposals
-
0
-
0
(61,530)
-
0
(112,490)
(174,020)
At 31 August 2025
24,000
497,574
3,009,170
219,787
448,424
4,198,955
Depreciation and impairment
At 1 September 2024
18,032
214,434
1,617,312
142,847
86,369
2,078,994
Depreciation charged in the year
895
85,630
223,421
18,031
105,037
433,014
Eliminated in respect of disposals
-
0
-
0
(54,076)
-
0
(65,350)
(119,426)
At 31 August 2025
18,927
300,064
1,786,657
160,878
126,056
2,392,582
Carrying amount
At 31 August 2025
5,073
197,510
1,222,513
58,909
322,368
1,806,373
At 31 August 2024
5,968
275,117
1,029,383
57,671
375,205
1,743,344
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
13
Tangible fixed assets
(Continued)
- 23 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
508,288
382,987
Fixtures and fittings
275,831
345,217
784,119
728,204
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
5,509,175
4,859,709
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,983,975
4,635,130
Corporation tax recoverable
242,677
234,490
Other debtors
738,380
735,492
Prepayments and accrued income
118,387
93,976
6,083,419
5,699,088
2025
2024
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 20)
19,095
23,750
Total debtors
6,102,514
5,722,838
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 24 -
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
1,726,469
500,643
Obligations under finance leases
19
243,231
242,521
Trade creditors
4,007,143
3,768,279
Corporation tax
-
0
80,328
Other taxation and social security
456,375
432,333
Other creditors
84,009
17,460
Accruals and deferred income
38,390
65,436
6,555,617
5,107,000
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
19
453,533
351,058
Accruals and deferred income
-
0
5,250
453,533
356,308
18
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
1,726,469
500,643
Payable within one year
1,726,469
500,643

Bank borrowings (including an invoice financing facility) are secured by debentures over the assets of the company. Hire purchase and finance lease obligations are secured on the assets concerned. Secured debts included within creditors (both due within and after one year) amounted to £2,423,233 (2024: £1,094,222).

19
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
243,231
242,521
After more than one year
453,533
351,058
696,764
593,579
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
19
Finance lease obligations
(Continued)
- 25 -
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
243,231
242,521
In two to five years
453,533
351,058
696,764
593,579

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease terms is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Balances:
£
£
£
£
Accelerated capital allowances
344,609
379,000
-
-
Tax losses
(93,570)
-
-
-
Share based payments
-
-
19,095
23,750
Other timing differences
(1,152)
-
-
-
249,887
379,000
19,095
23,750
2025
Movements in the year:
£
Liability at 1 September 2024
355,250
Credit to profit or loss
(124,458)
Liability at 31 August 2025
230,792
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,063
52,941

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 26 -
22
Share-based payment transactions

The Company implemented a share-based payment scheme on 5 December 2023 for certain of its employees.

Key-employee share option scheme

Certain employees participate in the Enterprise Management Incentives Scheme which provides additional r emuneration for those employees who are key to the operations of the Company. The options are granted with a fixed exercise price, are exercisable on an Exit Event and expire ten years after the date of grant. Employees are not entitled to dividends until the shares are exercised.

Vesting of the options is conditional upon the incidence of an Exit Event.

Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 September 2024
40
-
0
1,450.00
-
0
Granted
-
0
40
-
0
1,450.00
Outstanding at 31 August 2025
40
40
-
0
1,450.00
Exercisable at 31 August 2025
-
0
-
0
-
0
-
0
Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £(18,620) (2024 - £95,000) which related to equity settled share based payment transactions.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 10p each
1,000
1,000
100
100
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 27 -
24
Operating lease commitments
As 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 1 year
505,259
586,692
Years 2-5
1,433,452
1,607,920
After 5 years
614,333
-
0
2,553,044
2,194,612
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
272,599
171,025
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
102,545
102,797
27
Directors' transactions

Dividends totalling £236,800 (2024 - £148,000) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' Loan
-
694,784
268,383
(271,278)
691,889
694,784
268,383
(271,278)
691,889

The directors' loan is unsecured, bears no interest and has no fixed terms for repayment.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 28 -
28
Cash (absorbed by)/generated from operations
2025
2024
£
£
Loss after taxation
(303,592)
(52,511)
Adjustments for:
Taxation credited
(142,926)
(30,878)
Finance costs
135,302
56,003
Investment income
(1,037)
(23,263)
Loss/(gain) on disposal of tangible fixed assets
10,511
(2,983)
Amortisation and impairment of intangible assets
3,094
2,598
Depreciation and impairment of tangible fixed assets
433,014
363,186
Equity settled share based payment expense
(18,620)
95,000
Movements in working capital:
(Increase)/decrease in stocks
(649,466)
395,432
(Increase)/decrease in debtors
(379,039)
721,936
Increase/(decrease) in creditors
297,159
(291,896)
Cash (absorbed by)/generated from operations
(615,600)
1,232,624
29
Analysis of changes in net debt
1 September 2024
Cash flows
New leases
31 August 2025
£
£
£
£
Cash at bank and in hand
580,939
(324,368)
-
256,571
Bank overdrafts
(500,643)
(1,225,826)
-
(1,726,469)
80,296
(1,550,194)
-
0
(1,469,898)
Lease liabilities
(593,579)
368,301
(471,486)
(696,764)
(513,283)
(1,181,893)
(471,486)
(2,166,662)
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