Company Registration No. 10997004 (England and Wales)
All Steels Trading Holdings Limited
Annual report and
group financial statements
for the year ended 31 December 2025
All Steels Trading Holdings Limited
Company information
Directors
Laurence McDougall
Matthew Rhodes
Thomas McDougall
Kim McDougall
Company number
10997004
Registered office
Vulcan House
York Road
Thirsk
North Yorkshire
YO7 3BT
Auditor
Saffery LLP
10 Wellington Place
Leeds
LS1 4AP
All Steels Trading Holdings Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group statement of financial position
12
Company statement of financial position
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 34
All Steels Trading Holdings Limited
Strategic report
For the year ended 31 December 2025
1

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

Review of the business

The directors aim to provide a balanced and comprehensive review of the Group’s development and performance during the year, together with its position at the year end. This review reflects the size and relatively straightforward nature of the business, while taking into account the principal risks and uncertainties faced.

This business review has been prepared solely to provide information to stakeholders as a whole, enabling them to assess the Group’s strategy and its potential for success. It should not be relied upon by any other party or for any other purpose.

Principal risks and uncertainties

The Group’s principal customers are steel stockholders. The main risk to the business is a significant reduction in steel demand, together with volatility and potential deterioration in steel prices. Uncertainty continues to be driven by a number of external factors, including the introduction of Carbon Border Adjustment Mechanism (CBAM) environmental taxes, EU and UK safeguard quotas, and persistently high inflation, all of which are delaying a broader economic recovery. Geopolitical tensions in the Middle East further contribute to market volatility and supply chain disruption.

The Group continues to mitigate credit risk through the insurance of its trading debts.

Foreign currency exposure arises primarily from transactions with overseas customers and suppliers. Group policy permits, but does not require, the use of hedging instruments to manage this risk. Where appropriate, forward foreign exchange contracts are used to fix costs in sterling.

Development and performance

The directors consider the Group’s key performance indicators to be those that reflect financial performance and overall strength:- turnover, gross profit margin, profit before tax, and net assets.

| 2025 | 2024 | 2023 |
| £000s | £000s | £000s |
Turnover | 78,119 | 85,813 | 97,203 |
Gross profit margin | 8.19% | 7.52% | 7.00% |
Profit before tax | 1,107 | 1,790 | 2,300 |
Net assets | 24,297 | 25,714 | 28,475 |

Analysis based on Key Performance Indicators

Despite challenging market conditions, the Group delivered a resilient performance, particularly in terms of gross profit margin and overall profitability.

Turnover decreased by 9% compared to the prior year, primarily reflecting a decline in steel prices rather than a significant contraction in underlying activity.

The broader economic environment remained subdued throughout the year. Elevated interest rates continued to suppress investment, while delays to Government infrastructure projects—arising from tighter fiscal controls—constrained construction activity. This, in turn, reduced steel demand and placed downward pressure on prices.

The industry also faced ongoing structural pressures, including insolvencies among major contractors, which had a cascading impact on subcontractors such as groundworkers, steel fabricators, and structural engineers. At the same time, steel consuming businesses experienced rising operating costs, including increases in employment, storage, and logistics expenses. Finance costs remained elevated, while energy and transportation costs began to rise again.

All Steels Trading Holdings Limited
Strategic report (continued)
For the year ended 31 December 2025
2
Environmental

The Group is a mostly office based environment so has a relatively small carbon footprint but it takes its environment responsibilities seriously. The Group currently operates two sites that have solar panels and electric car charging points to encourage employees to use electricity to run their private cars. Water heating is also provided by a ground source heat pump at one of the sites.

Employees

The Group holds regular open staff meetings where staff are encouraged either there, or in private, to raise any concerns. The Group prides itself on employee satisfaction and with no complaints and small staff turnover, it is considered that employees are satisfied. There are no formal training programmes in place but employees are encouraged to carry out continuous professional development.

Future prospects

The outlook for 2026 is markedly more positive, albeit driven by a significant structural shift within the industry, particularly the strengthening of protectionist measures. Geopolitical tensions in the Middle East are also contributing to further increased energy and logistics costs for steel manufacturers, which are being passed through the supply chain. Combined with the tightening supply circumstances, these factors are driving a sustained increase in steel prices.

In a rising price environment, supply chain participants typically seek to build inventory in anticipation of further increases. This behaviour is already contributing to a surge in demand, but this is obviously artificial, and we need to remain wary that actual underlying consumption remains relatively weak.

The recommendations of the UK Trade Remedies Authority have been considered by Government ministers consequently replacement measures for existing UK safeguards will take effect from 1 July 2026. These will be significantly more stringent than previously expected with average import quota reductions of approximately 60%, alongside an increase in over - quota duties from 25% to 50%. These changes are already reshaping supply dynamics and pricing across the market.

The planned introduction of CBAM at the start of 2027 is expected to exert further upward pressure on costs, reinforcing expectations of a prolonged period of elevated steel prices.

Operationally, the Group remains strong. The acquisition in July 2025 of substantial warehousing and outdoor storage facilities in West Bromwich has added approximately 10,000 tonnes of capacity. This expansion has enabled the Group to increase inventory levels and to enhance service levels to customers.

Although underlying demand remains subdued, there are early signs of progress in Government infrastructure spending, which should support a gradual recovery in steel demand. Following some strategic purchasing during recent months, the Group also benefits from a relatively low average stock cost, which has resulted in a strong performance during the opening quarter of 2026.

As a mature business with excellent staff retention, the Group is well positioned to leverage its experience and industry expertise. The management team continues to drive business development, including the introduction of new product lines to diversify and strengthen the Group’s offering.

The Group also maintains a robust balance sheet, providing financial stability and reinforcing confidence among suppliers and stakeholders. Long standing relationships with both suppliers and customers remain a key strength underpinning long term success.

The directors have undertaken detailed financial forecasting and stress testing, which indicate that the Group is expected to remain profitable and operate comfortably within its existing borrowing facilities. With the continued support of HSBC, the directors are satisfied that the Group remains a going concern.

The ability to generate a solid profit in a challenging trading environment during 2025 demonstrates the resilience of the business and the strength of its operating model.

All Steels Trading Holdings Limited
Strategic report (continued)
For the year ended 31 December 2025
3
Section 172 statement
Training

The directors are aware of the importance of undertaking regular training to support regulatory requirements. There is currently an informal induction process for new directors, with presentations and materials delivered as part of the induction process. Going forward, it is anticipated that a regular directors training programme will be developed to support broader regulatory requirements, cascaded to senior managers as required.

Board meetings

The Group holds regular meetings throughout the year and is supported by management and various departmental divisions providing timely and detailed information in support of the Board’s decision making. The Board operates an agenda of items appropriate to the size and complexity of the business. Items requiring Board approval are clearly defined and will include; new bank facilities, investment proposals, including acquisitions and disposals, and significant changes to the way health and safety is managed and monitored.

The Board receives monthly reports on the operating and financial performance of the business including current and forecast financial information in order to assist in making informed decision making and strategic planning.

The Board ensures that appropriate policies are in place in relation to matters including anti-slavery and human trafficking, anti-bribery and corruption and the Group’s tax strategy.

Decision making

Where appropriate the Board will consult with professionals or other organisations to assist with decision making and help consider the likely consequences of the decision in the long term. The interests of all key stakeholders including the Group's employees, suppliers, customers and the wider community are considered as part of the decision-making process. The Group actively engages with key stakeholders through employee, customer and supplier feedback in the form of surveys and one-on-one meetings.

Principal decisions

Principal decisions are undertaken by the Board following a thorough review process to take account of stakeholder and operational benefits to the business.

Culture

The Group's culture combines a family business ethos with a commitment to high quality across everything we do including corporate governance and general business conduct. The Group's relationships with its stakeholder community are central to this.

On behalf of the board

Laurence McDougall
Director
10 April 2026
All Steels Trading Holdings Limited
Directors' report
For the year ended 31 December 2025
4

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

Principal activities

The principal activity of the Company is to act as a holding company. The principal activity of the Group continued to be that of the importation and wholesale of general structural steels.

Results and dividends

The results for the year are set out on page 11.

The consolidated profit before tax amounted to £1.107m (2024: £1.790m).

Ordinary dividends were paid amounting to £2,077,520 (2024: £3,989,500). The directors do not recommend payment of a further dividend.

Directors

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

Laurence McDougall
Matthew Rhodes
Thomas McDougall
Kim McDougall
Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were

made during the year and remain in force at the date of this report

Auditor

Saffery LLP have expressed their willingness to continue in office.

All Steels Trading Holdings Limited
Directors' report (continued)
For the year ended 31 December 2025
5
Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
82,898
110,010
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
0.15
- Fuel consumed for owned transport
72.96
72.38
72.96
72.53
Scope 2 - indirect emissions
- Electricity purchased
9.89
10.40
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the Group
5.38
15.82
Total gross emissions
88.23
98.75
Intensity ratio
Tonnes CO2e per employee
2.94
3.80
Quantification and reporting methodology

The Group has followed the 2019 HM Government Environmental Reporting Guidelines. The Group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2025 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

Measures taken to improve energy efficiency

The Group has on site electric car charging points to encourage staff to purchase private electric cars. The Group have also installed solar panels to the office to reduce reliance on grid provided power.

All Steels Trading Holdings Limited
Directors' report (continued)
For the year ended 31 December 2025
6
Strategic report

The true Group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's S trategic R eport information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the D irectors' R eport. It has done so in respect of future developments, financial instruments and financial risk management.

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 auditor of the Group 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 auditor of the Group is aware of that information.

Corporate responsibilty

During 2025 the business made many charitable donations including The King’s Trust, Prostate Cancer UK and Yorkshire Children's Charity.

On behalf of the board
Laurence McDougall
Director
10 April 2026
All Steels Trading Holdings Limited
Directors' responsibilities statement
For the year ended 31 December 2025
7

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Parent C ompany will continue in business.

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

All Steels Trading Holdings Limited
Independent auditor's report
To the members of All Steels Trading Holdings Limited
8
Opinion

We have audited the financial statements of All Steels Trading Holdings Limited (the 'P arent C ompany') and its subsidiaries (the 'G roup') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 Group's and the Parent Company's affairs as at 31 December 2025 and of the Group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

We have nothing to report in this regard.

All Steels Trading Holdings Limited
Independent auditor's report (continued)
To the members of All Steels Trading Holdings Limited
9

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

- adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

- the Parent Company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and Parent C ompany'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 Group or Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Company by discussions with directors and by updating our understanding of the sector in which the company operates.

Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.

All Steels Trading Holdings Limited
Independent auditor's report (continued)
To the members of All Steels Trading Holdings Limited
10

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the Company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Use of our report

This report is made solely to the P arent C ompany’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 P arent C ompany’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 P arent C ompany and the P arent C ompany’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Davis (Senior Statutory Auditor)
For and on behalf of Saffery LLP
10 April 2026
Statutory Auditors
10 Wellington Place
Leeds
LS1 4AP
All Steels Trading Holdings Limited
Group statement of comprehensive income
For the year ended 31 December 2025
11
2025
2024
Notes
£
£
Turnover
3
78,199,011
85,813,411
Cost of sales
(71,792,428)
(79,358,686)
Gross profit
6,406,583
6,454,725
Administrative expenses
(3,348,340)
(4,131,273)
Operating profit
4
3,058,243
2,323,452
Interest receivable and similar income
8
139
12,418
Interest payable and similar expenses
9
(1,402,587)
(1,313,270)
Other gains and losses
10
(548,664)
767,379
Profit before taxation
1,107,131
1,789,979
Tax on profit
11
(446,265)
(561,602)
Profit for the financial year
660,866
1,228,377
Profit for the financial year is all attributable to the owners of the Parent Company.
Total comprehensive income for the year is all attributable to the owners of the Parent Company.
All Steels Trading Holdings Limited
Group statement of financial position
As at 31 December 2025
12
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
5,568,846
3,793,867
5,568,846
3,793,867
Current assets
Stocks
17
34,775,180
29,576,385
Debtors
18
24,566,112
26,780,440
Cash at bank and in hand
3,842
1,139,959
59,345,134
57,496,784
Creditors: amounts falling due within one year
19
(39,199,349)
(35,298,744)
Net current assets
20,145,785
22,198,040
Total assets less current liabilities
25,714,631
25,991,907
Creditors: amounts falling due after more than one year
20
(1,117,899)
-
0
Provisions for liabilities
Deferred tax liability
22
299,825
278,346
(299,825)
(278,346)
Net assets
24,296,907
25,713,561
Capital and reserves
Called up share capital
24
492
492
Capital redemption reserve
16
16
Other reserves
4,436,099
4,436,099
Profit and loss reserves
19,860,300
21,276,954
Total equity
24,296,907
25,713,561
The financial statements were approved by the board of directors and authorised for issue on 10 April 2026 and are signed on its behalf by:
Laurence McDougall
Director
Company registration number 10997004 (England and Wales)
All Steels Trading Holdings Limited
Company statement of financial position
As at 31 December 2025
13
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
8,777,355
8,777,355
Current assets
-
-
Creditors: amounts falling due within one year
19
(1,250,506)
(1,250,506)
Net current liabilities
(1,250,506)
(1,250,506)
Net assets
7,526,849
7,526,849
Capital and reserves
Called up share capital
24
492
492
Capital redemption reserve
16
16
Other reserves
4,436,099
4,436,099
Profit and loss reserves
3,090,242
3,090,242
Total equity
7,526,849
7,526,849

As permitted by s408 Companies Act 2006, the C ompany has not presented its own profit and loss account and related notes. The C ompany’s profit for the year was £2,077,520 (2024 - £3,979,500).

The financial statements were approved by the board of directors and authorised for issue on 10 April 2026 and are signed on its behalf by:
Laurence McDougall
Director
Company registration number 10997004 (England and Wales)
All Steels Trading Holdings Limited
Group statement of changes in equity
For the year ended 31 December 2025
14
Share capital
Capital redemption reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
492
16
4,436,099
24,038,077
28,474,684
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
1,228,377
1,228,377
Dividends
12
-
-
-
(3,989,500)
(3,989,500)
Balance at 31 December 2024
492
16
4,436,099
21,276,954
25,713,561
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
660,866
660,866
Dividends
12
-
-
-
(2,077,520)
(2,077,520)
Balance at 31 December 2025
492
16
4,436,099
19,860,300
24,296,907
All Steels Trading Holdings Limited
Company statement of changes in equity
For the year ended 31 December 2025
15
Share capital
Capital redemption reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
492
16
4,436,099
3,100,242
7,536,849
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
3,979,500
3,979,500
Dividends
12
-
-
-
(3,989,500)
(3,989,500)
Balance at 31 December 2024
492
16
4,436,099
3,090,242
7,526,849
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
2,077,520
2,077,520
Dividends
12
-
-
-
(2,077,520)
(2,077,520)
Balance at 31 December 2025
492
16
4,436,099
3,090,242
7,526,849
All Steels Trading Holdings Limited
Group statement of cash flows
For the year ended 31 December 2025
16
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(728,729)
(1,727,248)
Interest paid
(1,402,587)
(1,313,270)
Income taxes paid
(389,403)
(267,363)
Net cash outflow from operating activities
(2,520,719)
(3,307,881)
Investing activities
Purchase of tangible fixed assets
(2,291,194)
(464,513)
Proceeds from disposal of tangible fixed assets
29,655
-
Interest received
139
12,418
Net cash used in investing activities
(2,261,400)
(452,095)
Financing activities
Proceeds/(repayment) of bank loans
5,723,522
8,315,230
Payment of finance leases obligations
-
(31,506)
Dividends paid to equity shareholders
(2,077,520)
(3,989,500)
Net cash generated from financing activities
3,646,002
4,294,224
Net (decrease)/increase in cash and cash equivalents
(1,136,117)
534,248
Cash and cash equivalents at beginning of year
1,139,959
605,711
Cash and cash equivalents at end of year
3,842
1,139,959
All Steels Trading Holdings Limited
Notes to the group financial statements
For the year ended 31 December 2025
17
1
Accounting policies
Company information

All Steels Trading Holdings Limited (“the Company”) is a private company limited by shares incorporated in England and Wales. The registered office is Vulcan House, York Road, Thirsk, North Yorkshire, YO7 3BT.

The Group consists of All Steels Trading Holdings Limited and all of its subsidiaries.

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 C ompany. 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.

The C ompany is a qualifying entity for the purposes of FRS 102, being a member of a G roup where the parent of that G roup prepares publicly available consolidated financial statements, including this C ompany, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the G roup. The C ompany has therefore taken advantage of exemptions from the following disclosure requirements for parent C ompany information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated G roup financial statements consist of the financial statements of the parent company All Steels Trading Holdings Limited together with all entities controlled by the P arent C ompany (its subsidiaries) and the G roup’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the G roup.

All intra-group transactions, balances and unrealised gains on transactions between G roup companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
18
1.3
Going concern

At the time of approving the financial statements, the directors are confident that the Group has adequate resources to continue in operational existence for the foreseeable future.

The financial forecasts have been reviewed and sensitised and these show the Group remaining profitable and trading within borrowing facilities. The Group retains the support of HSBC and are pleased to confirm that the facilities are sufficient to meet the anticipated requirements for the forthcoming year. Based on the detailed forecasts, healthy current trading position and this continued support, the directors are confident that the Company will remain a going concern.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

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.

1.5
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.

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

Freehold land & buildings
2% on buildings only
Leasehold land and buildings
Straight line of the term of the lease
Plant and equipment
14% - 33% straight line
Computers
33% straight line

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 recognised in the income statement.

1.6
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the P arent C ompany financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
19
1.7
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

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

1.9
Cash and cash equivalents

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

1.10
Financial instruments

The G roup 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 G roup's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 trade and other debtors, and amounts owed by Group undertakings, 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.

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
20
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow G roup companies 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. Amounts 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 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 subsequently 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 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.

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
21
Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the Group 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 Group.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 Group’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.

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 income statement, 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 if, and only if, there is 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.

1.13
Employee benefits

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

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

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

1.14
Retirement benefits

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

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
22
1.15
Leases
As lessee

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 d asset are consumed.

1.16
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
Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value 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.

Provisions against debtors and stock

Provisions are made for bad and doubtful debts and impaired stock. These provisions require management's best estimate of the recoverability of trade debtors and the expected future use of stock.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
78,199,011
85,813,411
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
73,763,871
77,237,070
Overseas
4,435,140
8,576,341
78,199,011
85,813,411
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
23
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Foreign exchange (gains)/losses
(409,591)
346,598
Depreciation of owned tangible fixed assets
516,215
506,557
Profit on disposal of tangible fixed assets
(29,655)
-
Cost of stocks recognised as an expense
69,613,263
77,205,830
Operating lease charges
94,557
93,481

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to a gain of £409,591 (2024 - loss of £346,598).

5
Auditor's remuneration
2025
2024
Fees payable to the Company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the Group and Company
1,725
1,650
Audit of the financial statements of the Company's subsidiaries
27,025
25,850
28,750
27,500
For other services
Taxation compliance services
6,250
5,900
All other non-audit services
3,750
3,600
10,000
9,500
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administrative staff
22
18
-
-
Management staff
7
7
-
-
Drivers
1
2
-
-
Total
30
27
0
0
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
6
Employees (continued)
24

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,732,460
1,708,026
-
0
-
0
Social security costs
201,257
174,841
-
-
Pension costs
104,741
89,929
-
0
-
0
Health insurance
20,502
20,502
2,058,960
1,993,298
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
491,206
475,406
Company pension contributions to defined contribution schemes
18,646
44,050
509,852
519,456
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
169,893
192,210

Directors' remuneration is paid through the subsidiary undertaking, All Steels Trading Limited, to the directors of the Parent Company.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
139
12,418
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
25
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice financing and trade facility
1,402,587
1,310,650
Other finance costs:
Interest on finance leases and hire purchase contracts
-
2,620
Total finance costs
1,402,587
1,313,270
10
Other gains and losses
2025
2024
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial liabilities held at fair value through profit or loss
(548,664)
767,379

As described in accounting policy 1.10 and further in note 16, derivative forward currency contracts are measured at fair value by reference to the relevant forward exchange rates at the year-end, with the movement taken through profit and loss, as presented above. The contracts mature within 6 months (2024: 6 months) of the year-end. The directors consider that the criteria for adopting hedge accounting as set out in FRS102 have not been met in relation to the contracts in place at the year-end and thus the fair value of the hedged items has not been measured.

11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
472,731
618,401
Adjustments in respect of prior periods
(47,945)
(132,901)
Total current tax
424,786
485,500
Deferred tax
Origination and reversal of timing differences
21,479
76,102
Total tax charge
446,265
561,602
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
11
Taxation (continued)
26

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

2025
2024
£
£
Profit before taxation
1,107,131
1,789,979
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
276,783
447,495
Tax effect of expenses that are not deductible in determining taxable profit
117,285
75,220
Under/(over) provided in prior years
(2,162)
22,159
Fixed asset differences
54,359
14,228
Other
-
0
2,500
Taxation charge
446,265
561,602
12
Dividends
2025
2024
2025
2024
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
A Ordinary shares
Interim paid
459.49
897.09
2,036,020
3,975,000
B Ordinary shares
Interim paid
84.35
29.47
41,500
14,500
Total dividends
Interim dividends paid
2,077,520
3,989,500
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
27
13
Tangible fixed assets
Group
Freehold land & buildings
Leasehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
£
Cost
Acquisitions
1,049,999
1,919,804
2,591,656
49,035
5,610,494
Additions
2,220,694
-
0
70,500
-
0
2,291,194
Disposals
-
0
-
0
(76,000)
-
0
(76,000)
At 31 December 2025
3,270,693
1,919,804
2,586,156
49,035
7,825,688
Depreciation and impairment
Acquisitions
15,750
375,392
1,376,450
49,035
1,816,627
Depreciation charged in the year
21,000
191,988
303,227
-
0
516,215
Eliminated in respect of disposals
-
0
-
0
(76,000)
-
0
(76,000)
At 31 December 2025
36,750
567,380
1,603,677
49,035
2,256,842
Carrying amount
At 31 December 2025
3,233,943
1,352,424
982,479
-
0
5,568,846
At 31 December 2024
1,034,249
1,544,412
1,215,206
-
0
3,793,867
The Company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
8,777,355
8,777,355
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
8,777,355
Carrying amount
At 31 December 2025
8,777,355
At 31 December 2024
8,777,355
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
28
15
Subsidiaries

Details of the Company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
All Steels Trading Limited
Vulcan House York Road, Thirsk, England, YO7 3BT
Importation and wholesale of general steels
Ordinary
100.00
0
All Steels (Scunthorpe) Limited
Vulcan House York Road, Thirsk, England, YO7 3BT
Dormant
Ordinary
100.00
0
16
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through profit or loss
-
496,067
-
-
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
52,597
-
-
-

Hedging arrangements

The Group enters into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 20 25, the outstanding contracts all mature within 6 months (20 24: 6 months) of the year end. The Group is committed to buy US$29,000,000 (2024: US$19,900,000), and sell US$nil (2024: US$nil) and buy €nil (2024: €nil) and sell €500,000 (2024: €nil) and pay/receive a fixed sterling amount.

Forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:USD and GBP:EUR. The fair value of the forward foreign currency contracts is an asset of £95,176 and a liability of £147,773 (2024: asset: £511,382 and a liability of £15,315). The directors consider that the criteria for adopting hedge accounting as set out in FRS102 have not been met in relation to these contracts and thus the fair value of the corresponding hedged items has not been measured.

17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
34,775,180
29,576,385
-
0
-
0
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
29
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
20,714,082
25,134,894
-
0
-
0
Derivative financial instruments
-
496,067
-
-
Other debtors
1,462,968
791,579
-
0
-
0
Prepayments and accrued income
449,473
357,900
-
0
-
0
22,626,523
26,780,440
-
-
Amounts falling due after more than one year:
Trade debtors
1,939,589
-
0
-
0
-
0
Total debtors
24,566,112
26,780,440
-
-

During the year, the balance due to All Steels Trading Limited from Bromford Iron Limited, a connected company, has been reclassified as a non-current debtor. At the reporting date, the carrying value of amounts due from Bromford Iron Limited total £1,939,589 (2024: £5,686,827 included in current debtors) and is included within trade debtors above.

The directors have assessed the recoverability of this balance at the year end and consider the carrying amount to be fully recoverable. However, as repayment is not expected to be received within twelve months of the reporting date, the balance has been classified as a non-current debtor.

19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
21
26,301,819
21,696,196
-
0
-
0
Trade creditors
10,181,368
11,282,121
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,250,506
1,250,506
Corporation tax payable
270,350
234,967
-
0
-
0
Other taxation and social security
1,700,354
1,425,745
-
-
Derivative financial instruments
52,597
-
0
-
0
-
0
Other creditors
465
664
-
0
-
0
Accruals and deferred income
692,396
659,051
-
0
-
0
39,199,349
35,298,744
1,250,506
1,250,506
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
30
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
21
1,117,899
-
0
-
0
-
0
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
27,419,718
21,696,196
-
0
-
0
Payable within one year
26,301,819
21,696,196
-
0
-
0
Payable after one year
1,117,899
-
0
-
0
-
0

Bank borrowings are secured by a debenture dated 16 April 2010, a fixed and floating charge over all assets of the Company dated 7 May 2010, and a legal assignment dated 22 June 2010.

Within the current year, a mortgage was utilised to assist with the purchase of freehold property occupied by Bromford Iron Limited, a connected Company. The mortgage is secured by a fixed charge against the freehold property dated 25 July 2025.

22
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
345,665
368,985
Short term timing differences
(45,840)
(90,639)
299,825
278,346
The company has no deferred tax assets or liabilities.
All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
22
Deferred taxation (continued)
31
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
278,346
-
Charge to profit or loss
21,479
-
Liability at 31 December 2025
299,825
-

During the year beginning 1 January 2026 the net reversal of deferred tax liabilities is expected to increase the corporation tax charge for the year due to the reversal of accelerated capital allowances.

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,741
101,941

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 10p each
4,431
4,431
443
443
B Ordinary shares of 10p each
492
492
49
49
4,923
4,923
492
492

During the previous year 4,923 ordinary shares were redesignated as 4,431 A ordinary shares and 492 B ordinary shares.

The A ordinary shares hold priority rights in respect to voting, dividends and to participate in a distribution over the B ordinary shares.

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
32
25
Operating lease commitments
As lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
103,081
42,500
-
-
Years 2-5
294,501
127,500
-
-
After 5 years
84,000
-
-
-
481,582
170,000
-
-
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
2,100,000
-
-
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
509,852
520,569

Remuneration of key management personnel is paid through the subsidiary undertaking, All Steels Trading Limited, to the key management personnel of the Parent Company.

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
27
Related party transactions (continued)
33
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Group
Entities over which the group has control, joint control or significant influence
8,060,812
15,753,571
3,334,784
4,488,991
Recharges to
2025
2024
£
£
Group
Entities over which the entity has control, joint control or significant influence
32,649
266,725

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities under common control
490,829
464,944

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Entities under common control
7,060,100
9,736,099

Interest of £nil (2024: £nil) was charged in the year on amounts due from related entities. Interest of £nil (2024: £nil) was charged in respect of overdue receivables from related entities.

Other information

The Group occupies a property owned by a pension scheme set up for the benefit of one of its directors. During the current year, rent of £83,750 (2024: £83,750) was paid to the pension scheme in respect of this property.

28
Controlling party

Laurence McDougall is the ultimate controlling party by virtue of owning 90% of issued share capital of All Steels Trading Holdings Limited.

All Steels Trading Holdings Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2025
34
29
Cash absorbed by group operations
2025
2024
£
£
Profit for the year after tax
660,866
1,228,377
Adjustments for:
Taxation charged
446,265
561,602
Finance costs
1,402,587
1,313,270
Investment income
(139)
(12,418)
Gain on disposal of tangible fixed assets
(29,655)
-
Depreciation and impairment of tangible fixed assets
516,215
506,557
Other gains and losses
548,664
(767,379)
Movements in working capital:
Increase in stocks
(5,198,795)
(5,448,777)
Decrease/(increase) in debtors
1,718,261
(2,001,832)
(Decrease)/increase in creditors
(792,998)
2,893,352
Cash absorbed by operations
(728,729)
(1,727,248)

30
Analysis of changes in net debt - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,139,959
(1,136,117)
3,842
Borrowings
(21,696,196)
(5,723,522)
(27,419,718)
(20,556,237)
(6,859,639)
(27,415,876)
2025-12-31 2025-01-01 false false CCH Software CCH Accounts Production 2025.300 Laurence McDougall Matthew Rhodes Thomas McDougall Kim McDougall Kim McDougall Thomas McDougall false 10997004 2025-01-01 2025-12-31 10997004 bus:Director1 2025-01-01 2025-12-31 10997004 bus:Director2 2025-01-01 2025-12-31 10997004 bus:Director3 2025-01-01 2025-12-31 10997004 bus:Director4 2025-01-01 2025-12-31 10997004 bus:Director5 2025-01-01 2025-12-31 10997004 bus:Director6 2025-01-01 2025-12-31 10997004 bus:RegisteredOffice 2025-01-01 2025-12-31 10997004 bus:Consolidated 2025-12-31 10997004 2025-12-31 10997004 bus:Consolidated 2025-01-01 2025-12-31 10997004 bus:Consolidated 2024-01-01 2024-12-31 10997004 2024-01-01 2024-12-31 10997004 bus:Consolidated 2024-12-31 10997004 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2025-12-31 10997004 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2025-12-31 10997004 core:PlantMachinery bus:Consolidated 2025-12-31 10997004 core:ComputerEquipment bus:Consolidated 2025-12-31 10997004 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-12-31 10997004 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-12-31 10997004 core:PlantMachinery bus:Consolidated 2024-12-31 10997004 core:ComputerEquipment bus:Consolidated 2024-12-31 10997004 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-12-31 10997004 core:CurrentFinancialInstruments bus:Consolidated 2024-12-31 10997004 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-12-31 10997004 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2025-12-31 10997004 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-12-31 10997004 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 10997004 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 10997004 core:CurrentFinancialInstruments 2025-12-31 10997004 core:CurrentFinancialInstruments 2024-12-31 10997004 2024-12-31 10997004 core:ShareCapital bus:Consolidated 2025-12-31 10997004 core:ShareCapital bus:Consolidated 2024-12-31 10997004 core:CapitalRedemptionReserve bus:Consolidated 2025-12-31 10997004 core:CapitalRedemptionReserve bus:Consolidated 2024-12-31 10997004 core:OtherMiscellaneousReserve bus:Consolidated 2025-12-31 10997004 core:OtherMiscellaneousReserve bus:Consolidated 2024-12-31 10997004 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-12-31 10997004 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-12-31 10997004 core:ShareCapital 2025-12-31 10997004 core:ShareCapital 2024-12-31 10997004 core:CapitalRedemptionReserve 2025-12-31 10997004 core:CapitalRedemptionReserve 2024-12-31 10997004 core:OtherMiscellaneousReserve 2025-12-31 10997004 core:OtherMiscellaneousReserve 2024-12-31 10997004 core:RetainedEarningsAccumulatedLosses 2025-12-31 10997004 core:RetainedEarningsAccumulatedLosses 2024-12-31 10997004 core:ShareCapital bus:Consolidated 2023-12-31 10997004 core:CapitalRedemptionReserve bus:Consolidated 2023-12-31 10997004 2023-12-31 10997004 core:ShareCapital 2023-12-31 10997004 core:CapitalRedemptionReserve 2023-12-31 10997004 core:RetainedEarningsAccumulatedLosses 2023-12-31 10997004 bus:Consolidated 2023-12-31 10997004 core:LandBuildings core:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 10997004 core:LandBuildings core:LongLeaseholdAssets 2025-01-01 2025-12-31 10997004 core:PlantMachinery 2025-01-01 2025-12-31 10997004 core:ComputerEquipment 2025-01-01 2025-12-31 10997004 dpl:Item1 bus:Consolidated 2025-01-01 2025-12-31 10997004 dpl:Item1 bus:Consolidated 2024-01-01 2024-12-31 10997004 core:UKTax bus:Consolidated 2025-01-01 2025-12-31 10997004 core:UKTax bus:Consolidated 2024-01-01 2024-12-31 10997004 bus:Consolidated 1 2025-01-01 2025-12-31 10997004 bus:Consolidated 1 2024-01-01 2024-12-31 10997004 bus:Consolidated 2 2025-01-01 2025-12-31 10997004 bus:Consolidated 2 2024-01-01 2024-12-31 10997004 bus:Consolidated 3 2025-01-01 2025-12-31 10997004 bus:Consolidated 3 2024-01-01 2024-12-31 10997004 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-12-31 10997004 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-12-31 10997004 core:PlantMachinery bus:Consolidated 2024-12-31 10997004 core:ComputerEquipment bus:Consolidated 2024-12-31 10997004 bus:Consolidated 2024-12-31 10997004 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2025-01-01 2025-12-31 10997004 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2025-01-01 2025-12-31 10997004 core:PlantMachinery bus:Consolidated 2025-01-01 2025-12-31 10997004 core:ComputerEquipment bus:Consolidated 2025-01-01 2025-12-31 10997004 core:Subsidiary1 2025-01-01 2025-12-31 10997004 core:Subsidiary2 2025-01-01 2025-12-31 10997004 core:Subsidiary1 1 2025-01-01 2025-12-31 10997004 core:Subsidiary2 2 2025-01-01 2025-12-31 10997004 core:CurrentFinancialInstruments bus:Consolidated 2025-12-31 10997004 core:Non-currentFinancialInstruments bus:Consolidated 2025-12-31 10997004 core:Non-currentFinancialInstruments bus:Consolidated 2024-12-31 10997004 core:Non-currentFinancialInstruments 2025-12-31 10997004 core:Non-currentFinancialInstruments 2024-12-31 10997004 core:CurrentFinancialInstruments bus:Consolidated 1 2025-12-31 10997004 core:CurrentFinancialInstruments bus:Consolidated 1 2024-12-31 10997004 core:CurrentFinancialInstruments 2 2025-12-31 10997004 core:CurrentFinancialInstruments 3 2025-12-31 10997004 core:WithinOneYear bus:Consolidated 2025-12-31 10997004 core:WithinOneYear bus:Consolidated 2024-12-31 10997004 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 10997004 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 10997004 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 10997004 bus:FRS102 2025-01-01 2025-12-31 10997004 bus:Audited 2025-01-01 2025-12-31 10997004 bus:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 10997004 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP