REGISTERED NUMBER: 02517863 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

UNITED STEELS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

M Unitt

G B Costigan

SECRETARY:

Mrs M T Cashmore

REGISTERED OFFICE:

Unit 81, Gibbons Industrial Park

Dudley Road

Kingswinford

West Midlands

DY6 8XF

REGISTERED NUMBER:

02517863 (England and Wales)

AUDITORS:

Blackthorns

Chartered Accountants

and Registered Auditors

Admiral House

Waterfront East

Brierley Hill

West Midlands

DY5 1XG

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

REVIEW OF BUSINESS

The trading activity continued to be the sale of slit coil and sheet product and the processing of customers own material across a wide range of processing plant and machinery that includes slitting, de-coiling and shearing.

On 31 March 2025 the trade and assets of the company were transferred to USP Steels Limited, a fellow group company.

PROFITABILITY

A profit before tax for the financial year of £5,177,277 is reported (2024 - loss of £449,164). .

The company has declared a dividend of £6,924,411 (2024 - £125,000).

PRINCIPAL RISKS AND UNCERTAINTIES

The company recognises areas of risk to the business and is committed to manage those key risks.

Borrowing levels were controlled by disciplined stock management and tightly controlled overhead expenditure. Until it ceased to trade, the company had no significant exposure to movements in exchange rates or interest rates.

The company had a debt protection policy in place with Allianz [formerly Euler Hermes].

The company operated in a highly competitive marketplace and this risk was managed by offering an extensive range of processing capability and high service levels at competitive pricing. The directors monitored competitor activity and market trend and current affairs.

Security of product supply was managed by forging close relationships with key suppliers and co-operating with credit agencies.

The company undertook a continuous improvement approach to people and processes.

KEY PERFORMANCE INDICATORS

The company measured business performance using key performance indicators to include turnover, gross profit and operating profit. Figures in the current year are not comparable as the trade was transferred out of the company on 31 March 2025.

HEALTH AND SAFETY

The company was committed to achieving the highest practicable standards in health and safety management and strived to ensure environments were safe for employees and visitors.

ENVIRONMENT

The company recognised its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' aim was to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

FUTURE OUTLOOK

The company is not expected to trade going forward.

ON BEHALF OF THE BOARD:

G B Costigan - Director

14 May 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of steel stockists, service centre and steel processing, until 31 March 2025 at which point the trade and assets were transferred to USP Steels Limited, a fellow group company.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 6,924,411 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

M Unitt

G B Costigan

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006 a.414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Blackthorns, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

G B Costigan - Director

14 May 2026

Opinion

We have audited the financial statements of United Steels Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following, however, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management:

- the nature of the industry and sector;

- control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks;and

- the matters discussed amongst the audit engagement team involving relevant internal specialists, including tax, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may have existed within the organisation and sought to identify those with the greatest potential for fraud and irregularities. In common with all audits under ISAs (UK), we also performed specific procedures to respond to the risk of management override.

We considered the legal and regulatory frameworks that affect the company, focusing on provisions of those laws and regulations that would have had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations that we considered in this context included the Companies Act 2006, tax legislation and pension regulations.

We also considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The key laws and regulations that we considered in this context included compliance with health and safety regulations.

Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:

-

reviewing the disclosures within the financial statements and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

-

reviewing minutes of meetings involving those charged with governance, reviewing correspondence and reviewing appropriate regulatory correspondence;

-

obtaining an understanding of provisions through discussions with management in order to understand the basis of recognition;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Victoria Brassington BA FCA (Senior Statutory Auditor)

for and on behalf of Blackthorns

Chartered Accountants

and Registered Auditors

Admiral House

Waterfront East

Brierley Hill

West Midlands

DY5 1XG

14 May 2026

TURNOVER

3

1,959,028

21,268,111

Cost of sales

1,666,980

19,255,030

GROSS PROFIT

292,048

2,013,081

Administrative expenses

(4,908,708

)

2,177,897

OPERATING PROFIT/(LOSS)

5

5,200,756

(164,816

)

Interest payable and similar expenses

6

23,479

284,348

PROFIT/(LOSS) BEFORE TAXATION

5,177,277

(449,164

)

Tax on profit/(loss)

7

-

(78,072

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

5,177,277

(371,092

)

Retained earnings at beginning of year

1,747,134

2,243,226

Dividends

8

(6,924,411

)

(125,000

)

RETAINED EARNINGS AT END OF YEAR

-

1,747,134

FIXED ASSETS

Tangible assets

9

-

3,869,910

CURRENT ASSETS

Stocks

10

-

1,803,362

Debtors

11

326,159

3,248,908

Cash at bank

23,841

95,124

350,000

5,147,394

CREDITORS

Amounts falling due within one year

12

-

6,790,170

NET CURRENT ASSETS/(LIABILITIES)

350,000

(1,642,776

)

TOTAL ASSETS LESS CURRENT LIABILITIES

350,000

2,227,134

PROVISIONS FOR LIABILITIES

16

-

130,000

NET ASSETS

350,000

2,097,134

CAPITAL AND RESERVES

Called up share capital

17

89,010

89,010

Capital redemption reserve

18

260,990

260,990

Retained earnings

18

-

1,747,134

SHAREHOLDERS' FUNDS

350,000

2,097,134

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2026 and were signed on its behalf by:

G B Costigan - Director

1.	STATUTORY INFORMATION

United Steels Limited is a private company limited by shares and incorporated in England, registered number 02517863. Its registered office is Gibbons Industrial Park, Dudley Road, Kingswinford, West Midlands, DY6 8XF.

The financial statements are presented is Sterling, which is the functional currency of the company.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The directors are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

In preparing these financial statements the directors have made the following judgements:

Recoverability of trade debtors

Trade and other debtors are recognised to the extent that they are judged recoverable. The directors' review is performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

The directors make allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The directors specifically analyse historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such differences will impact the carrying value of debtors and the charge in the statement of income and retained earnings.

Leasing

The company determines whether leases entered into by the company as a lessee are operating or finance leases. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.

Provisions

A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost and 10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

25% on cost, 20% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments

Basic financial liabilities, including trade and other debtors, bank loans and other loans 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 receipts discounted at a market rate of interest.

3.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the principal activities of the company.

In the opinion of the directors it would be seriously prejudicial to disclose a geographical analysis of turnover.

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

392,526

1,827,728

Social security costs

41,436

177,039

Other pension costs

5,881

59,334

439,843

2,064,101

The average number of employees during the year was as follows:

31.12.25

31.12.24

Sales and administration

4

6

Production

43

52

47

58

31.12.25

31.12.24

£

£

Directors' remuneration

18,250

96,224

Directors' pension contributions to money purchase schemes

1,100

4,400

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

31.12.25

31.12.24

£

£

Other operating leases

412,584

388,007

Depreciation - owned assets

101,991

307,747

Profit on disposal of fixed assets

(5,319,191

)

-

Auditors' remuneration - for audit services

2,250

12,250

Auditors' remuneration - for tax compliance services

500

4,350

Auditors' remuneration - for other non-audit services

-

9,825

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank interest

23,479

284,348

7.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

-

(7,500

)

Under/over tax provision

-

(572

)

Total current tax

-

(8,072

)

Deferred tax

-

(70,000

)

Tax on profit/(loss)

-

(78,072

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit/(loss) before tax

5,177,277

(449,164

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,294,319

(112,291

)

Effects of:

Expenses not deductible for tax purposes

(1,330,048

)

7,688

Depreciation in excess of capital allowances

25,498

76,937

Adjustments to tax charge in respect of previous periods

-

(572

)

Unused losses

-

18,703

Other tax adjustments

10,231

1,463

Deferred tax

-

(70,000

)

Total tax credit

-

(78,072

)

8.

DIVIDENDS

31.12.25

31.12.24

£

£

Interim

6,924,411

125,000

9.	TANGIBLE FIXED ASSETS

Long

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

477,548

4,278,066

61,152

156,625

4,973,391

Disposals

(477,548

)

(4,278,066

)

(61,152

)

(156,625

)

(4,973,391

)

At 31 December 2025

-

-

-

-

-

DEPRECIATION

At 1 January 2025

27,030

875,484

61,152

139,815

1,103,481

Charge for year

7,908

92,727

-

1,356

101,991

Eliminated on disposal

(34,938

)

(968,211

)

(61,152

)

(141,171

)

(1,205,472

)

At 31 December 2025

-

-

-

-

-

NET BOOK VALUE

At 31 December 2025

-

-

-

-

-

At 31 December 2024

450,518

3,402,582

-

16,810

3,869,910

10.

STOCKS

31.12.25

31.12.24

£

£

Stocks

-

1,803,362

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

-

2,974,293

Amounts owed by group undertakings

326,159

-

Other debtors

-

50,000

Prepayments

-

224,615

326,159

3,248,908

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts (see note 13)

-

1,814,772

Hire purchase contracts (see note 14)

-

28,880

Trade creditors

-

3,924,424

Amounts owed to group undertakings

-

746,917

Tax

-

(138,527

)

Social security and other taxes

-

37,842

VAT

-

332,222

Other creditors

-

15,119

Accrued expenses

-

28,521

-

6,790,170

13.

LOANS

An analysis of the maturity of loans is given below:

31.12.25

31.12.24

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

1,814,772

14.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.25

31.12.24

£

£

Net obligations repayable:

Within one year

-

28,880

Non-cancellable

operating leases

31.12.25

31.12.24

£

£

Within one year

-

330,938

Between one and five years

-

1,185,861

-

1,516,799

15.	SECURED DEBTS

Bank borrowings were secured by a fixed and floating charge over all book and other debts and a floating charge over the company's assets.

Hire purchase liabilities were secured against the assets acquired

16.	PROVISIONS FOR LIABILITIES

31.12.25

31.12.24

£

£

Deferred tax

Accelerated capital allowances

-

130,000

Deferred

tax

£

Balance at 1 January 2025

130,000

Transferred with trade

(130,000

)

Balance at 31 December 2025

-

17.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

£

£

89,010

Ordinary shares

£1

89,010

89,010

18.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2025

1,747,134

260,990

2,008,124

Profit for the year

5,177,277

-

5,177,277

Dividends

(6,924,411

)

-

(6,924,411

)

At 31 December 2025

-

260,990

260,990