Company registration number 07014617 (England and Wales)
OPTIMA STAINLESS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
OPTIMA STAINLESS LIMITED
COMPANY INFORMATION
Directors
Mr R P Thurston
Mr N C Thurston
Miss J A Thurston
(Appointed 21 April 2026)
Company number
07014617
Registered office
Hamlin Way
King's Lynn
Norfolk
PE30 4NG
Auditor
Jamieson Alexander Audit Limited
Unit B2
The Point
Weaver Road
Lincoln
LN6 3QN
Bankers
Barclays Bank Plc
91-92 High Street
King's Lynn
Norfolk
PE30 1BL
OPTIMA STAINLESS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
OPTIMA STAINLESS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Review of the business

The principal activities of the company throughout the year continued to be that of the manufacturing, distribution and stockholding of metal and metal products, supplying a wide range of customers across sectors such as manufacturing, marine and engineering.

The company delivered a solid performance during the year, maintaining profitability despite challenging market conditions. Turnover decreased slightly to £28.3 million (2024: £28.8 million), reflecting a softening of demand in certain market segments.

However, operating profit increased to £2.1 million (2024: £1.3 million), driven by improved efficiency, disciplined cost control, and more strategic procurement practices. This performance highlights the company’s ability to adapt to market fluctuations while protecting margins. Profit before tax increased to £2.0 million (2024: £1.3 million), driven by the strong operating performance.

Net assets increased to £15.0 million (2024: £13.6 million), reflecting retained profits for the year and continued reinvestment in the business.

The company's cash position strengthened significantly during the year, with cash generated from operations increasing from £1.4 million to £3.2 million. This improvement was driven primarily by strong operating performance and effective working capital management. Profit before taxation increased by approximately £0.7 million compared with the prior year, contributing positively to operating cash generation.

The company maintained strong gross margins through pricing discipline and efficiency, while overheads were carefully managed.

During the year, Optima Stainless undertook a restructuring of its operational footprint, closing its site in Corby and consolidating the majority of warehousing and dispatch activities at its facility in Kings Lynn. To maintain service levels and support customer demand, operational capacity was increased by improving utilisation of existing infrastructure.

Whilst physical operations were consolidated, the company retained a number of sales representatives in Corby, ensuring continuity of customer relationships and market presence. This strategy has proven successful, with the company increasing its market share within the region despite the site closure.

The business also invested in its logistics capability through the addition of further vehicles to its delivery fleet, enhancing distribution efficiency and customer service. In addition, a new sales representative was recruited to increase market coverage in areas surrounding the headquarters at King’s Lynn, supporting continued business development and customer acquisition.

Work on the new ERP system was on-going, and costs incurred on the old system were impaired during the early part of the year. The company continues to scope the future development of the system to best support its strategic and operational objectives.

Overall, the company delivered a strong operational performance during the year, successfully executing strategic changes while continuing to grow market share, invest in infrastructure, and strengthen its position within the UK metal market.

OPTIMA STAINLESS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Principal risks and uncertainties

Credit r isk

The comp a ny's main financial assets are trade receivables, stock and cash and bank balances. Those assets represent the company's main exposure to credit risk, which is a risk that a counterparty will fail to ·discharge its obligations, resulting in financial loss to the company. Whilst the company does provide goods and services to many large customers it is not reliant on any of these to continue its operations, with this in mind the d irectors believe that credit risk is both limited and mitigated.

Competitive r isk

T he company operates in a highly competitive industry and faces competition from a number of sources. This competition may lead to pricing pressure which could result in squeezed profit margins and potential loss of business to other market players. The d irectors continually monitor this risk, and the company holds a strong position in the market and is highly regarded within the industry.

Regulation r isk

T he company operates in an industry which is subject to numerous laws and regulations covering a wide range of matters including health and safety, employment and other operating issues. The company is continually ensuring that the compliance demands of these regulatory factors are met and the d irectors have ensured that the policies and culture in relation to this are well communicated to all employees.

Finance r isk

The company funded its operations for period through a combination of retained profits, internally generated cash. asset-backed finance arrangements and traditional loans.

Economic r isk

T he company operates in an industry which can be susceptible to adverse economic conditions through decreased business activity. Although the d irectors acknowledge this risk, the core offering of the company is well diversified to combat this.

Development and performance

In anticipation of the new steel tariffs, the company is investing in its stock holdings, strengthening supply chain resilience and ensuring continued product availability for customers during a period of potential market disruption.

The company continues to scope future investments in operational capacity in order to meet increased demand, maintain strong customer relations and position the business for long term growth.

Key performance indicators

The performance of the business is monitored using several key performance indicators, most notably turnover growth and profit before tax. These KPIs are discussed above.

On behalf of the board

Mr R P Thurston
Director
26 June 2026
OPTIMA STAINLESS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activities of the company throughout the year continued to be that of the manufacturing, distribution and stockholding of metal and metal products, supplying a wide range of customers across sectors such as manufacturing, marine and engineering.

Results

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

Directors

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

Mr R P Thurston
Mr N C Thurston
Miss J A Thurston
(Appointed 21 April 2026)
Future developments

In anticipation of the new steel tariffs, the company is investing in its stock holdings, strengthening supply chain resilience and ensuring continued product availability for customers during a period of potential market disruption.

The company continues to scope future investments in operational capacity in order to meet increased demand, maintain strong customer relations and position the business for long term growth.

Statement of directors' responsibilities

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

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

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

- select suitable accounting policies and then apply them consistently;

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

- 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

OPTIMA STAINLESS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
On behalf of the board
Mr R P Thurston
Director
26 June 2026
OPTIMA STAINLESS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OPTIMA STAINLESS LIMITED
- 5 -
Opinion

We have audited the financial statements of Optima Stainless Limited (the 'company') for the year ended 30 September 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

OPTIMA STAINLESS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OPTIMA STAINLESS LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with the company's professional advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

OPTIMA STAINLESS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OPTIMA STAINLESS LIMITED (CONTINUED)
- 7 -

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr James Rylatt (Senior Statutory Auditor)
For and on behalf of Jamieson Alexander Audit Limited, Statutory Auditor
Chartered Accountants
Unit B2
The Point
Weaver Road
Lincoln
LN6 3QN
26 June 2026
OPTIMA STAINLESS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
2024
Notes
£000s
£000s
Turnover
3
28,294
28,815
Cost of sales
(17,578)
(18,861)
Gross profit
10,716
9,954
Distribution costs
(5,637)
(5,657)
Administrative expenses
(3,036)
(3,079)
Other operating income
40
90
Operating profit
4
2,083
1,308
Interest receivable and similar income
8
74
179
Interest payable and similar expenses
9
(147)
(96)
Amounts written off investments
10
-
(74)
Profit before taxation
2,010
1,317
Tax on profit
11
(604)
(375)
Profit for the financial year
1,406
942

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OPTIMA STAINLESS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
2025
2024
£000s
£000s
Profit for the year
1,406
942
Other comprehensive income
-
-
Total comprehensive income for the year
1,406
942
OPTIMA STAINLESS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 10 -
2025
2024
Notes
£000s
£000s
£000s
£000s
Fixed assets
Goodwill
13
52
139
Other intangible assets
13
49
34
Total intangible assets
101
173
Tangible assets
14
6,887
7,450
Investment property
15
579
579
7,567
8,202
Current assets
Stocks
16
2,150
2,892
Debtors
17
6,360
6,364
Cash at bank and in hand
4,507
2,220
13,017
11,476
Creditors: amounts falling due within one year
18
(4,961)
(4,769)
Net current assets
8,056
6,707
Total assets less current liabilities
15,623
14,909
Creditors: amounts falling due after more than one year
19
(147)
(722)
Provisions for liabilities
Deferred tax liability
21
485
602
(485)
(602)
Net assets
14,991
13,585
Capital and reserves
Called up share capital
23
-
0
-
0
Profit and loss reserves
14,991
13,585
Total equity
14,991
13,585

The notes on pages 14 to 29 form part of these financial statements.

OPTIMA STAINLESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2025
30 September 2025
- 11 -

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

The financial statements were approved by the board of directors and authorised for issue on 26 June 2026 and are signed on its behalf by:
Mr R P Thurston
Director
Company registration number 07014617 (England and Wales)
OPTIMA STAINLESS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
£000s
£000s
£000s
Balance at 1 October 2023
-
0
12,643
12,643
Year ended 30 September 2024:
Profit and total comprehensive income
-
942
942
Balance at 30 September 2024
-
0
13,585
13,585
Year ended 30 September 2025:
Profit and total comprehensive income
-
1,406
1,406
Balance at 30 September 2025
-
0
14,991
14,991
OPTIMA STAINLESS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
2025
2024
Notes
£000s
£000s
£000s
£000s
Cash flows from operating activities
Cash generated from operations
28
3,220
1,371
Income taxes refunded/(paid)
25
(402)
Net cash inflow from operating activities
3,245
969
Investing activities
Purchase of intangible assets
(63)
(154)
Purchase of tangible fixed assets
(244)
(293)
Proceeds from disposal of tangible fixed assets
26
-
0
Repayment/ (advance) of loans
48
(65)
Interest received
74
105
Dividends received
-
0
74
Net cash used in investing activities
(159)
(333)
Financing activities
Repayment of borrowings
-
0
(112)
Repayment of loans
(603)
(874)
Interest paid
(147)
(96)
Net cash used in financing activities
(750)
(1,082)
Net increase/(decrease) in cash and cash equivalents
2,336
(446)
Cash and cash equivalents at beginning of year
2,137
2,583
Cash and cash equivalents at end of year
4,473
2,137
Relating to:
Cash at bank and in hand
4,507
2,220
Bank overdrafts included in creditors payable within one year
(34)
(83)
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
1
Accounting policies
Company information

Optima Stainless Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hamlin Way, King's Lynn, Norfolk, PE30 4NG.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest thousand.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years. The amortisation charge is presented within administrative expenses in the profit and loss account.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets other than goodwill

Intangible fixed assets are stated at cost less accumulated amortisation and any provision for impairment. Intangible assets are recognised when it is probable that future economic benefits attributable to the asset will flow to the company and the cost of the asset can be measured reliably.

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

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

Software
5 years

The amortisation charge is presented within administrative expenses in the profit and loss account.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
2% straight line
Plant and equipment
25% reducing balance or 10 years straight line
Fixtures and fittings
25% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Investment property

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

1.8
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -

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

1.9
Stocks

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

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

Stocks are valued under the first-in, first-out method.

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.

1.10
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.

1.11
Financial instruments

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

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

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

Basic financial assets

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

Other financial assets

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

OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

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

OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

1.14
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.

1.15
Retirement benefits

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

1.16
Leases
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
As lessor

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£000s
£000s
Other revenue
Interest income
74
105
Dividends received
-
74

Turnover, which is derived in all material respects from a single class of business and from the sale of goods, arises in the United Kingdom save for £38,000 (2024 - £59,000) of export sales.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£000s
£000s
Exchange losses
24
-
0
Depreciation of tangible fixed assets
764
899
Loss on disposal of tangible fixed assets
17
-
Amortisation of intangible assets
90
87
Impairment of intangible assets
45
263
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£000s
£000s
For audit services
Audit of the financial statements of the company
32
32
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
6
Employees

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

2025
2024
Number
Number
Production
27
32
Administration and support
23
23
Sales
40
42
Distribution
50
52
Total
140
149

Their aggregate remuneration comprised:

2025
2024
£000s
£000s
Wages and salaries
4,895
5,006
Social security costs
560
482
Pension costs
119
116
5,574
5,604
7
Directors' remuneration
2025
2024
£000s
£000s
Remuneration for qualifying services
17
11
8
Interest receivable and similar income
2025
2024
£000s
£000s
Interest income
Interest on bank deposits
74
105
Income from fixed asset investments
Income from shares in group undertakings
-
0
74
Total income
74
179
2025
2024
Investment income includes the following:
£000s
£000s
Interest on financial assets not measured at fair value through profit or loss
74
105
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£000s
£000s
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
32
23
Other finance costs
Interest on finance leases and hire purchase contracts
22
59
Other interest
93
14
147
96
10
Amounts written off investments
2025
2024
£000s
£000s
Other gains and losses
-
(74)
11
Taxation
2025
2024
£000s
£000s
Current tax
UK corporation tax on profits for the current period
722
476
Deferred tax
Origination and reversal of timing differences
(118)
(101)
Total tax charge
604
375

Deferred taxation at the reporting date has been measured using the standard rate of corporation tax in the UK.

OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
11
Taxation
(Continued)
- 22 -

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
£000s
£000s
Profit before taxation
2,010
1,317
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
503
329
Effects of:
Expenses that are not deductible in determining taxable profit
60
5
Change in unrecognised deferred tax assets
-
0
19
Depreciation on assets not qualifying for tax allowances
18
19
Amortisation on assets not qualifying for tax allowances
23
22
Dividend income
-
0
(19)
Taxation charge in the financial statements
604
375
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£000s
£000s
In respect of:
Intangible assets
13
45
263
Investments in subsidiaries
-
74
Recognised in:
Administrative expenses
45
263
Amounts written off investments
-
74

Expenditures incurred in relation to the old ERP system in the early stages of the financial year have been impaired as a result of the company's decision to commence work on a proprietary software platform.

OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
13
Intangible fixed assets
Goodwill
Software
Total
£000s
£000s
£000s
Cost
At 1 October 2024
437
297
734
Additions
-
0
63
63
At 30 September 2025
437
360
797
Amortisation and impairment
At 1 October 2024
298
263
561
Amortisation charged for the year
87
3
90
Impairment losses
-
0
45
45
At 30 September 2025
385
311
696
Carrying amount
At 30 September 2025
52
49
101
At 30 September 2024
139
34
173

More information on impairment movements in the year is given in note 12.

14
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£000s
£000s
£000s
£000s
£000s
£000s
Cost
At 1 October 2024
4,839
35
7,160
167
1,151
13,352
Additions
89
-
0
71
-
0
84
244
Disposals
-
0
-
0
-
0
-
0
(74)
(74)
Transfers
35
(35)
-
0
-
0
-
0
-
0
At 30 September 2025
4,963
-
0
7,231
167
1,161
13,522
Depreciation and impairment
At 1 October 2024
316
-
0
4,886
112
588
5,902
Depreciation charged in the year
76
-
0
561
13
114
764
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(31)
(31)
At 30 September 2025
392
-
0
5,447
125
671
6,635
Carrying amount
At 30 September 2025
4,571
-
0
1,784
42
490
6,887
At 30 September 2024
4,523
35
2,274
55
563
7,450
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
14
Tangible fixed assets
(Continued)
- 24 -

Freehold land and buildings with a carrying amount of £4,571,000 (2024 - £4,523,000) have been pledged to secure borrowings of the company.

Included within the carrying value of tangible fixed assets are assets held under hire purchase contracts with a total carrying value of £709,000 (2024 - £1,700,000). The amounts falling due are secured on the underlying assets.

15
Investment property
2025
£000s
Fair value
At 1 October 2024 and 30 September 2025
579

Investment property comprises a light industrial unit in Kings Lynn, Norfolk. The carrying value is based on an open market valuation carried out in November 2024 by Brown & Co – Property and Business Consultants LLP, an unconnected partnership. The external valuation was performed by an unconnected member of the Royal Institute of Chartered Surveyors with relevant experience of valuing the type of property concerned in the area. The valuation was derived by reference to market evidence of transaction prices for similar properties and is, in the opinion of the directors, materially unchanged at the balance sheet date.

The investment property is leased to an unconnected tenant with 1 year left to run.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2025
2024
£000s
£000s
Cost
331
331
Accumulated depreciation
-
-
Carrying amount
331
331
16
Stocks
2025
2024
£000s
£000s
Raw materials and consumables
2,150
2,892
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
17
Debtors
2025
2024
Amounts falling due within one year:
£000s
£000s
Trade debtors
5,920
6,148
Corporation tax recoverable
35
35
Other debtors
77
167
Prepayments and accrued income
328
14
6,360
6,364
18
Creditors: amounts falling due within one year
2025
2024
Notes
£000s
£000s
Bank loans and overdrafts
20
609
686
Other borrowings
20
-
0
478
Trade creditors
2,092
2,349
Corporation tax
1,116
370
Other taxation and social security
787
745
Other creditors
1
1
Accruals and deferred income
356
140
4,961
4,769
19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£000s
£000s
Bank loans and overdrafts
20
147
722

There are no amounts falling due more than five years from the reporting date.

20
Loans and overdrafts
2025
2024
£000s
£000s
Bank loans
722
1,325
Bank overdrafts
34
83
Loans from related parties
-
0
478
756
1,886
Payable within one year
609
1,164
Payable after one year
147
722
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
20
Loans and overdrafts
(Continued)
- 26 -

Long-term borrowings are secured by fixed and floating charges over assets of the company, including land, buildings, fixed plant and machinery, rental income, trade debtors, and uncalled share capital.

21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£000s
£000s
Accelerated capital allowances
425
542
Retirement benefit obligations
(2)
(2)
Investment property
62
62
485
602
2025
Movements in the year:
£000s
Liability at 1 October 2024
602
Credit to profit or loss
(117)
Liability at 30 September 2025
485

The deferred tax liability set out above is expected to reverse as tangible fixed assets are depreciated over their useful economic lives and relates in all material respects to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000s
£000s
Charge to profit or loss in respect of defined contribution schemes
119
116

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

Pension contributions of £22,000 were outstanding at the reporting date (2024 - £11,000).

23
Share capital
2025
2024
2025
2024
Ordinary A of £1 each
75
75
-
0
-
0
Ordinary B of £1 each
24
24
-
0
-
0
Ordinary C of £1 each
1
1
-
0
-
0
Ordinary D of £1 each
1
1
-
0
-
0
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
23
Share capital
(Continued)
- 27 -

Ordinary A, Ordinary B and Ordinary C shares rank equally on winding up and carry one vote per share. Dividends may be declared at different rates for each class of share.

Ordinary D shares carry dividend entitlement, but no rights on winding up. They do not carry voting rights.

All issued shares are fully paid.

24
Operating lease commitments
As lessee

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

2025
2024
£000s
£000s
Within 1 year
6
15
Years 2-5
-
0
6
6
21
As lessor - operating leases

The operating leases represent leases to third parties of land and buildings. The lease is negotiated over a term of 10 years and rentals are fixed for 3 years. The lease include s a provision a rent review at the commencement of year 4 according to prevailing market conditions.

At the reporting date the company had contracted with tenants for the following minimum lease payments:

2025
2024
Future amounts receivable under operating leases:
£000s
£000s
Within 1 year
38
35
Years 2-5
-
0
35
38
70
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£000s
£000s
Acquisition of tangible fixed assets
166
81
26
Related party transactions
Transactions with related parties

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

OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
26
Related party transactions
(Continued)
- 28 -
Purchases
Purchases
2025
2024
£000s
£000s
Entities controlled by a director
-
1
2025
2024
Amounts due to related parties
£000s
£000s
Other related parties
-
478

Amounts payable by the company to other related parties comprised shareholder loans which are interest free and repayable on demand.

The amounts falling due are included in other borrowings within creditors falling due within one year.

27
Directors' transactions

The following amounts relate to loans which are unsecured, interest free, and repayable on demand:

Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£000s
£000s
£000s
£000s
Unsecured loan repayable on demand
-
90
-
(56)
34
Unsecured loan repayable on demand
-
14
10
(2)
22
104
10
(58)
56
OPTIMA STAINLESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 29 -
28
Cash generated from operations
2025
2024
£000s
£000s
Profit after taxation
1,406
942
Adjustments for:
Taxation charged
604
375
Finance costs
147
96
Investment income
(74)
(179)
Loss on disposal of tangible fixed assets
17
-
Fair value gain on investment properties
-
0
(29)
Amortisation and impairment of intangible assets
135
350
Depreciation and impairment of tangible fixed assets
764
899
Other gains and losses
-
74
Movements in working capital:
Decrease/(increase) in stocks
742
(533)
(Increase)/decrease in debtors
(44)
197
Decrease in creditors
(477)
(821)
Cash generated from operations
3,220
1,371
29
Ultimate controlling party

At the reporting date, the company was controlled by Mr R P Thurston who controlled the majority of voting rights in the company.

2025-09-30 2024-10-01 false false false CCH Software CCH Accounts Production 2026.100 Mr R P Thurston Mr N C Thurston Miss J A Thurston 07014617 2024-10-01 2025-09-30 07014617 bus:Director1 2024-10-01 2025-09-30 07014617 bus:Director2 2024-10-01 2025-09-30 07014617 bus:Director3 2024-10-01 2025-09-30 07014617 bus:RegisteredOffice 2024-10-01 2025-09-30 07014617 bus:Agent1 2024-10-01 2025-09-30 07014617 2025-09-30 07014617 2023-10-01 2024-09-30 07014617 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 07014617 core:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 07014617 core:Goodwill 2025-09-30 07014617 core:Goodwill 2024-09-30 07014617 core:IntangibleAssetsOtherThanGoodwill 2025-09-30 07014617 core:IntangibleAssetsOtherThanGoodwill 2024-09-30 07014617 2024-09-30 07014617 core:ComputerSoftware 2025-09-30 07014617 core:ComputerSoftware 2024-09-30 07014617 core:LandBuildings core:OwnedOrFreeholdAssets 2025-09-30 07014617 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