Sheffield Refractories Limited Company accounts

COMPANY REGISTRATION NUMBER: 01279115

Sheffield Refractories Limited

Financial Statements

31 March 2026

Sheffield Refractories Limited

Financial Statements

Year ended 31 March 2026

Contents	Pages

Officers and professional advisers	1

Strategic report	2 to 3

Directors' report	4 to 6

Independent auditor's report to the members	7 to 10

Statement of comprehensive income	11

Statement of financial position	12

Statement of changes in equity	13

Notes to the financial statements	14 to 22

Sheffield Refractories Limited

Officers and Professional Advisers

The board of directors	Mr T Staton
	Mr J Gray
	Mr D Parakh
	Mr M Rakhecha
	Mr J Staton

Company secretary	Mr T Staton

Registered office	Bradshaw Works
	Swinston Hill Road
	Dinnington
	Sheffield
	England
	S25 2RY

Auditor	Hebblethwaites
	Chartered accountants & statutory auditors
	2 Westbrook Court
	Sharrow Vale Road
	Sheffield
	S11 8YZ

Sheffield Refractories Limited

Strategic Report

Year ended 31 March 2026

Review of business The company remains in a stable position with incremental growth in our key markets. We are continuing to increase our Technical/Engineering resource with the goal to create a young but well-trained Team that is capable of adapting to a variety of tasks. We see growth opportunities both for our Installation Team and the Precast facility which is under continuous development. Our Export Sales are also continuing to grow. In the last 12 months we have built a new Batching Plant for our Plastic/Ramming production line and re-built the charge end of one of our castable mills. In the coming 12 months we intend to commission two new castable mills at our Oughtibridge plant and to significantly revamp our Tap Hole Clay manufacturing facility. Positive noises about the Nationalisation of British Steel coupled with general government support for the UK Steel Industry is all very encouraging in terms of potential to further develop sales during the next 12 months. The key performance indicators are as follows:

	2026	2025
	£	£
Sales	18,737,195	17,457,347
Gross profit	4,550,197	4,080,996
Gross profit (%)	24	23
Operating expenses	3,044,545	3,080,261
Profit before tax	518,841	218,595

Principal risks and uncertainties The management of the business, together with the nature of the company strategy, are subject to a number of risks. The main commercial risks presently faced by the company are: a) uncertainty caused by Chinese ownership of British Steel, and attempts by the UK government to regain control and keep furnaces active; b) high proportion of fixed overheads with variable revenues; c) the war in Ukraine; d) high energy costs; and e) the UK move to net zero. The directors believe that a system for risk assessment, identification, monitoring, control and mitigation exists whereby these risks, together with other micro and macro risks faced by the company are managed continually. Financial risk management objectives and policies The company uses financial instruments, other than derivatives, which comprise borrowings, cash and other liquid resources, together with various other items such as trade receivables and payables that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company's financial instruments are interest rate risks, liquidity risks and foreign exchange risk. The directors review and agree policies for managing each of these risks, as summarised below. These policies remain unchanged from previous periods. Interest rate risk The company finances its operations through a mixture of retained profits, intercompany accounts and bank borrowings. The company's exposure to interest rate fluctuations on these borrowings is managed by the use of fixed and floating facilities.

Liquidity risk The company seeks to manage liquidity risk by ensuring that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through loans, mortgages and bank facilities. Currency risk The company is exposed to transactions and translation foreign exchange risk. In relation to translation risk, the proportion of assets held in the foreign currency are matched to appropriate levels of reserves in the same currency. Transaction exposures arise as a result of overseas trade.

This report was approved by the board of directors on 21 May 2026 and signed on behalf of the board by:

Mr T Staton

Director

Registered office:

Bradshaw Works

Swinston Hill Road

Dinnington

Sheffield

England

S25 2RY

Sheffield Refractories Limited

Directors' Report

Year ended 31 March 2026

The directors present their report and the financial statements of the company for the year ended 31 March 2026 .

Principal activities

The principal activity of the company during the year was that of manufacture, supply and installation of specialised refractory products into a wide range of thermal process industries.

Directors

The directors who served the company during the year were as follows:

Mr T Staton
Mr J Gray
Mr D Parakh
Mr M Rakhecha
Mr J Staton

Dividends

The directors do not recommend the payment of a dividend.

Financial instruments

The company's principal financial instruments comprise bank balances, trade debtors and trade creditors along with invoice finance facilities. The main purpose of these instruments is to raise funds and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk.

The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdraft facilities and invoice financing.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 21 May 2026 and signed on behalf of the board by:

Mr T Staton

Director

Registered office:

Bradshaw Works

Swinston Hill Road

Dinnington

Sheffield

England

S25 2RY

Sheffield Refractories Limited

Independent Auditor's Report to the Members of Sheffield Refractories Limited

Year ended 31 March 2026

Opinion

We have audited the financial statements of Sheffield Refractories Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 March 2026 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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: - the nature of the industry and sector, control environment and business performance, including the identification of related party transactions, and matters which could potentially impact on the company's continuation as a going concern; - results of our enquiries of management and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team, including 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 exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. In addition, we 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. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

A Throssell FCA

(Senior Statutory Auditor)

For and on behalf of

Hebblethwaites

Chartered accountants & statutory auditors

2 Westbrook Court

Sharrow Vale Road

Sheffield

S11 8YZ

21 May 2026

Sheffield Refractories Limited

Statement of Comprehensive Income

Year ended 31 March 2026

		2026	2025
Note		£	£
Turnover	4	18,737,195	17,457,347

Cost of sales	14,186,998	13,376,351
	-------------	-------------
Gross profit	4,550,197	4,080,996

Distribution costs		855,771	784,786
Administrative expenses		3,044,545	3,080,261
		------------	------------
Operating profit	5	649,881	215,949

Other interest receivable and similar income	8	1,908	9,034
Interest payable and similar expenses	9	132,948	6,388
		------------	------------
Profit before taxation		518,841	218,595

Tax on profit	10	( 20,659)	1,716
		---------	---------
Profit for the financial year and total comprehensive income		539,500	216,879
		---------	---------

All the activities of the company are from continuing operations.

Sheffield Refractories Limited

Statement of Financial Position

31 March 2026

	2026	2025
Note	£	£

Fixed assets

Tangible assets	11	2,263,676	1,916,910

Current assets

Stocks	12	2,375,882	2,169,275
Debtors	13	3,991,773	4,907,996
Cash at bank and in hand		145,563	166,633
		------------	------------
		6,513,218	7,243,904

Creditors: amounts falling due within one year	14	4,657,876	5,512,219
		------------	------------
Net current assets		1,855,342	1,731,685
		------------	------------
Total assets less current liabilities		4,119,018	3,648,595

Creditors: amounts falling due after more than one year	15	–	69,077
		------------	------------
Net assets		4,119,018	3,579,518
		------------	------------

Capital and reserves

Called up share capital	18	1,000	1,000
Revaluation reserve	19	1,033,386	1,215,006
Profit and loss account	19	3,084,632	2,363,512
		------------	------------
Shareholders funds		4,119,018	3,579,518
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 21 May 2026 , and are signed on behalf of the board by:

Mr T Staton

Director

Company registration number: 01279115

Sheffield Refractories Limited

Statement of Changes in Equity

Year ended 31 March 2026

		Called up share capital	Revaluation reserve	Profit and loss account	Total
		£	£	£	£
At 1 April 2024		1,000	1,215,006	2,146,633	3,362,639

Profit for the year				216,879	216,879
		-------	------------	------------	------------
Total comprehensive income for the year		–	–	216,879	216,879

At 31 March 2025		1,000	1,215,006	2,363,512	3,579,518

Profit for the year				539,500	539,500
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	( 181,620)	181,620	–
		-------	------------	------------	------------
Total comprehensive income for the year		–	( 181,620)	721,120	539,500

		-------	------------	------------	------------
At 31 March 2026		1,000	1,033,386	3,084,632	4,119,018
		-------	------------	------------	------------

Sheffield Refractories Limited

Notes to the Financial Statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bradshaw Works, Swinston Hill Road, Dinnington, Sheffield, S25 2RY, England.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Section 7 'Statement of Cash Flows'. No cash flow statement has been presented for the company. (b) Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues'. Disclosures in respect of financial instruments have not been presented. (c) Section 26 'Share based Payments'. Disclosures in respect of share-based payments have not been presented. (d) Section 33 'Related Party Disclosures'. Compensation for key management personnel has not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. In the opinion of management, there are no judgements or key sources of estimation uncertainty that have a significant impact on the financial statements, other than those stated below.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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 transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant and machinery	-	10% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% straight line

	Computer equipment	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2026	2025
	£	£
Sale of goods	18,737,195	17,457,347
	-------------	-------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2026	2025
	£	£
United Kingdom	14,758,670	13,484,421
Overseas	3,978,525	3,972,926
	-------------	-------------
	18,737,195	17,457,347
	-------------	-------------

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2026	2025
	£	£
Depreciation of tangible assets	156,090	125,973
Impairment of trade debtors	28,060	(4,350)
Foreign exchange differences	11,380	( 10,034)
	---------	---------

6. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Manufacturing staff	32	32
Directors	3	3
Sales and administration staff	22	22
	----	----
	57	57
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2026	2025
	£	£
Wages and salaries	2,738,662	2,598,939
Social security costs	327,672	252,626
Other pension costs	158,968	149,201
	------------	------------
	3,225,302	3,000,766
	------------	------------

7. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2026	2025
	£	£
Remuneration	325,082	320,000
Company contributions to defined contribution pension plans	45,600	45,600
	---------	---------
	370,682	365,600
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2026	2025
	£	£
Aggregate remuneration	128,356	125,000
Company contributions to defined contribution pension plans	20,000	20,000
	---------	---------
	148,356	145,000
	---------	---------

8. Other interest receivable and similar income

	2026	2025
	£	£
Interest on cash and cash equivalents	1,908	9,034
	-------	-------

9. Interest payable and similar expenses

	2026	2025
	£	£
Interest on banks loans and overdrafts	132,948	13,387
Other interest payable and similar charges	–	( 6,999)
	---------	--------
	132,948	6,388
	---------	--------

10. Tax on profit

Major components of tax (income)/expense

	2026	2025
	£	£

Current tax:

UK current tax expense	–	1,716
Adjustments in respect of prior periods	484	–
	----	-------
Total current tax	484	1,716
	----	-------

Deferred tax:

Origination and reversal of timing differences	( 21,143)	–
	--------	-------
Tax on profit	( 20,659)	1,716
	--------	-------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2025: lower than) the standard rate of corporation tax in the UK of 25 % (2025: 19 %).

	2026	2025
	£	£
Profit on ordinary activities before taxation	518,841	218,595
	---------	---------
Profit on ordinary activities by rate of tax	129,710	41,533
Adjustment to tax charge in respect of prior periods	484	–
Effect of expenses not deductible for tax purposes	1,591	471
Effect of capital allowances and depreciation	172,197	( 10,819)
Utilisation of tax losses	( 43,974)	( 29,469)
Unused tax losses	( 280,667)	–
	---------	---------
Tax on profit	( 20,659)	1,716
	---------	---------

11. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2025	1,300,000	793,529	5,203	50,065	35,584	2,184,381
Additions	–	473,087	–	–	29,771	502,858
Transfers	–	4,842	( 4,269)	–	694	1,267
	------------	------------	-------	--------	--------	------------
At 31 Mar 2026	1,300,000	1,271,458	934	50,065	66,049	2,688,506
	------------	------------	-------	--------	--------	------------
Depreciation
At 1 Apr 2025	37,500	180,891	5,141	23,353	20,586	267,471
Charge for the year	15,000	119,672	61	10,276	11,081	156,090
Transfers	–	4,841	( 4,268)	–	696	1,269
	------------	------------	-------	--------	--------	------------
At 31 Mar 2026	52,500	305,404	934	33,629	32,363	424,830
	------------	------------	-------	--------	--------	------------
Carrying amount
At 31 Mar 2026	1,247,500	966,054	–	16,436	33,686	2,263,676
	------------	------------	-------	--------	--------	------------
At 31 Mar 2025	1,262,500	612,638	62	26,712	14,998	1,916,910
	------------	------------	-------	--------	--------	------------

Tangible assets held at valuation

Land and buildings were revalued to £1,300,000 as at 30 September 2022. This compared to a net book value of £439,788 at the same date, therefore the revaluation amount was £860,212. Plant and machinery were revalued to £512,000 as at 30 September 2022. This compared to a net book value of £157,206 at the same date, therefore the revaluation amount was £354,794.

12. Stocks

	2026	2025
	£	£
Raw materials and consumables	1,260,161	1,335,822
Work in progress	171,338	–
Finished goods and goods for resale	944,383	833,453
	------------	------------
	2,375,882	2,169,275
	------------	------------

13. Debtors

	2026	2025
	£	£
Trade debtors	3,824,536	4,349,110
Deferred tax asset	21,143	–
Prepayments and accrued income	82,644	160,013
Other debtors	63,450	398,873
	------------	------------
	3,991,773	4,907,996
	------------	------------

The debtors above include the following amounts falling due after more than one year:

	2026	2025
	£	£
Deferred tax asset	21,143	–
	--------	----

14. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	66,222	5,755
Trade creditors	2,150,317	2,243,610
Accruals and deferred income	59,080	571,056
Corporation tax	–	1,258
Social security and other taxes	175,972	92,875
Director loan accounts	8,850	8,850
Invoice discounting creditor	2,061,089	2,459,064
Other creditors	136,346	129,751
	------------	------------
	4,657,876	5,512,219
	------------	------------

15. Creditors: amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	–	69,077
	----	--------

16. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2026	2025
	£	£
Included in debtors (note 13)	21,143	–
	--------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2026	2025
	£	£
Accelerated capital allowances	160,896	–
Revaluation of tangible assets	98,628	–
Unused tax losses	( 280,667)	–
	---------	----
	(21,143)	–
	---------	----

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 158,968 (2025: £ 149,201 ).

18. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

19. Reserves

Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income.

20. Related party transactions

The Company has taken advantage of the exemption permitted by FRS 102 for the disclosure requirements of Section 33 Related Party Disclosures and has not disclosed related party transactions with entities that are part of the IFGL Refractories Limited Group. During the year ended 31 March 2026, the company entered into transactions with Intermet Refractory Products Limited, a related party. Purchases made during the year amounted to £99,996 (2025: £99,996). At 31 March 2026, amounts due to Intermet Refractory Products Limited totalled £1,133 (2025: £Nil). At the same date, amounts due from Intermet Refractory Products Limited totalled £19,101 (2025: £19,101). The transactions were undertaken in the normal course of business and on terms equivalent to those that prevail in arm’s length transactions

21. Controlling party

The ultimate parent undertaking of the company is IFGL Refractories Limited, a company registered in India. Monocon International Refractories Limited is the company's immediate parent company. The smallest and largest undertaking for which group accounts have been prepared is that headed by IFGL Refractories Limited. Copies of the group accounts can be obtained from its head and corporate offices at 3 Netaji Subhas Road, Kolkata - 700 001, India.