Company registration number 3552674 (England and Wales)
PHOENIX STEEL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Mitchells Limited
Chartered Accountants
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
PHOENIX STEEL LIMITED
COMPANY INFORMATION
Directors
Mr I Fuesdale
Mr J Mullen
Mr P Shiels
Mr V B Conroy
Company number
3552674
Registered office
Amos Ayre Place
Simonside Industrial Estate
South Shields
Tyne and Wear
NE34 9PB
Auditor
Mitchells Limited
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
Accountants
Debere Limited
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
Bankers
Lloyds Bank plc
102 Grey Street
Newcastle Upon Tyne
Tyne and Wear
NE99 1SL
PHOENIX STEEL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 27
PHOENIX STEEL 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 period to September 2025 was set against what remained a highly challenging backdrop for the steel industry. Market conditions continued to be shaped by subdued demand, pricing pressure and ongoing cost increases, particularly across labour, energy and financing. Against this environment, achieving a positive result, albeit modest, reflects the resilience of the business and the disciplined approach taken throughout the year.

During this period, we continued to prioritise a cautious and controlled trading strategy, carefully managing stock exposure and maintaining strong supplier relationships to protect margins in a volatile pricing environment. This approach, alongside a continued focus on cost management, has enabled the business to remain stable despite sustained market pressure.

Importantly, the year was not solely about managing challenges. We took deliberate steps to strengthen the business for the future. Investment in newer machinery and processing capability has already begun to broaden our service offering and improve operational efficiency. These investments are expected to deliver tangible benefits in the coming financial year through increased flexibility, improved lead times and enhanced competitiveness.

In parallel, we have continued to build on our core strengths. Maintaining strong relationships with customers, suppliers and credit insurance partners has remained a key priority, ensuring we are well positioned in an uncertain trading environment. We have also seen continued engagement across the workforce, with a positive flow of improvement ideas contributing to efficiency gains and reinforcing a culture of continuous development.

While external uncertainties remain — including global geopolitical tensions, interest rate pressure and cautious market demand — there are encouraging signs that conditions may begin to stabilise. As we move into the new financial year, the actions taken to date, particularly our investment in equipment, facilities and expanded service capability, place us in a stronger position to respond as confidence returns to the market.

Forward outlook

Looking ahead, our focus will remain clear: to build on the progress made, further develop our service range, maintain our disciplined commercial approach and continue delivering quality products at competitive rates. We believe the foundations established during the period to September 2025 will prove instrumental in supporting improved performance in the year ahead.

Key Performance Indicators

Gross profit margin - 2025: 14.24%; 2024: 13.28%

Net profit margin - 2025: 0.93%; 2024: 1.47%

Current ratio - 2025: 3.71; 2024: 3.35

PHOENIX STEEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

Financial risk management objectives and policies

The company finances its operations through a mixture of retained profits and monies advanced from the directors. The management's objectives are to:

- retain sufficient liquid funds to enable the company to meet its day to day obligations as they fall due whilst maximising returns on surplus funds;

- minimise the company's exposure to fluctuating interest rates when seeking new borrowings; and

- match the repayment schedule of any external borrowings with the expected future cash flows expected to arise from the company's trading activities.

As all of the company's surplus funds are invested in sterling bank accounts, we believe there is no price risk.

All normal banking arrangements are with Lloyds Bank plc and we believe our choice of bank minimises any credit risk. The company also relies on the support of the directors from time to time through the use of the directors' current accounts. Again we believe this minimises any credit risk.

Principal risks and uncertainties

As for many companies of our size, the business environment in which we operate continues to be challenging. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control. However, we will continue to show flexibility and respond to market conditions and opportunities as they arise. Management also reviews these risks and appropriate processes are put in place to monitor and mitigate them. The key business risks affecting the company are set out below.

Credit risk

The company's activities expose it to a number of financial risks including price risk, credit risk, cash flow and liquidity risk. The use of financial derivatives is governed by the company's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The company does not use derivative financial instruments for speculative purposes.

The company's principal financial assets are bank balances and cash, trade and other debtors. The company's credit risk is primarily attributable to its trade debtors.

Credit Insurance is in place for over 90% of trade debtors.

The amounts presented in the balance sheet are net of allowances for doubtful debts. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds is limited because of the extensive customer database.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for on-going operations and future developments, the company primarily uses it's available cash in the bank.

The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate with its current working capital and will not require, in the short to medium term, any bank borrowings.

Competition

The competition consists of numerous steel stockholders both in the local area plus further afield. There is always a threat of losing customer orders, primarily on price, however by providing a customer focused service, an extensive stock range plus a quality service, we strive to keep this threat to a minimum.

PHOENIX STEEL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

On behalf of the board

Mr J Mullen
Director
22 June 2026
PHOENIX STEEL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

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

Principal activities

The principal activity of the company continued to be that of steel stockists.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £136,630. The directors do not recommend payment of a further dividend.

Directors

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

Mr I Fuesdale
Mr J Mullen
Mr P Shiels
Mr V B Conroy
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J Mullen
Director
22 June 2026
PHOENIX STEEL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -

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.

PHOENIX STEEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHOENIX STEEL LIMITED
- 6 -
Opinion

We have audited the financial statements of Phoenix Steel 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' 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.

PHOENIX STEEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHOENIX STEEL LIMITED (CONTINUED)
- 7 -
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.

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 obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102) and relevant tax legislation. We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements

Our audit procedures included:

- obtaining an understanding of the internal controls including IT controls established to mitigate risks related to fraud or non - compliance with laws and regulations;

- assessing the risk of management override by identifying and testing a sample of journal entries including gap detection, Benfords' law and client specific criteria;

- enquiries with management as to any actual or suspected fraud, or non-compliance with laws and regulations at both the planning and completion stage;

- challenging the assumptions and judgements made by management in its significant account estimates;

Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

PHOENIX STEEL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHOENIX STEEL LIMITED (CONTINUED)
- 8 -

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 David Gair ACA (Senior Statutory Auditor)
For and on behalf of Mitchells Limited, Statutory Auditor
Chartered Accountants
Swallow House
Parsons Road
Washington
Tyne and Wear
NE37 1EZ
22 June 2026
PHOENIX STEEL LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
13,658,131
14,571,602
Cost of sales
(11,713,243)
(12,637,086)
Gross profit
1,944,888
1,934,516
Administrative expenses
(1,936,107)
(1,867,110)
Other operating income
5,334
5,850
Operating profit
4
14,115
73,256
Interest receivable and similar income
8
112,906
144,417
Interest payable and similar expenses
9
-
0
(4,042)
Profit before taxation
127,021
213,631
Tax on profit
10
(42,625)
(62,138)
Profit for the financial year
84,396
151,493

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

The notes on pages 14 to 27 form part of these financial statements.

PHOENIX STEEL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
2025
2024
£
£
Profit for the year
84,396
151,493
Other comprehensive income
-
-
Total comprehensive income for the year
84,396
151,493

The notes on pages 14 to 27 form part of these financial statements.

PHOENIX STEEL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,432,386
2,314,827
Investments
13
50,000
50,000
2,482,386
2,364,827
Current assets
Stocks
14
2,463,265
2,056,944
Debtors
15
2,792,029
2,915,240
Cash at bank and in hand
4,467,571
5,383,239
9,722,865
10,355,423
Creditors: amounts falling due within one year
16
(2,619,882)
(3,088,452)
Net current assets
7,102,983
7,266,971
Total assets less current liabilities
9,585,369
9,631,798
Creditors: amounts falling due after more than one year
17
(159,343)
(194,345)
Provisions for liabilities
Deferred tax liability
19
506,211
465,404
(506,211)
(465,404)
Net assets
8,919,815
8,972,049
Capital and reserves
Called up share capital
22
138,275
138,275
Share premium account
23
156,804
156,804
Profit and loss reserves
24
8,624,736
8,676,970
Total equity
8,919,815
8,972,049

The notes on pages 14 to 27 form part of these financial statements.

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 22 June 2026 and are signed on its behalf by:
Mr J Mullen
Director
Company registration number 3552674 (England and Wales)
PHOENIX STEEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2023
138,275
156,804
8,656,453
8,951,532
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
151,493
151,493
Dividends
11
-
-
(130,976)
(130,976)
Balance at 30 September 2024
138,275
156,804
8,676,970
8,972,049
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
84,396
84,396
Dividends
11
-
-
(136,630)
(136,630)
Balance at 30 September 2025
138,275
156,804
8,624,736
8,919,815

The notes on pages 14 to 27 form part of these financial statements.

PHOENIX STEEL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(479,320)
166,961
Interest paid
-
0
(4,042)
Income taxes refunded/(paid)
5,842
(171,254)
Net cash outflow from operating activities
(473,478)
(8,335)
Investing activities
Purchase of tangible fixed assets
(397,632)
(156,667)
Proceeds from disposal of tangible fixed assets
3,500
4,900
Interest received
112,906
144,417
Net cash used in investing activities
(281,226)
(7,350)
Financing activities
Repayment of borrowings
(24,334)
5,359
Dividends paid
(136,630)
(130,976)
Net cash used in financing activities
(160,964)
(125,617)
Net decrease in cash and cash equivalents
(915,668)
(141,302)
Cash and cash equivalents at beginning of year
5,383,239
5,524,541
Cash and cash equivalents at end of year
4,467,571
5,383,239

The notes on pages 14 to 27 form part of these financial statements.

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
1
Accounting policies
Company information

Phoenix Steel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amos Ayre Place, Simonside Industrial Estate, South Shields, Tyne and Wear, NE34 9PB.

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 entity.

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted are set out below.

1.2
Going concern

A 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
Turnover

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.

1.4
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:

Leasehold property
5% straight line
Plant and machinery
10% reducing balance/10% straight line
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.

1.5
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.6
Impairment of fixed assets

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

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

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

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

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price.

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

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

1.8
Cash and cash equivalents

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

1.9
Financial instruments

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

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

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

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 17 -
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 subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments 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 through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

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

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.

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits

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

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

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

1.13
Retirement benefits

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

1.14
Government grants

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

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

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
£
£
Turnover analysed by class of business
Sale of goods
13,658,131
14,571,602
2025
2024
£
£
Other revenue
Interest income
112,906
144,417
Grants received
5,334
5,850

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 19 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(5,334)
(5,850)
Depreciation of tangible fixed assets
261,012
250,095
Loss/(profit) on disposal of tangible fixed assets
15,561
(2,117)
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,000
5,500
6
Employees

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

2025
2024
Number
Number
Production staff
35
32
Distribution staff
8
8
Administration staff
16
16
Management staff
7
7
Total
66
63

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,005,528
1,863,308
Social security costs
212,964
167,168
Pension costs
102,227
191,686
2,320,719
2,222,162
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
138,108
128,430
Company pension contributions to defined contribution schemes
48,159
136,190
186,267
264,620
PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
7
Directors' remuneration
(Continued)
- 20 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
108,922
144,417
Other interest income
3,984
-
0
Total income
112,906
144,417
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
108,922
144,417
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
-
0
4,042
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,818
90,228
Deferred tax
Origination and reversal of timing differences
40,807
(28,090)
Total tax charge
42,625
62,138
PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
10
Taxation
(Continued)
- 21 -

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

2025
2024
£
£
Profit before taxation
127,021
213,631
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 25.00%)
24,134
53,408
Tax effect of expenses that are not deductible in determining taxable profit
5,112
5,735
Effect of change in corporation tax rate
9,794
-
0
Permanent capital allowances in excess of depreciation
3,585
2,995
Taxation charge for the year
42,625
62,138
11
Dividends
2025
2024
2025
2024
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Final paid
0.40
0.41
44,304
45,739
A Ordinary shares
Final paid
14,495.00
6,000.00
14,495
6,000
B Ordinary shares
Final paid
37,027.00
37,027.00
37,027
37,027
C Ordinary shares
Final paid
1.48
1.53
40,804
42,210
Total dividends
Final paid
136,630
130,976
PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
12
Tangible fixed assets
Leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2024
1,312,762
3,485,520
379,978
5,178,260
Additions
-
0
361,486
36,146
397,632
Disposals
-
0
-
0
(53,750)
(53,750)
At 30 September 2025
1,312,762
3,847,006
362,374
5,522,142
Depreciation and impairment
At 1 October 2024
511,839
2,143,113
208,481
2,863,433
Depreciation charged in the year
65,638
157,905
37,469
261,012
Eliminated in respect of disposals
-
0
-
0
(34,689)
(34,689)
At 30 September 2025
577,477
2,301,018
211,261
3,089,756
Carrying amount
At 30 September 2025
735,285
1,545,988
151,113
2,432,386
At 30 September 2024
800,923
1,342,407
171,497
2,314,827
13
Fixed asset investments
2025
2024
£
£
Other investments
50,000
50,000
14
Stocks
2025
2024
£
£
Raw materials and consumables
2,463,265
2,056,944
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,700,316
2,809,589
Corporation tax recoverable
-
0
5,842
Other debtors
6,000
6,000
Prepayments and accrued income
61,863
63,309
2,768,179
2,884,740
PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
15
Debtors
(Continued)
- 23 -
2025
2024
Amounts falling due after more than one year:
£
£
Other debtors
23,850
30,500
Total debtors
2,792,029
2,915,240

Short term and long term debtors are measured at transaction price, less any impairment.

16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Trade creditors
2,237,110
2,757,177
Corporation tax
1,818
-
0
Other taxation and social security
243,090
207,968
Government grants
20
5,334
-
0
Other creditors
5,701
3,710
Accruals and deferred income
126,829
119,597
2,619,882
3,088,452

Lloyds Bank plc holds fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fittings and plant and machinery.

Short term creditors are measured at the transaction price.

17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Other borrowings
18
103,593
127,927
Government grants
20
55,750
66,418
159,343
194,345

Lloyds Bank plc holds fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fittings and plant and machinery.

Long term creditors are measured at the transaction price.

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
18
Loans and overdrafts
2025
2024
£
£
Other loans
103,593
127,927
Payable after one year
103,593
127,927

The long-term loans are secured by fixed charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fittings and plant and machinery.

19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
507,636
466,332
Short term timing differences
(1,425)
(928)
506,211
465,404
2025
Movements in the year:
£
Liability at 1 October 2024
465,404
Charge to profit or loss
40,807
Liability at 30 September 2025
506,211
20
Government grants
2025
2024
£
£
Arising from government grants
61,084
66,418
Included in the financial statements as follows:
Current liabilities
5,334
-
0
Non-current liabilities
55,750
66,418
61,084
66,418
PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,227
191,686

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.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
110,619
110,619
110,619
110,619
A Ordinary shares of £1 each
1
1
1
1
B Ordinary shares of £1 each
1
1
1
1
C Ordinary shares of £1 each
27,654
27,654
27,654
27,654
138,275
138,275
138,275
138,275
23
Share premium account

Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.

24
Profit and loss reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

25
Operating lease commitments
As lessee
2025
2024
£
£
Within 1 year
100,000
100,000
Years 2-5
345,833
400,000
After 5 years
-
0
45,833
445,833
545,833
26
Related party transactions
Transactions with related parties

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

PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
26
Related party transactions
(Continued)
- 26 -
Rent
2025
2024
£
£
Entities with control, joint control or significant influence over the company
56,693
40,000
27
Directors' transactions

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

Advances
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director 1
-
21,300
-
21,300
Director 2
-
106,627
(24,334)
82,293
127,927
(24,334)
103,593
28
Ultimate controlling party

Phoenix Steel Limited is a wholly owned subsidiary of Phoenix Steel Holdings Limited, a company incorporated in England and Wales, whose registered office address is Amos Ayre Place, Simonside Ind Estate, South Shields, Tyne & Wear, NE34 9PB.

29
Cash (absorbed by)/generated from operations
2025
2024
£
£
Profit after taxation
84,396
151,493
Adjustments for:
Taxation charged
42,625
62,138
Finance costs
-
0
4,042
Investment income
(112,906)
(144,417)
Loss/(gain) on disposal of tangible fixed assets
15,561
(2,117)
Depreciation and impairment of tangible fixed assets
261,012
250,095
Movements in working capital:
(Increase)/decrease in stocks
(406,321)
341,438
Decrease in debtors
117,369
205,703
Decrease in creditors
(475,722)
(695,564)
Decrease in deferred income
(5,334)
(5,850)
Cash (absorbed by)/generated from operations
(479,320)
166,961
PHOENIX STEEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
30
Analysis of changes in net funds
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
5,383,239
(915,668)
4,467,571
Borrowings excluding overdrafts
(127,927)
24,334
(103,593)
5,255,312
(891,334)
4,363,978
2025-09-30 2024-10-01 false false false CCH Software CCH Accounts Production 2026.100 Mr I Fuesdale Mr J Mullen Mr P Shiels Mr V B Conroy 3552674 2024-10-01 2025-09-30 3552674 bus:Director1 2024-10-01 2025-09-30 3552674 bus:Director2 2024-10-01 2025-09-30 3552674 bus:Director3 2024-10-01 2025-09-30 3552674 bus:Director4 2024-10-01 2025-09-30 3552674 bus:RegisteredOffice 2024-10-01 2025-09-30 3552674 bus:Agent1 2024-10-01 2025-09-30 3552674 2025-09-30 3552674 2023-10-01 2024-09-30 3552674 core:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 3552674 core:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 3552674 2024-09-30 3552674 core:LongLeaseholdAssets 2025-09-30 3552674 core:PlantMachinery 2025-09-30 3552674 core:MotorVehicles 2025-09-30 3552674 core:LandBuildings 2024-09-30 3552674 core:PlantMachinery 2024-09-30 3552674 core:MotorVehicles 2024-09-30 3552674 core:WithinOneYear 2025-09-30 3552674 core:WithinOneYear 2024-09-30 3552674 core:AfterOneYear 2025-09-30 3552674 core:AfterOneYear 2024-09-30 3552674 core:CurrentFinancialInstruments core:WithinOneYear 2025-09-30 3552674 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 3552674 core:Non-currentFinancialInstruments 2025-09-30 3552674 core:Non-currentFinancialInstruments 2024-09-30 3552674 core:ShareCapital 2025-09-30 3552674 core:ShareCapital 2024-09-30 3552674 core:SharePremium 2025-09-30 3552674 core:SharePremium 2024-09-30 3552674 core:RetainedEarningsAccumulatedLosses 2025-09-30 3552674 core:RetainedEarningsAccumulatedLosses 2024-09-30 3552674 core:ShareCapital 2023-09-30 3552674 core:SharePremium 2023-09-30 3552674 core:RetainedEarningsAccumulatedLosses 2023-09-30 3552674 core:ShareCapitalOrdinaryShareClass1 2025-09-30 3552674 core:ShareCapitalOrdinaryShareClass1 2024-09-30 3552674 core:ShareCapitalOrdinaryShareClass2 2025-09-30 3552674 core:ShareCapitalOrdinaryShareClass2 2024-09-30 3552674 core:ShareCapitalOrdinaryShareClass3 2025-09-30 3552674 core:ShareCapitalOrdinaryShareClass3 2024-09-30 3552674 core:ShareCapitalOrdinaryShareClass4 2025-09-30 3552674 core:ShareCapitalOrdinaryShareClass4 2024-09-30 3552674 core:ShareCapitalOrdinaryShares 2025-09-30 3552674 core:ShareCapitalOrdinaryShares 2024-09-30 3552674 2024-09-30 3552674 2023-09-30 3552674 core:LandBuildings core:LongLeaseholdAssets 2024-10-01 2025-09-30 3552674 core:PlantMachinery 2024-10-01 2025-09-30 3552674 core:MotorVehicles 2024-10-01 2025-09-30 3552674 1 2024-10-01 2025-09-30 3552674 1 2023-10-01 2024-09-30 3552674 core:UKTax 2024-10-01 2025-09-30 3552674 core:UKTax 2023-10-01 2024-09-30 3552674 bus:OrdinaryShareClass1 2024-10-01 2025-09-30 3552674 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 3552674 bus:OrdinaryShareClass2 2024-10-01 2025-09-30 3552674 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 3552674 bus:OrdinaryShareClass3 2024-10-01 2025-09-30 3552674 bus:OrdinaryShareClass3 2023-10-01 2024-09-30 3552674 bus:OrdinaryShareClass4 2024-10-01 2025-09-30 3552674 bus:OrdinaryShareClass4 2023-10-01 2024-09-30 3552674 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-09-30 3552674 core:PlantMachinery 2024-09-30 3552674 core:MotorVehicles 2024-09-30 3552674 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-09-30 3552674 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 3552674 core:CurrentFinancialInstruments 2025-09-30 3552674 core:CurrentFinancialInstruments 2024-09-30 3552674 core:Non-currentFinancialInstruments core:AfterOneYear 2025-09-30 3552674 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 3552674 bus:OrdinaryShareClass1 2025-09-30 3552674 bus:OrdinaryShareClass1 2024-09-30 3552674 bus:OrdinaryShareClass2 2025-09-30 3552674 bus:OrdinaryShareClass2 2024-09-30 3552674 bus:OrdinaryShareClass3 2025-09-30 3552674 bus:OrdinaryShareClass3 2024-09-30 3552674 bus:OrdinaryShareClass4 2025-09-30 3552674 bus:OrdinaryShareClass4 2024-09-30 3552674 bus:AllOrdinaryShares 2025-09-30 3552674 bus:AllOrdinaryShares 2024-09-30 3552674 core:BetweenTwoFiveYears 2025-09-30 3552674 core:BetweenTwoFiveYears 2024-09-30 3552674 core:MoreThanFiveYears 2025-09-30 3552674 core:MoreThanFiveYears 2024-09-30 3552674 bus:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 3552674 bus:FRS102 2024-10-01 2025-09-30 3552674 bus:Audited 2024-10-01 2025-09-30 3552674 bus:FullAccounts 2024-10-01 2025-09-30 xbrli:pure xbrli:shares iso4217:GBP