Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 true true true true false 2025-01-01 125 117 true false false NI009719 2025-01-01 2025-12-31 NI009719 2024-01-01 2024-12-31 NI009719 2025-12-31 NI009719 2024-12-31 NI009719 2024-01-01 NI009719 c:Director1 2025-01-01 2025-12-31 NI009719 c:Director2 2025-01-01 2025-12-31 NI009719 c:Director3 2025-01-01 2025-12-31 NI009719 c:Director5 2025-01-01 2025-12-31 NI009719 c:RegisteredOffice 2025-01-01 2025-12-31 NI009719 c:Agent1 2025-01-01 2025-12-31 NI009719 d:Buildings 2025-01-01 2025-12-31 NI009719 d:Buildings 2025-12-31 NI009719 d:Buildings 2024-12-31 NI009719 d:Buildings d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 NI009719 d:Buildings d:LongLeaseholdAssets 2025-01-01 2025-12-31 NI009719 d:Buildings d:LongLeaseholdAssets 2025-12-31 NI009719 d:Buildings d:LongLeaseholdAssets 2024-12-31 NI009719 d:PlantMachinery 2025-01-01 2025-12-31 NI009719 d:PlantMachinery 2025-12-31 NI009719 d:PlantMachinery 2024-12-31 NI009719 d:PlantMachinery d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 NI009719 d:MotorVehicles 2025-01-01 2025-12-31 NI009719 d:MotorVehicles 2025-12-31 NI009719 d:MotorVehicles 2024-12-31 NI009719 d:MotorVehicles d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 NI009719 d:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 NI009719 d:CurrentFinancialInstruments 2025-12-31 NI009719 d:CurrentFinancialInstruments 2024-12-31 NI009719 d:Non-currentFinancialInstruments 2025-12-31 NI009719 d:Non-currentFinancialInstruments 2024-12-31 NI009719 d:CurrentFinancialInstruments d:WithinOneYear 2025-12-31 NI009719 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 NI009719 d:Non-currentFinancialInstruments d:AfterOneYear 2025-12-31 NI009719 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 NI009719 d:ReportableOperatingSegment1 2025-01-01 2025-12-31 NI009719 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 NI009719 d:UKTax 2025-01-01 2025-12-31 NI009719 d:UKTax 2024-01-01 2024-12-31 NI009719 d:ShareCapital 2025-12-31 NI009719 d:ShareCapital 2024-12-31 NI009719 d:ShareCapital 2024-01-01 NI009719 d:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 NI009719 d:RetainedEarningsAccumulatedLosses 2025-12-31 NI009719 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 NI009719 d:RetainedEarningsAccumulatedLosses 2024-12-31 NI009719 d:RetainedEarningsAccumulatedLosses 2024-01-01 NI009719 d:AcceleratedTaxDepreciationDeferredTax 2025-12-31 NI009719 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 NI009719 c:OrdinaryShareClass1 2025-01-01 2025-12-31 NI009719 c:OrdinaryShareClass1 2025-12-31 NI009719 c:OrdinaryShareClass1 2024-12-31 NI009719 c:FRS102 2025-01-01 2025-12-31 NI009719 c:Audited 2025-01-01 2025-12-31 NI009719 c:FullAccounts 2025-01-01 2025-12-31 NI009719 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 NI009719 d:WithinOneYear 2025-12-31 NI009719 d:WithinOneYear 2024-12-31 NI009719 d:BetweenOneFiveYears 2025-12-31 NI009719 d:BetweenOneFiveYears 2024-12-31 NI009719 d:HirePurchaseContracts d:WithinOneYear 2025-12-31 NI009719 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 NI009719 d:HirePurchaseContracts d:BetweenOneFiveYears 2025-12-31 NI009719 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 NI009719 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2025-12-31 NI009719 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-12-31 NI009719 d:LeasedAssetsHeldAsLessee 2025-12-31 NI009719 d:LeasedAssetsHeldAsLessee 2024-12-31 NI009719 e:PoundSterling 2025-01-01 2025-12-31 NI009719 c:PrincipalPlaceBusiness 2025-01-01 2025-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: NI009719 C.J. UPTON & SONS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
C.J. UPTON & SONS LIMITED COMPANY INFORMATION
Directors | C A Darlington
| T M Neale
| J M T Upton
| K W Walpole
Registered number | NI009719
Registered office | Fourth Floor
| The Ewart
| 17 Bedford Street
| Belfast
| BT2 7GP
Trading Address | 21 Shaw Lane
| Markfield
| Leicester
| LE67 9PU
Independent auditor's | MHA
| Statutory Auditors 11 Merus Court
| Meridian Business Park
| Leicester
| LE19 1RJ
Bankers | HSBC
| 2-6 Gallowtree Gate
| Leicester
| LE1 1DA
C.J. UPTON & SONS LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11 - 12
Statement of Changes in Equity | 13
Notes to the Financial Statements | 14 - 29
C.J. UPTON & SONS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Business review and future developments
The Directors are satisfied with the performance of the Company during the year under review, which saw the business, once again, deliver a healthy trading performance, which was in line with expectations. During the year the Company’s marketplace saw a continuation of the more normal levels of demand and price stability experienced in the previous year. Consequently, the Company achieved a turnover of £94.7m in the year, which was lower than the previous year (2024 - £99.6m). Gross profit margins were slightly higher at 15.9% (2024 - 13.8%), meaning the Company generated an operating profit of £2.5m (2024 - £1.7m) and a profit before tax of £1.9m (2024 - £1.3m). Net assets and net current assets at the year-end remain strong, at £46.0m and £36.9m respectively. This result was once again achieved against a landscape of ongoing economic uncertainty and global disruption, caused by continuing world conflicts and volatility in interest rates, inflation and other economic variables, as well as a high degree of political uncertainty. As in previous years, this performance reflects the Company’s clear and positive focus on its product purchasing and sales strategies, which remain consistent and forward-thinking. Activity levels since the year end have remained positive, accordingly the Board are cautiously confident about the ongoing prospects of the business. During the year the group, of which the Company is a member, carried out a reorganisation to simplify its overall structure. As a part of this reorganisation, the Company became an immediate subsidiary of Uptonsteel Holdings Limited (the ultimate parent company of the group) and was the beneficiary of inter- company debt forgiveness totalling £4.6m. This reorganisation had no impact on cash or overall group net assets.
Principal risks and uncertainties
The Directors have assessed the main risks to the business being the ongoing impact of Brexit and the introduction of EU steel safeguarding measures, which continue to inhibit the Company’s ability to source products from its traditional source of supply. However, the Company continues to mitigate these risks by an ongoing policy of maintaining and fostering the already strong relationships with its longstanding global supply chain, as well as developing and nurturing relationships from new sources and regions. The Company has moderate exposure to price, credit, liquidity and cash flow risk. These risks are effectively managed through maintaining and building strong relationships with suppliers, long-term customers and financing partners, all of whom remain loyal and supportive. The principal credit risk arises from trade debtor exposure but is mitigated by robust referencing procedures and extensive use of credit insurance. Page 1
C.J. UPTON & SONS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Financial key performance indicators
The two key performance indicators most relevant to the Company are its gross profit margin and debtor days, both of which are closely managed and monitored on a regular basis through reviews of monthly management information, a long-term product purchasing strategy and rigorous credit control procedures. During the year under review, the Company’s debtor days were 76 (2024 - 74). Other key performance indicators The Company does not use any other key performance indicators. Directors' statement of compliance with duty to promote the success of the Company During the year, the Directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Company for the benefit of its members as a whole. Specifically, the directors have considered the following:- a. The likely consequences of any decision in the long term; b. The interests of the Company's employees; c. The need to foster the Company's business relationships with suppliers, customers and others; d. The impact of the Company's operations on the community and the environment; e. The desirability of the Company maintaining a reputation for high standards of business conduct; and f. The need to act fairly between members of the Company. S172 (1) (a) The likely consequences of any decision in the long term The directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures they continue to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving environmental performance and operating methods in line with key laws and regulations are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Company is delivering on their duty of care for the benefit of future generations. S172 (1) (b) The interests of the Company's employees The directors recognise that the employees are key to the business and its success. What makes them different is their approach to relationships, which extends past the expected customer focus, to all their employees. Employee welfare and wellbeing is of the utmost importance, and they ensure all employees work in a safe and healthy environment and this is supported through regular external health and safety compliance checks. The directors regularly engage with employees through internal communication methods. When making decisions, the directors consider which course of action best delivers the Company strategy in the long term, taking into consideration all stakeholders of the Company, including the employees. S172 (1) (c) The need to foster the Company's business relationships with suppliers, customers and others The directors recognise that building relationships with suppliers and customers is also key to the success of the business. Their objective is to become a key partner, delivering quality products each time. This can only be achieved if they are also building relationships with their key suppliers. The directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised. S172 (1) (d) The impact of the Company's operations on the community and the environment The Company recognises the importance of minimising the impact of their operations on the community and environment. Page 2
C.J. UPTON & SONS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Directors' statement of compliance with duty to promote the success of the Company (continued) S172 (1) (e) The desirability of the Company maintaining a reputation for high standards of business conduct The Company is committed to improving quality and reducing any environmental impact, as noted above. This ensures that their reputation within the local community is maintained. S172 (1) (f) The need to act fairly between members of the Company When making decisions, the directors consider which course of action best delivers the Company strategy in the long term, taking into consideration all stakeholders of the Company. This report was approved by the board and signed on its behalf.
................................................ T M Neale Director
Date: 23 June 2026
Page 3
C.J. UPTON & SONS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the Company during the year under review continued to be that of a steel sheet and coil distributor.
Results and dividends
The profit for the year, after taxation, amounted to £1,374 k (2024 - £1,054 k). During the year dividends of £Nil (2024 - £Nil) were declared by the Directors.
Directors
The directors who served during the year were:
C A Darlington
T M Neale
J M T Upton
K W Walpole
Going concern After reviewing the Company's forecasts and projections, the Directors have a reasonable expectation that the Company can remain a viable going concern for the foreseeable future. The Directors have not identified any material uncertainty in relation to going concern. The Company therefore continues to adopt the going concern basis in preparing the financial statements. Streamlined Energy and Carbon Reporting ('SECR') As permitted by the Companies (Directors Report) and Limited Partnerships (Energy and Carbon Report) Regulations 2018 ('SECR' requirements'), the Company is exempt from disclosing separate energy use and emissions information in its Annual Report as these are included within the parent Company's energy use and emissions reporting on a Group basis. The information is reported within the Director's Report of its parent undertaking, Uptonsteel Holdings Limited.
Matters covered in the Strategic Report
The Company has chosen in accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the Company's Strategic Report certain matters required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Disclosure of information to auditor
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. Page 4
C.J. UPTON & SONS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditor
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic Report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to 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. This report was approved by the board and signed on its behalf.
................................................ T M Neale Director
Date: 23 June 2026
Fourth Floor
The Ewart
17 Bedford Street
Belfast
BT2 7GP
Page 5
C.J. UPTON & SONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.J. UPTON & SONS LIMITED
Opinion
We have audited the financial statements of C.J. Upton & Sons Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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. Page 6
C.J. UPTON & SONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.J. UPTON & SONS LIMITED (CONTINUED)
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.
Opinion 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 set out on page 5, 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. Page 7
C.J. UPTON & SONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.J. UPTON & SONS LIMITED (CONTINUED)
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: ∙Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud; ∙Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non-compliance with laws and regulations; ∙Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; ∙Reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations; ∙Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud; and ∙Reviewing minutes of meetings held during the year. Because of the inherent limitations of an audit, there is a 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. Page 8
C.J. UPTON & SONS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C.J. UPTON & SONS LIMITED (CONTINUED)
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. Shelley Harvey FCCA (Senior Statutory Auditor) for and on behalf of MHA, Statutory Auditor Leicester United Kingdom Date: 23 June 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).23 June 2026 Page 9
C.J. UPTON & SONS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 94,697 | 99,619
Cost of sales |  | (79,633) | (85,823)
Gross profit |  | 15,064 | 13,796
Distribution costs |  | (6,967) | (6,087)
Administrative expenses |  | (5,820) | (6,191)
Other operating income | 5 | 200 | 202
Operating profit | 6 | 2,477 | 1,720
Interest payable and similar expenses | 10 | (604) | (398)
Profit before tax |  | 1,873 | 1,322
Tax on profit | 11 | (499) | (268)
Profit for the financial year |  | 1,374 | 1,054
There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.
There was no other comprehensive income for 2025 (2024:£nil).
The notes on pages 14 to 29 form part of these financial statements.
Page 10
C.J. UPTON & SONS LIMITED REGISTERED NUMBER: NI009719 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 10,641 |  | 9,980
|  |  | 10,641 |  | 9,980
Current assets |  |  |  |  |
Stocks | 13 | 14,279 |  | 11,731 |
Debtors: amounts falling due within one year | 14 | 58,127 |  | 55,679 |
Cash at bank and in hand | 15 | 283 |  | 338 |
|  | 72,689 |  | 67,748 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 16 | (35,747) |  | (27,522) |
Net current assets |  |  | 36,942 |  | 40,226
Total assets less current liabilities |  |  | 47,583 |  | 50,206
Creditors: amounts falling due after more than one year | 17 |  | (973) |  | (9,625)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (724) |  | (654) |
|  |  | (724) |  | (654)
Net assets |  |  | 45,886 |  | 39,927
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Profit and loss account |  |  | 45,786 |  | 39,827
|  |  | 45,886 |  | 39,927
Page 11
C.J. UPTON & SONS LIMITED REGISTERED NUMBER: NI009719 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
................................................ T M Neale
Director
Date: 23 June 2026
The notes on pages 14 to 29 form part of these financial statements. Page 12
C.J. UPTON & SONS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2024 | 100 | 38,773 | 38,873
Profit for the year | - | 1,054 | 1,054
At 1 January 2025 | 100 | 39,827 | 39,927
Profit for the year | - | 1,374 | 1,374
Capital contribution (debt waiver) | - | 4,585 | 4,585
At 31 December 2025 | 100 | 45,786 | 45,886
| The notes on pages 14 to 29 form part of these financial statements.
| Profit and loss account The profit and loss account includes cumulative retained profits and other equity movements recognised directly in equity.
Page 13
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The entity is a private company limited by shares, which is incorporated in Northern Ireland. The registered office address is 4th Floor, The Ewart, 17 Bedford Street, Belfast, United Kingdom, BT2 7GP. The company registration number is NI009719. The principal activity of the Company is detailed in the Directors' Report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The financial statements have been presented in British Pound Sterling (£) and to the nearest round £000s. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Uptonsteel Holdings Limited as at 31 December 2025 and these financial statements may be obtained from 21 Shaw Lane, Markfield, Leicester, LE67 9PU.
| 2.3 | Going concern
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources and working capital to continue in operational existence for the foreseeable future and has the ability to continue as a going concern for at least the next 12 months therefore these financial statements are prepared on a going concern basis. Page 14
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
| 2.7 | Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 15
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Hire purchase agreements
Assets obtained under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 16
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Short leasehold property | - | Over the life of the lease
|  |  |  | Plant & machinery | - | 14.3% straight line
|  |  |  | Motor vehicles | - | 20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 17
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments, together with the disclosure requirements of Sections 11 and 12 and the presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through the Statement of Comprehensive Income) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The Page 18
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments (continued)
impairment reversal is recognised in the Statement of Comprehensive Income. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.17 | Intercompany debt waivers
Intercompany debt waivers arising as part of group restructuring transactions are accounted for based on their economic substance. Where the Company receives a net benefit from the waiver of balances with fellow group undertakings, the transaction is treated as a capital contribution and recognised directly in equity. Such transactions are not recognised in the Statement of Comprehensive Income as they do not represent trading income or commercial gains. Page 19
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the tangible fixed assets, and note 2.11 for the useful economic lives for each class of assets. (ii) Stock provision The directors continually monitor movements in steel prices and a provision is made against year end stock where the net realisable value of stock falls below its original cost. The stock value shown in note 13 is expressed net of any provision. (iii) Bad debt provision Where necessary a bad debt provision is included in the financial statements as an allowance for any expected future bad debts. The trade debtors shown in note 14 are expressed net of any bad debt provision. The estimate is based on management's prior knowledge and experience of the industry and is amended when necessary based on the current economic climate.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Sale of goods | 94,697 | 99,619
|  | 94,697 | 99,619
| All turnover arose within the United Kingdom.
Page 20
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Management charges | 200 | 202
|  | 200 | 202
6. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets | 1,009 | 1,064
| (Profit) on disposal of tangible fixed assets | (62) | (65)
| Other operating lease rentals | 3 | 3
7. | Auditor's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 29 | 28
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 21
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 5,659 | 5,270
| Social security costs | 687 | 533
| Cost of defined contribution scheme | 197 | 175
|  | 6,543 | 5,978
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production staff | 90 | 83
|  | Sales and administrative staff | 35 | 34
|  |  | 125 | 117
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 622 | 384
| Company contributions to defined contribution pension schemes | 17 | 37
|  | 639 | 421
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £258k (2024 - £158k).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9k (2024 - £19k).
Page 22
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Interest payable on invoice financing facilities | 544 | 350
| Interest payable on hire purchase agreements | 58 | 46
| Other interest payable | 2 | 2
|  | 604 | 398
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 427 | 219
|  | 427 | 219
| Total current tax | 427 | 219
| Deferred tax |  |
| Origination and reversal of timing differences | 72 | 49
| Total deferred tax | 72 | 49
|  | 499 | 268
Page 23
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 1,873 | 1,322
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 468 | 331
| Effects of: |  |
| Expenses not deductible for tax purposes | 13 | 13
| Capital allowances for year in excess of depreciation | (36) | (125)
| Change in provisions leading to a (decrease)/increase in tax charge | 54 | 49
| Total tax charge for the year | 499 | 268
| Factors that may affect future tax charges
There are no factors that may affect future tax charges. Page 24
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Tangible fixed assets
|  | Freehold property | Long-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 8,072 | 39 | 4,678 | 4,227 | 17,016
| Additions | 748 | - | 222 | 701 | 1,671
| Disposals | - | - | - | (615) | (615)
| At 31 December 2025 | 8,820 | 39 | 4,900 | 4,313 | 18,072
| Depreciation |  |  |  |  |
| At 1 January 2025 | 1,202 | 38 | 3,207 | 2,590 | 7,037
| Charge for the year | 137 | - | 284 | 588 | 1,009
| Disposals | - | - | - | (615) | (615)
| At 31 December 2025 | 1,339 | 38 | 3,491 | 2,563 | 7,431
| Net book value |  |  |  |  |
| At 31 December 2025 | 7,481 | 1 | 1,409 | 1,750 | 10,641
| At 31 December 2024 | 6,870 | 1 | 1,471 | 1,637 | 9,979
| Included in freehold property is land at a cost of £3,426k (2024 - £2,828k) which is not depreciated.
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Motor vehicles | 1,349 | 1,220
|  | 1,349 | 1,220
The depreciation charge on these assets amounted to £427k (2024 - £454k). Page 25
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Finished goods and goods for resale | 14,279 | 11,731
|  | 14,279 | 11,731
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 21,261 | 20,934
| Amounts owed by group undertakings | 36,326 | 34,275
| Other debtors | - | 11
| Prepayments and accrued income | 540 | 459
|  | 58,127 | 55,679
15. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 283 | 338
|  | 283 | 338
Page 26
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 13,938 | 12,809
| Amounts owed to group undertakings | 8,021 | 6,159
| Corporation tax | 228 | 44
| Other taxation and social security | 937 | 866
| Obligations under finance lease and hire purchase contracts | 506 | 508
| Other creditors | 10,409 | 3,630
| Accruals and deferred income | 1,708 | 3,506
|  | 35,747 | 27,522
| Obligations under hire purchase agreements are secured on the assets to which they relate. Included within other creditors is the invoicing financing facility of £10,176k (2024 - £3,548k). The invoice financing facility is secured on the book debts of the Company. The Company's bankers also hold legal charges over freehold property, as well as a fixed charge over book debts and a floating charge over all other assets of the Company. Amounts owed to group undertakings are unsecured, interest free and repayable on demand
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Net obligations under finance leases and hire purchase contracts | 973 | 888
| Amounts owed to group undertakings | - | 8,737
|  | 973 | 9,625
| Obligations under hire purchase agreements are secured on the assets to which they relate.
Page 27
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Within one year | 506 | 508
| Between 1-5 years | 973 | 888
|  | 1,479 | 1,396
19. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | 652
| Charged to the Statement of Comprehensive Income | 72
| At end of year | 724
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accelerated capital allowances | 724 | 652
|  | 724 | 652
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2024 - 100,000) Ordinary shares of £1.00 each | 100 | 100
21. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge of £197k (2024 - £175k) represents contributions payable by the Company to the fund. Page 28
C.J. UPTON & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 3 | 3
| Later than 1 year and not later than 5 years | 1 | 8
|  | 4 | 11
23. | Related party transactions
| The Company has taken advantage of the exemption conferred by Section 33 of Financial Reporting Standard 102 not to disclose transactions with other group entities who are wholly owned within the Group.
24. | Controlling party
On 19 December 2025 the immediate parent company changed to Uptonsteel Holdings Limited, a company registered and domiciled in England and Wales. The registered office is located at 21 Shaw Lane, Markfield, Leicester, LE67 9PU, and the consolidated accounts of Uptonsteel Holdings Limited can be obtained from the registered office. At the balance sheet date, the ultimate controlling party is K W Walpole and T M Neale by virtue of the majority shareholding in Uptonsteel Holdings Limited, the ultimate parent company of the Company.
Page 29