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Registered number: 00539770
Nusteel Holdings Limited
Annual report and financial statements
For the year ended 31 October 2025
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Nusteel Holdings Limited
Company Information
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Nusteel Holdings Limited
Contents
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Independent auditors' report
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Consolidated statement of comprehensive income
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Notes to the financial statements
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Nusteel Holdings Limited
Group strategic report
For the year ended 31 October 2025
The Group's principal activity is the design, fabrication, protective treatment, delivery and installation of steel road, rail and pedestrian bridges for the UK infrastructure market. Nusteel has been fabricating steel structures for over 70 years and is well established within the heavy fabrication industry.
The directors are satisfied with the result for the year and believe the Group will trade profitably in the future. The directors use the following Key Performance Indicators (KPIs) to monitor the performance of the business:
∙Turnover per production employee £197,193 (2024 - £185,455) being turnover per the statutory profit and loss account divided by the average number of production employees in the year.
∙Gross profit per production employee £50,670 (2024 - £68,019) being gross profit per the statutory profit and loss account divided by the average number of production employees in the year.
∙Gross margin 25.7% (2024 - 36.7%) being gross profit per the statutory profit and loss account as a percentage of turnover as shown in the statutory profit and loss account.
Principal risks and uncertainties
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The health and safety risks of operating in the heavy steel fabrication sector remain a focal point. The Group continues to implement its well-established safe systems of work policies along with regular training programmes and the occupational health monitoring of all its employees.
The majority of the Group’s revenue is initiated via government organisations. During 2024 / 2025, we have seen delays to some major infrastructure projects while government spending reviews were conducted. We have however continued to benefit from securing a good pipeline of contracts and see this improving during 2026 / 2027.
With the demise of several major construction companies, we continue to monitor the financial stability of all our clients. Where possible we make use of project bank accounts which deliver a level of security to the supply chains of both Highways England and Network Rail. To minimise this risk further, the Group continues to seek and develop relationships with non-government organisations to diversify our revenue streams.
Due to the specialist nature of our industry we continue to see a skills shortage which is likely to persist for the foreseeable future. The Group remains committed to undertaking employee development and has maintained our gold membership of the 5% Club in recognition of this.
The risk of cyber-attacks are still prevalent, threatening the failure of IT systems and data loss. Significant investment in our IT, onsite and offsite back ups and periodic data restoring tests continue to mitigate these risks.
This report was approved by the board on 23 July 2026 and signed on its behalf.
Page 1
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Nusteel Holdings Limited
Directors' report
For the year ended 31 October 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £293,790 (2024 - £701,625).
During the year an interim dividend of £Nil (2024 - £6,500,000) was paid as part of the change of ownership to Nusteel Group EOT limited. The Directors do not recommend a final dividend.
The directors who served during the year were:
There are no intentions to significantly change the direction of the Group or the way it trades and interacts with its customers and suppliers.
Page 2
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Nusteel Holdings Limited
Directors' report (continued)
For the year ended 31 October 2025
The Group's principal financial instruments comprise bank balances, intercompany debtors, trade debtors and trade creditors. The main purpose of these instruments is to finance the Group's operations and facilitate its trading activities.
In respect of bank balances, the liquidity risk is managed by monitoring and forecasting cashflows and ensuring that adequate facilities are put in place where forecasts indicate that it is prudent to do so.
In respect of trade debtors, credit risk is managed by having policies in place concerning the credit offered to customers and the monitoring of debts that are past due.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet liabilities as they fall due.
In determining whether the Group’s annual financial statements have been prepared on a going concern basis, as required by company law, the directors considered all factors likely to affect its future development and performance including its financial position, cash flows and the risks and uncertainties relating to its business. The directors also considered the following,
∙The current market conditions.
∙The uncertainty of the UK economy.
∙The order book and the pipeline of future orders.
∙The Group’s cash position and expected cashflow forecasts.
∙Having made in depth enquiries with regards to the above, the directors consider it appropriate that the Group has adequate resources and forward workload to adopt the going concern basis of accounting in preparing the financial statements.
Disclosure of information to auditors
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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 and the Group's auditors are 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 and the Group's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end.
The auditors, Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 23 July 2026 and signed on its behalf.
Page 3
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Nusteel Holdings Limited
Independent auditors' report to the members of Nusteel Holdings Limited
We have audited the financial statements of Nusteel Holdings Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 Group's and of the Parent Company's affairs as at 31 October 2025 and of the Group's 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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
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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 Group's or the Parent 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 4
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Nusteel Holdings Limited
Independent auditors' report to the members of Nusteel Holdings Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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
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In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the Parent Company 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
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As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Page 5
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Nusteel Holdings Limited
Independent auditors' report to the members of Nusteel Holdings Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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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 Auditors' 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 Group 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.
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company and industry, and through discussion with the directors and other management, we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
∙Assessment of identified fraud risk factors; and
∙Review of credit card expenditure to confirm no evidence of personal benefit; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for statement preparation.
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.
Page 6
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Nusteel Holdings Limited
Independent auditors' report to the members of Nusteel Holdings Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 Auditors' 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.
Tracey Becker FCCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves Audit LLP
Statutory Auditor
Canterbury
23 July 2026
Page 7
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Nusteel Holdings Limited
Consolidated statement of comprehensive income
For the year ended 31 October 2025
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Income from fixed assets investments
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Interest receivable and similar income
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Profit for the financial year
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Profit for the year attributable to:
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Owners of the Parent Company
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 14 to 33 form part of these financial statements.
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Page 8
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Nusteel Holdings Limited
Registered number: 00539770
Consolidated balance sheet
As at 31 October 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Equity attributable to owners of the Parent Company
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2026.
The notes on pages 14 to 33 form part of these financial statements.
Page 9
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Nusteel Holdings Limited
Registered number: 00539770
Company balance sheet
As at 31 October 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Provisions for liabilities
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Profit and loss account brought forward
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Other changes in the profit and loss account
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2026.
The notes on pages 14 to 33 form part of these financial statements.
Page 10
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Nusteel Holdings Limited
Consolidated statement of changes in equity
For the year ended 31 October 2025
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Dividends: Equity capital
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Excess depreciation on revalued property
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Excess depreciation on revalued property
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The notes on pages 14 to 33 form part of these financial statements.
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Page 11
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Nusteel Holdings Limited
Company statement of changes in equity
For the year ended 31 October 2025
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Dividends: Equity capital
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Excess depreciation on revalued property
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Excess depreciation on revalued property
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The notes on pages 14 to 33 form part of these financial statements.
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Page 12
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Nusteel Holdings Limited
Consolidated statement of cash flows
For the year ended 31 October 2025
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Profit on disposal of tangible assets
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Interest and dividends received
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(Increase)/decrease in stocks
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Decrease/(increase) in debtors
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Foreign exchange on sale of investments
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Purchase of listed investments
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Sale of listed investments
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net (decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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Page 13
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
The principal activity of the Company is that of a holding company.
Nusteel Holdings Limited is a private company, limited by share capital, incorporated in England and Wales. The company's registered number is 00539770.
The address of the registered office is Nusteel Holdings, Lympne Industrial Estate, Lympne Hythe, Kent, CT21 4LR.
2.Accounting policies
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Basis of preparation of financial statements
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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 group's functional and presentational currency is GBP.
The financial statements are rounded to the nearest Pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Page 14
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
In determining whether the Company’s annual financial statements have been prepared on a going concern basis, as required by company law, the directors considered all factors likely to affect its future development and performance including its financial position, cash flows and the risks and uncertainties relating to its business. The directors also considered the following,
∙The current market conditions.
∙The uncertainty of the UK economy.
∙The order book and the pipeline of future orders.
∙The Company’s cash position and expected cashflow forecasts.
∙Having made in depth enquiries with regards to the above, the directors consider it appropriate that the Company has adequate resources and forward workload to adopt the going concern basis of accounting in preparing the financial statements.
Revenue comprises sales recognised by the subsidiary in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue on long-term contracts comprises the total of applications and invoices issued by the subsidiary, calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract.
Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Long-term contracts are assessed on a contract by contract basis and are reflected in profit or loss as contract activity progresses. Where the outcome of the long-term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in profit or loss as the difference between reported turnover and related costs for that contract. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The other operating income relates to R&D expenditure credits that the company claims, which will be reclaimed through future corporation tax payments.
Interest income is recognised in profit or loss using the effective interest method.
Page 15
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss 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 Group in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 and the Group operate and generate 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;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
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.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Page 16
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
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.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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:
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 profit or loss.
The freehold land and buildings were revalued on the basis of open market value for existing use purposes at 31 October 1989 by a firm of chartered surveyors and the surplus of the revalued amounts over the valuation in 1983 was credited to the revaluation reserve. The valuation in 1989 has since been shown as the deemed cost and no further revaluations have taken place.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stock relates to work in progress accruing on long-term contracts and materials used for manufacturing. Work in progress includes all costs directly attributable to the project.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 17
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Balance sheet when the Group 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 profit and loss) 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 Group'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 profit or loss. 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 profit or loss.
Page 18
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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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 impairment reversal is recognised in the profit or loss.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 19
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 20
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgments have had the most significant impact on amounts recognised in the financial statements:
Work in progress
Work in progress is stated at the lower of cost and estimated net realisable value. Cost comprises direct materials, direct labour and attributable production overheads incurred in bringing the contract or project to its current stage of completion.
The Directors review work in progress on a monthly basis to assess recoverability. Consideration is given to factors including project profitability, expected contract outcomes, customer acceptance, forecast completion costs and any known disputes or delays. Where the estimated costs to complete a project exceed the expected recoverable value, or where recovery is otherwise considered uncertain, an appropriate provision is recognised within the financial statements.
Work in progress totals £174,145 (2024: £48,944), see note 17.
Retentions
Retention balances represent amounts due from customers that are contractually withheld until specified performance criteria have been met or defects liability periods have expired. Retentions are recognised initially at the transaction value expected to be recovered.
The Directors continuously review outstanding retention balances to assess their recoverability. This assessment includes consideration of the age of the retention, the status of the underlying contract, customer creditworthiness, any outstanding disputes and historical recovery experience. Where there is objective evidence that amounts may not be recoverable in full, an impairment provision is recognised for the estimated unrecoverable amount.
Retentions total £244,456 (2024: £339,583), see note 18 (included within amounts recoverable on long-term contracts).
Trade debtors
Trade debtors are recognised initially at transaction price and subsequently measured at amortised cost less any impairment provisions.
The Directors continuously review trade debtor balances to assess the likelihood of collection. In determining whether an impairment provision is required, consideration is given to the ageing profile of debts, historical collection experience, customer credit ratings, payment history, current economic conditions and any specific information relating to individual customers. Where recovery of an outstanding balance is considered doubtful, a provision is recognised to reduce the carrying value of the debt to its estimated recoverable amount.
Trade debtors total £316,391 (2024: £515,712), see note 18.
Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Actual profit achieved on a long-term contract could differ from that originally budgeted and therefore these calculations require management to continually review projects as they progress. Provisions are
Page 21
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
3.Judgements in applying accounting policies (continued)
recognised as required. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.
Long term conctracts total £1,848,962 (2024: £32,380,810, see note 18 (included within amounts recoverable on long-term contracts).
The whole of the turnover is attributable to the design, fabrication and erection of steel structures, together with associated civil engineering and building works as required.
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All turnover arose within the United Kingdom.
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Defined contribution pension cost
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(Profit)/loss on disposal of fixed assets
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Other operating lease rentals
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During the year, the Group obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditors in respect of:
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Taxation compliance services
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All taxation advisory services not included above
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All non-audit services not included above
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Page 22
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
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Key management is considered to be the Directors and their remuneration is disclosed above.
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Profit / (loss) on disposal of investments
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Page 23
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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Other interest receivable
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Foreign tax on income for the year
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Origination and reversal of timing differences
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Page 24
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
12.Taxation (continued)
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Depreciation on ineligible fixed assets
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Chargeable gains on investment disposals
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 25
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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All of the Group's intangible fixed assets are held within the subsidiary company.
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Page 26
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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Motor vehicles and plant & machinery
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Revalued Assets
The freehold land and buildings were last revalued in 1989. The revalued amount has since been included as the deemed cost. No further revaluations have taken place and depreciation is charged on the assets in line with the policy set out in note 2.
Page 27
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
15.Tangible fixed assets (continued)
Revalued Assets
The freehold land and buildings were last revalued in 1989. The revalued amount has since been included as the deemed cost. No further revaluations have taken place and depreciation is charged on the assets in line with the policy.
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In the prior year, Investments related to portfolios held with two investment managers. The portfolios primarily consist of equities along with bonds and cash.
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Page 28
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Nusteel Structures Limited
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Lympne Industrial Estate, Hythe, Kent CT21 4LR
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The aggregate of the share capital and reserves as at 31 October 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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Nusteel Structures Limited
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Raw materials and consumables
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Page 29
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts recoverable on long-term contracts
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 30
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
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Accelerated capital allowances
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Short term timing differences
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Authorised, allotted, called up and fully paid
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140,000 (2024 - 140,000) Ordinary shares shares of £1.00 each
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Page 31
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
Revaluation reserve
This reserve is the balance of revaluation on the freehold property net of any depreciation included to the current year end.
Profit and loss account
This reserve is the accumulation of profits and losses since incorporation net of any dividends paid to shareholders.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. During the year, the Group contributed £113,941 (2024 - £160,724) and at the year end had a liability of £30,347 (2024 - £27,341).
The Group entered into an Employee Ownership Trust from 29 October 2024. A dividend of £6,500,000 was paid in relation to the purchase of the shares within the Group, in the prior year.
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Commitments under operating leases
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At 31 October 2025 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 32
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Nusteel Holdings Limited
Notes to the financial statements
For the year ended 31 October 2025
28.Other financial commitments
The company has an overdraft facility secured by a debenture creating a fixed and floating charge over the assets of the company. The facility was undrawn at the balance sheet date.
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Related party transactions
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The Company has taken advantage of the exemption under FRS 102 section 33 not to disclose transactions with its subsidiary, Nusteel Structures Limited, on the basis that it is a 100% subsidiary.
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The Directors consider Nusteel Group EOT Limited to be the ultimate controlling party of the Group.
Page 33
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