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REGISTERED NUMBER: 04969312 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Shearline Steel Strip Limited

Shearline Steel Strip Limited (Registered number: 04969312)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 6 |

Report of the Independent Auditors | 8 |

Income Statement | 12 |

Other Comprehensive Income | 13 |

Balance Sheet | 14 |

Statement of Changes in Equity | 15 |

Cash Flow Statement | 16 |

Notes to the Cash Flow Statement | 17 |

Notes to the Financial Statements | 18 |

Shearline Steel Strip Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | M T Oehler

| M Wooldridge

| J T Coleman

| M Rensinghoff

| REGISTERED OFFICE: | Unit 3 Gibbons Industrial Park

| Dudley Road

| Kingswinford

| West Midlands

| DY6 8XF

| REGISTERED NUMBER: | 04969312 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Geoffrey Hopwood BCOM FCA

| AUDITORS: | Haines Watts Wolverhampton Limited

| Statutory Auditors

| Keepers Lane

| The Wergs

| Wolverhampton

| West Midlands

| WV6 8UA

Shearline Steel Strip Limited (Registered number: 04969312)

Strategic Report

for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

Shearline Steel Strip Ltd is part of the BILSTEIN group of companies - a German owned producer of cold

rolled steel strip, with plants in Germany, Czech Republic and the USA. Shearline employs 22 people at 2

sites in Kingswinford, West Midlands, with slitting and rolling facilities enabling the company to both stock,

and process materials from within the group range, and from outside. The majority of sales are conducted

within the UK.

Shearline has been consistently profitable year on year since 2009. And whilst part of a very successful group

operates on a feasible standalone basis. Shearline sells cold rolled mild and carbon steels in a variety of

grades & tempers, in addition to case hardening, micro-alloyed, and Hardened and Tempered, materials,

purchased from within the group. Additionally, the company sells many grades of hot rolled, cold reduced and

coated products, purchased from a selected number of quality assured external suppliers. Customers are

generally second and third tier suppliers to the automotive sector, as well as electronic, construction and rail,

amongst others.

The materials purchased by Shearline are produced by companies using state of the art machinery, supplied

by well known machinery manufacturers. Shearline uses a purpose-built slitting line to produce the bulk of the

material processed, supported by some smaller machines, which have been upgraded over the last few

years. Tooling from world leading suppliers has been purchased at great cost and the result of this, is a first

class product which has enabled the company to grow considerably since the BILSTEIN group's involvement.

The company's revenue for 2025 was £9,790,368 (2024 was £11,256,735). The company was able to show a gross profit for the year of £1,214,990 (2024 was £1,407,262) and an operating profit of £215,524 (2024 was £395,713). The net result for the year, after deducting taxes, bonuses and interest, was £141,688 (2024 was £271,646).

The company considers that 2026 will be a similar year as demand is still reduced, although the company has continued to reduce overheads. The company still expects to make a profit, and the management are optimistic that if the market improves, Shearline will be in a good position to capitalise on any opportunities. Shearline continues to benefit from the support of the BILSTEIN group and with this in mind, the financial statements have been prepared on the going concern basis.

Shearline Steel Strip Limited (Registered number: 04969312)

Strategic Report

for the Year Ended 31 December 2025

PRINCIPAL RISKS AND UNCERTAINTIES

As always, there are some potential risks and uncertainties which may influence the performance of the

company.

Global, political and economic conditions

Shearline buys material from Europe and as such, is exposed to changes in legislation and political policy,

such as BREXIT. Whilst not impacting us directly, changes to the US Government, can also create uncertainty in markets.

the current economic situation in the UK is very difficult with increased spending required but the economy struggling. The recent change in government brings new policies and changes from the previous establishment.

Inflationary pressures are now low with the market predicting a consistent inflation rate throughout the current year.

The ongoing war between Russia and Ukraine also continues to impact many factors and the recovery from

the impact of Covid-19 is still being felt.

The company's management attempt to mitigate these risks by utilising internal and group wide experience,

external expertise, and adjusting internal procedures accordingly, ensuring legal requirements are complied

with. The majority of transactions are performed in £ Sterling, to minimise currency fluctuation risks.

Raw material, energy and packaging

The company primarily purchases steel for its operations and whilst we get excellent information concerning

the likely direction of prices for a 6month period, the actual level of increase or decrease is out of our control.

Further to the pricing of raw materials, dramatic changes in lead time can also cause serious problems.

Additionally, the wood, plastic and cardboard used to for packaging, are prone to the same price and

availability fluctuations.

Energy prices are again, out of the control of the company, but the management continually work to reduce

the energy used and use the expertise of external consultants to try and purchase energy at the right time.

Legal

The company is potentially at risk of litigation from third parties, as with any other business. External legal

experts are used when drafting policies and contracts, in addition to group expertise.

Environmental

The company operates within the applicable laws and uses an external consultant to ensure awareness of

any changes to legislation. We now hold ISO14001:2015 accreditation.

Employees

Remuneration and conditions are regularly reviewed and staff training is continual. The management are very

aware of the importance of the employees to the company and consider low staff turnover to be an important

factor in the success of the business.

Future trading and liquidity risk

The company regularly prepare and adjust cash flow forecasts and sales budgets, usually on a quarterly

basis, for discussion at board level. The financial stability of the business depends not only on its own results,

but also on the continued support of BILSTEIN.

Quality

The business supplies materials to sectors such as automotive, where quality and traceability are vital .

This is reflected in the quality control detailed below.

Shearline Steel Strip Limited (Registered number: 04969312)

Strategic Report

for the Year Ended 31 December 2025

Health & Safety

The business is primarily concerned with the slitting and rolling of steel and those operations are inherently

dangerous, using fast moving machinery, and involving heavy and sharp materials.

The company mitigates these risks by employing a qualified Health & Safety team, using an external

consultant, performing regular risk assessments and providing regular training.

Employees

The company operates in the West Midlands with 3 units situated in Kingswinford. The workforce is small with

a fairly even spread of factory and office staff, including a small management team. The company prides itself

on the fact that many employees have worked for the company for an average of over 15 years and

recognises that employees are key to the business. With that in mind, remuneration and conditions are

regularly reviewed and staff training is continual. Staff welfare is paramount with a defibrillator on site with a

quarter of the staff trained in its us and several other members are first aid trained. The company employs 2

UK based directors and there are also 2 directors based in Germany.

Quality control

The company positions itself as a supplier of quality products and has a good reputation within the market.

The company holds BS9001 accreditation. The business supplies materials to sectors such as automotive,

where quality and traceability are vital and failures could lead to liability claims. With that in mind, the

company operates a full quality system, performing comprehensive checks and recording data as part of this.

Quality department staff are in close contact with experienced technicians from parent and sister companies

in Europe and management are informed and involved on a regular basis. The company also utilises an

external consultant to ensure compliance.

Supplier and customer relationships

The company is wholly owned by BILSTEIN, a large global producer of cold rolled steel strip, with a

headquarters in Germany. As such, much of the material purchased by the company, is from within the

group, ensuring the quality of material and enabling a strong connection, sharing of information, and a shared

vision. It is clear that customer relationships, where mutual success and co-operation is most important, are

vital to the continued success of the company. Strategy is focussed on long term partnerships and regular

contact with customers is key to this. Reporting on current developments and future opportunities are shared

with management on a regular basis. Existing customers are able to audit Shearline to ensure standards and

products meet their requirements.

Environmental & sustainability

The company operates in line with relevant laws and regulations and furthermore, we now have ISO14001:2015 accreditation.

We are working with consultants to further the accuracy of our CBAM data to provide to customers when requested.

Corporate governance

In line with the group culture and values, business in conducted in an ethical manner, complying with all

relevant laws and according to a group wide code of conduct.

Shearline Steel Strip Limited (Registered number: 04969312)

Strategic Report

for the Year Ended 31 December 2025

KEY PERFORMANCE INDICATORS

Data from areas such as Health & Safety, production, sales, quality, stock, and financial, are all reported to

management regularly and at quarterly board meetings. Some aspects, such as sales data, are discussed on

daily basis, with production data looked at weekly. Quality and H&S data is looked at and internally reviewed

regularly by an external consultant to ensure we are both compliant and also, up to date with training and the

latest changes.

Financial KPI are reviewed on a monthly basis and shared with our parent company. Quarterly board

meetings are both on location in Germany and at Shearline as well as virtually. KPI's such as Sales revenue,

GP% £NP as well as working cashflow requirements, stock value review and debtor levels (to include insured

value, potential bad debts etc.)

ON BEHALF OF THE BOARD:

J T Coleman - Director

27 July 2026

Shearline Steel Strip Limited (Registered number: 04969312)

Report of the Directors

for the Year Ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of cold rolled steel strip.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

M T Oehler

M Wooldridge

J T Coleman

M Rensinghoff

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- | select suitable accounting policies and then apply them consistently;

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

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Shearline Steel Strip Limited (Registered number: 04969312)

Report of the Directors

for the Year Ended 31 December 2025

AUDITORS

The auditors, Haines Watts Wolverhampton Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J T Coleman - Director

27 July 2026

Report of the Independent Auditors to the Members of

Shearline Steel Strip Limited

Opinion

We have audited the financial statements of Shearline Steel Strip Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Shearline Steel Strip Limited

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page six, 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 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.

Report of the Independent Auditors to the Members of

Shearline Steel Strip Limited

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

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

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.

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Identifying and obtaining an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and made enquiry of the Company's management to understand the Company's compliance with that framework;

Obtaining an understanding of the internal controls established to mitigate risks relating to fraud or other error which could affect the financial reporting process;

Making enquiries of management to determine whether they have knowledge of any actual or suspected fraud;

Reviewing assumptions and judgements made by the management in its significant accounting estimates;

In addition to transaction-based testing, on a sample basis, of sales, purchases and payroll costs, we have undertaken a review of accounting journals and non-routine payments and receipts;

We did not identify any key audit matters relating to irregularities, including fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect irregularities, including those leading to 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 occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or mispresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of

Shearline Steel Strip Limited

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 a Report of the Auditors 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.

Geoffrey Hopwood BCOM FCA (Senior Statutory Auditor)

for and on behalf of Haines Watts Wolverhampton Limited

Statutory Auditors

Keepers Lane

The Wergs

Wolverhampton

West Midlands

WV6 8UA

27 July 2026

Shearline Steel Strip Limited (Registered number: 04969312)

Income Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 9,790,368 |  | 11,256,735 |  |

Cost of sales | 8,575,378 |  | 9,849,473 |  |

GROSS PROFIT | 1,214,990 |  | 1,407,262 |  |

Administrative expenses | 999,466 |  | 1,011,549 |  |

OPERATING PROFIT | 5 | 215,524 |  | 395,713 |  |

Interest payable and similar expenses | 6 | 15,157 |  | 21,254 |  |

PROFIT BEFORE TAXATION | 200,367 |  | 374,459 |  |

Tax on profit | 7 | 58,679 |  | 102,813 |  |

PROFIT FOR THE FINANCIAL YEAR | 141,688 |  | 271,646 |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Other Comprehensive Income

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 141,688 |  | 271,646 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 141,688 |  | 271,646 |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | 2,727,928 |  | 2,763,613 |  |

2,727,928 |  | 2,763,613 |  |

CURRENT ASSETS

Stocks | 10 | 2,764,346 |  | 2,900,587 |  |

Debtors | 11 | 2,080,747 |  | 1,854,146 |  |

Cash at bank and in hand | 1,563,984 |  | 2,208,831 |  |

6,409,077 |  | 6,963,564 |  |

CREDITORS

Amounts falling due within one year | 12 | 3,744,410 |  | 4,374,347 |  |

NET CURRENT ASSETS | 2,664,667 |  | 2,589,217 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,392,595 |  | 5,352,830 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (262,007 | ) | (369,341 | ) |

PROVISIONS FOR LIABILITIES | 15 | (237,490 | ) | (232,079 | ) |

NET ASSETS | 4,893,098 |  | 4,751,410 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 750,000 |  | 750,000 |  |

Retained earnings | 17 | 4,143,098 |  | 4,001,410 |  |

SHAREHOLDERS' FUNDS | 4,893,098 |  | 4,751,410 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

J T Coleman - Director

Shearline Steel Strip Limited (Registered number: 04969312)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 750,000 |  | 3,729,764 |  | 4,479,764 |  |

Changes in equity

Total comprehensive income | - |  | 271,646 |  | 271,646 |  |

Balance at 31 December 2024 | 750,000 |  | 4,001,410 |  | 4,751,410 |  |

Changes in equity

Total comprehensive income | - |  | 141,688 |  | 141,688 |  |

Balance at 31 December 2025 | 750,000 |  | 4,143,098 |  | 4,893,098 |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Cash Flow Statement

for the Year Ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 195,152 |  | 2,006,156 |  |

Interest paid | (15,157 | ) | (21,254 | ) |

Tax paid | (106,018 | ) | (120,376 | ) |

Net cash from operating activities | 73,977 |  | 1,864,526 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (115,407 | ) | (68,573 | ) |

Movement in amounts due to group | (603,417 | ) | (1,036,997 | ) |

Net cash from investing activities | (718,824 | ) | (1,105,570 | ) |

(Decrease)/increase in cash and cash equivalents | (644,847 | ) | 758,956 |  |

Cash and cash equivalents at beginning of year | 2 | 2,208,831 |  | 1,449,875 |  |

Cash and cash equivalents at end of year | 2 | 1,563,984 |  | 2,208,831 |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 200,367 |  | 374,459 |  |

| Depreciation charges | 151,093 |  | 140,666 |  |

| Finance costs | 15,157 |  | 21,254 |  |

366,617 |  | 536,379 |  |

| Decrease in stocks | 136,241 |  | 945,809 |  |

| (Increase)/decrease in trade and other debtors | (226,612 | ) | 498,858 |  |

| (Decrease)/increase in trade and other creditors | (81,094 | ) | 25,110 |  |

| Cash generated from operations | 195,152 |  | 2,006,156 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 1,563,984 |  | 2,208,831 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 2,208,831 |  | 1,449,875 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 2,208,831 |  | (644,847 | ) | 1,563,984 |  |

2,208,831 |  | (644,847 | ) | 1,563,984 |  |

| Total | 2,208,831 |  | (644,847 | ) | 1,563,984 |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Shearline Steel Strip Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Significant judgements and estimates

| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Turnover

| Turnover comprises revenue recognised by the company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.

| Turnover is recognised on despatch of goods.

| Intangible fixed assets and amortisation

| Intangible fixed assets relate to purchased customer lists and are stated at cost less amortisation. The company policy is to amortise customer lists on a straight line basis over 10 years.

| Tangible fixed assets

| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

| Long leasehold |  | - 2% straight line |  |

| Slitting line |  | - 5% reducing balance |  |

| Plant and machinery |  | - 20% reducing balance |  |

| Motor vehicles |  | - 20% reducing balance |  |

| Fixtures and fittings |  | - 20% reducing balance |  |

| Office equipment |  | - 20% reducing balance |  |

| Computer equipment |  | - 33% straight line |  |

| Stocks

| Stocks and work in progress are valued on a first in, first out basis at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,024,876 |  | 1,013,886 |  |

| Social security costs | 27,507 |  | 24,000 |  |

| Other pension costs | - |  | 15,857 |  |

1,052,383 |  | 1,053,743 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Average Number of Employees | 22 |  | 23 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 182,018 |  | 182,774 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 151,092 |  | 140,665 |  |

| Auditors' remuneration | 22,175 |  | 13,200 |  |

| Foreign exchange differences | (37,604 | ) | (45,884 | ) |

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Mortgage | 15,157 |  | 21,254 |  |

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 53,583 |  | 106,333 |  |

| Over/under provision in prior years | (315 | ) | (209 | ) |

| Total current tax | 53,268 |  | 106,124 |  |

| Deferred tax | 5,411 |  | (3,311 | ) |

| Tax on profit | 58,679 |  | 102,813 |  |

8. | INTANGIBLE FIXED ASSETS

| Customer

| lists

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 54,545 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 54,545 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS

| Long |  | Slitting |  | Plant and

| leasehold |  | line |  | machinery

£ | £ | £ |

| COST

| At 1 January 2025 | 2,307,968 |  | 1,114,225 |  | 628,625 |  |

| Additions | - |  | - |  | 112,677 |  |

| At 31 December 2025 | 2,307,968 |  | 1,114,225 |  | 741,302 |  |

| DEPRECIATION

| At 1 January 2025 | 468,287 |  | 441,999 |  | 430,700 |  |

| Charge for year | 44,262 |  | 33,611 |  | 58,372 |  |

| At 31 December 2025 | 512,549 |  | 475,610 |  | 489,072 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,795,419 |  | 638,615 |  | 252,230 |  |

| At 31 December 2024 | 1,839,681 |  | 672,226 |  | 197,925 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 81,776 |  | 210,529 |  | 184,484 |  | 4,527,607 |  |

| Additions | - |  | - |  | 2,730 |  | 115,407 |  |

| At 31 December 2025 | 81,776 |  | 210,529 |  | 187,214 |  | 4,643,014 |  |

| DEPRECIATION

| At 1 January 2025 | 70,699 |  | 179,773 |  | 172,536 |  | 1,763,994 |  |

| Charge for year | 2,215 |  | 6,151 |  | 6,481 |  | 151,092 |  |

| At 31 December 2025 | 72,914 |  | 185,924 |  | 179,017 |  | 1,915,086 |  |

| NET BOOK VALUE

| At 31 December 2025 | 8,862 |  | 24,605 |  | 8,197 |  | 2,727,928 |  |

| At 31 December 2024 | 11,077 |  | 30,756 |  | 11,948 |  | 2,763,613 |  |

10. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 2,764,346 |  | 2,900,587 |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

11. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 2,052,237 |  | 1,815,497 |  |

| Prepayments and accrued income | 28,510 |  | 38,638 |  |

2,080,747 |  | 1,854,135 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | - |  | 11 |  |

| Aggregate amounts | 2,080,747 |  | 1,854,146 |  |

12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 88,496 |  | 107,483 |  |

| Amounts owed to group undertakings | 3,038,665 |  | 3,534,758 |  |

| Corporation tax | 53,583 |  | 106,333 |  |

| Social security and other taxes | 25,260 |  | 23,525 |  |

| VAT | 335,191 |  | 397,839 |  |

| Accruals and deferred income | 203,215 |  | 204,409 |  |

3,744,410 |  | 4,374,347 |  |

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 262,007 |  | 369,341 |  |

| Included within amounts owed to group undertakings are loans of £262,007 (2024: £369,341).

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 17,644 |  | 53,593 |  |

| Between one and five years | 4,196 |  | 21,840 |  |

21,840 |  | 75,433 |  |

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 237,490 |  | 232,079 |  |

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 232,079 |  |

| Provided during year | 5,411 |  |

| Balance at 31 December 2025 | 237,490 |  |

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Capital allowances for tax purposes in excess of book depreciation |  | 235,390 |  | 230,255 |  |

|  | 235,390 |  | 230,255 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 750,000 | Ordinary | £1 | 750,000 |  | 750,000 |  |

17. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 4,001,410 |  |

| Profit for the year | 141,688 |  |

| At 31 December 2025 | 4,143,098 |  |

18. | 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 represents contributions payable by the company to the fund and amounted to £25,873. Contributions totalling £5,773 were payable to the fund at the balance sheet date and are included in creditors.

19. | RELATED PARTY DISCLOSURES

| During the year the company entered into related party transactions, on normal commercial terms, with

| entities over which it has significant influence.

| Purchases from these entities totalled £8,442,314 (2024 - £7,105,787).

| At 31 July 2025 the amount owed to the company by these entities totalled £3,290,427 (2024 -

| £369,341).

Shearline Steel Strip Limited (Registered number: 04969312)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

20. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

| The company is controlled by Bilstein Beteiligung GmbH. In the opinion of the directors this is the company's ultimate parent company, a company incorporated in Germany.