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

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

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

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.

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.

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.

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

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.

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

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.

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.

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.

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

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

PROFIT FOR THE YEAR

141,688

271,646

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

141,688

271,646

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

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

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

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

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.

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

)

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

-

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