REGISTERED NUMBER: 02270027 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

North West Steel Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Income Statement

6

Consolidated Other Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

J P W Roe

J Robertson

C J Taylor

REGISTERED OFFICE:

1 Fenlake Business Centre

Fengate

Peterborough

Cambridgeshire

PE1 5BQ

REGISTERED NUMBER:

02270027 (England and Wales)

SENIOR STATUTORY AUDITOR:

Paul Colcomb FCCA

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The group's primary target is growth in turnover and profitability. Specific operating and financial KPI's relevant to individual businesses achieving this objective are highlighted in the trading results.

The group turnover decreased by 31% to £9,460,869 from £13,685,161.

The group's gross profit has decreased to £1,378,029 from £2,342,858. The group's profit before taxation has decreased to £428,413 from £668,603.

The strong balance sheet of the company allows for large bulk purchases of steel to be made along with the strategic timing of purchases, this allows the company to maximise it's gross profit margin as far as possible.

The aim for 2026 is to continue to generate good profit margins.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors of the company regularly meet to review any risks and uncertainties that are either currently faced by the company or will potentially be faced by the company in the future. Measures are then agreed upon to be put in place to mitigate these risks and uncertainties as far as possible.

The principal risk of the company involve the steel prices continuously fluctuating. This is mitigated as far as possible by bulk purchasing and agreeing prices up front and holding the steel on ships. This is then drawn down as and when is required.

ON BEHALF OF THE BOARD:

J P W Roe - Director

24 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of processing steel reinforcing materials for the construction industry.

DIVIDENDS

There were no dividends 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.

J P W Roe

J Robertson

C J Taylor

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J P W Roe - Director

24 July 2026

Opinion

We have audited the financial statements of North West Steel Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 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.

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 group 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 group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 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 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 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

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud, Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

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:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).

- Challenging assumptions and judgements made by management in its significant accounting estimates.

- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

- Assessing the extent of compliance with the relevant laws and regulations.

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.

Paul Colcomb FCCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

24 July 2026

TURNOVER

3

9,460,869

13,685,161

Cost of sales

8,082,840

11,342,303

GROSS PROFIT

1,378,029

2,342,858

Distribution costs

149,974

161,078

Administrative expenses

926,591

1,650,396

1,076,565

1,811,474

OPERATING PROFIT

5

301,464

531,384

Interest receivable and similar income

163,210

172,258

464,674

703,642

Interest payable and similar expenses

6

36,261

35,039

PROFIT BEFORE TAXATION

428,413

668,603

Tax on profit

7

115,745

(3,000

)

PROFIT FOR THE FINANCIAL YEAR

312,668

671,603

Profit attributable to:

Owners of the parent

312,668

671,603

PROFIT FOR THE YEAR

312,668

671,603

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

312,668

671,603

Total comprehensive income attributable to:

Owners of the parent

312,668

671,603

FIXED ASSETS

Tangible assets

10

5,738,902

5,749,390

Investments

11

-

-

Investment property

12

247,533

247,533

5,986,435

5,996,923

CURRENT ASSETS

Stocks

13

1,434,631

1,032,221

Debtors

14

7,854,028

5,551,423

Cash at bank and in hand

6,630,963

11,243,742

15,919,622

17,827,386

CREDITORS

Amounts falling due within one year

15

1,410,094

4,213,534

NET CURRENT ASSETS

14,509,528

13,613,852

TOTAL ASSETS LESS CURRENT LIABILITIES

20,495,963

19,610,775

CREDITORS

Amounts falling due after more than one year

16

(4,332,381

)

(3,875,606

)

PROVISIONS FOR LIABILITIES

19

(294,065

)

(178,320

)

NET ASSETS

15,869,517

15,556,849

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

15,869,417

15,556,749

SHAREHOLDERS' FUNDS

15,869,517

15,556,849

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2026 and were signed on its behalf by:

J P W Roe - Director

FIXED ASSETS

Tangible assets

10

896,271

906,760

Investments

11

100

100

Investment property

12

247,533

247,533

1,143,904

1,154,393

CURRENT ASSETS

Stocks

13

1,434,631

1,032,221

Debtors

14

8,429,460

5,499,603

Cash at bank and in hand

6,608,409

11,241,710

16,472,500

17,773,534

CREDITORS

Amounts falling due within one year

15

1,244,536

2,868,201

NET CURRENT ASSETS

15,227,964

14,905,333

TOTAL ASSETS LESS CURRENT LIABILITIES

16,371,868

16,059,726

CREDITORS

Amounts falling due after more than one year

16

(337,282

)

(338,258

)

PROVISIONS FOR LIABILITIES

19

(179,065

)

(178,320

)

NET ASSETS

15,855,521

15,543,148

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

15,855,421

15,543,048

SHAREHOLDERS' FUNDS

15,855,521

15,543,148

Company's profit for the financial year

312,373

665,902

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2026 and were signed on its behalf by:

J P W Roe - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

14,885,146

14,885,246

Changes in equity

Total comprehensive income

-

671,603

671,603

Balance at 31 December 2024

100

15,556,749

15,556,849

Changes in equity

Total comprehensive income

-

312,668

312,668

Balance at 31 December 2025

100

15,869,417

15,869,517

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

14,877,146

14,877,246

Changes in equity

Total comprehensive income

-

665,902

665,902

Balance at 31 December 2024

100

15,543,048

15,543,148

Changes in equity

Total comprehensive income

-

312,373

312,373

Balance at 31 December 2025

100

15,855,421

15,855,521

Cash flows from operating activities

Cash generated from operations

1

953,357

(1,062,071

)

Interest paid

-

(526

)

Interest element of hire purchase payments paid

(36,261

)

(34,513

)

Tax paid

(332,000

)

(546,391

)

Net cash from operating activities

585,096

(1,643,501

)

Cash flows from investing activities

Purchase of tangible fixed assets

(255,054

)

(160,768

)

Sale of tangible fixed assets

57,500

-

Interest received

163,210

172,258

Net cash from investing activities

(34,344

)

11,490

Cash flows from financing activities

Capital repayments in year

(219,859

)

(164,140

)

Amount introduced by directors

1,094,152

2,839,137

Amount withdrawn by directors

(2,275,716

)

(1,444,054

)

Related party loan movement

(4,017,161

)

2,296,049

New hire purchase arrangements

255,053

151,973

Net cash from financing activities

(5,163,531

)

3,678,965

(Decrease)/increase in cash and cash equivalents

(4,612,779

)

2,046,954

Cash and cash equivalents at beginning of year

2

11,243,742

9,196,788

Cash and cash equivalents at end of year

2

6,630,963

11,243,742

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

2025

2024

as restated

£

£

Profit before taxation

428,413

668,603

Depreciation charges

207,015

206,775

Loss on disposal of fixed assets

1,028

-

Finance costs

36,261

35,039

Finance income

(163,210

)

(172,258

)

509,507

738,159

Increase in stocks

(402,410

)

(11,426

)

Decrease/(increase) in trade and other debtors

2,397,239

(2,455,299

)

(Decrease)/increase in trade and other creditors

(1,550,979

)

666,495

Cash generated from operations

953,357

(1,062,071

)

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

6,630,963

11,243,742

Year ended 31 December 2024

31.12.24

1.1.24

as restated

£

£

Cash and cash equivalents

11,243,742

9,196,788

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

11,243,742

(4,612,779

)

6,630,963

11,243,742

(4,612,779

)

6,630,963

Debt

Finance leases

(467,441

)

(35,194

)

(502,635

)

(467,441

)

(35,194

)

(502,635

)

Total

10,776,301

(4,647,973

)

6,128,328

1.	STATUTORY INFORMATION

North West Steel 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 General 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.

Critical accounting judgements and estimates

In the process of applying its accounting policies, the company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgement, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and amounts of revenues and expenses recognised during the reporting periods presented.

On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which recognised in the period in which the facts that give rise to the revision become known. Management has made judgement over the following accounting policies:

- The estimated useful economic lives of tangible fixed assets; and stock deterioration provisions which are calculated by management on their ongoing review of stock quality and scrap amounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

For the sale of goods, revenue is recognised on the despatch of the goods ordered.

For transport services, revenue is recognised in the year to which it relates.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Buildings

-

2% on cost

Plant and machinery

-

20% on reducing balance and 15% straight line

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

There is also an aircraft held within plant and machinery and is carried at cost less any accumulated impairment.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. The method of measuring the stock value is performed by using the average cost principle.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provision of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an

asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in

which case the asset is measured at the present value of the future payments discounted at a market rate of

interest for a similar debt instrument.

For all equity instruments regardless of significance, and other financial assets that are individually significant,

these are assessed individually for impairment. Other financial assets are either assessed individually or

grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been would the impairment not previously not been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group'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 group.

An analysis of turnover by class of business is given below:

2025

2024

as restated

£

£

Sale of goods

8,993,869

12,830,363

Transport services

467,000

854,798

9,460,869

13,685,161

4.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

848,759

1,466,663

Social security costs

104,181

170,418

Other pension costs

16,284

27,137

969,224

1,664,218

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

2025

2024

as restated

Warehouse

21

23

Sales, distribution and admin.

4

2

25

25

2025

2024

as restated

£

£

Directors' remuneration

83,000

593,219

Directors' pension contributions to money purchase schemes

10,000

10,000

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

as restated

£

£

Hire of plant & machinery

2,910

789

Depreciation - owned assets

207,014

206,775

Loss on disposal of fixed assets

1,028

-

Auditors' remuneration

19,500

24,269

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Bank interest

-

526

Hire purchase

36,261

34,513

36,261

35,039