Company registration number 14094731 (England and Wales)
GENESIS STEEL (OMAGH) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
GENESIS STEEL (OMAGH) LIMITED
COMPANY INFORMATION
Directors
L Coppenhall
M Styler
(Appointed 22 August 2025)
Company number
14094731
Registered office
Unit 6
Baxters Lane
St. Helens
Merseyside
United Kingdom
WA9 3NP
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
Unit 6
Baxters Lane
St. Helens
Merseyside
United Kingdom
WA9 3NP
GENESIS STEEL (OMAGH) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 23
GENESIS STEEL (OMAGH) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Review of the business

The company’s financial and other performance indicators during the year were as follows:

Particulars |  | Unit | 2026 |  | 2025 |  |  |
Turnover |  | £ | 16,126,723 |  | 15,000,987 |  |  |
Gross profit margin |  | % | 12.8 |  | 8.5 |  |  |
Profit before tax |  | £ | 1,055,215 |  | 345,863 |  |  |

The financial year generally saw a steady increase in demand both domestically and internationally. World events in early 2026 then caused a spike in both demand for steel and sales prices. This resulted in increased sales volumes and margins which, in turn, translated into higher reported sales revenues and gross profit.

These events also caused an increase in raw material costs but the effect of this was delayed beyond the end of the financial year and so did not significantly impact margins for the reporting period.

Importation procedures and trading in Northern Ireland are complex in the post-Brexit environment.

On behalf of the board

L Coppenhall
Director
8 July 2026
GENESIS STEEL (OMAGH) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

Principal activities

The principal activity of the company continued to be that of the sale of steel products.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £178,917. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P M Daniels
(Resigned 22 August 2025)
L Coppenhall
M Styler
(Appointed 22 August 2025)
Financial instruments
Market risk

This is predominantly the risk that commodity prices will move adversely in the time between the purchase order and the customer sale. The company minimizes this risk by constantly assessing stock levels and the forward order book. It aims to purchase in such a way as to maximize the contingency available against price decreases while minimizing the window of opportunity, in terms of time, for the market to move adversely, while at the same time ensuring that levels of stock are maintained so that supplies to customers remain secure. Foreign exchange represents a lesser risk, due to the fact that sterling is the predominant currency for both sales and purchases, but the company uses forward currency contracts to minimize exchange risk when necessary.

Liquidity risk

The company uses an invoice discounting facility to ensure that sufficient cash is available to meet all its financial commitments as they fall due. The company regularly performs cash flow forecasts and ensures that its invoice discounting facility level contains sufficient contingency to deal with any unforeseen market conditions or trading events.

Credit risk

This is predominantly the risk of customer default. This risk is managed through the careful assessment of a customer's creditworthiness, both prior to commencing trade, and also throughout the trading relationship. The results of this assessment determine the credit limits and payment mechanisms that may be required. The company also uses credit insurance to further minimize credit risk.

Future developments

Following the end of the financial year, the price of steel has remained strong, and positive trading results have been achieved. The directors are conscious of the possibility of future price decreases, and are ensuring that the level of re-stocking is appropriate and minimises the financial risks to the company of any weakening of demand or price.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

GENESIS STEEL (OMAGH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

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; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
L Coppenhall
Director
8 July 2026
GENESIS STEEL (OMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENESIS STEEL (OMAGH) LIMITED
- 4 -
Opinion

We have audited the financial statements of Genesis Steel (Omagh) Limited (the 'company') for the year ended 31 March 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GENESIS STEEL (OMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENESIS STEEL (OMAGH) LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, included in the directors' report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities and fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below.

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and risk of fraud ulent revenue recognition.

GENESIS STEEL (OMAGH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GENESIS STEEL (OMAGH) LIMITED (CONTINUED)
- 6 -

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management about actual and potential litigation and claims, their policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance;

- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Moss BSc F.C.A. (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited, Statutory Auditor
Chartered Accountants
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
18 August 2026
GENESIS STEEL (OMAGH) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
2026
2025
Notes
£
£
Turnover
3
16,126,723
15,000,987
Cost of sales
(14,065,737)
(13,723,898)
Gross profit
2,060,986
1,277,089
Administrative expenses
(921,530)
(855,708)
Other operating income
31,701
59,483
Operating profit
4
1,171,157
480,864
Interest payable and similar expenses
7
(115,942)
(135,001)
Profit before taxation
1,055,215
345,863
Tax on profit
8
(264,370)
(88,875)
Profit for the financial year
790,845
256,988

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GENESIS STEEL (OMAGH) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 8 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
10
245,848
276,656
Current assets
Stocks
11
3,564,376
2,355,659
Debtors
12
4,467,637
3,499,705
Cash at bank and in hand
17,499
11,704
8,049,512
5,867,068
Creditors: amounts falling due within one year
13
(6,031,418)
(4,462,951)
Net current assets
2,018,094
1,404,117
Total assets less current liabilities
2,263,942
1,680,773
Creditors: amounts falling due after more than one year
14
(1,250)
(15,805)
Provisions for liabilities
Deferred tax liability
17
4,896
19,100
(4,896)
(19,100)
Net assets
2,257,796
1,645,868
Capital and reserves
Called up share capital
19
820
820
Capital redemption reserve
20
180
180
Profit and loss reserves
21
2,256,796
1,644,868
Total equity
2,257,796
1,645,868

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 July 2026 and are signed on its behalf by:
L Coppenhall
Director
Company registration number 14094731 (England and Wales)
GENESIS STEEL (OMAGH) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2024
1,000
-
0
2,036,630
2,037,630
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
256,988
256,988
Dividends
9
-
-
(297,000)
(297,000)
Own shares acquired
-
-
(351,750)
(351,750)
Redemption of shares
19
-
0
180
-
0
180
Reduction of shares
19
(180)
-
-
0
(180)
Balance at 31 March 2025
820
180
1,644,868
1,645,868
Year ended 31 March 2026:
Profit and total comprehensive income
-
-
790,845
790,845
Dividends
9
-
-
(178,917)
(178,917)
Balance at 31 March 2026
820
180
2,256,796
2,257,796
GENESIS STEEL (OMAGH) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(899,381)
3,778,448
Interest paid
(115,942)
(135,001)
Income taxes paid
(71,967)
(379,924)
Net cash (outflow)/inflow from operating activities
(1,087,290)
3,263,523
Investing activities
Purchase of tangible fixed assets
(72,900)
(151,470)
Net cash used in investing activities
(72,900)
(151,470)
Financing activities
Redemption of shares
-
0
(351,750)
Proceeds from/(repayment of) borrowings
1,353,369
(2,502,569)
Payment of finance leases obligations
(16,467)
(16,467)
Dividends paid
(170,917)
(297,000)
Net cash generated from/(used in) financing activities
1,165,985
(3,167,786)
Net increase/(decrease) in cash and cash equivalents
5,795
(55,733)
Cash and cash equivalents at beginning of year
11,704
67,437
Cash and cash equivalents at end of year
17,499
11,704
GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -
1
Accounting policies
Company information

Genesis Steel (Omagh) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Baxters Lane, St. Helens, Merseyside, United Kingdom, WA9 3NP.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover represents amounts receivable for manufactured steel processing goods dispatched by the balance sheet date, net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% or 33% on cost on straight line basis
Motor vehicles
25% on cost on straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 12 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 14 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider the critical judgement made in preparing the financial statements to be in relation to their assessment of the valuation of stock. A line by line review is carried out to determine the stock provision required.

3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Sales of goods
16,126,723
15,000,987
2026
2025
£
£
Turnover analysed by geographical market
UK
14,864,649
14,123,086
Ireland
1,262,074
877,901
16,126,723
15,000,987
4
Operating profit
2026
2025
Operating profit for the year is stated after charging:
£
£
Exchange losses
3,204
6,203
Fees payable to the company's auditor for the audit of the company's financial statements
9,555
9,100
All other fees payable to the company's auditor
4,095
3,900
Depreciation of owned tangible fixed assets
74,958
47,950
Depreciation of tangible fixed assets held under finance leases
28,750
28,750
Operating lease charges
27,273
-
GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Admin
4
4
Production
4
3
Sales
4
3
Directors
2
2
Total
14
12

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
493,632
413,363
Social security costs
53,917
35,826
Pension costs
57,094
53,604
604,643
502,793
6
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
18,000
67,274
Company pension contributions to defined contribution schemes
26,037
33,653
44,037
100,927

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 3).

7
Interest payable and similar expenses
2026
2025
£
£
Interest on financial liabilities measured at amortised cost:
Other interest paid
14,945
44,497
Interest on invoice finance arrangements
97,830
87,337
112,775
131,834
Other finance costs:
Interest on finance leases and hire purchase contracts
3,167
3,167
115,942
135,001
GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
8
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
278,622
72,015
Adjustments in respect of prior periods
(48)
-
0
Total current tax
278,574
72,015
Deferred tax
Origination and reversal of timing differences
(14,204)
16,860
Total tax charge
264,370
88,875

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2026
2025
£
£
Profit before taxation
1,055,215
345,863
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2025: 25%)
263,804
86,466
Effects of:
Expenses that are not deductible in determining taxable profit
614
2,409
Adjustments in respect of prior years
(48)
-
0
Taxation charge in the financial statements
264,370
88,875
9
Dividends
2026
2025
£
£
Final paid
178,917
297,000
GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 18 -
10
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2025
350,170
75,100
425,270
Additions
15,000
57,900
72,900
At 31 March 2026
365,170
133,000
498,170
Depreciation and impairment
At 1 April 2025
125,146
23,468
148,614
Depreciation charged in the year
71,733
31,975
103,708
At 31 March 2026
196,879
55,443
252,322
Carrying amount
At 31 March 2026
168,291
77,557
245,848
At 31 March 2025
225,024
51,632
276,656

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2026
2025
£
£
Motor vehicles
44,494
51,632
11
Stocks
2026
2025
£
£
Raw materials and consumables
3,564,376
2,355,659
12
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
4,440,072
3,439,808
Prepayments and accrued income
27,565
59,897
4,467,637
3,499,705
GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
13
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Obligations under finance leases
16
14,555
16,467
Other borrowings
15
1,598,029
244,660
Trade creditors
4,009,987
2,689,239
Corporation tax
278,622
72,015
Other taxation and social security
75,419
115,903
Other creditors
10,092
1,301,817
Accruals and deferred income
44,714
22,850
6,031,418
4,462,951

Included within other loans is a balance of £1,598,029 (2025: £244,660) relating to a financing facility which is secured against the debts it relates to.

Included within other creditors is an amount of £Nil (2025: £1,297,000) owed to an entity under common control.

14
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Obligations under finance leases
16
1,250
15,805
15
Loans and overdrafts
2026
2025
£
£
Other loans
1,598,029
244,660
Payable within one year
1,598,029
244,660

The loans are secured by fixed charges over the assets to which they relate.

16
Finance lease obligations
2026
2025
Future minimum lease payments due under finance leases:
£
£
Within one year
14,555
16,467
In two to five years
1,250
15,805
15,805
32,272
GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
16
Finance lease obligations
(Continued)
- 20 -

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Assets held under finance leases are secured against the assets to which they relate.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company:

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
8,890
21,468
Short term timing differences
(3,994)
(2,368)
4,896
19,100
2026
Movements in the year:
£
Liability at 1 April 2025
19,100
Credit to profit or loss
(14,204)
Liability at 31 March 2026
4,896

The deferred tax liability set out above is expected to reverse within 4 years and mainly relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,094
53,604

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 21 -
19
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
505
505
505
505
B Ordinary of £1 each
290
290
290
290
D Ordinary of £1 each
5
5
5
5
E Ordinary of £1 each
10
10
10
10
F Ordinary of £1 each
10
10
10
10
820
820
820
820

During the prior year the company bought back 180 C Ordinary shares with a nominal value of £180 for total consideration of £351,750. These shares were subsequently cancelled.

20
Capital redemption reserve

The capital redemption reserve represents the nominal value of shares repurchased by the company.

21
Profit and loss reserves

Cumulative profits and losses net of distributions to shareholders.

22
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2026
2025
£
£
Within 1 year
35,000
-
0
Years 2-5
140,000
-
0
After 5 years
162,399
-
0
337,399
-
0
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2026
2025
£
£
Aggregate compensation
110,492
145,513

GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
23
Related party transactions
(Continued)
- 22 -
Transactions with related parties
Sales
Sales
Purchases
Purchases
2026
2025
2026
2025
£
£
£
£
Entities under commmon control
232,351
123,074
1,089,823
534,043
Interest incurred
2026
2025
£
£
Entities under commmon control
14,945
44,497
2026
2025
Amounts due to related parties
£
£
Entities under commmon control
60,938
1,323,230

The following amounts were outstanding at the reporting end date:

2026
2025
Amounts due from related parties
£
£
Entities under commmon control
35,440
33,690
Other information

Included within other debtors is an amount of £Nil (2025: £Nil) owed from a director. This represents amounts outstanding at the year end. The maximum amount outstanding during the year was £Nil (2025: £1,000).

24
Ultimate controlling party

Until 22 August 2025 the ultimate controlling party was P M Daniels. From 22 August 2025 the ultimate controlling party is M J Styler.

GENESIS STEEL (OMAGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
25
Cash (absorbed by)/generated from operations
2026
2025
£
£
Profit after taxation
790,845
256,988
Adjustments for:
Taxation charged
264,370
88,875
Finance costs
115,942
135,001
Depreciation and impairment of tangible fixed assets
103,708
76,700
Movements in working capital:
(Increase)/decrease in stocks
(1,208,717)
410,213
(Increase)/decrease in debtors
(967,932)
2,114,988
Increase in creditors
2,403
695,683
Cash (absorbed by)/generated from operations
(899,381)
3,778,448
26
Analysis of changes in net debt
1 April 2025
Cash flows
31 March 2026
£
£
£
Cash at bank and in hand
11,704
5,795
17,499
Borrowings excluding overdrafts
(244,660)
(1,353,369)
(1,598,029)
Lease liabilities
(32,272)
16,467
(15,805)
(265,228)
(1,331,107)
(1,596,335)
2026-03-31 2025-04-01 false false false CCH Software CCH Accounts Production 2026.200 P M Daniels L Coppenhall M Styler 14094731 2025-04-01 2026-03-31 14094731 bus:Director2 2025-04-01 2026-03-31 14094731 bus:Director3 2025-04-01 2026-03-31 14094731 bus:Director1 2025-04-01 2026-03-31 14094731 bus:RegisteredOffice 2025-04-01 2026-03-31 14094731 2026-03-31 14094731 2024-04-01 2025-03-31 14094731 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 14094731 core:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 14094731 2025-03-31 14094731 core:WithinOneYear 2026-03-31 14094731 core:WithinOneYear 2025-03-31 14094731 core:CurrentFinancialInstruments core:WithinOneYear 2026-03-31 14094731 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 14094731 core:Non-currentFinancialInstruments core:AfterOneYear 2026-03-31 14094731 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 14094731 core:ShareCapital 2026-03-31 14094731 core:ShareCapital 2025-03-31 14094731 core:CapitalRedemptionReserve 2026-03-31 14094731 core:CapitalRedemptionReserve 2025-03-31 14094731 core:RetainedEarningsAccumulatedLosses 2026-03-31 14094731 core:RetainedEarningsAccumulatedLosses 2025-03-31 14094731 core:ShareCapital 2024-03-31 14094731 core:CapitalRedemptionReserve 2024-03-31 14094731 core:ShareCapitalOrdinaryShareClass1 2026-03-31 14094731 core:ShareCapitalOrdinaryShareClass1 2025-03-31 14094731 core:ShareCapitalOrdinaryShareClass2 2026-03-31 14094731 core:ShareCapitalOrdinaryShareClass2 2025-03-31 14094731 core:ShareCapitalOrdinaryShareClass4 2026-03-31 14094731 core:ShareCapitalOrdinaryShareClass4 2025-03-31 14094731 core:ShareCapitalOrdinaryShareClass5 2026-03-31 14094731 core:ShareCapitalOrdinaryShareClass5 2025-03-31 14094731 core:ShareCapitalOrdinaryShares 2026-03-31 14094731 core:ShareCapitalOrdinaryShares 2025-03-31 14094731 core:ShareCapital 2024-04-01 2025-03-31 14094731 2025-03-31 14094731 2024-03-31 14094731 core:PlantMachinery 2025-04-01 2026-03-31 14094731 core:MotorVehicles 2025-04-01 2026-03-31 14094731 core:UKTax 2025-04-01 2026-03-31 14094731 core:UKTax 2024-04-01 2025-03-31 14094731 core:PlantMachinery 2025-03-31 14094731 core:MotorVehicles 2025-03-31 14094731 core:PlantMachinery 2026-03-31 14094731 core:MotorVehicles 2026-03-31 14094731 core:PlantMachinery 2025-03-31 14094731 core:MotorVehicles 2025-03-31 14094731 core:CurrentFinancialInstruments 2026-03-31 14094731 core:CurrentFinancialInstruments 2025-03-31 14094731 core:BetweenTwoFiveYears 2026-03-31 14094731 core:BetweenTwoFiveYears 2025-03-31 14094731 bus:OrdinaryShareClass1 2025-04-01 2026-03-31 14094731 bus:OrdinaryShareClass2 2025-04-01 2026-03-31 14094731 bus:OrdinaryShareClass4 2025-04-01 2026-03-31 14094731 bus:OrdinaryShareClass5 2025-04-01 2026-03-31 14094731 bus:OrdinaryShareClass1 2026-03-31 14094731 bus:OrdinaryShareClass1 2025-03-31 14094731 bus:OrdinaryShareClass2 2026-03-31 14094731 bus:OrdinaryShareClass2 2025-03-31 14094731 bus:OrdinaryShareClass4 2026-03-31 14094731 bus:OrdinaryShareClass4 2025-03-31 14094731 bus:OrdinaryShareClass5 2026-03-31 14094731 bus:OrdinaryShareClass5 2025-03-31 14094731 bus:AllOrdinaryShares 2026-03-31 14094731 bus:AllOrdinaryShares 2025-03-31 14094731 core:MoreThanFiveYears 2026-03-31 14094731 core:MoreThanFiveYears 2025-03-31 14094731 bus:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 14094731 bus:FRS102 2025-04-01 2026-03-31 14094731 bus:Audited 2025-04-01 2026-03-31 14094731 bus:FullAccounts 2025-04-01 2026-03-31 xbrli:pure xbrli:shares iso4217:GBP