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REGISTERED NUMBER: 06759649 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

A C STEELS LTD

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Balance Sheet | 12 |

| Statement of Changes in Equity | 13 |

| Cash Flow Statement | 14 |

| Notes to the Cash Flow Statement | 15 |

| Notes to the Financial Statements | 17 |

| A C STEELS LTD |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr R P Price

| Mr P W Price

| Mr C P W Price

| REGISTERED OFFICE: | International House

| Fryers Road

| Bloxwich

| Walsall

| WS2 7LY

| REGISTERED NUMBER: | 06759649 (England and Wales)

| AUDITORS: | Lawton Bradford Accountants Ltd

| Chartered Certified Accountants and

| Statutory Auditors

| 7 Marconi Gate

| Stafford

| Staffordshire

| ST18 0FZ

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Strategic Report

for the Year Ended 31 December 2025

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

The principal activities of the company during the period were that of manufacturer, distributor and stock holder of steel products.

REVIEW OF BUSINESS

The directors are pleased with the trading results for the period following the general downturn in steel prices.The

results also demonstrate the strength of the business and its core activities together with its management and

employees.The stated results report a profit before taxation of £307,430 and the net assets at the balance sheet date were £6,958,344 which shows the company is in a good financial position to address the challenges to be faced from the market conditions and the general economic climate.

PRINCIPAL RISKS AND UNCERTAINTIES

Management continues to monitor risks to ensure that overall business risk remains within acceptable levels. The

principal risks and uncertainties are external market risks arising from global commodity price movements and activity

within the steel industry supply chain.

Customer and credit risk

The company supplies a range of markets and customers in order to avoid reliance on a single customer and the

associated risks. The company uses credit insurance with agreed credit limits to minimise its exposure to credit risk.

Supplier and product risk

The company uses a relatively small number of steel suppliers in order to maintain a reliable supply of products in the

quantities required. There are a large number of suppliers available to minifies the risk of product supply.

Liquidity risk

The company forecasts its future cash flows on a daily basis and ensures it has sufficient reserves and facilities to meet all its obligations.

Interest rate risk

The company maintains close relationships with its bankers and finance providers in order to ensure the interest rate

risk is managed effectively.

Foreign currency risk

The company has purchases of steel in foreign currencies and due to the relatively small number of transactions the

directors do not consider the company is exposed to a significant risk from currency exchange fluctuations.

Commodity price risk

Steel is a globally traded commodity and therefore subject to price fluctuations, the company manages this risk through forward pricing options.

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Strategic Report

for the Year Ended 31 December 2025

KEY PERFORMANCE INDICATORS

The directors consider the following to be the key performance indicators:

The turnover has increased this year. 2025 turnover was £35,876,254 compared to £35,473,707 for 2024. Steel prices began to increase from early 2025 following an earlier downturn in prices.

Gross profit has increased to £7,028,226 from £7,023,315 in 2024.

Profit before tax has decreased to £307,430 from £894,731 in 2024, due mainly to increased employment costs imposed by the government and increases in haulage and energy costs.

The underlying profits of the company continue to be strong in the current year.

ON BEHALF OF THE BOARD:

Mr P W Price - Director

24 August 2026

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Report of the Directors

for the Year Ended 31 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31st December 2025 will be £48,000.

FUTURE DEVELOPMENTS

The directors expect to maintain the current level of performance for the current year and therefore similar results are

forecast for the year ended 31 December 2026.

DIRECTORS

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

Mr R P Price

Mr P W Price

Mr C P W Price

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Report of the Directors

for the Year Ended 31 December 2025

AUDITORS

The auditors, Lawton Bradford Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr P W Price - Director

24 August 2026

Report of the Independent Auditors to the Members of

A C Steels Ltd

Opinion

We have audited the financial statements of A C Steels Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

A C Steels Ltd

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 four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

A C Steels Ltd

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:

- We obtain an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

- We obtain an understanding of the entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance.

- Identify which laws and regulations are of significance in the context of the entity;

- We obtain an understanding of the entity’s risk assessment process, including the risk of fraud;

- We assess the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur;

- Identify and test unusual or unexpected journal entries;

- Use Data Analytics to review the client data for unusual trends/anomalies;

- Evaluate the assumptions and judgements used by management within significant accounting estimates and assess if these indicate evidence of management bias;

- Test significant transactions, in particular evaluate the business rationale for any which appear unusual or outside the company’s normal course of business;

- Review the financial statements and test the disclosures against supporting documentation;

- Communicate relevant matters (including those above) to all members of the audit team to ensure they understood the risks specific to the entity and the audit procedures planned to mitigate these.

In order to ascertain the above and relative to the specific risks identified, the procedures followed included:

Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;

Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

Review of financial statement disclosures and test to supporting documentation to assess compliance with applicable laws and regulations.

Perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Report of the Independent Auditors to the Members of

A C Steels Ltd

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.

Adele Lawton (Senior Statutory Auditor)

for and on behalf of Lawton Bradford Accountants Ltd

Chartered Certified Accountants and

Statutory Auditors

7 Marconi Gate

Stafford

Staffordshire

ST18 0FZ

24 August 2026

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Income Statement

for the Year Ended 31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 35,876,254 |  | 35,473,707 |  |

Cost of sales | 28,848,028 |  | 28,450,392 |  |

GROSS PROFIT | 7,028,226 |  | 7,023,315 |  |

Distribution costs | 1,869,785 |  | 1,810,161 |  |

Administrative expenses | 4,056,535 |  | 3,528,967 |  |

|  |  | 5,926,320 |  |  |  |  | 5,339,128 |  |

1,101,906 |  | 1,684,187 |  |

Other operating income | 44,970 |  | 74,940 |  |

OPERATING PROFIT | 5 | 1,146,876 |  | 1,759,127 |  |

Interest receivable and similar income | 4,283 |  | - |  |

1,151,159 |  | 1,759,127 |  |

Interest payable and similar expenses | 6 | 843,729 |  | 864,396 |  |

PROFIT BEFORE TAXATION | 307,430 |  | 894,731 |  |

Tax on profit | 7 | 73,942 |  | 190,963 |  |

PROFIT FOR THE FINANCIAL YEAR | 233,488 |  | 703,768 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Other Comprehensive Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 233,488 |  | 703,768 |  |

OTHER COMPREHENSIVE INCOME |

Property Revaluation - deferred tax | (383,114 | ) | 335,000 |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (383,114 | ) | 335,000 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (149,626 | ) | 1,038,768 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 8,176,176 |  | 8,150,520 |  |

CURRENT ASSETS

Stocks | 10 | 11,464,413 |  | 11,463,386 |  |

Debtors | 11 | 8,519,748 |  | 8,764,724 |  |

Cash at bank | 200,696 |  | 75,875 |  |

20,184,857 |  | 20,303,985 |  |

CREDITORS

Amounts falling due within one year | 12 | 16,657,759 |  | 16,437,883 |  |

NET CURRENT ASSETS | 3,527,098 |  | 3,866,102 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,703,274 |  | 12,016,622 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (3,298,876 | ) | (3,824,561 | ) |

PROVISIONS FOR LIABILITIES | 17 | (1,380,901 | ) | (988,091 | ) |

ACCRUALS AND DEFERRED INCOME | 18 | (65,153 | ) | (48,000 | ) |

NET ASSETS | 6,958,344 |  | 7,155,970 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 103 |  | 103 |  |

Revaluation reserve | 20 | 1,266,768 |  | 1,649,882 |  |

Capital redemption reserve | 20 | 600,000 |  | 600,000 |  |

Retained earnings | 20 | 5,091,473 |  | 4,905,985 |  |

SHAREHOLDERS' FUNDS | 6,958,344 |  | 7,155,970 |  |

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

Mr P W Price - Director

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2024 | 103 |  | 4,250,217 |  | 1,314,882 |  | 600,000 |  | 6,165,202 |  |

Changes in equity

Dividends | - |  | (48,000 | ) | - |  | - |  | (48,000 | ) |

Total comprehensive income | - |  | 703,768 |  | 335,000 |  | - |  | 1,038,768 |  |

Balance at 31 December 2024 | 103 |  | 4,905,985 |  | 1,649,882 |  | 600,000 |  | 7,155,970 |  |

Changes in equity

Dividends | - |  | (48,000 | ) | - |  | - |  | (48,000 | ) |

Total comprehensive income | - |  | 233,488 |  | (383,114 | ) | - |  | (149,626 | ) |

Balance at 31 December 2025 | 103 |  | 5,091,473 |  | 1,266,768 |  | 600,000 |  | 6,958,344 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Cash Flow Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (355,624 | ) | 1,693,744 |  |

Interest paid | (749,873 | ) | (799,065 | ) |

Interest element of hire purchase payments paid | (93,856 | ) | (65,331 | ) |

Tax paid | 94,723 |  | (49,457 | ) |

Net cash from operating activities | (1,104,630 | ) | 779,891 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (549,642 | ) | (1,928,923 | ) |

Interest received | 4,283 |  | - |  |

Net cash from investing activities | (545,359 | ) | (1,928,923 | ) |

Cash flows from financing activities

Loan repayments in year | (94,500 | ) | (126,000 | ) |

New hire purchase in year | - |  | 1,454,400 |  |

Capital repayments in year | (652,832 | ) | (411,266 | ) |

Amount introduced by directors | 1,195,000 |  | 145,119 |  |

Amount withdrawn by directors | (353,401 | ) | (254,465 | ) |

Equity dividends paid | (48,000 | ) | (48,000 | ) |

Net cash from financing activities | 46,267 |  | 759,788 |  |

Decrease in cash and cash equivalents | (1,603,722 | ) | (389,244 | ) |

Cash and cash equivalents at beginning of year | 2 | 45,617 |  | 434,861 |  |

Cash and cash equivalents at end of year | 2 | (1,558,105 | ) | 45,617 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 307,430 |  | 894,731 |  |

| Depreciation charges | 523,988 |  | 335,251 |  |

| Finance costs | 843,729 |  | 864,396 |  |

| Finance income | (4,283 | ) | - |  |

1,670,864 |  | 2,094,378 |  |

| Increase in stocks | (1,027 | ) | (1,611,637 | ) |

| Increase in trade and other debtors | (9,491 | ) | (89,137 | ) |

| (Decrease)/increase in trade and other creditors | (2,015,970 | ) | 1,300,140 |  |

| Cash generated from operations | (355,624 | ) | 1,693,744 |  |

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 | 200,696 |  | 75,875 |  |

| Bank overdrafts | (1,758,801 | ) | (30,258 | ) |

(1,558,105 | ) | 45,617 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 75,875 |  | 434,861 |  |

| Bank overdrafts | (30,258 | ) | - |  |

45,617 |  | 434,861 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 75,875 |  | 124,821 |  | 200,696 |  |

| Bank overdrafts | (30,258 | ) | (1,728,543 | ) | (1,758,801 | ) |

45,617 |  | (1,603,722 | ) | (1,558,105 | ) |

| Debt

| Finance leases | (2,445,868 | ) | 652,832 |  | (1,793,036 | ) |

| Debts falling due within 1 year | (126,000 | ) | - |  | (126,000 | ) |

| Debts falling due after 1 year | (2,016,000 | ) | 94,500 |  | (1,921,500 | ) |

(4,587,868 | ) | 747,332 |  | (3,840,536 | ) |

| Total | (4,542,251 | ) | (856,390 | ) | (5,398,641 | ) |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| A C Steels Ltd 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

| Significant judgements and estimates

| In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

| Turnover

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

| Turnover is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Plant and machinery | - | 10% on cost

| Fixtures and fittings | - | 20% on cost

| Tangible assets are initially stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use. Freehold land and buildings have been revalued, freehold land is not depreciated and the residual value of the buildings are considered to be at least the same as the revalued amount and, therefore, have not been depreciated.

| Stocks

| Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were sold at the reporting date.

| Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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

| 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.

| 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.

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Provisions

| Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

| Impairment of non-financial assets

| At each reporting date non-financial assets not carried at fair value, like goodwill and tangible fixed assets, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

| Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment is recognised immediately in profit or loss.

| If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group fo related assets in the prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

3. | TURNOVER

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

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Sale of goods | 35,876,254 |  | 35,473,707 |  |

35,876,254 |  | 35,473,707 |  |

| An analysis of turnover by geographical market is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| United Kingdom | 35,876,254 |  | 35,473,707 |  |

35,876,254 |  | 35,473,707 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | EMPLOYEES AND DIRECTORS

| 31.12.25 |  | 31.12.24

£ | £ |

| Wages and salaries | 2,862,002 |  | 2,462,510 |  |

| Social security costs | 322,973 |  | 262,500 |  |

| Other pension costs | 49,037 |  | 40,681 |  |

3,234,012 |  | 2,765,691 |  |

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

| 31.12.25 |  | 31.12.24

| Production | 53 |  | 47 |  |

| Administration | 24 |  | 23 |  |

| Directors | 3 |  | 3 |  |

80 |  | 73 |  |

| 31.12.25 |  | 31.12.24

£ | £ |

| Directors' remuneration | 232,582 |  | 234,741 |  |

| Directors' pension contributions to money purchase schemes | 3,728 |  | 3,701 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Emoluments etc | 117,420 |  | 117,420 |  |

| Pension contributions to money purchase schemes | 1,321 |  | 1,321 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire of plant and machinery | 273,075 |  | 291,680 |  |

| Other operating leases | 319,858 |  | 557,893 |  |

| Depreciation - owned assets | 523,986 |  | 335,251 |  |

| Auditors' remuneration | 21,257 |  | 38,195 |  |

| Foreign exchange differences | 89,769 |  | 14,239 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loan interest | 217,792 |  | 279,490 |  |

| Invoice finance interest | 534,177 |  | 517,509 |  |

| Interest on corporation tax | (2,096 | ) | 2,066 |  |

| Hire purchase | 93,856 |  | 65,331 |  |

843,729 |  | 864,396 |  |

7. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 64,246 |  | (259,763 | ) |

| Deferred tax | 9,696 |  | 450,726 |  |

| Tax on profit | 73,942 |  | 190,963 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 307,430 |  | 894,731 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 76,858 |  | 223,683 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,050 |  | 19,823 |  |

| Capital allowances in excess of depreciation | (9,696 | ) | (401,982 | ) |

| Utilisation of tax losses | (6,966 | ) | - |  |

| Adjustments to tax charge in respect of previous periods | - |  | (259,760 | ) |

| Deferred tax | 9,696 |  | 450,726 |  |

| Tax losses carried forward | - |  | 6,966 |  |

| Tax loss carried back | - |  | 151,507 |  |

| Total tax charge | 73,942 |  | 190,963 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | TAXATION - continued

| Tax effects relating to effects of other comprehensive income |

| 31.12.25 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Property Revaluation - deferred tax | (383,114 | ) | - |  | (383,114 | ) |

| 31.12.24 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Property Revaluation | 335,000 |  | - |  | 335,000 |  |

8. | DIVIDENDS

|  | Year Ended 31.12.25 |  |  | Year Ended 31.12.24 |  |

|  | £ |  |  | £ |  |

| B Ordinary shares of £1 Interim |  | 24,000 |  |  | 24,000 |  |

| C Ordinary Shares o £1 Interim |  | 24,000 |  |  | 24,000 |  |

|  | 48,000 |  |  | 48,000 |  |

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 4,000,000 |  | 5,623,358 |  | 112,964 |  | 9,736,322 |  |

| Additions | - |  | 549,642 |  | - |  | 549,642 |  |

| At 31 December 2025 | 4,000,000 |  | 6,173,000 |  | 112,964 |  | 10,285,964 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 1,473,757 |  | 112,045 |  | 1,585,802 |  |

| Charge for year | - |  | 523,067 |  | 919 |  | 523,986 |  |

| At 31 December 2025 | - |  | 1,996,824 |  | 112,964 |  | 2,109,788 |  |

| NET BOOK VALUE

| At 31 December 2025 | 4,000,000 |  | 4,176,176 |  | - |  | 8,176,176 |  |

| At 31 December 2024 | 4,000,000 |  | 4,149,601 |  | 919 |  | 8,150,520 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31 December 2025 is represented by:

| Fixtures |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| Valuation in 2016 | 650,000 |  | - |  | - |  | 650,000 |  |

| Valuation in 2019 | 167,280 |  | - |  | - |  | 167,280 |  |

| Valuation in 2021 | 380,175 |  | - |  | - |  | 380,175 |  |

| Valuation in 2024 | 335,000 |  | - |  | - |  | 335,000 |  |

| Cost | 2,467,545 |  | 6,173,000 |  | 112,964 |  | 8,753,509 |  |

4,000,000 |  | 6,173,000 |  | 112,964 |  | 10,285,964 |  |

| The freehold property was valued at market value by Lambert Smith Hampton, on 23rd October 2024 and P Price, the director, considers this value to be the appropriate value at 31 December 2025.

10. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Raw materials | 11,214,516 |  | 11,147,581 |  |

| Work-in-progress | 249,897 |  | 315,805 |  |

11,464,413 |  | 11,463,386 |  |

11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 8,476,016 |  | 8,388,497 |  |

| Other debtors | (213 | ) | 77,817 |  |

| Directors' current accounts | - |  | 254,465 |  |

| Prepayments and accrued income | 43,945 |  | 43,945 |  |

8,519,748 |  | 8,764,724 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 14) | 1,884,801 |  | 156,258 |  |

| Hire purchase contracts (see note 15) | 415,660 |  | 637,307 |  |

| Trade creditors | 5,443,224 |  | 8,213,622 |  |

| Tax | 64,246 |  | (94,723 | ) |

| Social security and other taxes | 66,573 |  | 53,232 |  |

| VAT | 674,484 |  | 357,918 |  |

| Other creditors | 444,837 |  | 1,075 |  |

| Invoice financing | 7,076,800 |  | 7,113,194 |  |

| Directors' current accounts | 587,134 |  | - |  |

16,657,759 |  | 16,437,883 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans (see note 14) | 1,921,500 |  | 2,016,000 |  |

| Hire purchase contracts (see note 15) | 1,377,376 |  | 1,808,561 |  |

3,298,876 |  | 3,824,561 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 1,758,801 |  | 30,258 |  |

| Bank loans | 126,000 |  | 126,000 |  |

1,884,801 |  | 156,258 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 126,000 |  | 126,000 |  |

| Amounts falling due between two and five years:

| Bank loans - 2-5 years | 378,000 |  | 378,000 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 1,417,500 |  | 1,512,000 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.25 |  | 31.12.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 415,660 |  | 637,307 |  |

| Between one and five years | 1,377,376 |  | 1,808,561 |  |

1,793,036 |  | 2,445,868 |  |

| Non-cancellable |

| operating leases |

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 293,192 |  | 351,628 |  |

| Between one and five years | 353,464 |  | 635,787 |  |

| In more than five years | - |  | 10,868 |  |

646,656 |  | 998,283 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank overdraft | 1,758,801 |  | - |  |

| Bank loans | 2,047,500 |  | 2,142,000 |  |

| Hire purchase contracts | 1,793,036 |  | 2,445,868 |  |

| Invoice financing | 7,076,800 |  | 7,270,276 |  |

12,676,137 |  | 11,858,144 |  |

| The bank loan and invoice financing are secured by a debenture over the assets and undertaking of the company.

| The hire purchase contracts are secured against the associated assets.

17. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 1,380,901 |  | 988,091 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

17. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 988,091 |  |

| Charge to Income Statement during year | 392,810 |  |

| Balance at 31 December 2025 | 1,380,901 |  |

18. | ACCRUALS AND DEFERRED INCOME

| 31.12.25 |  | 31.12.24

£ | £ |

| Accruals and deferred income | 65,153 |  | 48,000 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: |  | Class: |  | Nominal |  |  | 30.12.24 |  |  | 31.12.23 |  |

|  | value: |  |  | £ |  |  | £ |  |

| 100 |  | A Ordinary |  | £1 |  |  | 100 |  |  | 100 |  |

| 1 |  | B Ordinary |  | £1 |  |  | 1 |  |  | 1 |  |

| 1 |  | C Ordinary |  | £1 |  |  | 1 |  |  | 1 |  |

| 1 |  | D Ordinary |  | £1 |  |  | 1 |  |  | 1 |  |

|  | 103 |  |  | 103 |  |

| B, C and D shares do not have any voting rights.

20. | RESERVES

| Capital |

| Retained |  | Revaluation |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 January 2025 | 4,905,985 |  | 1,649,882 |  | 600,000 |  | 7,155,867 |  |

| Profit for the year | 233,488 |  | 233,488 |  |

| Dividends | (48,000 | ) | (48,000 | ) |

| Revaluation | - |  | (383,114 | ) | - |  | (383,114 | ) |

| At 31 December 2025 | 5,091,473 |  | 1,266,768 |  | 600,000 |  | 6,958,241 |  |

| A C STEELS LTD (REGISTERED NUMBER: 06759649) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

| 31.12.25 |  | 31.12.24

£ | £ |

| Mr P W Price

| Balance outstanding at start of year | 254,465 |  | 145,119 |  |

| Amounts advanced | - |  | 109,346 |  |

| Amounts repaid | (254,465 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 254,465 |  |