STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

GOODMAN METALWORKS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTOR:

Mr R T Goodman

SECRETARY:

Mrs D J Goodman

REGISTERED OFFICE:

Private Road No 7

Colwick Industrial Estate

Nottingham

NG4 2JW

REGISTERED NUMBER:

01900509 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr James Timothy Card FCCA

AUDITORS:

Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The director presents his strategic report for the year ended 31 March 2026.

REVIEW OF BUSINESS

The company has experienced a quieter marketplace during the year.

These more difficult trading conditions have led to a reduction in both sales and profitability, especially over the latter half of the year.

This reduction has also been further compounded by technical issues with a particular non repeating contract, now resolved.

The company's investment to date in state of the art machinery and its ongoing focus on operating and engineering effectiveness means that the company remains well placed to provide a high quality range of engineering services.

The director considers that as a result of this, together with the established financial strength of the company, it remains in a strong position to successfully respond to the more challenging economic conditions expected in the coming year.

The director is satisfied with the result achieved and overall balance sheet position.

KPI Results

2026

2025

Gross profit

£1,971k

£2,783k

GP %

23%

30%

Net (loss)profit

(98k)

£646k

Shareholders' funds

3,213k

£3,237k

PRINCIPAL RISKS AND UNCERTAINTIES

Business risk

Risk is associated with both external business environment and the business itself

As an integral part of the company's business planning it undertakes a constant review and assessment of all business risks.

A business risk is "the threat that an event or action will adversely affect the business's ability to achieve its ongoing objectives".

The company's capability of offering a complete range of engineering services has enabled the development of a diverse range of products supplied across diverse market sectors. The company actively tries to maintain this balance over its widespread customer base

The company is ISO 9001 accredited, and is regularly audited to ensure compliance.

Cash flow management

Ongoing monitoring of funds position and ensuring sufficient fund facility is in place - Invoice discounting facility secured on company debtor book currently gives flexibility to accommodate this.

Along with this the company continuously reviews it's jobs order book to look for peaks and troughs in its cashflow needs.

Financial risk

Effective management and monitoring of customer account and debt levels and avoiding any concentration of risk . Currently considered to have a good balance supply engineering to customers across a range of sectors and markets

Responding to changing conditions and circumstances both from a trading and engineering perspective - The company manages this through involved and informed management, together with an integrated real time management information reporting system to regularly produce financial and operating information on which management at all levels can act. This is further enhanced through regular and systematised review of trading performance together with stock, debtors, cash and creditor levels

Sustainability risk

The company is aware of its responsibility to conduct operations in a sustainable manner. Goodman Metalworks Limited works actively with its customers to ensure working practices have a minimal impact on the environment.

Employees are supported by the company fostering a positive working environment through the promoting a work life balance and offering resources and support to staff.

The company takes corruption and bribery seriously, with a number of measures built into working practices to mitigate risks, including segregation of duties and financial controls.

Climate related risks

The company is very aware of climate issues and the wider objectives of net- zero carbon emissions. It actively looks to limit emissions and has recently installed solar panels and carried out various energy efficient upgrades to the premises .It also continues to invest in modern energy efficient machinery. Along with this the company is pursuing accreditation under ISO 14001 International standard for Environmental Management Systems standard.

ON BEHALF OF THE BOARD:

Mr R T Goodman - Director

21 August 2026

The director presents his report with the financial statements of the company for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of engineering and full service metal fabrication.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

DIRECTOR

Mr R T Goodman held office during the whole of the period from 1 April 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

AUDITORS

The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R T Goodman - Director

21 August 2026

Opinion

We have audited the financial statements of Goodman Metalworks Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of 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 March 2026 and of its loss 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management and the company's solicitors around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations.

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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

Use of our report

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

Mr James Timothy Card FCCA (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

24 August 2026

TURNOVER

8,435,728

9,302,840

Cost of sales

6,464,558

6,519,440

GROSS PROFIT

1,971,170

2,783,400

Administrative expenses

2,061,866

2,149,635

(90,696

)

633,765

Other operating income

14,700

69,345

OPERATING (LOSS)/PROFIT

4

(75,996

)

703,110

Interest payable and similar expenses

5

21,797

57,302

(LOSS)/PROFIT BEFORE TAXATION

(97,793

)

645,808

Tax on (loss)/profit

6

(73,988

)

132,310

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(23,805

)

513,498

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(23,805

)

513,498

FIXED ASSETS

Tangible assets

8

3,102,934

3,184,631

CURRENT ASSETS

Stocks

9

361,971

467,370

Debtors

10

2,069,201

2,139,840

Cash at bank and in hand

445,747

569,943

2,876,919

3,177,153

CREDITORS

Amounts falling due within one year

11

2,113,893

2,450,463

NET CURRENT ASSETS

763,026

726,690

TOTAL ASSETS LESS CURRENT LIABILITIES

3,865,960

3,911,321

CREDITORS

Amounts falling due after more than one year

12

(162,010

)

(243,740

)

PROVISIONS FOR LIABILITIES

15

(490,852

)

(430,678

)

NET ASSETS

3,213,098

3,236,903

CAPITAL AND RESERVES

Called up share capital

16

10,000

10,000

Retained earnings

17

3,203,098

3,226,903

SHAREHOLDERS' FUNDS

3,213,098

3,236,903

The financial statements were approved by the director and authorised for issue on 21 August 2026 and were signed by:

Mr R T Goodman - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

10,000

2,713,405

2,723,405

Changes in equity

Total comprehensive income

-

513,498

513,498

Balance at 31 March 2025

10,000

3,226,903

3,236,903

Changes in equity

Total comprehensive income

-

(23,805

)

(23,805

)

Balance at 31 March 2026

10,000

3,203,098

3,213,098

Cash flows from operating activities

Cash generated from operations

1

134,725

1,137,089

Interest paid

-

(37,642

)

Interest element of hire purchase payments paid

(21,797

)

(19,660

)

Tax paid

117,356

-

Net cash from operating activities

230,284

1,079,787

Cash flows from investing activities

Purchase of tangible fixed assets

(245,593

)

(648,610

)

Sale of tangible fixed assets

13,499

5,000

Net cash from investing activities

(232,094

)

(643,610

)

Cash flows from financing activities

Loan repayments in year

-

(513,536

)

Capital repayments in year

(122,386

)

(104,067

)

Net cash from financing activities

(122,386

)

(617,603

)

Decrease in cash and cash equivalents

(124,196

)

(181,426

)

Cash and cash equivalents at beginning of year

2

569,943

751,369

Cash and cash equivalents at end of year

2

445,747

569,943

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.26

31.3.25

£

£

(Loss)/profit before taxation

(97,793

)

645,808

Depreciation charges

454,834

459,629

(Profit)/loss on disposal of fixed assets

(9,143

)

600

Finance costs

21,797

57,302

369,695

1,163,339

Decrease in stocks

105,399

137,417

Decrease/(increase) in trade and other debtors

87,445

(113,265

)

Decrease in trade and other creditors

(427,814

)

(50,402

)

Cash generated from operations

134,725

1,137,089

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 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

445,747

569,943

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

569,943

751,369

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.4.25

Cash flow

changes

At 31.3.26

£

£

£

£

Net cash

Cash at bank

and in hand

569,943

(124,196

)

445,747

569,943

(124,196

)

445,747

Debt

Finance leases

(292,211

)

122,386

-

(301,725

)

(292,211

)

122,386

-

(301,725

)

Total

277,732

(1,810

)

-

144,022

1.	STATUTORY INFORMATION

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

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer.

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold.

- the amount of revenue can be measured reliably.

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be 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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Long leasehold

-

15% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

15% on cost, Straight line over 8 years, Straight line over 6 years and Straight line over 10 years

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

Straight line over 3 years

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

WIP is valued at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

2,959,723

3,130,913

Social security costs

373,892

307,517

Other pension costs

172,634

172,086

3,506,249

3,610,516

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

31.3.26

31.3.25

Weekly

67

70

Monthly

12

16

79

86

31.3.26

31.3.25

£

£

Director's remuneration

161,609

175,145

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

Money purchase schemes

1

1

4.	OPERATING (LOSS)/PROFIT

The operating loss (2025 - operating profit) is stated after charging/(crediting):

31.3.26

31.3.25

£

£

Hire of plant and machinery

44,531

7,261

Depreciation - owned assets

322,139

337,896

Depreciation - assets on hire purchase contracts

132,695

121,732

(Profit)/loss on disposal of fixed assets

(9,143

)

600

Auditors' remuneration

10,000

7,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

Loan

-

37,642

Hire purchase

21,797

19,660

21,797

57,302

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

(134,162

)

(117,356

)

Deferred tax

60,174

249,666

Tax on (loss)/profit

(73,988

)

132,310

Reconciliation of total tax (credit)/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:

31.3.26

31.3.25

£

£

(Loss)/profit before tax

(97,793

)

645,808

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

(24,448

)

161,452

Effects of:

Expenses not deductible for tax purposes

100

40,716

Capital allowances in excess of depreciation

-

(3,068

)

Depreciation in excess of capital allowances

31,545

-

Utilisation of tax losses

(7,197

)

(199,100

)

R & D Claim

(134,162

)

(117,356

)

Deferred tax

60,174

249,666

Total tax (credit)/charge

(73,988

)

132,310

7.	DEFINED CONTRIBUTION PENSION SCHEME

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

The total cost of contributions in the year is £172,634 (2025: £172,086). At 31st March 2026 - £12,894 contributions were outstanding (2025:£14,685)

8.	TANGIBLE FIXED ASSETS

Improvements

Freehold

Long

to

Plant and

property

leasehold

property

machinery

£

£

£

£

COST

At 1 April 2025

1,450,966

161,365

585,161

4,117,968

Additions

-

-

96,866

86,154

Disposals

-

-

-

(225,229

)

At 31 March 2026

1,450,966

161,365

682,027

3,978,893

DEPRECIATION

At 1 April 2025

481,306

99,256

303,199

2,526,618

Charge for year

19,346

11,498

6,504

297,936

Eliminated on disposal

-

-

-

(225,229

)

At 31 March 2026

500,652

110,754

309,703

2,599,325

NET BOOK VALUE

At 31 March 2026

950,314

50,611

372,324

1,379,568

At 31 March 2025

969,660

62,109

281,962

1,591,350