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

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

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

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.

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

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.

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

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.

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.

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.

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

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

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

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

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

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

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

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

)

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.

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.

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

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