REGISTERED NUMBER: 04045212 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

USS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

A P Weaver

A M S Weaver

P Smith

D Balmforth

N Harvey

REGISTERED OFFICE:

Mill Lane

Halesowen

West Midlands

B63 3JP

REGISTERED NUMBER:

04045212 (England and Wales)

AUDITORS:

Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

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

REVIEW OF BUSINESS

The principal activity of the company during the year continued to be steel slitting services.

The key financial performance indicators during the year were as follows:

2025

2024

change

£

£

%

Turnover

31,151,218

34,010,011

-8%

Profit before tax

247,580

609,266

-59%

Shareholders' funds

8,277,159

8,004,656

+3%

The outlook for 2026 again looks challenging. Demand continues to be reduced, whilst cost increases are difficult to recoup through higher sales prices. The restriction in ability to import steel from long standing trading partners from mid 2025 due to government duty impositions has affected the whole market. Further reductions in quotas due from mid 2026 will increase this issue.

The ramifications from the Middle East crisis are still too early to say exactly, but obviously there are likely to be significant pressures created by this.

On a positive note, our sales have been strong for the year so far with satisfactory margins being achieved.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the company's strategy are subject to a number of risks including price, credit, liquidity and cash flow risks. The key business risks and uncertainties are considered to be competition from other steel service centres, the weakness of the UK economy, product availability and the external macro-economic and geo-political problems affecting the UK and around the world. The Company has policies in place which are aimed to mitigate and manage these risks.

ON BEHALF OF THE BOARD:

A M S Weaver - Director

8 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of steel slitting services.

DIVIDENDS

Interim dividends of £150,000 were paid during the year.

DIRECTORS

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

A P Weaver

A M S Weaver

P Smith

D Balmforth

N Harvey

The Directors review of the business, future developments and principal risks and uncertainties have been included within the strategic report.

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, Saxon & Co Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A M S Weaver - Director

8 May 2026

Opinion

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

In preparing the financial statements, the directors are responsible for assessing the 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks to obtain sufficient appropriate audit evidence on which to base our opinion.

To identify and assess risks of material misstatement in respect of irregularities, including fraud, we conduct general and specific risk assessment procedures which include considering:

- The nature of the entity and the industry in which it operates, business performance and the control environment.

- The laws and regulations applicable to the entity.

- Management's own assessment of the risk of fraud occurring and non-compliance with laws and regulations.

- The operating effectiveness of management's controls established to mitigate the risks of fraud or non-compliance with laws and regulations.

- Whether management know of any instances of fraud or non-compliance with laws and regulations.

We also hold an audit engagement team meeting to discuss how and where fraud might occur, if any opportunities and incentives may exist within the business and assess any potential indicators of fraud.

As a result of our procedures we identified direct and indirect laws and regulations applicable to the entity. Direct laws and regulations are those that effect the financial statements and indirect laws and regulations are those that may be central to the entity's ability to operate. The direct laws and regulations identified are the Companies Act, UK GAAP and UK Tax Legislation. The indirect laws and regulations identified are International Organization Standardization (ISO) regulations covering health and safety, quality management and environmental management.

Our response to the risks identified include:

- Reviewing the financial statement disclosures and testing supporting documentation.

- Enquiring of management concerning actual or potential litigation claims.

- Performing analytical procedures to identify any unusual or unexpected variances that may be indicators of material misstatement due to fraud.

- Assessing the risk of management override of controls and bias by testing the appropriateness of journal entries and estimates within the financial statements.

- Obtaining an understanding of related parties and evaluating related party transactions and any significant transactions outside the normal course of business.

We also communicate the requirement to maintain professional skepticism to all members of the engagement team and ensure they are aware of relevant identified laws and regulations, related parties and potential fraud risks and remain alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

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.

Matthew Saxon (Senior Statutory Auditor)

for an on behalf of Saxon & Co Accountants Ltd

Statutory Auditors

Chartered Certified Accountants

Kings Chambers

Queens Cross

High Street

Dudley

West Midlands

DY1 1QT

8 May 2026

TURNOVER

3

31,151,218

34,010,011

Cost of sales

28,924,924

31,226,180

GROSS PROFIT

2,226,294

2,783,831

Administrative expenses

2,026,447

2,269,949

OPERATING PROFIT

5

199,847

513,882

Interest receivable and similar income

47,733

95,384

PROFIT BEFORE TAXATION

247,580

609,266

Tax on profit

6

87,280

167,955

PROFIT FOR THE FINANCIAL YEAR

160,300

441,311

PROFIT FOR THE YEAR

160,300

441,311

OTHER COMPREHENSIVE INCOME

Revaluation of F'hold property

349,605

-

Income tax relating to other comprehensive income

(87,402

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

262,203

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

422,503

441,311

FIXED ASSETS

Tangible assets

8

3,940,705

3,702,947

CURRENT ASSETS

Stocks

9

12,560,573

6,645,677

Debtors

10

8,870,395

8,982,177

Cash at bank

2,930,019

5,838,554

24,360,987

21,466,408

CREDITORS

Amounts falling due within one year

11

19,380,905

16,588,077

NET CURRENT ASSETS

4,980,082

4,878,331

TOTAL ASSETS LESS CURRENT LIABILITIES

8,920,787

8,581,278

PROVISIONS FOR LIABILITIES

12

643,628

576,622

NET ASSETS

8,277,159

8,004,656

CAPITAL AND RESERVES

Called up share capital

13

175,000

175,000

Revaluation reserve

14

821,249

559,046

Retained earnings

14

7,280,910

7,270,610

SHAREHOLDERS' FUNDS

8,277,159

8,004,656

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2026 and were signed on its behalf by:

A M S Weaver - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

175,000

7,274,299

559,046

8,008,345

Changes in equity

Dividends

-

(445,000

)

-

(445,000

)

Total comprehensive income

-

441,311

-

441,311

Balance at 31 December 2024

175,000

7,270,610

559,046

8,004,656

Changes in equity

Dividends

-

(150,000

)

-

(150,000

)

Total comprehensive income

-

160,300

262,203

422,503

Balance at 31 December 2025

175,000

7,280,910

821,249

8,277,159

Cash flows from operating activities

Cash generated from operations

1

(2,292,222

)

(868,331

)

Tax paid

(183,124

)

(179,640

)

Net cash from operating activities

(2,475,346

)

(1,047,971

)

Cash flows from investing activities

Purchase of tangible fixed assets

(209,119

)

(50,429

)

Sale of tangible fixed assets

63,363

-

Interest received

47,733

95,384

Net cash from investing activities

(98,023

)

44,955

Cash flows from financing activities

Intra group loans

(185,166

)

(650,737

)

Equity dividends paid

(150,000

)

(125,000

)

Net cash from financing activities

(335,166

)

(775,737

)

Decrease in cash and cash equivalents

(2,908,535

)

(1,778,753

)

Cash and cash equivalents at beginning of year

2

5,838,554

7,617,307

Cash and cash equivalents at end of year

2

2,930,019

5,838,554

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

2025

2024

£

£

Profit before taxation

247,580

609,266

Depreciation charges

320,964

364,604

Profit on disposal of fixed assets

(63,363

)

-

Finance income

(47,733

)

(95,384

)

457,448

878,486

(Increase)/decrease in stocks

(5,914,896

)

1,437,609

Decrease/(increase) in trade and other debtors

112,152

(1,904,762

)

Increase/(decrease) in trade and other creditors

3,053,074

(1,279,664

)

Cash generated from operations

(2,292,222

)

(868,331

)

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

2,930,019

5,838,554

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

5,838,554

7,617,307

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

5,838,554

(2,908,535

)

2,930,019

5,838,554

(2,908,535

)

2,930,019

Debt

Debts falling due within 1 year

(338,162

)

184,796

(153,366

)

(338,162

)

184,796

(153,366

)

Total

5,500,392

(2,723,739

)

2,776,653

1.	STATUTORY INFORMATION

USS 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.

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.

The financial statements are presented in sterling (£), which is also the company's functional currency.

Judgements and estimates

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

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

Turnover

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

Tangible fixed assets

Tangible assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets other than freehold land.

Land and buildings held and used in the company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in 'other reserves'.

Depreciation on revalued buildings is charged to profit or loss as to write off their value, less residual value, over their estimated useful life of 25 years, using the straight-line method.

Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Stocks

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

Financial instruments

Basic financial instruments are recognised at amortised cost.

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

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date. Exchange differences are recognised in profit or loss in the period in which they arise.

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.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

31,151,218

34,010,011

31,151,218

34,010,011

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

868,359

852,190

Social security costs

89,453

87,429

Other pension costs

26,489

83,035

984,301

1,022,654

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

2025

2024

Management

5

5

Sales

2

2

Operations

13

13

20

20

2025

2024

£

£

Directors' remuneration

306,899

283,957

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

106,497

91,405

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

320,966

364,605

Profit on disposal of fixed assets

(63,363

)

-

Auditors' remuneration

9,250

9,197

Auditors' remuneration for non audit work

3,150

20,125

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

107,675

219,481

Deferred tax:

Current year

(20,395

)

(51,526

)

Tax on profit

87,280

167,955

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

247,580

609,266

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

61,895

152,317

Effects of:

Expenses not deductible for tax purposes

10,418

8,760

Income not taxable for tax purposes

(15,840

)

-

Depreciation in excess of capital allowances

51,202

58,925

Adjustments to tax charge in respect of previous periods

-

(521

)

Deferred tax movement

(20,395

)

(51,526

)

Total tax charge

87,280

167,955

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Revaluation of F'hold property

349,605

(87,402

)

262,203

7.

DIVIDENDS

2025

2024

£

£

A Ordinary shares of £1 each

Dividend paid

150,000

445,000

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 January 2025

1,703,575

3,029,658

64,173

Additions

-

16,264

1,670

Disposals

-

-

-

Revaluations

186,425

-

-

At 31 December 2025

1,890,000

3,045,922

65,843

DEPRECIATION

At 1 January 2025

121,098

1,126,105

46,739

Charge for year

42,082

146,723

11,466

Eliminated on disposal

-

-

-

Revaluation adjustments

(163,180

)

-

-

At 31 December 2025

-

1,272,828

58,205

NET BOOK VALUE

At 31 December 2025

1,890,000

1,773,094

7,638

At 31 December 2024

1,582,477

1,903,553

17,434

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2025

745,222

80,114

5,622,742

Additions

186,685

4,500

209,119

Disposals

(237,672

)

-

(237,672

)

Revaluations

-

-

186,425

At 31 December 2025

694,235

84,614

5,780,614

DEPRECIATION

At 1 January 2025

567,943

57,910

1,919,795

Charge for year

106,098

14,597

320,966

Eliminated on disposal

(237,672

)

-

(237,672

)

Revaluation adjustments

-

-

(163,180

)

At 31 December 2025

436,369

72,507

1,839,909

NET BOOK VALUE

At 31 December 2025

257,866

12,107

3,940,705

At 31 December 2024

177,279

22,204

3,702,947

Included in cost or valuation of land and buildings is freehold land of £ 704,007 (2024 - £ 634,833 ) which is not depreciated.