SIDENOR UK LIMITED

Registered number

01236815

SIDENOR UK LIMITED

Report and Financial Statements

31 December 2025

SIDENOR UK LIMITED
Report and accounts
Contents




Page

Company information	1
Directors' report	2
Independent auditor's report	4
Income statement	6
Statement of financial position	7
Statement of changes in equity	8
Statement of cash flows	9
Notes to the financial statements	10

SIDENOR UK LIMITED

Company Information

Directors

R Wittenberg (Resigned 2nd January 2026)

Jose Antonio Jainaga Gomez

Secretary

M Wilkinson

Auditors

Clay Ratnage Daffin & Co Limited

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN

Bankers

Barclays Bank Plc

75 High Street

Brentwood

Essex

CM14 4RP

Registered office

1st Floor, Northside House

Mount Pleasant

Cockfosters

Herts

EN4 9EB

Registered number

01236815

SIDENOR UK LIMITED
Registered number:		01236815
Directors' Report

The directors present their report and financial statements for the year ended 31 December 2025.

Principal activities
The company's principal activity during the year continued to be managing UK market for sales of steel.

Future developments
The directors are not aware of any future developments which would have a significant effect on the company.

Dividends
During the year dividends were paid totalling £Nil (2024 £Nil)

Events since the balance sheet date
There have been no significant events affecting the company since the year end.

Directors
The following persons served as directors during the year:

	R Wittenberg (Resigned 2nd January 2026)
	Jose Antonio Jainaga Gomez

Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	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.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is 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 auditor is aware of that information.



This report was approved by the board on 28 September 2026 and signed by its order.



M Wilkinson
Secretary

SIDENOR UK LIMITED
Independent auditor's report
to the members of SIDENOR UK LIMITED

Opinion

We have audited the financial statements of SIDENOR UK LIMITED (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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

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;

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

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

Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
●	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
●	the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

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 directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the financial statements are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

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

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.


To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: • Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. • The susceptibility of the company’s financial statements to material misstatement caused by fraud or other irregularities were assessed with the following procedures: o Understanding how those charged with governance considered and addressed the potential for override of controls and management biases o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations o Assessing the extent of compliance with the relevant laws and regulations The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.






Dean Osborne		Suite D, The Business Centre
(Senior Statutory Auditor)		Faringdon Avenue
for and on behalf of		Romford
Clay Ratnage Daffin & Co Limited		Essex
Statutory Auditor		RM3 8EN
28 September 2026

SIDENOR UK LIMITED
Income Statement
for the year ended 31 December 2025


Notes		2025		2024
£			£

Turnover	3	450,000		423,000

Administrative expenses		(432,100)		(383,726)

Operating profit	4	17,900		39,274

Interest receivable	11	1,531		1,259

Profit on ordinary activities before taxation		19,431		40,533

Tax on profit on ordinary activities	7	(5,337)		(9,978)

Profit for the financial year		14,094		30,555



There were no recognised gains and losses for 2025 or 2024 other than those included in the
statement of comprehensive income.

There was no other comprehensive income for 2025 (2024 £Nil).

The notes on pages 10 to 16 form part of these financial statements.

SIDENOR UK LIMITED
Statement of Financial Position
as at 31 December 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	8		814			1,577

Current assets
Debtors	9	110,090			80,046
Cash at bank and in hand		130,667			131,002
		240,757			211,048

Creditors: amounts falling due within one year	10	(90,527)			(75,675)

Net current assets			150,230			135,373

Net assets			151,044			136,950

Capital and reserves
Called up share capital	12		50,000			50,000
Profit and loss account	13		101,044			86,950

Total equity			151,044			136,950




J A Jainaga Gomez
Director
Approved by the board on 28 September 2026

SIDENOR UK LIMITED
Statement of Changes in Equity
for the year ended 31 December 2025

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 January 2024	50,000		-		-		56,395		106,395

Profit for the financial year							30,555		30,555


At 31 December 2024	50,000		-		-		86,950		136,950



At 1 January 2025	50,000		-		-		86,950		136,950

Profit for the financial year							14,094		14,094


At 31 December 2025	50,000		-		-		101,044		151,044

SIDENOR UK LIMITED
Statement of Cash Flows
for the year ended 31 December 2025

Notes	2025		2024
£		£
Operating activities
Profit for the financial year	14,094		30,555

Adjustments for:
Interest receivable	(1,531)		(1,259)
Tax on profit on ordinary activities	5,337		9,978
Depreciation	763		885
Increase in debtors	(30,044)		(12,784)
Increase/(decrease) in creditors	20,210		(4,554)
	8,829		22,821

Interest received	1,531		1,259
Corporation tax paid	(10,695)		(3,357)

Cash (used in)/generated by operating activities	(335)		20,723

Net cash (used)/generated
Cash (used in)/generated by operating activities	(335)		20,723

Net cash (used)/generated	(335)		20,723

Cash and cash equivalents at 1 January	131,002		110,279
Cash and cash equivalents at 31 December	130,667		131,002

Cash and cash equivalents comprise:
Cash at bank	130,667		131,002

SIDENOR UK LIMITED
Notes to the Accounts
for the year ended 31 December 2025

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
	The financial information in the accounts is rounded to the nearest £1.
	The preparations of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.



	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Office equipment			20% Cost
	Computer equipment			20% Cost


	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.





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

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.





	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.




	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


	Principal activity
	Sidenor UK Limited is a private limited company limited by shares, incorporated in England and Wales, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The registered office is also the company's principal place of business. The company's principal activity continued to be managing UK market for the sale of steel.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.




	Pensions
	The company contributes to an automatic enrolment or a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Profit and Loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.









2	Critical accounting estimates and judgements
	There are no significant judgements contained in these accounts.





3	Analysis of turnover					2025		2024
£							£

	Sale of goods					450,000		423,000

	By geographical market:

	UK					450,000		423,000



4	Operating profit					2025		2024
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					763		885
	Operating lease rentals - plant and machinery					5,594		5,611
	Operating lease rentals - land and buildings					12,668		12,137
	Auditors' remuneration for audit services					3,500		3,000
	Contributions to defined benefit pension plans					10,192		9,756



5	Directors' emoluments					2025		2024
£							£

	Emoluments					150,206		187,173


	Highest paid director:
	Emoluments					150,206		187,173


6	Staff costs					2025		2024
£							£

	Wages and salaries					335,612		294,311
	Social security costs					31,848		31,781
	Other pension costs					10,192		9,756
						377,652		335,848


	Average number of employees during the year					Number	Number

	Administration					2		2
	Sales					1		1
						3		3

7	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					5,337		9,978


	Tax on profit on ordinary activities					5,337		9,978


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit on ordinary activities before tax					19,431		40,533

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					4,858		10,133

	Effects of:
	Expenses not deductible for tax purposes					548		408
	Capital allowances for period less than depreciation					134		153
	Marginal relief					(203)		-
	Adjustments to tax charge in respect of previous periods					-		(716)

	Current tax charge for period					5,337		9,978


	Factors that may affect future tax charges
	There were no factors that may effect future tax charges.


8	Tangible fixed assets
				Plant and machinery		Fixtures, fittings, tools and equipment		Total
				At cost		At cost
£					£		£
	Cost or valuation
	At 1 January 2025			14,720		4,969		19,689
	At 31 December 2025			14,720		4,969		19,689

	Depreciation
	At 1 January 2025			13,643		4,469		18,112
	Charge for the year			435		328		763
	At 31 December 2025			14,078		4,797		18,875

	Carrying amount
	At 31 December 2025			642		172		814
	At 31 December 2024			1,077		500		1,577



9	Debtors					2025		2024
£							£

	Amounts owed by group undertakings and undertakings in which the company has a participating interest					102,000		75,000
	Other debtors					1,485		1,631
	Prepayments and accrued income					6,605		3,415
						110,090		80,046



10	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					5,385		1,717
	Corporation tax					5,337		10,695
	Other taxes and social security costs					17,177		19,352
	Other creditors					62,628		43,911
						90,527		75,675



11	Interest receivable					2025		2024
£							£

	Other interest receivable					1,531		1,259
						1,531		1,259


12	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		-		50,000		50,000




13	Profit and loss account					2025		2024
£							£

	At 1 January					86,950		56,395
	Profit for the financial year					14,094		30,555

	At 31 December					101,044		86,950



14	Pension commitments

	The company contributes to an automatic enrolment and the defined contribution pension scheme. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £10,192 (2024-£9,756). No contributions (2024-£Nil) were payable to the funds at the balance sheet date.




15	Other financial commitments

	Total future minimum lease payments under non-cancellable operating leases:

		Land and buildings		Land and buildings	Other		Other
		2025		2024		2025		2024
£			£		£		£
	Falling due:
	within one year	8,346		2,708		-		5,640
	within two to five years	18,778		-		-		470
		27,124		2,708		-		6,110


16	Related party transactions

				2025		2024
£					£
	Commission received from parent company			450,000		423,000
	Management fees paid to parent company			0		0
	Amounts owed from parent company			102,000		75,000
	Accountancy fee paid to company secretary			13,000		12,400


17	Controlling party

	The Ultimate controlling company is Sidenor Holdings Europa S.A.U a company registered in Spain. The accounts of the group can be obtained from Barrio Ugarte, S/N, 48970 Basauri (Vizcaya), Spain.


18	Presentation currency

	The financial statements are presented in Sterling.


19	Legal form of entity and country of incorporation

	SIDENOR UK LIMITED is a private company limited by shares and incorporated in England.


20	Principal place of business

	The address of the company's principal place of business and registered office is:

	1st Floor, Northside House
	Mount Pleasant
	Cockfosters
	Herts
	EN4 9EB