REGISTERED NUMBER: 00420697 (England and Wales)

William Twigg (Matlock) Limited

Strategic Report, Report of the Directors and

Financial Statements

for the Period 1 April 2024 to 5 April 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

13

DIRECTORS:

R J Tarbatt

S E Allen

SECRETARY:

S E Allen

REGISTERED OFFICE:

26 Bakewell Road

Matlock

Derbyshire

DE4 3AU

REGISTERED NUMBER:

00420697 (England and Wales)

AUDITORS:

Brooks Mayfield Limited

Chartered Accountants

12 Bridgford Road

West Bridgford

Nottinghamshire

NG2 6AB

The directors present their strategic report for the period 1 April 2024 to 5 April 2025.

REVIEW OF BUSINESS

The 2024/25 financial year has seen continued pressure on sales of steel as prices and demand remain flat in a very competitive market. The Company has however managed to maintain tonnage levels of steel supplied.

The Company serves a wide customer base with a significant number of customers specialising in repairs and maintenance. This sector remains robust although the economic climate and business tax increases have had a negative impact on the construction sector and associated trades.

The fabrication division continues to benefit from strong relationships formed with a small number of good quality main contractors. The Company has a strong order book and continues to invest in new personnel and machinery.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors review the liquidity and cashflow risk of the Company on a regular basis with surplus funds invested in readily accessible accounts and short-term investments to ensure working capital requirements are appropriately managed. The Company insures most of its trade debtors to minimise the risk of bad debts.

The policy of the Board is to favour organic growth, funding the future from resources and continue the established format of reviewing asset allocation with due recognition to outstanding liabilities, working capital, threats and opportunities.

FINANCIAL KEY PERFORMANCE INDICATORS

The Company uses a range of performance measures, reported each month to the senior leadership team to monitor and manage the Company effectively. The key financial indicators for the years ended 31 March 2025 and 2024 are set out below:

2025

2024

£'000

£'000

Turnover

10,499

10,407

Operating profit / (loss)

22

(196)

Cash balances

1,234

1,188

ON BEHALF OF THE BOARD:

R J Tarbatt - Director

18 November 2025

The directors present their report with the financial statements of the company for the period 1 April 2024 to 5 April 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the period under review were those of an engineers and plumbers merchant, steel stockholder and steel fabricator.

DIVIDENDS

No dividends will be distributed for the period ended 5 April 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

R J Tarbatt

S E Allen

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

AUDITORS

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

ON BEHALF OF THE BOARD:

R J Tarbatt - Director

18 November 2025

Opinion

We have audited the financial statements of William Twigg (Matlock) Limited (the 'company') for the period ended 5 April 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 5 April 2025 and of its profit for the period 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our assessment focused on key laws and regulations the company has to comply with and areas of financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included, but were not limited to, compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.

We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following:

- obtain an understanding of the legal and regulatory framework applicable to the company and how the company is complying with that framework, including a review of legal and professional nominal codes;

- obtaining and understanding the company's policies and procedures and how the company has complied with these, through discussions and walkthrough testing of controls;

- enquiring of management as to actual and potential fraud, litigation and claims;

- designing our audit procedures to respond to our risk assessment; and

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

In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and associated parties.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.

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 increase 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 be aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves potential concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

William Oates BA FCA (Senior Statutory Auditor)

for and on behalf of Brooks Mayfield Limited

Chartered Accountants

12 Bridgford Road

West Bridgford

Nottinghamshire

NG2 6AB

18 November 2025

TURNOVER

4

10,499,486

10,406,597

Cost of sales

9,283,427

9,141,545

GROSS PROFIT

1,216,059

1,265,052

Administrative expenses

1,328,744

1,595,075

(112,685

)

(330,023

)

Other operating income

5

134,384

134,208

OPERATING PROFIT/(LOSS)

7

21,699

(195,815

)

Interest receivable and similar income

49,800

28,674

PROFIT/(LOSS) BEFORE TAXATION

71,499

(167,141

)

Tax on profit/(loss)

8

25,679

(38,203

)

PROFIT/(LOSS) FOR THE FINANCIAL PERIOD

45,820

(128,938

)

Retained earnings at beginning of period

5,528,810

5,657,748

RETAINED EARNINGS AT END OF PERIOD

5,574,630

5,528,810

FIXED ASSETS

Tangible assets

9

821,959

853,519

Investment property

10

2,300,000

2,300,000

3,121,959

3,153,519

CURRENT ASSETS

Stocks

11

1,145,442

1,244,151

Debtors

12

1,865,443

1,732,097

Investments

13

527,212

505,568

Cash at bank

707,123

682,394

4,245,220

4,164,210

CREDITORS

Amounts falling due within one year

14

1,601,578

1,623,627

NET CURRENT ASSETS

2,643,642

2,540,583

TOTAL ASSETS LESS CURRENT LIABILITIES

5,765,601

5,694,102

PROVISIONS FOR LIABILITIES

16

138,859

113,180

NET ASSETS

5,626,742

5,580,922

CAPITAL AND RESERVES

Called up share capital

17

52,112

52,112

Retained earnings

18

5,574,630

5,528,810

SHAREHOLDERS' FUNDS

5,626,742

5,580,922

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2025 and were signed on its behalf by:

R J Tarbatt - Director

Cash flows from operating activities

Cash generated from operations

1

73,939

1,171

Tax paid

-

(120,243

)

Net cash from operating activities

73,939

(119,072

)

Cash flows from investing activities

Purchase of tangible fixed assets

(76,091

)

(239,012

)

Sale of tangible fixed assets

4,166

12,176

Purchase of current asset investment

(21,644

)

(505,568

)

Interest received

49,800

28,674

Net cash from investing activities

(43,769

)

(703,730

)

Cash flows from financing activities

Capital repayments in year

(5,441

)

(5,936

)

Net cash from financing activities

(5,441

)

(5,936

)

Increase/(decrease) in cash and cash equivalents

24,729

(828,738

)

Cash and cash equivalents at beginning of period

2

682,394

1,511,132

Cash and cash equivalents at end of period

2

707,123

682,394

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

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Profit/(loss) before taxation

71,499

(167,141

)

Depreciation charges

107,651

158,103

Profit on disposal of fixed assets

(4,166

)

(4,013

)

Finance income

(49,800

)

(28,674

)

125,184

(41,725

)

Decrease in stocks

98,709

36,489

(Increase)/decrease in trade and other debtors

(133,346

)

139,398

Decrease in trade and other creditors

(16,608

)

(132,991

)

Cash generated from operations

73,939

1,171

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:

Period ended 5 April 2025

5.4.25

1.4.24

£

£

Cash and cash equivalents

707,123

682,394

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

682,394

1,511,132

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 5.4.25

£

£

£

Net cash

Cash at bank

682,394

24,729

707,123

682,394

24,729

707,123

Liquid resources

Current asset investments

505,568

21,644

527,212

505,568

21,644

527,212

Debt

Finance leases

(5,441

)

5,441

-

(5,441

)

5,441

-

Total

1,182,521

51,814

1,234,335

1.	STATUTORY INFORMATION

William Twigg (Matlock) 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying company's accounting policies (see note 3).

At the balance sheet date the company had a significant cash balance and strong net current asset position. At the time of signing these accounts, the directors have considered the going concern position, and consider that this does indicate that the company will continue to trade for a period of at least 12 months from the date of signing these accounts. On that basis, the directors have prepared these financial statements on a going concern basis.

The following accounting policies have been applied consistently throughout the year.

Significant judgements and estimates

The directors make estimates and assumption concerning the future. They are also required to exercise judgement in the process of applying its accounting policies. Estimates and judgements are continually evaluated and are based on historical experience or other factors, including expectations of future events that are believe to be reasonable under the circumstances.

Critical accounting judgements and key sources of estimation uncertainty

The company adopts a policy of revaluing its investment property and the valuation is re-assessed annually and external valuers are used as managements experts on a periodic basis. The valuation techniques used to value the property is based upon market based evidence. External market factors may impact future valuations.

Turnover

Turnover is measured at 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 turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised on delivery of goods when all the following conditions are satisfied:

- the company has transferred the significant risks and rewards to 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 turnover 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.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided, in accordance with the stage of completion of the contract, when all the following conditions are satisfied:

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract 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.

Freehold property

-

2.5% on reducing balance

Plant and machinery

-

10% to 33.33% on cost

Motor vehicles

-

20% to 33.33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised in the statement of income.

Taxation

Taxation for the period 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 period 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.

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.

Operating leases

Rental income from operating leases is credited to the statement of income on a straight line basis over the lease term.

Rentals paid under operating lease are charged to the statement of income on a straight line basis over the lease term.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

In the statement of cashflows, cash and cash equivalents are shown net of overdrafts that are repayable on demand and form an integral part of the company's cash management.

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

4.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the principal activities of the company.

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

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Stores

3,861,827

4,007,837

Steel

3,573,853

3,794,057

Fabrication

3,063,806

2,604,703

10,499,486

10,406,597

5.	OTHER OPERATING INCOME

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Rents received

134,384

134,208

6.	EMPLOYEES AND DIRECTORS

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Wages and salaries

2,440,736

2,285,312

Social security costs

241,667

216,072

Other pension costs

170,596

346,945

2,852,999

2,848,329

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

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

Admin

22

21

Production

40

40

Sales

6

5

68

66

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Directors' remuneration

237,871

232,004

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Emoluments etc

220,821

199,922

Company contributions on behalf of directors to defined contribution pension scheme were £Nil (2024 - £180,000).

7.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Depreciation - owned assets

107,651

158,104

Profit on disposal of fixed assets

(4,166

)

(4,013

)

Auditors' remuneration

14,000

25,400

Operating lease expense

52,323

60,069

8.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the period was as follows:

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Current tax:

Adjustment in respect of

previous periods

-

(1,264

)

Deferred tax

25,679

(36,939

)

Tax on profit/(loss)

25,679

(38,203

)

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge/(credit) included in profit and loss

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

Period

1.4.24

to

Year Ended

5.4.25

31.3.24

£

£

Profit/(loss) before tax

71,499

(167,141

)

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

17,875

(41,785

)

Effects of:

Expenses not deductible for tax purposes

2,037

6,393

Depreciation in excess of capital allowances

5,032

61

Utilisation of tax losses

(24,944

)

-

Adjustments to tax charge in respect of previous periods

-

(1,264

)

Deferred tax

25,679

(1,608

)

Total tax charge/(credit)

25,679

(38,203

)