BRITISH STEEL LIMITED

• ⚠

  Annual accounts overdue

  Due 2025-12-30.

• ⚠

  Material uncertainty over going concern

  These events or conditions along with the matters set forth in Note 1 indicate the existence of a material uncertainty that may cast significant doubt over the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  Audit opinion: Qualified

  Latest auditor's report carried a non-clean opinion.

1. BRITISH STEEL LIMITED 2020-03-10 → present
2. JINGYE STEEL (UK) LTD 2019-11-07 → 2020-03-10

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

MHA

Audit opinion

Qualified

Going concern

Material uncertainty disclosed

“These events or conditions along with the matters set forth in Note 1 indicate the existence of a material uncertainty that may cast significant doubt over the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Significant events

• “On 6 November 2023, plans were announced for significant investment to become a clean, green and sustainable business by adopting electric arc furnace steelmaking. Under these proposals, the Company would build new facilities for steel making and casting as well as upgrading the business's existing rolling mills with the aim of becoming carbon neutral by 2050.”
• “The Company decided to retire the aging Queen Victoria blast furnace in December 2023, having commenced preparations to restart the Queen Bess blast furnace earlier in the year. Queen Bess commenced production in January 2024, returning the business to a two blast furnace operation.”
• “Subsequent trading performance has remained challenging for the business, with losses continuing into 2024. Queen Victoria was taken out of service in December 2023, at the end of her campaign, with the newer Queen Bess blast furnace being brought into service to replace her.”
• “On 30 December 2024, 260M shares with a nominal value of £1 each were allotted and paid up. The consideration for these shares comprised of a £260M shareholder loan offset from the Parent Company, Jingye Steel (UK) Holding Ltd.”
• “On 2 October 2024, a €30M trade receivable owed by FN Steel to British Steel was unconditionally assigned against the £220M intra group loan agreement with the parent company and shareholder, Jingye Steel (UK) Holding Ltd.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

1

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -27.3%

  £1,732,566,000 → £1,259,703,000

• Cash

  -39.5%

  £54,943,000 → £33,219,000

• Net assets

  -103.4%

  -£122,768,000 → -£249,766,000

• Employees

  -4.3%

  4,463 → 4,271

• Operating profit

  +44.9%

  -£370,970,000 → -£204,541,000

• Profit before tax

  +43.4%

  -£408,353,000 → -£231,191,000

• Wages

  +3.9%

  £167,635,000 → £174,185,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers