2026 TRANSFEROR COMPANY LIMITED
British Steel Limited is a manufacturer of long steel products operating primarily from the Scunthorpe Steelworks as a subsidiary of the Chinese conglomerate Jingye Group.
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Cash
£17m
-49.7% lowest in 3 filed years
Net assets
-£693m
-57.9% lowest in 3 filed years
Employees
4,163
-2.5% lowest in 3 filed years
Profit before tax
-£255m
+1.3% highest in 3 filed years
Watch the reel
Our short-form breakdown of 2026 TRANSFEROR COMPANY LIMITED's latest filing
British Steel's overdue accounts show massive losses, but the warning signs were already there. Our distress radar spots the red flags before the headlines hit. Link in bio to check it out. 📉
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
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Material uncertainty over going concern
The financial statements have been prepared on a going concern basis in accordance with IAS 1 which requires management to assess the entity's ability to continue as a going concern for at least twelve months from the date of approval of these financial statements. The assessment identified a material uncertainty relating to the Company's reliance on continued financial support from the UK Government.
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Going-concern uncertainty disclosed
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Negative shareholders' funds
Net assets
3-year trend · vs Basic Materials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2024-12-28
| Metric | Trend | 2022-12-31 | 2023-12-31 | 2024-12-28 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £1,732,566,000 | £1,259,703,000 | £829,052,000 | -34.2% | |
| Operating profit | -£370,970,000 | -£231,417,000 | -£224,844,000 | +2.8% | |
| Profit before tax | -£408,353,000 | -£258,067,000 | -£254,839,000 | +1.3% | |
| Net profit | -£366,958,000 | -£253,874,000 | -£254,237,000 | -0.1% | |
| Cash | £54,943,000 | £33,219,000 | £16,710,000 | -49.7% | |
| Total assets less current liabilities | £253,925,000 | -£41,881,000 | -£43,152,000 | -3% | |
| Net assets | -£122,768,000 | -£438,837,000 | -£693,074,000 | -57.9% | |
| Equity | -£122,768,000 | -£438,837,000 | — | — | |
| Average employees | 4,463 | 4,271 | 4,163 | -2.5% | |
| Wages | £167,635,000 | £174,185,000 | £160,006,000 | -8.1% | |
| Directors' remuneration | £734,000 | £665,000 | £758,000 | +14% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2022-12-31 | 2023-12-31 | 2024-12-28 |
|---|---|---|---|---|
| Operating margin | -21.4% | -18.4% | -27.1% | |
| Net margin | -21.2% | -20.2% | -30.7% | |
| Return on capital employed | -146.1% | — | — | |
| Gearing (liabilities / total assets) | 112.9% | 173.2% | 225.9% | |
| Current ratio | 1.13x | 0.93x | 0.91x | |
| Interest cover | -9.92x | -8.61x | -7.37x |
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.
Name history
Renamed 2 times since incorporation
- 2026 TRANSFEROR COMPANY LIMITED 2026-07-16 → present
- BRITISH STEEL LIMITED 2020-03-10 → 2026-07-16
- JINGYE STEEL (UK) LTD 2019-11-07 → 2020-03-10
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- MHA
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“The financial statements have been prepared on a going concern basis in accordance with IAS 1 which requires management to assess the entity's ability to continue as a going concern for at least twelve months from the date of approval of these financial statements. The assessment identified a material uncertainty relating to the Company's reliance on continued financial support from the UK Government.”
Significant events
- “As discussions between the Board of Jingye Group and the UK Government regarding potential support measures did not result in an agreement, the Company announced on 27 March 2025 the start of a consultation period to consider restructuring proposals.”
- “From 12 April 2025, the UK Government passed the Steel Industry (Special Measures) Act 2025 enabling the UK Government to take control of the Company and its assets in a move that stops short of nationalisation.”
- “The Company is awaiting commercial resolution on future ownership and whether this comprises nationalisation or involves government participation.”
- “On 5 September 2025, JSUK completed the sale of FNsteel BV, a subsidiary of the parent group, to Ferrobridge Holding BV through a management buyout.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
6 active · 4 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| HARGREAVES, Damian Paul | Secretary | 2020-07-02 | — | — |
| AN, Zengwei | Director | 2024-06-21 | Aug 1985 | Chinese |
| CAO, Xijun | Director | 2020-07-02 | Aug 1969 | Chinese |
| HAN, Xi Feng | Director | 2019-11-07 | Jun 1978 | Chinese |
| LI, Huiming | Director | 2020-07-02 | Sep 1979 | Chinese |
| ZHANG, Wei | Director | 2020-07-02 | Jul 1980 | Chinese |
Show 4 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DEELEN, Antonius Wilhelmus Marcus Jozef | Director | 2020-07-02 | 2021-03-31 |
| HARGREAVES, Damian Paul | Director | 2020-07-02 | 2025-10-06 |
| HOLCROFT, Richard | Director | 2020-07-02 | 2022-12-09 |
| LI, Gang | Director | 2022-02-01 | 2022-08-09 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Secretary Of State For Business And Trade | Legal person | Significant influence | 2025-04-12 | Active |
| Jingye Steel (Uk) Holding Ltd | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2019-11-07 | Active |
Filing timeline
Last 20 of 48 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-06-23 RESOLUTIONS Resolution
- 2025-06-23 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-29 | AA | accounts | Accounts with accounts type full | |
| 2026-07-16 | MISC | miscellaneous | Miscellaneous | |
| 2026-04-14 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-04-14 | PSC03 | persons-with-significant-control | Notification of a person with significant control | |
| 2025-10-06 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-23 | RESOLUTIONS | resolution | Resolution | |
| 2025-06-23 | RESOLUTIONS | resolution | Resolution | |
| 2025-03-28 | AA | accounts | Accounts with accounts type full | |
| 2025-01-02 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-01-02 | SH01 | capital | Capital allotment shares | |
| 2024-09-16 | AA | accounts | Accounts with accounts type full | |
| 2024-07-29 | AP01 | officers | Appoint person director company with name date | |
| 2024-01-18 | AUD | auditors | Auditors resignation company | |
| 2024-01-15 | AA | accounts | Accounts with accounts type full | |
| 2023-11-16 | CH01 | officers | Change person director company with change date | |
| 2023-11-16 | CH01 | officers | Change person director company with change date | |
| 2023-11-16 | CH01 | officers | Change person director company with change date | |
| 2023-11-15 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-11-13 | SH01 | capital | Capital allotment shares | |
| 2022-12-15 | TM01 | officers | Termination director company with name termination date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 5
- Capital events
- 1
- Officers appointed
- 0
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.