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COMPANY REGISTRATION NUMBER: 13981435

Alloy Wire Holding 2022 Limited

Financial Statements

31 March 2025

Alloy Wire Holding 2022 Limited

Financial Statements

Year ended 31 March 2025

Contents | Pages

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 3 to 5

Independent auditor's report to the members | 6 to 9

Consolidated statement of comprehensive income | 10

Consolidated statement of financial position | 11

Company statement of financial position | 12

Consolidated statement of changes in equity | 13

Company statement of changes in equity | 14

Consolidated statement of cash flows | 15

Notes to the financial statements | 16 to 28

Alloy Wire Holding 2022 Limited

Officers and Professional Advisers

The board of directors | A Shaw
| T Mander
| A du Plessis

Registered office | Unit 5A Narrowboat Way
| Hurst Business Park
| Brierley Hill
| West Midlands
| DY5 1UF

Auditor | BSN Associates Limited
| Chartered accountants & statutory auditor
| 3B Swallowfield Courtyard
| Wolverhampton Road
| Oldbury
| West Midlands
| B69 2JG

Alloy Wire Holding 2022 Limited

Strategic Report

Year ended 31 March 2025
The company was incorporated on 16 March 2022. The principal activity of the group was that of the manufacturing round wire, shaped wire, bars, and wire rope in high performance nickel alloys. During the current year, the investment in Alloy Wire International Limited that was held by Alloy Wire Holdings Limited has been distributed in kind to Alloy Wire Holding 2022 Limited , the ultimate parent company. After the year end Alloy Wire Holdings Limited has been subsequently struck off and removed from the registrar of companies, thus leaving Alloy Wire International and Alloy Wire Holding 2022 Limited in the group along with Resistance Wires and Precision Shaped Wires Limited, the two dormant subsidiaries. The Directors are pleased with the success of the business and trading results achieved in the period and are satisfied with the overall position of the group at the period end. Turnover of the group was £16,471,875 (2024 - £18,490,247) and profit before tax was £3,335,116 (2024 - £4,265,064). The directors measure the groups financial performance against certain key performance indictors (KPIs). These KPIs include sales levels, gross margins and added value, which are measured against break-even levels, are deemed to be acceptable. Gross profit margin for 2025 was 52% (2024 - 52%). The directors are satisfied with the results achieved in the period. The group has continued to pursue new research and development opportunities by capitalising on their extensive knowledge of the industry as a way of entering into potential new markets. The board of directors regularly review the risks and uncertainties facing the group and consider this in line with their strategic business plan. There are mitigating strategies in place for the key risks and uncertainties and in the short term there are no higher risk areas that are of serious concern to the board of directors. Going forward the directors are confident that the group will be able to trade at the same capacity as it has done and will continue to be profitable. The group will strive towards maintaining productivity levels and efficiency of its operations to produce orders to the highest quality.
This report was approved by the board of directors on 7 August 2025 and signed on behalf of the board by:

T Mander
Director

Registered office:
Unit 5A Narrowboat Way
Hurst Business Park
Brierley Hill
West Midlands
DY5 1UF

Alloy Wire Holding 2022 Limited

Directors' Report

Year ended 31 March 2025
The directors present their report and the financial statements of the group for the year ended 31 March 2025 .
Directors
The directors who served the company during the year were as follows:

A Shaw |
T Mander |
A du Plessis |

Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
There are no significant future developments affecting the group or company.
The directors are confident that the group will continue to be profitable and that trading levels will be maintained.
Employment of disabled persons
The group is an equal opportunities employer and believes that everyone should have full and fair consideration for all vacancies, promotions, training and development. Should an employee become disabled during their employment with the group, where possible, the group will actively retrain and adjust the environment to allow them to maximise the employee's potential.
Financial instruments
The main risks that the group is exposed to include credit risk, currency risk, interest rate risk and price risk. The directors monitor these risks on a regular basis and take the most appropriate course of action.
Credit risk
The group monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk. The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
Currency risk
The group monitors currency risk closely and considers that its current policies meets its objectives of managing exposure to currency risk. There is no exchange rate hedging in place for the group for the period ended 31 March 2024.
Interest rate risk
The groups loan notes carry a fixed rate of interest and bank loans have an agreed rate above base therefore the directors consider that any exposure to the group from interest rate increases is minimal.
Research and development
The group has carried out research and development activities in the year and will submit a claim for research and development tax credits.
Disclosure of information in the strategic report
The strategic report is detailed on page 2 of the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 7 August 2025 and signed on behalf of the board by:

T Mander
Director

Registered office:
Unit 5A Narrowboat Way
Hurst Business Park
Brierley Hill
West Midlands
DY5 1UF

Alloy Wire Holding 2022 Limited

Independent Auditor's Report to the Members of Alloy Wire Holding 2022 Limited

Year ended 31 March 2025
Opinion
We have audited the financial statements of Alloy Wire Holding 2022 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 March 2025 and of the group's 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 group 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 group's or the parent 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 group's and the parent 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 group or the parent 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. 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 which our procedures are capable of detecting irregularities, including fraud is detailed below: We have reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 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.

Philippa Miller-Hawkes BA CA ACA
(Senior Statutory Auditor)

For and on behalf of
BSN Associates Limited
Chartered accountants & statutory auditor
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
West Midlands
B69 2JG

7 August 2025

Alloy Wire Holding 2022 Limited

Consolidated Statement of Comprehensive Income

Year ended 31 March 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 16,471,875 | 18,490,247

Cost of sales | 7,938,967 | 8,934,114
| ------------- | -------------
Gross profit | 8,532,908 | 9,556,133

Distribution costs | 804,541 | 790,647
Administrative expenses | 4,122,928 | 4,029,877
|  | ------------ | ------------
Operating profit | 5 | 3,605,439 | 4,735,609

Other interest receivable and similar income | 9 | 102,387 | 33,085
Interest payable and similar expenses | 10 | 372,710 | 503,630
| ------------ | ------------
Profit before taxation | 3,335,116 | 4,265,064

Tax on profit | 11 | 861,697 | 724,934
| ------------ | ------------
Profit for the financial year and total comprehensive income | 2,473,419 | 3,540,130
| ------------ | ------------

All the activities of the group are from continuing operations.

Alloy Wire Holding 2022 Limited

Consolidated Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Intangible assets | 13 | 1,333,866 | 1,505,235
Tangible assets | 14 | 3,659,214 | 3,438,688
| ------------ | ------------
| 4,993,080 | 4,943,923

Current assets

Stocks | 16 | 5,941,715 | 4,906,618
Debtors | 17 | 2,133,760 | 2,717,764
Cash at bank and in hand | 4,848,373 | 5,270,863
| ------------- | -------------
| 12,923,848 | 12,895,245

Creditors: amounts falling due within one year | 18 | 5,479,564 | 5,569,400
| ------------- | -------------
Net current assets | 7,444,284 | 7,325,845
| ------------- | -------------
Total assets less current liabilities | 12,437,364 | 12,269,768

Creditors: amounts falling due after more than one year | 19 | 3,333,803 | 5,293,305

Provisions | 20 | 278,621 | 211,627
| ------------- | -------------
Net assets | 8,824,940 | 6,764,836
| ------------- | -------------

Capital and reserves

Called up share capital | 24 | 90,341 | 90,571
Share premium account | 25 | 515,595 | 516,380
Merger reserve | 25 | 2,018,215 | 2,018,215
Profit and loss account | 25 | 6,200,789 | 4,139,670
| ------------ | ------------
Shareholders funds | 8,824,940 | 6,764,836
| ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 7 August 2025 , and are signed on behalf of the board by:

A Shaw
Director

Company registration number: 13981435

Alloy Wire Holding 2022 Limited

Company Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Investments | 15 | 21,535,561 | 15,189,323

Current assets

Debtors | 17 | – | 249,638
Cash at bank and in hand | 673,069 | 525,710
| --------- | ---------
| 673,069 | 775,348

Creditors: amounts falling due within one year | 18 | 8,694,445 | 6,100,778
| ------------ | ------------
Net current liabilities | 8,021,376 | 5,325,430
| ------------- | -------------
Total assets less current liabilities | 13,514,185 | 9,863,893

Creditors: amounts falling due after more than one year | 19 | 3,259,657 | 5,293,305
| ------------- | ------------
Net assets | 10,254,528 | 4,570,588
| ------------- | ------------

Capital and reserves

Called up share capital | 24 | 90,341 | 90,571
Share premium account | 25 | 515,595 | 516,380
Merger reserve | 25 | 2,018,215 | 2,018,215
Profit and loss account | 25 | 7,630,377 | 1,945,422
| ------------- | ------------
Shareholders funds | 10,254,528 | 4,570,588
| ------------- | ------------

The profit for the financial year of the parent company was £ 6,097,255 (2024: £ 2,405,834 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 7 August 2025 , and are signed on behalf of the board by:

A Shaw
Director

Company registration number: 13981435

Alloy Wire Holding 2022 Limited

Consolidated Statement of Changes in Equity

Year ended 31 March 2025

| Called up share capital | Share premium account | Merger reserve | Profit and loss account | Total
| £ | £ | £ | £ | £
At 1 April 2023 | 90,571 | 516,380 | 2,018,215 | 967,254 | 3,592,420
Profit for the year |  |  |  | 3,540,130 | 3,540,130
| -------- | --------- | ------------ | ------------ | ------------
Total comprehensive income for the year | – | – | – | 3,540,130 | 3,540,130
Dividends paid and payable | 12 | – | – | – | ( 367,714) | ( 367,714)
| -------- | --------- | ------------ | ------------ | ------------
Total investments by and distributions to owners | – | – | – | ( 367,714) | ( 367,714)
At 31 March 2024 | 90,571 | 516,380 | 2,018,215 | 4,139,670 | 6,764,836
Profit for the year |  |  |  | 2,473,419 | 2,473,419
| -------- | --------- | ------------ | ------------ | ------------
Total comprehensive income for the year | – | – | – | 2,473,419 | 2,473,419
Dividends paid and payable | 12 | – | – | – | ( 407,565) | ( 407,565)
Redemption of shares | ( 230) | ( 785) | – | ( 4,735) | ( 5,750)
| ---- | ---- | ---- | --------- | ---------
Total investments by and distributions to owners | ( 230) | ( 785) | – | ( 412,300) | ( 413,315)
| -------- | --------- | ------------ | ------------ | ------------
At 31 March 2025 | 90,341 | 515,595 | 2,018,215 | 6,200,789 | 8,824,940
| -------- | --------- | ------------ | ------------ | ------------

Alloy Wire Holding 2022 Limited

Company Statement of Changes in Equity

Year ended 31 March 2025

| Called up share capital | Share premium account | Merger reserve | Profit and loss account | Total
| £ | £ | £ | £ | £
At 1 April 2023 | 90,571 | 516,380 | 2,018,215 | ( 92,698) | 2,532,468
Profit for the year |  |  |  | 2,405,834 | 2,405,834
| -------- | --------- | ------------ | ------------ | ------------
Total comprehensive income for the year | – | – | – | 2,405,834 | 2,405,834
Dividends paid and payable | 12 | – | – | – | ( 367,714) | ( 367,714)
| -------- | --------- | ------------ | ------------ | ------------
Total investments by and distributions to owners | – | – | – | ( 367,714) | ( 367,714)
At 31 March 2024 | 90,571 | 516,380 | 2,018,215 | 1,945,422 | 4,570,588
Profit for the year |  |  |  | 6,097,255 | 6,097,255
| -------- | --------- | ------------ | ------------ | ------------
Total comprehensive income for the year | – | – | – | 6,097,255 | 6,097,255
Dividends paid and payable | 12 | – | – | – | ( 407,565) | ( 407,565)
Redemption of shares | ( 230) | ( 785) | – | ( 4,735) | ( 5,750)
| ---- | ---- | ---- | --------- | ---------
Total investments by and distributions to owners | ( 230) | ( 785) | – | ( 412,300) | ( 413,315)
| -------- | --------- | ------------ | ------------ | -------------
At 31 March 2025 | 90,341 | 515,595 | 2,018,215 | 7,630,377 | 10,254,528
| -------- | --------- | ------------ | ------------ | -------------

Alloy Wire Holding 2022 Limited

Consolidated Statement of Cash Flows

Year ended 31 March 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 2,473,419 | 3,540,130

Adjustments for: |  |
Depreciation of tangible assets | 205,736 | 197,647
Amortisation of intangible assets | 171,369 | 171,369
Other interest receivable and similar income | ( 102,387) | ( 33,085)
Interest payable and similar expenses | 372,710 | 503,630
Loss on disposal of tangible assets | 2,404 | –
Tax on profit | 861,697 | 724,934

Changes in: |  |
Stocks | ( 1,035,097) | ( 1,484,995)
Trade and other debtors | 584,004 | 857,550
Trade and other creditors | ( 445,961) | 920,796
| ------------ | ------------
Cash generated from operations | 3,087,894 | 5,397,976

Interest paid | ( 372,710) | ( 503,630)
Interest received | 102,387 | 33,085
Tax paid | ( 658,124) | ( 1,049,664)
| ------------ | ------------
Net cash from operating activities | 2,159,447 | 3,877,767
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 428,666) | ( 431,653)
| ------------ | ------------
Net cash used in investing activities | ( 428,666) | ( 431,653)
| ------------ | ------------

Cash flows from financing activities

Purchase of own shares | ( 5,750) | –
Repayments of borrowings | – | ( 44,986)
Dividends paid | ( 407,565) | ( 367,714)
Repayment of loan notes | (1,739,956) | (2,307,433)
| ------------ | ------------
Net cash used in financing activities | ( 2,153,271) | ( 2,720,133)
| ------------ | ------------

Net (decrease)/increase in cash and cash equivalents | ( 422,490) | 725,981
Cash and cash equivalents at beginning of year | 5,270,863 | 4,544,882
| ------------ | ------------
Cash and cash equivalents at end of year | 4,848,373 | 5,270,863
| ------------ | ------------

Alloy Wire Holding 2022 Limited

Notes to the Financial Statements

Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 5A Narrowboat Way, Hurst Business Park, Brierley Hill, West Midlands, DY5 1UF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102: - No cash flow statement has been presented for the company.
Consolidation
The financial statements consolidate the financial statements of Alloy Wire Holding 2022 Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Research and development
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
- It is technically feasible to complete the intangible asset so that it will be available for use or sale;
- There is the intention to complete the intangible asset and use or sell it;
- There is the ability to use or sell the intangible asset;
- The use or sale of the intangible asset will generate probable future economic benefits;
- There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
- The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 20 years straight line
| Goodwill on acquisition of subsidiaries | - | 10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold property | - | No depreciation charged
| Long leasehold property | - | 4%-20% Straight Line
| Plant and machinery | - | 10%-20% straight line
| Motor vehicles | - | 20% straight line

Freehold property is not depreciated as it is the policy of the board to maintain the property in a good condition with costs being charged to revenue as incurred. The estimated residual value of the premises would result in any depreciation charge being of little significance.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Sale of goods | 16,471,875 | 18,490,247
| ------------- | -------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

| 2025 | 2024
| £ | £
United Kingdom | 6,130,643 | 7,825,169
Overseas | 10,341,232 | 10,665,078
| ------------- | -------------
| 16,471,875 | 18,490,247
| ------------- | -------------

5. Operating profit
Operating profit or loss is stated after charging:

| 2025 | 2024
| £ | £
Amortisation of intangible assets | 171,369 | 171,369
Depreciation of tangible assets | 205,736 | 197,647
Loss on disposal of tangible assets | 2,404 | –
Impairment of trade debtors | 1,615 | 10,644
Foreign exchange differences | 213,912 | 283,657
Operating lease rentals | 117,471 | 103,884
| --------- | ---------

6. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 26,500 | 26,500
| -------- | --------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services | 3,000 | 2,504
| -------- | --------

7. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Production staff | 22 | 22
Administrative staff | 12 | 12
| ---- | ----
| 34 | 34
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 4,148,087 | 4,255,400
Social security costs | 539,792 | 566,190
Other pension costs | 187,222 | 103,998
| ------------ | ------------
| 4,875,101 | 4,925,588
| ------------ | ------------

8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 1,409,709 | 1,340,821
Company contributions to defined contribution pension plans | 18,556 | 18,016
| ------------ | ------------
| 1,428,265 | 1,358,837
| ------------ | ------------

The number of directors who accrued benefits under company pension plans was as follows:

| 2025 | 2024
| No. | No.
Defined contribution plans | 3 | 3
| ---- | ----

Remuneration of the highest paid director in respect of qualifying services:

| 2025 | 2024
| £ | £
Aggregate remuneration | 489,519 | 465,649
Company contributions to defined contribution pension plans | 7,320 | 7,107
| --------- | ---------
| 496,839 | 472,756
| --------- | ---------

9. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 102,387 | 33,085
| --------- | --------

10. Interest payable and similar expenses

| 2025 | 2024
| £ | £
Interest on banks loans and overdrafts | 106,965 | 109,940
Other interest payable and similar charges | 265,745 | 393,690
| --------- | ---------
| 372,710 | 503,630
| --------- | ---------

11. Tax on profit
Major components of tax income

| 2025 | 2024
| £ | £

Current tax:

UK current tax income | 650,825 | 676,477
Adjustments in respect of prior periods | 143,878 | ( 21,985)
| --------- | ---------
Total current tax | 794,703 | 654,492
| --------- | ---------

Deferred tax:

Origination and reversal of timing differences | 66,994 | 70,442
| --------- | ---------
Tax on profit | 861,697 | 724,934
| --------- | ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 75 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 3,335,116 | 4,265,064
| ------------ | ------------
Profit on ordinary activities by rate of tax | 833,779 | 1,066,266
Adjustment to tax charge in respect of prior periods | 143,886 | ( 21,985)
Effect of expenses not deductible for tax purposes | 58,905 | 3,589
Effect of capital allowances and depreciation | – | 53,668
Utilisation of tax losses | – | ( 122,186)
Research and development claims | (174,873) | (254,356)
Rate difference on deferred tax | – | (62)
| ------------ | ------------
Tax on profit | 861,697 | 724,934
| ------------ | ------------

12. Dividends

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 407,565 | 367,714
| --------- | ---------

13. Intangible assets

Group | Goodwill | Goodwill on acquisition of subsidiaries | Total
| £ | £ | £
Cost |  |  |
At 1 April 2024 and 31 March 2025 | 300,000 | 1,713,695 | 2,013,695
| --------- | ------------ | ------------
Amortisation |  |  |
At 1 April 2024 | 300,000 | 208,460 | 508,460
Charge for the year | – | 171,369 | 171,369
| --------- | ------------ | ------------
At 31 March 2025 | 300,000 | 379,829 | 679,829
| --------- | ------------ | ------------
Carrying amount |  |  |
At 31 March 2025 | – | 1,333,866 | 1,333,866
| --------- | ------------ | ------------
At 31 March 2024 | – | 1,505,235 | 1,505,235
| --------- | ------------ | ------------

The company has no intangible assets.
14. Tangible assets

Group | Freehold property | Long leasehold property | Plant and machinery | Motor vehicles | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 April 2024 | 2,047,248 | 889,167 | 2,178,413 | 6,983 | 5,121,811
Additions | – | 167,342 | 261,324 | – | 428,666
Disposals | – | – | ( 23,125) | – | ( 23,125)
| ------------ | ------------ | ------------ | ------- | ------------
At 31 March 2025 | 2,047,248 | 1,056,509 | 2,416,612 | 6,983 | 5,527,352
| ------------ | ------------ | ------------ | ------- | ------------
Depreciation |  |  |  |  |
At 1 April 2024 | 2,638 | 240,532 | 1,432,970 | 6,983 | 1,683,123
Charge for the year | – | 61,363 | 144,373 | – | 205,736
Disposals | – | – | ( 20,721) | – | ( 20,721)
| ------------ | ------------ | ------------ | ------- | ------------
At 31 March 2025 | 2,638 | 301,895 | 1,556,622 | 6,983 | 1,868,138
| ------------ | ------------ | ------------ | ------- | ------------
Carrying amount |  |  |  |  |
At 31 March 2025 | 2,044,610 | 754,614 | 859,990 | – | 3,659,214
| ------------ | ------------ | ------------ | ------- | ------------
At 31 March 2024 | 2,044,610 | 648,635 | 745,443 | – | 3,438,688
| ------------ | ------------ | ------------ | ------- | ------------

The company has no tangible assets.
15. Investments
The group has no investments.

Company | Shares in group undertakings | Investment Property | Total
| £ | £ | £
Cost |  |  |
At 1 April 2024 | 13,414,159 | 1,775,164 | 15,189,323
Additions | 6,346,238 | – | 6,346,238
| ------------- | ------------ | -------------
At 31 March 2025 | 19,760,397 | 1,775,164 | 21,535,561
| ------------- | ------------ | -------------
Impairment |  |  |
At 1 April 2024 and 31 March 2025 | – | – | –
| ------------- | ------------ | -------------

Carrying amount |  |  |
At 31 March 2025 | 19,760,397 | 1,775,164 | 21,535,561
| ------------- | ------------ | -------------
At 31 March 2024 | 13,414,159 | 1,775,164 | 15,189,323
| ------------- | ------------ | -------------

Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
Alloy Wire Holdings Limited | Ordinary | 100
Alloy Wire International Limited | Ordinary | 100

Alloy Wire Holding 2022 Limited own 100% of the issued share capital in Alloy Wire Holdings Limited which in turn owns 100% of the issued share capital in Alloy Wire International Limited. Alloy Wire International Limited owns 100% of the issued share capital in Precision Shaped Wires Limited and Resistance Wires Limited, both companies are registered in England and Wales under the Companies Act 2006 and both were dormant in the current year.
16. Stocks

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Raw materials and consumables | 5,941,715 | 4,906,618 | – | –
| ------------ | ------------ | ---- | ----

17. Debtors

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Trade debtors | 2,004,505 | 2,414,845 | – | –
Prepayments and accrued income | 129,254 | 197,167 | – | –
Corporation tax repayable | – | – | – | 143,886
Other debtors | 1 | 105,752 | – | 105,752
| ------------ | ------------ | ---- | ---------
| 2,133,760 | 2,717,764 | – | 249,638
| ------------ | ------------ | ---- | ---------

18. Creditors: amounts falling due within one year

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Bank loans and overdrafts | 68,495 | 33,627 | 68,495 | 33,627
Trade creditors | 1,467,096 | 1,784,661 | 5,169 | –
Amounts owed to group undertakings | – | – | 6,798,024 | 4,441,910
Accruals and deferred income | 1,643,959 | 1,627,543 | – | –
Corporation tax | 276,793 | 140,214 | – | –
Social security and other taxes | 198,750 | 358,423 | 3,139 | 309
Loan notes | 1,819,618 | 1,624,932 | 1,819,618 | 1,624,932
Other creditors | 4,853 | – | – | –
| ------------ | ------------ | ------------ | ------------
| 5,479,564 | 5,569,400 | 8,694,445 | 6,100,778
| ------------ | ------------ | ------------ | ------------

19. Creditors: amounts falling due after more than one year

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Bank loans and overdrafts | 1,372,738 | 1,464,751 | 1,372,738 | 1,464,751
Loan notes | 1,886,919 | 3,828,554 | 1,886,919 | 3,828,554
Other creditors | 74,146 | – | – | –
| ------------ | ------------ | ------------ | ------------
| 3,333,803 | 5,293,305 | 3,259,657 | 5,293,305
| ------------ | ------------ | ------------ | ------------

The bank loan is secured over the assets of the company. Of the loan outstanding, £1,047,234 is due for payment in more than 5 years. Interest on the loan is 2.25% above base rate. The loan notes are secured by way of fixed and floating charge over the company and assets. Loan notes are repayable within 5 years and carry an interest rate of 2.25% above base rate but are capped at 6% and collared at 3.75%.
20. Provisions

Group | Deferred tax (note 21)
| £
At 1 April 2024 | 211,627
Additions | 66,994
| ---------
At 31 March 2025 | 278,621
| ---------

The company does not have any provisions.
21. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Included in provisions (note 20) | 278,621 | 211,627 | – | –
| --------- | --------- | ---- | ----

The deferred tax account consists of the tax effect of timing differences in respect of:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Accelerated capital allowances | 278,621 | 211,627 | – | –
| --------- | --------- | ---- | ----

22. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 187,222 (2024: £ 103,998 ).
23. Financial instruments
Financial assets measured at cost less impairment comprise cash at bank, trade debtors and other debtors and amounted to £6,852,879 (2024: £7,791,460). Company - £673,069 (2024: £631,462). Financial liabilities measured at amortised cost comprise bank loans, overdrafts, trade creditors, other creditors and loan notes and amounted to £6,693,865 (2024: £8,736,525). Company - £11,945,794 (2024: £11,393,774).
24. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 90,340 | 90,340 | 90,570 | 90,570
Ordinary G shares of £ 1 each | 1 | 1 | 1 | 1
| -------- | -------- | -------- | --------
| 90,341 | 90,341 | 90,571 | 90,571
| -------- | -------- | -------- | --------

The ordinary shares carry voting and dividend rights. The G share does not carry any voting or dividend rights unless any default event occurs in which case the G shareholder can serve a default notice which gives the right to vote at the exclusion of the ordinary shareholders. The company has the ability to issue a further 9,650 £1 ordinary shares that have not yet been allocated. These shares do not currently hold any rights.
25. Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses, net of dividends paid and other adjustments. Merger reserve - this reserve represents the difference between the value of shares issued by the company in exchange for the value of shares acquired in respect of the acquisition of subsidiaries.
26. Analysis of changes in net debt

| At 1 Apr 2024 | Cash flows | At 31 Mar 2025
| £ | £ | £
Cash at bank and in hand | 5,270,863 | (422,490) | 4,848,373
Debt due within one year | (33,627) | (34,868) | (68,495)
Debt due after one year | (1,464,751) | 92,013 | (1,372,738)
| ------------ | --------- | ------------
| 3,772,485 | ( 365,345) | 3,407,140
| ------------ | --------- | ------------

27. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Tangible assets | 46,146 | 82,905 | – | –
| -------- | -------- | ---- | ----

28. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Not later than 1 year | 131,845 | 845 | – | –
Later than 1 year and not later than 5 years | 395,535 | – | – | –
| --------- | ---- | ---- | ----
| 527,380 | 845 | – | –
| --------- | ---- | ---- | ----

As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

| Group | Company
| 2025 | 2024 | 2025 | 2024
| £ | £ | £ | £
Not later than 1 year | 131,845 | – | – | –
Later than 1 year and not later than 5 years | 395,535 | – | – | –
| --------- | ---- | ---- | ----
| 527,380 | – | – | –
| --------- | ---- | ---- | ----

29. Related party transactions
Company
During the period, the directors were advanced £Nil (2024 - £Nil), amounts repaid amounted to £106,542 (2024 - £150,000) and interest charged totalled £791 (2024 - £4,303). At the balance sheet date there was £Nil (2024 - £105,751) outstanding.
30. Controlling party
There is no one ultimate controlling party. The directors are the key management of the group therefore the key management remuneration is as per the directors remuneration note.