Company registration number 00646646 (England and Wales)
TENNANT METALLURGICAL GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
TENNANT METALLURGICAL GROUP LIMITED
COMPANY INFORMATION
Directors
I A Cunningham
S M Wilson
M L Coward
N R Green
L Britton
(Appointed 20 March 2024)
Secretary
L Britton
Company number
00646646
Registered office
Room 111 Dunston Innovation Centre
Dunston Road
Chesterfield
Derbyshire
United Kingdom
S41 8NG
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
TENNANT METALLURGICAL GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Notes to the financial statements
13 - 26
TENNANT METALLURGICAL GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The Group and Company's principal activity continues to be the supply of ferro alloys, metals and minerals used in mining, metallurgical, refractory, abrasive and related fields.

Business review and future developments

The Group performed well during the year in all its business sectors in a market which continued to be affected by the war in Ukraine and other world events. Demand was affected and supply chains remain disrupted, however our customers continue to operate, all be with some at a reduced level of operation. The Group has delivered an operating profit £1.191 million (2023 £1.809 million). Overall sales were £30.507 million compared to previous year £36.059 million. The decrease reflects the fall in prices during the period. The directors consider this to be a reasonable performance, and above budget for the year, and the Group continues into 2025 with an adequate forecast of business. The group current assets stood at £10.856 million higher than the previous year at £10.122 million, and reserves were £4.130 million compared with prior year £4.772 million, the decrease reflecting the share buy-back in the year.

Derivatives and risk management

The Group uses financial instruments comprising overdrafts, trade debtors and trade creditors. The main purpose of these financial instruments is to finance the working capital cycle of the group. The policies for managing the risks open to the Group are summarised below and remain unchanged from the previous year.

Commodity price risk

The Group uses hedges booked on the London Metal Exchange to manage the risk of fluctuations in the market of certain metal commodities.

Interest rate risk

The Group finances its operations through a combination of overdrafts/loans secured against stock and debtors. The groups’ borrowings are linked to the bank base rate.

Liquidity risk

The Group seeks to manage liquidity risk by ensuring that sufficient liquidity is available to meet foreseeable needs. Primarily this is achieved through bank borrowings.

Currency risk

The Group is exposed to transaction foreign exchange risk. This is managed on a group basis using borrowing in foreign currencies and forward exchange contracts.

Brexit Risk

The directors are continuing to monitor the potential impact on its customers and suppliers, market access and possible effects on foreign currency exchange rates. The Group continues to utilise its registered a company in Ireland, Tennant Metallurgical (Ireland) Ltd, to assist with its EU business.

Financial key performance indicators

The Group’s key performance indicators include the monitoring of margins and profitability. The following table shows the key financial indicators:

2024 2023

Gross profit percentage 9.64% 8.80%

TENNANT METALLURGICAL GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Other key performance indicators

Staff

The Group has an equal-opportunities approach to recruitment and staff turnover remains low.

Quality control

Quality control measures will be based on Lloyd’s Registered Quality Assurance (LRQA) audits. The company retained its current Quality Assurance Status.

Relevant Laws and Regulations

The company holds the necessary REACH Registrations. The Company’s Modern Slavery Act statement is available on its website.

On behalf of the board

I A Cunningham
Director
26 March 2025
TENNANT METALLURGICAL GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

Total comprehensive income for the year amounted to £744,896 (2023: £1,282,112).

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

I A Cunningham
W F G Glossop
(Resigned 28 June 2024)
S M Wilson
M L Coward
N R Green
L Britton
(Appointed 20 March 2024)
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 company, and of 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 judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

TENNANT METALLURGICAL GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Going Concern

As part of its budgeting process the directors prepared profit forecasts and “stress tested” cash flow statements for the group’s borrowing for 2025 and to March 2026. The bank borrowing facilities were incorporated into the forecasts which showed sufficient headroom for trading in the period.

Based on the above, the directors are satisfied that the going concern basis of preparation is appropriate.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
I A Cunningham
Director
26 March 2025
TENNANT METALLURGICAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TENNANT METALLURGICAL GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Tennant Metallurgical Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and 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 the parent company's affairs as at 31 December 2024 and of the group's profit for the year 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director’s 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 entity’s ability to continue as a going concern for a period of at least 12 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

TENNANT METALLURGICAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TENNANT METALLURGICAL GROUP LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including legislation such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

TENNANT METALLURGICAL GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TENNANT METALLURGICAL GROUP LIMITED
- 7 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and 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;

- reviewing correspondence with HMRC

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Paul Winwood (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
2 Rutland Park
Sheffield
S10 2PD
26 March 2025
TENNANT METALLURGICAL GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
30,506,993
36,059,318
Cost of sales
(27,565,487)
(32,869,012)
Gross profit
2,941,506
3,190,306
Distribution costs
(442,529)
(405,247)
Administrative expenses
(1,307,783)
(976,046)
Operating profit
4
1,191,194
1,809,013
Interest payable and similar expenses
8
(194,992)
(122,793)
Profit before taxation
996,202
1,686,220
Tax on profit
9
(248,561)
(397,444)
Profit for the financial year
747,641
1,288,776
Other comprehensive income
Currency translation loss taken to retained earnings
(2,745)
(6,664)
Total comprehensive income for the year
744,896
1,282,112
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TENNANT METALLURGICAL GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
39,816
16,299
Current assets
Stocks
14
6,360,374
5,385,552
Debtors
15
4,438,436
4,583,055
Cash at bank and in hand
56,824
153,888
10,855,634
10,122,495
Creditors: amounts falling due within one year
16
(6,455,270)
(5,069,177)
Net current assets
4,400,364
5,053,318
Total assets less current liabilities
4,440,180
5,069,617
Provisions for liabilities
Deferred tax liability
18
6,000
3,000
(6,000)
(3,000)
Net assets
4,434,180
5,066,617
Capital and reserves
Called up share capital
20
375
515
Share premium account
293,800
293,800
Capital redemption reserve
625
485
Profit and loss reserves
4,139,380
4,771,817
Total equity
4,434,180
5,066,617

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
26 March 2025
L Britton
Director
Company registration number 00646646 (England and Wales)
TENNANT METALLURGICAL GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
39,816
16,299
Investments
12
93
95
39,909
16,394
Current assets
Stocks
14
361,895
301,535
Debtors
15
10,459,453
9,655,353
Cash at bank and in hand
2,217
2,630
10,823,565
9,959,518
Creditors: amounts falling due within one year
16
(6,497,754)
(5,095,726)
Net current assets
4,325,811
4,863,792
Total assets less current liabilities
4,365,720
4,880,186
Provisions for liabilities
Deferred tax liability
18
6,000
3,000
(6,000)
(3,000)
Net assets
4,359,720
4,877,186
Capital and reserves
Called up share capital
20
375
515
Share premium account
293,800
293,800
Capital redemption reserve
625
485
Profit and loss reserves
4,064,920
4,582,386
Total equity
4,359,720
4,877,186

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £859,867 (2023 - £1,428,519 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
26 March 2025
L Britton
Director
Company registration number 00646646 (England and Wales)
TENNANT METALLURGICAL GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
1,000
293,800
-
0
7,092,589
7,387,389
Year ended 31 December 2023:
Profit for the year
-
-
-
1,288,776
1,288,776
Other comprehensive income:
Currency translation differences
-
-
-
(6,664)
(6,664)
Total comprehensive income
-
-
-
1,282,112
1,282,112
Dividends
10
-
-
-
(20,000)
(20,000)
Own shares acquired
-
-
-
(3,582,884)
(3,582,884)
Redemption of shares
20
(485)
-
485
-
-
0
Balance at 31 December 2023
515
293,800
485
4,771,817
5,066,617
Year ended 31 December 2024:
Profit for the year
-
-
-
747,641
747,641
Other comprehensive income:
Currency translation differences
-
-
-
(2,745)
(2,745)
Total comprehensive income
-
-
-
744,896
744,896
Own shares acquired
-
-
-
(1,377,333)
(1,377,333)
Redemption of shares
20
(140)
-
140
-
-
0
Balance at 31 December 2024
375
293,800
625
4,139,380
4,434,180
TENNANT METALLURGICAL GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
1,000
293,800
-
0
6,756,751
7,051,551
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
1,428,519
1,428,519
Dividends
10
-
-
-
(20,000)
(20,000)
Own shares acquired
-
-
-
(3,582,884)
(3,582,884)
Redemption of shares
20
(485)
-
485
-
-
0
Balance at 31 December 2023
515
293,800
485
4,582,386
4,877,186
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
859,867
859,867
Own shares acquired
-
-
-
(1,377,333)
(1,377,333)
Redemption of shares
20
(140)
-
140
-
-
0
Balance at 31 December 2024
375
293,800
625
4,064,920
4,359,720
TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Tennant Metallurgical Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Room 111 Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, United Kingdom, S41 8NG.

The group consists of Tennant Metallurgical Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for subsidiary company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tennant Metallurgical Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover relating to the sale of stocks, other than stocks on consignment, is recognised in the period in which the stock items are dispatched. Turnover relating to consignment stocks is recognised in the period in which usage is declared by the customer. Commission receivable is recognised in the period in which the related goods are dispatched.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
1-5 years
TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

The preparation of financial information required management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates may differ from the related actual results.

There are no key judgements, estimated or assumptions that have been made by the directors in the preparation of these financial statements.

TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Other revenue
Interest income
611
-

The directors consider there to be more than one geographical segment and only one class of business. As permitted by the Companies Act 2006 the directors' have not disclosed any information by geographical segment as they consider it would be seriously prejudicial to the interests of the company.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(83,609)
21,313
Depreciation of owned tangible fixed assets
4,023
3,550
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
36,500
27,550
For other services
Taxation compliance services
5,625
5,350
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and administration
12
12
12
12
TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
580,471
698,731
580,471
698,731
Social security costs
71,377
74,087
71,377
74,087
Pension costs
104,298
103,776
104,298
103,776
756,146
876,594
756,146
876,594
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
415,503
385,072
Company pension contributions to defined contribution schemes
93,649
87,490
509,152
472,562
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
105,534
140,206
Company pension contributions to defined contribution schemes
10,187
12,899
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
194,992
122,793
TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
241,794
358,496
Adjustments in respect of prior periods
767
35,948
Total current tax
242,561
394,444
Deferred tax
Origination and reversal of timing differences
6,000
3,000
Total tax charge
248,561
397,444

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
996,202
1,686,220
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
249,051
396,599
Tax effect of expenses that are not deductible in determining taxable profit
3,966
10,863
Tax effect of income not taxable in determining taxable profit
-
0
(40,107)
Adjustments in respect of prior years
767
35,948
Group relief
-
0
(8,222)
Adjustments in respect of financial assets
-
0
(59)
Tax at marginal rate
171
-
0
Foreign exchange differences
69
864
Remeasurement of deferred tax for changes in tax rates
(176)
-
0
Group income
(5,287)
-
0
Movement in deferred tax not recognised
-
0
1,558
Taxation charge
248,561
397,444
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
20,000
TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Tangible fixed assets
Group
Plant and equipment
£
Cost
At 1 January 2024
345,449
Additions
27,540
At 31 December 2024
372,989
Depreciation and impairment
At 1 January 2024
329,150
Depreciation charged in the year
4,023
At 31 December 2024
333,173
Carrying amount
At 31 December 2024
39,816
At 31 December 2023
16,299
Company
Plant and equipment
£
Cost
At 1 January 2024
345,449
Additions
27,540
At 31 December 2024
372,989
Depreciation and impairment
At 1 January 2024
329,150
Depreciation charged in the year
4,023
At 31 December 2024
333,173
Carrying amount
At 31 December 2024
39,816
At 31 December 2023
16,299
TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
93
95
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
95
Disposals
(2)
At 31 December 2024
93
Carrying amount
At 31 December 2024
93
At 31 December 2023
95

Two dormant companies, TM (Developments) Limited and Watson Alloys & Metals Limited, were dissolved in the year.

13
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
0
Tennant Metallurgical Limited**
Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, United Kingdom, S41 8NG
Ordinary
100.00
NEWCOE Limited
Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, United Kingdom, S41 8NG
Ordinary
100.00
NEWCOU Limited
Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, United Kingdom, S41 8NG
Ordinary
100.00
Tennant Metallurgical (Ireland) Limited
c/o Jpa Brenson Lawlor Limited, Brenson Lawlor House, Argyle Square, Morehampton Road, Dublin
Ordinary
100.00

** Dormant subsidiar y which is exempt from audit

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
6,360,374
5,385,552
361,895
301,535
TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,257,336
4,365,936
4,257,337
4,365,936
Amounts owed by group undertakings
7,543
-
6,028,559
5,072,298
Other debtors
260
260
260
260
Prepayments and accrued income
173,297
216,859
173,297
216,859
4,438,436
4,583,055
10,459,453
9,655,353
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
2,982,423
2,082,132
3,042,124
2,146,256
Trade creditors
2,877,111
2,297,138
2,876,836
2,289,679
Corporation tax payable
124,212
216,292
109,952
186,176
Other taxation and social security
182,521
142,316
182,896
142,316
Accruals and deferred income
289,003
331,299
285,946
331,299
6,455,270
5,069,177
6,497,754
5,095,726
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
2,982,423
2,082,132
3,042,124
2,146,256
Payable within one year
2,982,423
2,082,132
3,042,124
2,146,256

The bank borrowings are secured by a fixed and floating charge over the assets of the company.

TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
6,000
3,000
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
6,000
3,000
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
3,000
3,000
Charge to profit or loss
3,000
3,000
Liability at 31 December 2024
6,000
6,000

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
104,298
103,776

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

TENNANT METALLURGICAL GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of £1 each
245
315
245
315
B Ordinary Shares of £1 each
130
200
130
200
375
515
375
515

On 14 March 2024 50 Ordinary B shares with a nominal value of £1 were changed to Ordinary A shares.

On 20 March 2024 140 Ordinary A shares with a nominal value of £1 were repurchased by the company and subsequently cancelled.

On 24 April 2024 20 Ordinary B shares with a nominal value of £1 were changed to Ordinary A shares.

21
Financial commitments, guarantees and contingent liabilities

The Company is party to an unlimited guarantee in respect of amounts owing to the bank by certain other group companies. At 31 December 202 4 these amounted to £Nil (202 3: £Nil).

22
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
33,908
24,172
33,908
24,172
Between two and five years
45,157
-
45,157
-
79,065
24,172
79,065
24,172
23
Related party transactions

The Company has taken advantage of the exemption in FRS 102 and has not disclosed transactions or balances with entities which are wholly owned members of Tennant Metallurgical Group Limited.

During the year Tennant Metallurgical Group Limited incurred management charges of £168,566 (2023: £282,434) to fellow non wholly owned subsidiaries of Tennant Metallurgical Group Holdings Limited.

24
Controlling party

The directors consider that the immediate parent undertaking is Tennant Metallurgical Holdings Limited and ultimate controlling related party is I A Cunningham.

The largest group to consolidate these financial statements are Tennant Metallurgical Group Holdings Limited. Copies of the Tennant Metallurgical Group Holdings Limited financial statements can be obtained at Room 111 Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, United Kingdom, S41 8NG.

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