Company registration number 01222727 (England and Wales)
FBM METALS (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
FBM METALS (UK) LIMITED
COMPANY INFORMATION
Directors
M Gawne
H Wilkinson
Secretary
H Wilkinson
Company number
01222727
Registered office
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
Auditor
Evans Mockler Limited
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
Business address
288 Chase Road
London
N14 6HF
FBM METALS (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
FBM METALS (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The company achieved revenue of £21.29 million (2023: £18.22 million), an increase of 16.9% year on year. Gross profit rose modestly to £1.62 million (2023: £1.59 million), with gross margin reducing to 7.6% (2023: 8.7%) due to higher material and processing costs. Operating profit was £86,000 (2023: £50,000) and profit after tax was £114,000 (2023: £137,000).

Sales were geographically diversified: Europe £14.59 million, UK £5.32 million, Asia £1.31 million, and Africa £0.07 million.

Net assets increased to £10.93 million (2023: £10.82 million). Cash at bank was £259,000 (2023: £530,000), with the reduction reflecting higher working-capital investment in inventories and receivables.

Principal risks and uncertainties

The directors monitor risks across the following areas:

- Commodity price volatility: fluctuations in zinc prices and quality differentials can affect margins. The company actively manages pricing windows and customer contracts to mitigate exposure.

- Foreign exchange: transactions in EUR and USD expose the business to FX risk. The company uses natural hedging and forward cover where appropriate.

- Working capital: higher stock levels support operations but absorb cash. Inventory policies are under review to improve turnover without impacting service.

- Credit risk: both trade and related-party balances are monitored with credit limits and ageing reviews.

- Operational risk: input variability impacts processing costs and yields; investment continues in laboratory QA and process control.

- Regulatory/ESG compliance: the company handles hazardous zinc waste and must comply with strict environmental regulations and permitting requirements.

Development and performance

In 2025 the company will continue to:

- Drive processing efficiency and yield improvements through process control and technology.

- Implement stricter working capital policies to reduce stock levels and improve cash generation.

- Enhance ERP and reporting systems to strengthen data quality, traceability, and decision-making.

- Develop its ESG reporting to highlight environmental benefits and compliance credentials.

The board believes these initiatives will strengthen financial resilience and position the company to grow sustainably in its chosen markets.

FBM METALS (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The board monitors the following KPIs to measure performance and guide decision making:

- Revenue growth: 16.9% in 2024.

- Gross margin %: 7.6% (2023: 8.7%).

- Operating margin %: 0.4% (2023: 0.3%).

- Working-capital efficiency: inventory days: 51; debtor days: 25; creditor days: 44.

- Cash conversion: negative in 2024 due to stock build, targeted to improve in 2025.

- Operational measures: processing yields, cost per tonne, on-time delivery rates.

- ESG measures: tonnes recycled, landfill diversion %, regulatory compliance.

Other information and explanations

In accordance with s172 of the Companies Act 2006, the directors confirm they have acted in a way they consider most likely to promote the success of the company for the benefit of its members as a whole, having regard to:

- Employees: the company provides training, a safe working environment, and career development opportunities.

- Suppliers and customers: strong, long-term relationships are maintained with reliable supply and consistent product quality.

- Community and environment: as a recycling business, FBM Metals directly reduces landfill and emissions; the company remains committed to high environmental standards.

- Business conduct: the board seeks to maintain high standards of integrity, compliance, and sustainability.

On behalf of the board

H Wilkinson
Director
19 September 2025
FBM METALS (UK) 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.

Principal activities

The principal activity of the company continued to be that of trading in metals.

Results and dividends

The results for the year are set out on page 8.

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

Directors

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

M Gawne
H Wilkinson
Auditor

The directors confirm the reappointment of the company's auditors, Evans Mockler Limited, for the forthcoming year.

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 company’s auditor 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 company’s auditor is aware of that information.

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
H Wilkinson
Director
19 September 2025
FBM METALS (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- 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.

FBM METALS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FBM METALS (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of FBM Metals (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 company's affairs as at 31 December 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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:

- the 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.

FBM METALS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FBM METALS (UK) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not 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, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Directors (as required by auditing standards).

- we had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

- with the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Directors.

- we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

- we addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

FBM METALS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FBM METALS (UK) LIMITED
- 7 -

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: 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.

Mark Cook
Senior Statutory Auditor
For and on behalf of Evans Mockler Limited
19 September 2025
Chartered Certified Accountants
Statutory Auditor
5 Beauchamp Court
Victors Way
Barnet
London
EN5 5TZ
FBM METALS (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
4
21,294,151
18,219,227
Cost of sales
(19,674,850)
(16,631,982)
Gross profit
1,619,301
1,587,245
Distribution costs
(10,774)
(25,952)
Administrative expenses
(1,522,589)
(1,510,872)
Operating profit
3
85,938
50,421
Interest receivable and similar income
7
63,319
106,381
Interest payable and similar expenses
8
-
0
(20,120)
Profit before taxation
149,257
136,682
Tax on profit
9
(35,017)
-
0
Profit for the financial year
114,240
136,682

FBM METALS (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
4,724,206
2,724,206
Current assets
Stocks
12
2,730,230
1,852,696
Debtors
13
6,937,310
7,499,299
Cash at bank and in hand
259,204
530,172
9,926,744
9,882,167
Creditors: amounts falling due within one year
14
(3,716,208)
(1,785,871)
Net current assets
6,210,536
8,096,296
Net assets
10,934,742
10,820,502
Capital and reserves
Called up share capital
15
10
10
Capital redemption reserve
90
90
Profit and loss reserves
10,934,642
10,820,402
Total equity
10,934,742
10,820,502

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 19 September 2025 and are signed on its behalf by:
H Wilkinson
Director
Company registration number 01222727 (England and Wales)
FBM METALS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
10
90
10,683,720
10,683,820
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
136,682
136,682
Balance at 31 December 2023
10
90
10,820,402
10,820,502
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
114,240
114,240
Balance at 31 December 2024
10
90
10,934,642
10,934,742
FBM METALS (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
1,832,948
119,217
Interest paid
-
0
(20,120)
Income taxes paid
(12,987)
(225,570)
Net cash inflow/(outflow) from operating activities
1,819,961
(126,473)
Investing activities
Purchase of fixed asset investments
-
0
(60,000)
Proceeds on disposal of fixed asset investments
(2,000,000)
-
Interest received
63,319
106,381
Net cash (used in)/generated from investing activities
(1,936,681)
46,381
Financing activities
Repayment of bank loans
-
0
(489,583)
Repayment of derivatives
(154,248)
239,567
Net cash used in financing activities
(154,248)
(250,016)
Net decrease in cash and cash equivalents
(270,968)
(330,108)
Cash and cash equivalents at beginning of year
530,172
860,280
Cash and cash equivalents at end of year
259,204
530,172
FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

FBM Metals (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Beauchamp Court, Victors Way, Barnet, London, EN5 5TZ.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Sales are recognised when goods are dispatched to customers.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. 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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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.

1.6
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.

1.7
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 measured at transaction price including transaction costs.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 s ubsequently 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 company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company 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 company.

1.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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.

1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.13
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

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Exchange losses
397
94,481
Fees payable to the company's auditor for the audit of the company's financial statements
18,690
17,800
Operating lease charges
16,800
16,800
4
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Metal trading
21,294,151
18,219,227
2024
2023
£
£
Other significant revenue
Interest income
63,319
106,381
2024
2023
£
£
Turnover analysed by geographical market
Europe
14,594,374
13,256,192
UK
5,322,167
3,162,364
Asia
1,311,716
1,127,190
Africa
65,894
673,481
21,294,151
18,219,227
5
Employees

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

2024
2023
Number
Number
Directors
2
2

Their aggregate remuneration comprised:

2024
2023
£
£
Pension costs
1,620
1,620
1,620
1,620
FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
6
Directors' remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
1,620
1,620
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
63,319
106,381
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
63,319
106,381
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
7,669
Other finance costs:
Other interest
-
0
12,451
-
0
20,120
FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
35,017
-
0

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
149,257
136,682
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
37,314
34,171
Tax effect of expenses that are not deductible in determining taxable profit
807
934
Group relief
(2,719)
(34,671)
Permanent capital allowances in excess of depreciation
(385)
(434)
Taxation charge for the year
35,017
-
10
Fixed asset investments
2024
2023
£
£
Unlisted investments
4,724,206
2,724,206
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
2,724,206
Additions
2,000,000
At 31 December 2024
4,724,206
Carrying amount
At 31 December 2024
4,724,206
At 31 December 2023
2,724,206
FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Measured at fair value through profit or loss
110,036
-
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
44,212
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,730,230
1,852,696
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,471,326
997,698
Amounts owed by group undertakings
4,065,495
3,937,495
Derivative financial instruments
110,036
-
Other debtors
724,781
1,989,194
Prepayments and accrued income
565,672
574,912
6,937,310
7,499,299
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,473,611
1,427,502
Corporation tax
35,017
12,987
Derivative financial instruments
-
0
44,212
Other creditors
1,839
1,839
Accruals and deferred income
1,205,741
299,331
3,716,208
1,785,871
15
Share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
16
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
5,322,167
4,010,422
351,911
196,719

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
538,097
2,274,117
Other information

The company is a wholly owned subsidiary of FBM Holdings Ltd and is included in the consolidated financial statements of FBM Holdings Ltd. Consequently, the company is exempt under the terms of FRS 102 'The Financial Reporting Standard' from disclosing related party transactions with FBM Holdings Ltd or subsidiaries which are 100% owned by FBM Holdings Ltd.

17
Ultimate controlling party

The company is ultimately controlled by H Wilkinson by virtue of his majority shareholding in the parent company FBM Holdings Ltd. The registered address for the company and FBM Holdings Ltd, the parent, is 5 Beauchamp Court, Victors Way, London, EN5 5TZ.

18
Cash generated from operations
2024
2023
£
£
Profit after taxation
114,240
136,682
Adjustments for:
Taxation charged
35,017
-
0
Finance costs
-
0
20,120
Investment income
(63,319)
(106,381)
Movements in working capital:
(Increase)/decrease in stocks
(877,534)
368,127
Decrease in debtors
672,025
959,491
Increase/(decrease) in creditors
1,952,519
(1,258,822)
Cash generated from operations
1,832,948
119,217
FBM METALS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
19
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
530,172
(270,968)
259,204
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