The director presents the strategic report for the year ended 31 December 2024.

The company continues to sell and distribute aluminium architectural systems and related technical products.

The director seeks to convey a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. This review is consistent with the size and complexity of our business and in consideration of the risks and uncertainties faced.

The 2024 financial year was a year of good performance of the company amidst a challenging macroeconomic landscape. The year has been marked by uncertainty related to the parliamentary elections and market adjustments to new fiscal policies, which have directly influenced the construction sector. Another significant impact on the building sector had a design verification and approval process related to the Building Safety Act, which with all the positive changes parallelly slow down the majority of projects to get to onsite construction stage. Considering these challenges, our business has achieved lower sales in both our segments - garage door systems and glazing systems. We managed to maintain profitability and EBIDTA on secure levels.

Restructure and stability brought to our sales force was instrumental in developing and securing a strong pipeline of orders and projects over the past year. This has not only enhanced our service delivery but has significantly contributed to our competitive edge within the industry. Our strategic decision to establish our position in the residential and home improvement sector of the market and significant investments in the showroom upgrade as well as in new products will bring further growth opportunities in coming years.

The director considers the principal risks and uncertainties of the company to include cost inflation, rising interest rates and the aftershocks of Brexit and Covid-19.

Cost inflation

Through a mixture of detailed forecasts and network feedback the company can accurately predict future stock demands. This knowledge enables the company to make informed stock decisions and allows us to deliver strong lead times.

Interest Rates

Throughout the year the company maintained a strong balance sheet and significant cash balances. This focus shielded the company from the impacts of rising interest rates and enabled the company to capitalise on arising opportunities.

The company’s key financial and performance indicators during the year comprised of;

- Company Turnover     £25,185,227     (2023: £28,287,351)

- Gross Profit         £4,318,727     (2023: £5,011,772)

- Profit after tax         £484,531     (2023: £1,236,830)

- Employee numbers     37         (2023: 32)

In 2025, we are wholeheartedly committed to the continuous development of high-performing, eco-friendly products, aligning with our holistic approach through vertical integration. Our market leading complete low-carbon offer corresponds with sustainability requirements. In parallel, we introduce our advanced range of high performing products to both, residential and commercial markets, meeting the burgeoning demand for efficient and smart living solutions.

Additionally, we are poised to expand our offerings in the highly specialised fire safety market by introducing a new range of fire rated glass under Glassprof brand. We recognise the value of safety and reliability in our products and services.

Furthermore, our major projects team is eager to lend their expertise to the large-scale commercial developments expected to punctuate the coming year. Through vertical integration, we offer unique advantages that promote efficiency, innovation, and seamless project execution. These elements are crucial to support our network in successful application and completion of Gateway 2 approval process. We trust in our strategic initiatives and look forward to forging new partnerships, nurturing existing relationships, and delivering excellence throughout 2025.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be the sale and distribution of aluminium architectural systems.

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

During the year interim dividends of £6.38 (2023: £18.18), and £2.72 (2023: £12.06) per Ordinary Share was paid in respect of the financial year ended 31st December 2024.

A final dividend of £5.21 (2023: £8.17) per Ordinary Share was declared but unpaid as at 31 December 2024 in respect of the financial year ended 31st December 2024.

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

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

• settle the terms of payment with suppliers when agreeing the terms of each transaction;

• ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

• pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 88 day's purchases, based on the average daily amount invoiced by suppliers during the year.

Champion Accountants LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the director must not approve the financial statements unless he is 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, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern.

The director is 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. He is 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.

Each director in office at the date of approval of this annual report confirms that:

• so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

• the director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

We have audited the financial statements of Aluprof UK Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, 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 UK adopted international accounting standards.

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 UK adopted international accounting standards; 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 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 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 director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: IFRS, Companies Act 2006 & GDPR.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment

accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to deferred income, depreciation methods & cut-off.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets and stock items (including testing of the stock system).

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

There are inherent limitations in the 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. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

The income statement has been prepared on the basis that all operations are continuing operations.

Aluprof UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A5 Altrincham Business Park, Stuart Road Broadheath, Altrincham, Cheshire, WA14 5GJ. The company's principal activities and nature of its operations are disclosed in the director's report.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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 director has at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue is recognised when products and services are delivered.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Licences, software and development costs

• Licence are amortised on a straight line basis over the assets estimated useful economic life of ten years

• Software is amortised on a straight line basis over the assets estimated useful economic life of three years

• Product development costs are amortised on a straight line basis over the assets estimated useful economic life of three years.

Property, plant and equipment 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:

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 income statement.

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

Inventories 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 inventories to their present location and condition.

The FIFO cost model has been adopted for valuing inventories.

Cash and cash equivalents 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.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:

• it has been incurred principally for the purpose of selling or repurchasing it in the near term, or

• on initial recognition it is part of a portfolio of identified financial instruments that the company manages together and has a recent actual pattern of short-term profit taking, or

• it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.

Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognised in profit or loss.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

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

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 inventories or non-current 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.

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

The cost of equity-settled share-based transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value is determined by an independent appraiser on the grant date based on a binomial model, the details of which are presented in the further part of this report in additional information and explanations. In valuing equity-settled share-based transactions, market vesting conditions (related to the price of the parent company's shares) are taken into account. 

The cost of equity-settled share-based transactions is recognised together with the corresponding increase in equity over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the employees become fully entitled to the award (the "vesting date"). The cumulative cost recognised for equity-settled share-based transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Management Board's best estimate of the number of equity instruments that will ultimately vest. 

No costs are recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon market conditions, which are treated as vested provided that all other vesting conditions are satisfied. 

Where the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. An additional expense is recognised for any modification that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee as measured at the date of modification. 

Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described above. 

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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.

In the application of the company’s accounting policies, the director is 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimation techniques include methods of depreciation as stated within the accounting policies. The provision for bad debts is measured by the collectability of individual debtors and is determined by the management. Estimation techniques are also used to derive the estimated useful life of the intangible assets and the amortisation required in order to write down these assets over their lifetime. Discount factor used in the net present value calculation of lease liabilities.

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

Their aggregate remuneration comprised:

The charge for the year can be reconciled to the profit per the income statement as follows:

Property, plant and equipment includes right-of-use assets, as follows:

Trade receivables includes an impairment of £151,834 (2023: £158,986).

The director considers that the carrying amount of trade and other receivables is approximately equal to their fair value.

Amounts owed to parent undertakings are interest free and repayable on demand.

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The fair value of the company's lease obligations is approximately equal to their carrying amount.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Provisions are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The parent company, Groupa Kety S.A. has granted share options directed to key managerial staff as follows:

Selected conditions of 2023 plan

• Return on shares in reference to the options tranche granted in 2023 is understood as the quotient of the average price of the Parent Company shares in the quotations on the Warsaw Stock Exchange market in 2025, increased for the value of dividend paid by the Parent Company from 1 January 2023 to 31 December 2025 and the average price of the Parent Company shares in 2022, divided by the average price of the Parent Company shares in 2022.

• The EBITDA parameter is understood to be profit on operating activities and depreciation/amortisation reflected in the consolidated statement of profit or loss of Grupa Kęty S.A. As regards sub-part C, 29,100 options will be granted if the EBITDA of the Capital Group amounts to PLN 1,053.5 million or more in 2025, whereas the number of options will be reduced pro rata to 0, if the EBITDA amounts to PLN 1,029 million or less. The net profit attributable to owners of the parent referred to above is understood to be net profit attributable to owners of the parent reflected in the annual consolidated statement of profit or loss of Grupa Kęty S.A. As regards sub-part D, 29,100 options of the 2023 plan will be granted if the net profit of the Capital Group in 2025 amounts to PLN 672 million or more in 2025, whereas the number of options will be reduced pro rata to 0, if the net profit amounts to PLN 656 million or less.

• If the Warrants of the tranche for the respective reporting year are not offered on account of non-fulfilment of the criterion, the Management Board of the Parent is entitled to transfer the Warrants to subsequent tranches and offer them, subject that the accumulated value of the parameter is achieved jointly for the reporting year in which the value of the parameter was not achieved and for the reporting year in which the accumulated value of the parameter has been exceeded

• The issue price of the shares offered under the Plan will be the amount equal to the arithmetic mean of the average daily price of the Company shares weighted with the turnover volume on the regulated market of the Warsaw Stock Exchange in the period of 12 (twelve) months preceding the day of the General Meeting session in which the Plan has been adopted, less the total of dividends per one share for which the dividend record day passed by the Parent Company General Meeting falls in the period from 1 October 2023 to 30 September 2026.

Fair value of share options

* Management board estimate

** The identified issue price cannot be lower than half of the average market price of shares in the last 3 months before the plan conditions fulfilment and granting the rights to acquire shares.

The fair value of employee share plans is estimated as of the options granting date based on a binominal model.

The expected period of options validity is determined on the basis of historical data and does not need to explicitly imply the possible ways of exercising them. The expected volatility index reflects the assumption that the historical volatility index indicates future trends which may be completely different in reality.

Upon the measurement of the fair value, no other characteristics concerning the granting of options were taken into consideration.

The Parent Company monitors the probability of attaining the non-market parameters on an ongoing basis and takes them into account in the number of share options assumed for the valuation of the particular parts as at the balance-sheet date.

The Company recognises the plan costs proportionally to the vesting period of the rights to options.

The share options costs in the period are presented in the table below.

The above amounts increased the remuneration costs in the period as well as the Company equity.

Future costs of option plans are as follows:

The company is not subject to any externally imposed capital requirements.

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

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

During the year, the company provided a number of loans to its parent company, Aluprof S.A.

Loans totalling £1,150,000 have interest charged at a rate of 1.04% above the SONIA rate, and loans totalling £166,389 have interest charged at a rate of 0.64% above the EURIBOR rate

All loans are due for repayment in June 2025.

During the course of the year the company purchased technical consulting services from WB Business Consulting Ltd amounting to £15,264 (2023 - £15,264). The director is related to WB Business Consulting Ltd by way of his interest in the Ordinary Share capital of that company. There was no balance outstanding at the year end during the current and prior year. The transactions were conducted on an arm's length basis and were subject to normal company terms and conditions.

The entire issued share capital was aquired on the 3rd April 2006 by Aluprof SA which is incorporated in Poland. The Group Report can be obtained from Krajowy Rejestr Sadowy in Poland. The ultimate controlling party is Grupa Kety SA which is a company that is listed on the Warsaw Stock Exchange.