Company registration number NI018949 (Northern Ireland)
METAL TECHNOLOGY LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
METAL TECHNOLOGY LTD.
COMPANY INFORMATION
Directors
Mr. T.B McKnight
Mrs. S McKnight
Mr. C Wilson
Company number
NI018949
Registered office
Steeple Road Industrial Estate
Steeple Road
Antrim
Co Antrim
N Ireland
BT41 1AB
Auditor
McCreery Turkington Stockman Ltd
1 Lanyon Quay
Belfast
Co Antrim
Northern Ireland
BT1 3LG
Business address
Steeple Road Industrial Estate
Steeple Road
Antrim
Co Antrim
N Ireland
BT41 1AB
METAL TECHNOLOGY LTD.
CONTENTS
Page
Strategic report
1
Directors' report
2 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
METAL TECHNOLOGY LTD.
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 results for the year 2024 showed growth of 10% in revenue which was considered very positive given the economic challenges within the construction sector. The company has continued to maintain a strong financial position throughout and has worked closely with its customers and supply chain partners. However, the order pipeline for 2025 appears challenging with delays anticipated in relation to Gateway 2 of the building safety act for planning application approvals. The business continues to offer a range of products covering diversified market sectors and it remains committed to innovation and product development.

Financial Risk Management Objectives and Policies

The company’s key objectives are focused on continually improving product quality, delivery and performance while maximising operational efficiency. To continue to expand its sales growth geographically throughout the UK and Irish markets and to maintain and develop strong relationships with its customer, supplier, and specification network. This is coupled with maximising financial returns which allow for reinvestment in product development, machinery, and infrastructure.

Principle Risks and Uncertainties

The key business risks and uncertainties affecting the business are increasing raw material costs coupled with material availability and the economic conditions within the UK and Irish construction markets. The management of energy, transport, salaries, and packaging costs will continue to be a challenge during 202 5 However, the company’s management endeavour to mitigate these risks through frequent operational reviews. This includes working closely with their longstanding key suppliers and maintaining strategic procurement agreements to give stability and continuity. To mitigate credit risk the company credit insures its customers base which controls and limits financial exposure.

Research and Development

The company continues to invest heavily in research and development to bring innovative products to the market. This is a core competency of the business to ensure it keeps to the forefront of its industry while offering a diversified product selection to suit a range of market sectors while still maintaining value engineered solutions which are fit for purpose and comply with the latest legislative requirements. The drive for ever increasing low carbon and sustainable fenestration systems is at the forefront of this focus with new passive house certified products having been launched in 2024 in conjunction with enhancements to the core range of products.

Environmental & Sustainability

The company in 2022 signed up to Business in the community (BiTC) climate action pledge. This commitment will action and monitor our commitment to reduce our greenhouse gas emissions by 50% by 2030 as well as measuring and reducing our scope 3 GHG emissions on an annual basis. The reduction of our carbon footprint is a key element within our environmental strategy. All company vehicles are now fully electric or hybrid. All electricity sourced externally is from a green energy source and all lighting within our factory and office facility uses LED lighting. In addition to this we have enhanced our current solar panel installation by a further 100KW which has the added benefit of battery storage. Our targets and achievements will be communicated to our wider stakeholders encouraging and promoting sustainability throughout our supply chain and updated annually within our published accounts

On behalf of the board

Mr. C Wilson
Director
2 October 2025
METAL TECHNOLOGY LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company in the year under review was that of design and processing architectural window and curtain walling systems.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,340,000. The directors do not recommend payment of a further dividend.

Preference dividends were paid amounting to £100,000.

Directors

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

Mr. T.B McKnight
Mrs. S McKnight
Mr. C Wilson
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The company continues to introduce new products to its portfolio which target new market sectors and will assist in diversifying the company's product range and customer base. This strategy will also assist in addressing inevitable market fluctuations.

METAL TECHNOLOGY LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Auditor

The auditor, McCreery Turkington Stockman Ltd, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Through our Climate Action Pledge and as part of our wider sustainability strategy, we have committed to reducing our Scope 1 and 2 GHG emissions by 50% by 2030. We selected 2019 as our baseline year and over the past previous three years we have had the following progress:

- 2021 reduced by -14.28%

- 2022 reduced by -18.77%

- 2023 reduced by -35.41%

- 2024 reduced by -45.52%

This year we have just finalised our reporting data for 2024, and we are delighted to announce that we have to date reduced our Scope 1 and 2 GHG emissions by -45.52%

This has been achieved through our commitment to reducing our carbon footprint throughout our office buildings, workshops, and warehouse facilities where possible, and by implementing the following changes:

- All vehicles that are used for company cars, have been changed from diesel to either petrol, hybrid or fully electric.

- Investing in three new electric forklifts which brings the total electric fleet to eight.

- We have carried out a full refurbishment of all light fittings in our offices which are now LED and sensor operated where applicable.

- To help reduce the reliance on natural gas, we reconfigured our production heating system from gas to electric.

- This new heating system alongside the introduction of more electric vehicles will be supplemented through the installation of a new 100kW solar panel array, which complements our original system first installed in 2014. The new solar panel system also has the capability of battery storage for any excess electricity produced.

- For the electricity that we need to import from the grid, this will be from a “Green Tariff” provider, further helping to reduce the impact of running our operations.

As well as these successes achieved in reducing our Scope 1 & 2 emissions, we are continuing the process of measuring and reducing our Scope 3 GHG emissions, with significant reductions being achieved through our Low Carbon Aluminium procurement policy.

We look forward to working in collaboration with other NI businesses to address the critical issue of climate change, and in our continued partnership with BITC(NI).

METAL TECHNOLOGY LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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
Mr. C Wilson
Director
2 October 2025
METAL TECHNOLOGY LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors are responsible for preparing the, strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

METAL TECHNOLOGY LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METAL TECHNOLOGY LTD.
- 6 -
Opinion

We have audited the financial statements of Metal Technology Ltd. (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

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease their operations. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the director’s conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.

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 the date when the financial statements are authorised for issue.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor’s report is not a guarantee that the Company will continue in operation.

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

METAL TECHNOLOGY LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METAL TECHNOLOGY LTD. (CONTINUED)
- 7 -

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.

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.

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

METAL TECHNOLOGY LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF METAL TECHNOLOGY LTD. (CONTINUED)
- 8 -
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 gained an understanding of the legal and the regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, FRS 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were not limited to:

- Agreement of the financial statement disclosures to underlying supporting documentation;

- Enquiries of management;

- Review of minutes of board meetings throughout the period; and

- Considering the effectiveness of the control environment and monitoring compliance with laws and regulations.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transaction reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 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.

The purpose of our audit work and to whom we owe our responsibilities

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.

Mr C. Turkington
Senior Statutory Auditor
For and on behalf of McCreery Turkington Stockman Ltd
2 October 2025
Chartered Accountants
Statutory Auditor
1 Lanyon Quay
Belfast
Co Antrim
Northern Ireland
BT1 3LG
METAL TECHNOLOGY LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,347,672
22,351,596
Cost of sales
(12,114,031)
(10,783,690)
Gross profit
12,233,641
11,567,906
Administrative expenses
(6,949,413)
(6,388,934)
Operating profit
4
5,284,228
5,178,972
Interest receivable and similar income
8
217,014
124,938
Interest payable and similar expenses
9
(110,773)
(135,427)
Amounts written off investments
10
349,167
-
Profit before taxation
5,739,636
5,168,483
Tax on profit
11
(1,321,957)
(1,049,414)
Profit for the financial year
4,417,679
4,119,069

The profit and loss account has been prepared on the basis that all operations are continuing operations.

METAL TECHNOLOGY LTD.
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
1,283,099
1,384,203
Tangible assets
14
4,933,806
4,976,056
Investments
15
1,677,974
1,268,807
7,894,879
7,629,066
Current assets
Stocks
17
3,565,618
3,592,504
Debtors
18
5,963,222
5,475,143
Cash at bank and in hand
9,545,953
7,032,771
19,074,793
16,100,418
Creditors: amounts falling due within one year
19
(6,001,106)
(4,738,597)
Net current assets
13,073,687
11,361,821
Total assets less current liabilities
20,968,566
18,990,887
Creditors: amounts falling due after more than one year
20
(23,057)
(23,057)
Net assets
20,945,509
18,967,830
Capital and reserves
Called up share capital
23
40,767
40,767
Other reserves
24
110,252
110,252
Profit and loss reserves
26
20,794,490
18,816,811
Total equity
20,945,509
18,967,830

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 2 October 2025 and are signed on its behalf by:
Mr. C Wilson
Director
Company registration number NI018949 (Northern Ireland)
METAL TECHNOLOGY LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Own shares
Share Based Equity
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
40,767
37,500
72,752
16,924,492
17,075,511
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
4,119,069
4,119,069
Dividends
12
-
-
-
(2,226,750)
(2,226,750)
Balance at 31 December 2023
40,767
37,500
72,752
18,816,811
18,967,830
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
4,417,679
4,417,679
Dividends
12
-
-
-
(2,440,000)
(2,440,000)
Balance at 31 December 2024
40,767
37,500
72,752
20,794,490
20,945,509
METAL TECHNOLOGY LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
6,946,155
5,492,151
Interest paid
(110,773)
(135,427)
Income taxes paid
(1,400,001)
(1,772,034)
Net cash inflow from operating activities
5,435,381
3,584,690
Investing activities
Purchase of intangible assets
(376,200)
(589,143)
Purchase of tangible fixed assets
(250,178)
(387,905)
Proceeds from disposal of tangible fixed assets
(2)
12,237
Proceeds from disposal of investments
(60,000)
(60,000)
Interest received
217,014
124,938
Net cash used in investing activities
(469,366)
(899,873)
Financing activities
Payment of finance leases obligations
(12,833)
(27,179)
Dividends paid
(2,440,000)
(2,226,750)
Net cash used in financing activities
(2,452,833)
(2,253,929)
Net increase in cash and cash equivalents
2,513,182
430,888
Cash and cash equivalents at beginning of year
7,032,771
6,601,883
Cash and cash equivalents at end of year
9,545,953
7,032,771
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

Metal Technology Ltd. is a private company limited by shares incorporated in Northern Ireland. The registered office is Steeple Road Industrial Estate, Steeple Road, Antrim, Co Antrim, N Ireland, BT41 1AB.

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 on a going concern basis under the historical cost convention. 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

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development Costs
20% Straight Line
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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:

Land and buildings Freehold
2% Straight Line
Land and buildings Leasehold
Straight line over the life of the lease.
Plant and machinery
25% Straight Line
Fixtures, fittings & equipment
25% Straight Line
Motor vehicles
20% Straight Line

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 credited or charged to profit or loss.

1.7
Fixed asset investments

Listed investments are classified as fixed asset investments and are measured at fair value at each reporting date. Fair value is determined based on quoted market prices.

Changes in fair value are recognised in profit or loss in the period in which they arise.

Transaction costs directly attributable to the acquisition of the investments are included in the initial carrying amount.

These investments are held for the long term and are not intended for trading.

1.8
Impairment of fixed assets

At each reporting period 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.

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.

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.

METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

Cost is calculated using the first in first out method (FIFO).

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 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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 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.

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. 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.

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.

METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.14
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.

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.

1.15
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.

METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.16
Retirement benefits

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

1.17
Share-based payments
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.19
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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
24,347,672
22,351,596
2024
2023
£
£
Other significant revenue
Interest income
217,014
124,938
2024
2023
£
£
Turnover analysed by geographical market
UK & Ireland
24,347,672
22,351,596
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(34,648)
(4,448)
Depreciation of owned tangible fixed assets
292,430
207,004
Profit on disposal of tangible fixed assets
-
(7,587)
Amortisation of intangible assets
477,304
459,989
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 company
27,560
26,000
6
Employees

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

2024
2023
Number
Number
Sales and Administration
37
36
Production
44
43
Total
81
79

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,914,383
3,485,088
Social security costs
547,271
432,731
Pension costs
203,410
225,543
4,665,064
4,143,362
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,684,046
1,505,530
Company pension contributions to defined contribution schemes
47,973
45,796
1,732,019
1,551,326
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
992,120
900,757
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
217,014
124,938

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
217,014
124,938
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
109,635
107,299
Other finance costs:
Interest on finance leases and hire purchase contracts
1,138
3,162
Other interest
-
0
24,966
110,773
135,427
10
Fair value gains/losses
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
349,167
-
0
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,321,957
1,049,414
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
Profit before taxation
5,739,636
5,168,483
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,434,909
1,292,121
Tax effect of expenses that are not deductible in determining taxable profit
22,603
-
0
Effect of change in corporation tax rate
-
0
(57,679)
Permanent capital allowances in excess of depreciation
3,963
(49,700)
Amortisation on assets not qualifying for tax allowances
129,473
114,997
Research and development tax credit
(268,991)
(289,931)
Non deductible expenses
-
0
39,606
Taxation charge for the year
1,321,957
1,049,414
12
Dividends
2024
2023
£
£
Final paid
2,340,000
2,126,750
Interim paid
100,000
100,000
2,440,000
2,226,750
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
13
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2024
4,398,445
Additions - internally developed
376,200
At 31 December 2024
4,774,645
Amortisation and impairment
At 1 January 2024
3,014,242
Amortisation charged for the year
477,304
At 31 December 2024
3,491,546
Carrying amount
At 31 December 2024
1,283,099
At 31 December 2023
1,384,203

More information on impairment movements in the year is given in note .

14
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
166,323
7,087,968
2,994,553
816,866
141,401
11,207,111
Additions
-
0
-
0
215,848
34,330
-
0
250,178
Disposals
-
0
-
0
-
0
-
0
(6,295)
(6,295)
At 31 December 2024
166,323
7,087,968
3,210,401
851,196
135,106
11,450,994
Depreciation and impairment
At 1 January 2024
43,193
2,677,663
2,638,083
735,832
136,284
6,231,055
Depreciation charged in the year
-
0
129,468
127,407
33,981
1,574
292,430
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(6,297)
(6,297)
At 31 December 2024
43,193
2,807,131
2,765,490
769,813
131,561
6,517,188
Carrying amount
At 31 December 2024
123,130
4,280,837
444,911
81,383
3,545
4,933,806
At 31 December 2023
123,130
4,410,305
356,470
81,034
5,117
4,976,056
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
15
Fixed asset investments
2024
2023
£
£
Listed investments
1,677,974
1,268,807

Listed investments included above:

Market value if different from carrying amount
-
1,520,716

The cost model was applied to the value of Fixed Asset Investments in the Balance sheet in the previous year. The market value has now been applied to balance sheet for the current year.

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
1,268,807
Additions
60,000
Valuation changes
349,167
At 31 December 2024
1,677,974
Carrying amount
At 31 December 2024
1,677,974
At 31 December 2023
1,268,807
16
Financial instruments
2024
2023
£
£

The debt instruments measured at amortised cost includes trade debtors and other debtors which is detailed in note 1 8. The equity instruments is the fixed asset investment at cost detailed in note 1 5.

The financial liabilities measured at amortised cost includes trade creditors, other creditors, accruals, HP Loans and bank loans which are detailed in notes 19,20 a nd 21.

17
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,565,618
3,592,504

In the Directors' opinions there is no material difference between the replacement cost and the above valuation.

METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,836,258
5,358,538
Other debtors
31,046
49,472
Prepayments and accrued income
95,918
67,133
5,963,222
5,475,143
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
21
-
0
12,833
Trade creditors
2,800,643
1,859,041
Corporation tax
251,669
329,713
Other taxation and social security
840,626
630,161
Other creditors
1,257,309
1,243,049
Accruals and deferred income
850,859
663,800
6,001,106
4,738,597
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
21
23,057
23,057
21
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
12,833
12,833
In two to five years
10,224
23,057
23,057
35,890

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
203,410
225,543

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.

23
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
39,765 Ordinary Shares of £1 each
39,765
39,765
Preference share capital
Issued and fully paid
Preference shares classified as equity
1,002
1,002
Total equity share capital
40,767
40,767

All class of shares carry the rights set out in the company's Memorandum and Articles of Association.

24
Own shares reserve
2024
2023
£
£
At the beginning and end of the year
37,500
37,500
25
Share Based Equity
2024
2023
£
£
At the beginning and end of the year
72,752
72,752
METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
26
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
18,816,811
16,924,492
Adjusted balance
18,816,811
16,924,492
Profit for the year
4,417,679
4,119,069
Dividends declared and paid in the year
(2,440,000)
(2,226,750)
At the end of the year
20,794,490
18,816,811

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

27
Events after the reporting date

There have been no significant events affecting the company since the end of the financial year.

28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,836,131
1,679,829
29
Directors' transactions

As at 31/12/202 4 the company owes £1,261,020 to the directors.

30
Ultimate controlling party

The ultimate controlling party is Mr T B McKnight, a director of the company.

METAL TECHNOLOGY LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
31
Cash generated from operations
2024
2023
£
£
Profit after taxation
4,417,679
4,119,069
Adjustments for:
Taxation charged
1,321,957
1,049,414
Finance costs
110,773
135,427
Investment income
(217,014)
(124,938)
Gain on disposal of tangible fixed assets
-
(7,587)
Amortisation and impairment of intangible assets
477,304
459,989
Depreciation and impairment of tangible fixed assets
292,430
207,004
Other gains and losses
(349,167)
-
Movements in working capital:
Decrease in stocks
26,886
1,484,424
Increase in debtors
(488,079)
(411,890)
Increase/(decrease) in creditors
1,353,386
(1,418,761)
Cash generated from operations
6,946,155
5,492,151
32
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
7,032,771
2,513,182
9,545,953
Lease liabilities
(35,890)
12,833
(23,057)
6,996,881
2,526,015
9,522,896
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