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REGISTERED NUMBER: 10509712 (England and Wales)

| ALLUMETTE LIMITED |

| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 MARCH 2025 |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Statement of Financial Position | 11 |

| Company Statement of Financial Position | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Statement of Cash Flows | 15 |

| Notes to the Consolidated Statement of Cash Flows | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| ALLUMETTE LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DIRECTORS: | R L Ashcroft

| J Park-Davies

| A J K Mackie

| W L Brett

| A I Field

| REGISTERED OFFICE: | Yardley Brook Industrial Park

| Lea Ford Road

| Birmingham

| B33 9TX

| REGISTERED NUMBER: | 10509712 (England and Wales)

| AUDITORS: | Fruition Advisory LLP

| 29 Wood Street

| Stratford-upon-Avon

| CV37 6JG

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

Allumette Limited is a UK-based holding company. The company is part of a wider group that shares senior leadership and includes Vertik-al Limited, a powder coater of aluminium for the architectural industry and Ikon Aluminium Systems Limited, a manufacturer of louvres and other ventilation products.

PRINCIPAL RISKS AND UNCERTAINTIES

Operational risks

The principal area of risk relates to the economic outlook within the UK with customers, suppliers and employees all impacted by inflation and high interest rates.

The groups business is both energy and labour intensive, consequentially it is significantly impacted by changes to national minimum wage, employer's taxes and the cost of energy.

The group's business involves contracts subject to tender and so recognises the need for good customer relationships as well as the importance of providing a quality service which is delivered in a timely manner to maintain its reputation within the industries it operates.

Legislative risks

The sector is subject to strict legislation and regulation with standards continually being reviewed. The management systems in place ensure that the company is compliant with all relevant laws and regulations.

Health and safety risks

The group recognises that its employees face potential hazards in their everyday work. The company has a dedicated health and safety team who continually monitor the procedures in place. This resource ensures that the health and safety policies in place are of the highest standard and are strictly adhered to on a daily basis.

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2025

DEVELOPMENT AND PERFORMANCE

The board meets monthly to review performance against plan with importance placed on the following key performance indicators:

Turnover

Gross Profit

EBITDA

Review of payroll costs and overtime

Productive days

Health and safety

The turnover for the group was £14.7m down 3.5% on prior year with gross profit margin at 31.7% down from 33.2% in the prior year.

As a result of the Autumn statement and election in the USA consumer confidence was ruined with people suspending home renovations due to uncertainties with jobs and potential increase in costs as a result of threatened tariffs.

Larger construction projects have also been impacted by the Building Safety Act key provisions taking effect in April 2024, these changes to building regulations were brought about by the recommendations of the Grenfell enquiry. A shortage of staff has meant that there is a significant backlog of projects awaiting approval by the building safety regulator.

Both factors contributed to poor sales in final quarter of the financial year. Continuing high utility costs and a 9.8% increase in the national minimum wage impacted the gross profit margin for the period.

Looking forward, staff numbers continue to be reduced through natural attrition, the market is recovering with enquiries and orders at a good level and cost cutting measures have been implemented giving a promising outlook for the next financial year.

ON BEHALF OF THE BOARD:

R L Ashcroft - Director

20 August 2025

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

R L Ashcroft

J Park-Davies

A J K Mackie

W L Brett

A I Field

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Fruition Advisory LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R L Ashcroft - Director

20 August 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ALLUMETTE LIMITED

Opinion

We have audited the financial statements of Allumette Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ALLUMETTE LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ALLUMETTE LIMITED

Auditors' 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 a Report of the Auditors 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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the Group policies;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Group documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists,

including tax specialists, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to the valuation of fixed assets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. These included compliance with GDPR regulation.

Audit response to risks identified:

As a result of performing the above, we identified the valuation of fixed assets as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ALLUMETTE LIMITED

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

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Michelle Vincent (Senior Statutory Auditor)

for and on behalf of Fruition Advisory LLP

29 Wood Street

Stratford-upon-Avon

CV37 6JG

20 August 2025

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

CONSOLIDATED

INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 14,724,772 |  | 15,237,971 |  |

Cost of sales | (10,069,368 | ) | (10,177,184 | ) |

GROSS PROFIT | 4,655,404 |  | 5,060,787 |  |

Distribution costs | (399,144 | ) | (350,877 | ) |

Administrative expenses | (3,747,621 | ) | (3,841,572 | ) |

OPERATING PROFIT | 6 | 508,639 |  | 868,338 |  |

Gain/loss on revaluation of assets | - |  | 117,849 |  |

508,639 |  | 986,187 |  |

Interest payable and similar expenses | 8 | (387,452 | ) | (433,795 | ) |

PROFIT BEFORE TAXATION | 121,187 |  | 552,392 |  |

Tax on profit | 9 | (181,293 | ) | (254,299 | ) |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (60,106 | ) | 298,093 |  |

(Loss)/profit attributable to:

Owners of the parent | (60,106 | ) | 298,093 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

CONSOLIDATED

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

(LOSS)/PROFIT FOR THE YEAR | (60,106 | ) | 298,093 |  |

OTHER COMPREHENSIVE INCOME |

Revaluation of land and buildings | - |  | 347,934 |  |

Surplus on property, plant and equipment | 21,089 |  | 21,089 |  |

Deficit on revaluation of other assets | (21,089 | ) | (21,089 | ) |

Sale of treasury shares | 5,000 |  | - |  |

Income tax relating to components of other comprehensive income | - |  | (86,983 | ) |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 5,000 |  | 260,951 |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (55,106 | ) | 559,044 |  |

Total comprehensive income attributable to:

Owners of the parent | (55,106 | ) | 559,044 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | 1,020,745 |  | 1,548,481 |  |

Tangible assets | 12 | 4,994,108 |  | 5,208,481 |  |

Investments | 13 | - |  | - |  |

6,014,853 |  | 6,756,962 |  |

CURRENT ASSETS

Stocks | 14 | 452,924 |  | 460,911 |  |

Debtors | 15 | 2,138,923 |  | 2,840,096 |  |

Cash at bank and in hand | 460,045 |  | 307,640 |  |

3,051,892 |  | 3,608,647 |  |

CREDITORS

Amounts falling due within one year | 16 | 2,596,136 |  | 3,007,904 |  |

NET CURRENT ASSETS | 455,756 |  | 600,743 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,470,609 |  | 7,357,705 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (3,165,342 | ) | (3,959,257 | ) |

PROVISIONS FOR LIABILITIES | 21 | (573,853 | ) | (611,928 | ) |

NET ASSETS | 2,731,414 |  | 2,786,520 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 2,837,884 |  | 2,837,884 |  |

Revaluation reserve | 23 | 495,625 |  | 516,714 |  |

Retained earnings | 23 | (602,095 | ) | (568,078 | ) |

SHAREHOLDERS' FUNDS | 2,731,414 |  | 2,786,520 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2025 and were signed on its behalf by:

R L Ashcroft - Director

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

COMPANY STATEMENT OF FINANCIAL POSITION

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 11 | - |  | - |  |

Tangible assets | 12 | - |  | - |  |

Investments | 13 | 10,142,424 |  | 10,142,424 |  |

10,142,424 |  | 10,142,424 |  |

CURRENT ASSETS

Debtors | 15 | 66,844 |  | 75,505 |  |

Cash at bank | 25,930 |  | 27,719 |  |

92,774 |  | 103,224 |  |

CREDITORS

Amounts falling due within one year | 16 | 712,181 |  | 757,324 |  |

NET CURRENT LIABILITIES | (619,407 | ) | (654,100 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,523,017 |  | 9,488,324 |  |

CREDITORS

Amounts falling due after more than one year | 17 | 2,967,188 |  | 3,601,938 |  |

NET ASSETS | 6,555,829 |  | 5,886,386 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 2,837,884 |  | 2,837,884 |  |

Retained earnings | 3,717,945 |  | 3,048,502 |  |

SHAREHOLDERS' FUNDS | 6,555,829 |  | 5,886,386 |  |

Company's profit for the financial year | 664,443 |  | 586,898 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2025 and were signed on its behalf by:

R L Ashcroft - Director

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Revaluation |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 April 2023 | 2,837,884 |  | (887,260 | ) | 276,852 |  | 2,227,476 |  |

Changes in equity

Total comprehensive income | - |  | 319,182 |  | 239,862 |  | 559,044 |  |

Balance at 31 March 2024 | 2,837,884 |  | (568,078 | ) | 516,714 |  | 2,786,520 |  |

Changes in equity

Total comprehensive income | - |  | (34,017 | ) | (21,089 | ) | (55,106 | ) |

Balance at 31 March 2025 | 2,837,884 |  | (602,095 | ) | 495,625 |  | 2,731,414 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 April 2023 | 2,837,884 |  | 2,461,604 |  | 5,299,488 |  |

Changes in equity

Total comprehensive income | - |  | 586,898 |  | 586,898 |  |

Balance at 31 March 2024 | 2,837,884 |  | 3,048,502 |  | 5,886,386 |  |

Changes in equity

Total comprehensive income | - |  | 669,443 |  | 669,443 |  |

Balance at 31 March 2025 | 2,837,884 |  | 3,717,945 |  | 6,555,829 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,744,521 |  | 1,327,968 |  |

Interest paid | (357,667 | ) | (405,599 | ) |

Interest element of hire purchase payments paid | (29,785 | ) | (28,196 | ) |

Tax paid | (281,382 | ) | (192,976 | ) |

Net cash from operating activities | 1,075,687 |  | 701,197 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (91,887 | ) | (236,446 | ) |

Net cash from investing activities | (91,887 | ) | (236,446 | ) |

Cash flows from financing activities

New hire purchase agreements | - |  | 321,010 |  |

Capital repayments of hire purchases | (201,645 | ) | (219,672 | ) |

Repayment of bank borrowing | (634,750 | ) | (634,748 | ) |

Sale of shares | 5,000 |  | - |  |

Net cash from financing activities | (831,395 | ) | (533,410 | ) |

Increase/(decrease) in cash and cash equivalents | 152,405 |  | (68,659 | ) |

Cash and cash equivalents at beginning of year | 2 | 307,640 |  | 376,299 |  |

Cash and cash equivalents at end of year | 2 | 460,045 |  | 307,640 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

1. | RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| (Loss)/profit for the financial year | (60,106 | ) | 298,093 |  |

| Depreciation charges | 831,295 |  | 832,558 |  |

| Loss on disposal of fixed assets | 2,701 |  | - |  |

| Gain on revaluation of fixed assets | - |  | (117,849 | ) |

| Finance costs | 387,452 |  | 433,795 |  |

| Taxation | 181,293 |  | 254,299 |  |

1,342,635 |  | 1,700,896 |  |

| Decrease/(increase) in stocks | 7,987 |  | (47,611 | ) |

| Decrease/(increase) in trade and other debtors | 735,771 |  | (143,756 | ) |

| Decrease in trade and other creditors | (341,872 | ) | (181,561 | ) |

| Cash generated from operations | 1,744,521 |  | 1,327,968 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 March 2025

| 31/3/25 |  | 1/4/24

£ | £ |

| Cash and cash equivalents | 460,045 |  | 307,640 |  |

| Year ended 31 March 2024

| 31/3/24 |  | 1/4/23

£ | £ |

| Cash and cash equivalents | 307,640 |  | 376,299 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/4/24 | Cash flow | At 31/3/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 307,640 |  | 152,405 |  | 460,045 |  |

307,640 |  | 152,405 |  | 460,045 |  |

| Debt

| Finance leases | (558,964 | ) | 201,645 |  | (357,319 | ) |

| Debts falling due within 1 year | (634,750 | ) | - |  | (634,750 | ) |

| Debts falling due after 1 year | (3,601,938 | ) | 634,750 |  | (2,967,188 | ) |

(4,795,652 | ) | 836,395 |  | (3,959,257 | ) |

| Total | (4,488,012 | ) | 988,800 |  | (3,499,212 | ) |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Allumette Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| As permitted by Section 408 of the companies Act 2006, the income statement of the parent company is not presented as part of these financial statements.

| Basis of consolidation

| The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.

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

| The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

| The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

| Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

| Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

| Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| 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 revision and future periods where 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 as follows:

| Useful economic lives of tangible assets

| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| Stock provision

| The company undertakes projects which require specialist paint, as a result it is necessary to consider the recoverability of the cost of excess stock of these paints. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.

| Impairment of debtors

| The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the aging profile of debtors and historical experience.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Goodwill

| Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recgonised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over the useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

| Amortisation

| Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

| Asset class Amortisation method and rate

| Goodwill on consolidation 10 years straight line

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

| Depreciation is provided on the following basis:

| Leasehold property - over the length of the lease

| Plant and machinery - 10 - 20% straight line

| Motor vehicles - 20 - 25% straight line

| Fixture and fittings - 20% straight line

| The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Income and Retained Earnings.

| Revaluation of tangible fixed assets

| Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

| Fair value are determined from market based evidence normally undertaken by professionally qualified valuers.

| Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit and loss.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due obsolete and slow moving items. Cost is determined using the first-in, first-out (FIFO) method.

| The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

| Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

| Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

| Pension costs and other post-retirement benefits

| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

4. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Powder coating services | 10,851,157 |  | 11,825,786 |  |

| Manufacturing of louvres | 3,873,615 |  | 3,412,185 |  |

14,724,772 |  | 15,237,971 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 14,724,772 |  | 15,237,971 |  |

14,724,772 |  | 15,237,971 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,898,931 |  | 6,135,490 |  |

| Social security costs | 527,986 |  | 552,540 |  |

| Other pension costs | 155,382 |  | 200,870 |  |

6,582,299 |  | 6,888,900 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Production | 156 |  | 171 |  |

| Administration and support | 13 |  | 11 |  |

| Other departments | 12 |  | 8 |  |

181 |  | 190 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 277,085 |  | 300,769 |  |

| Directors' pension contributions to money purchase schemes | 41,139 |  | 78,621 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 130,031 |  | 148,957 |  |

| Pension contributions to money purchase schemes | 36,000 |  | 36,000 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 75,822 |  | 75,345 |  |

| Depreciation - owned assets | 303,559 |  | 304,822 |  |

| Loss on disposal of fixed assets | 2,701 |  | - |  |

| Goodwill amortisation | 527,736 |  | 527,736 |  |

| Foreign exchange differences | 1,445 |  | - |  |

| Lease of motor vehicles | 29,550 |  | 20,406 |  |

7. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 2,000 |  | 2,000 |  |

| Fees payable to the company's auditors for other services to the | group: |

| The auditing of accounts of any associate of the company | 18,000 |  | 17,000 |  |

| Total audit fees | 20,000 |  | 19,000 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 357,667 |  | 405,599 |  |

| Hire purchase | 29,785 |  | 28,196 |  |

387,452 |  | 433,795 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 219,368 |  | 241,402 |  |

| Deferred tax | (38,075 | ) | 12,897 |  |

| Tax on profit | 181,293 |  | 254,299 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 121,187 |  | 552,392 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 30,297 |  | 138,098 |  |

| Effects of:

| Expenses not deductible for tax purposes | 17,263 |  | 605 |  |

| Depreciation in excess of capital allowances | 50,833 |  | 13,728 |  |

| Utilisation of tax losses | (9,841 | ) | (12,902 | ) |

| Difference of tax rates | (1,200 | ) | (600 | ) |

| Revaluation of assets | - |  | (29,462 | ) |

| Deferred tax | (38,075 | ) | 12,898 |  |

| Tax effects for reconciliation between accounting profits and tax expense | 131,934 |  | 131,934 |  |

| Under provision for prior year tax | 82 |  | - |  |

| Total tax charge | 181,293 |  | 254,299 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of land and buildings

| Surplus on property, plant and equipment | 21,089 |  | - |  | 21,089 |  |

| Deficit on revaluation of other assets | (21,089 | ) | - |  | (21,089 | ) |

| Sale of treasury shares | 5,000 |  | - |  | 5,000 |  |

5,000 |  | - |  | 5,000 |  |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Revaluation of land and buildings | 347,934 |  | (86,983 | ) | 260,951 |  |

| Surplus on property, plant and equipment | 21,089 |  | - |  | 21,089 |  |

| Deficit on revaluation of other assets | (21,089 | ) | - |  | (21,089 | ) |

| Purchase of own shares

347,934 |  | (86,983 | ) | 260,951 |  |

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

11. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 5,277,320 |  |

| AMORTISATION

| At 1 April 2024 | 3,728,839 |  |

| Amortisation for year | 527,736 |  |

| At 31 March 2025 | 4,256,575 |  |

| NET BOOK VALUE

| At 31 March 2025 | 1,020,745 |  |

| At 31 March 2024 | 1,548,481 |  |

12. | TANGIBLE FIXED ASSETS

| Group

| Fixtures |

| Long |  | Plant and |  | and |  | Computer |

| leasehold |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 April 2024 | 3,547,790 |  | 5,733,941 |  | 23,865 |  | 3,083 |  | 9,308,679 |  |

| Additions | - |  | 91,887 |  | - |  | - |  | 91,887 |  |

| Disposals | - |  | (3,274 | ) | - |  | - |  | (3,274 | ) |

| At 31 March 2025 | 3,547,790 |  | 5,822,554 |  | 23,865 |  | 3,083 |  | 9,397,292 |  |

| DEPRECIATION

| At 1 April 2024 | 49,323 |  | 4,025,271 |  | 22,960 |  | 2,644 |  | 4,100,198 |  |

| Charge for year | 40,209 |  | 262,285 |  | 905 |  | 160 |  | 303,559 |  |

| Eliminated on disposal | - |  | (573 | ) | - |  | - |  | (573 | ) |

| At 31 March 2025 | 89,532 |  | 4,286,983 |  | 23,865 |  | 2,804 |  | 4,403,184 |  |

| NET BOOK VALUE

| At 31 March 2025 | 3,458,258 |  | 1,535,571 |  | - |  | 279 |  | 4,994,108 |  |

| At 31 March 2024 | 3,498,467 |  | 1,708,670 |  | 905 |  | 439 |  | 5,208,481 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

12. | TANGIBLE FIXED ASSETS - continued

| Group

| Cost or valuation at 31 March 2025 is represented by:

| Fixtures |

| Long |  | Plant and |  | and |  | Computer |

| leasehold |  | machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 2024 | 270,000 |  | - |  | - |  | - |  | 270,000 |  |

| Valuation in 2020 | 28,696 |  | - |  | - |  | - |  | 28,696 |  |

| Valuation in 2009 | 945,835 |  | - |  | - |  | - |  | 945,835 |  |

| Cost | 2,303,259 |  | 5,822,554 |  | 23,865 |  | 3,083 |  | 8,152,761 |  |

3,547,790 |  | 5,822,554 |  | 23,865 |  | 3,083 |  | 9,397,292 |  |

| The fair value of the group's long leasehold land and buildings was revalued on 23 June 2023 by an independent valuer.

| The name and qualification of the independent valuer are N Olds Msc MRICS on behalf of Lambert Smith Hampton.

| Had this class of asset been measured on a historical cost basis, the carrying cost amount would have been £2,303,259 (2024: £2,303,259) and the carrying accumulated depreciation would have been £496,046 (2024: £476,652).

| Included within the net book value of land and building above is £3,458,258 (2024: £3,498,467) in respect of long leasehold hand and building.

| Assets held under finance leases ad hire purchase contracts

| The net carrying amount of tangible assets the following amounts in respect of assets held under finance leases and hire purchase contracts:

| Plant and machinery - £643,005 (2024 - £853,588)

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 10,142,424 |  |

| NET BOOK VALUE

| At 31 March 2025 | 10,142,424 |  |

| At 31 March 2024 | 10,142,424 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

13. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| Motion Finance Limited

| Registered office: Yardley Brook Industrial Park, Lea Ford Road, Shard End, Birmingham, B33 9TX

| Nature of business: Holding company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,819,058 |  | 1,850,071 |  |

| Profit for the year | 168,987 |  | 232,737 |  |

| Vertik-al Limited

| Registered office: Yardley Brook Industrial Park, Lea Ford Road, Shard End, Birmingham, B33 9TX

| Nature of business: powder coating and metal finishers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,620,694 |  | 1,992,221 |  |

| Profit for the year | 28,473 |  | 312,843 |  |

| Ikon Aluminium Solutions ( Holdings ) Limited

| Registered office: 1-3 Lea Ford Road, Shard End, Birmingham, B33 9TX

| Nature of business: Holding

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 671,855 |  | 611,201 |  |

| Profit for the year | 610,654 |  | 609,769 |  |

| Ikon Aluminium Systems Limited

| Registered office: 1-3 Lea Ford Road, Shard End, Birmingham, B33 9TX

| Nature of business: Sale of Aluminium ventilation products

| %

| Class of shares: | holding |

| ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 1,185,660 |  | 1,040,558 |  |

| Profit for the year | 695,072 |  | 553,582 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

14. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Raw materials | 400,130 |  | 373,762 |  |

| Work-in-progress | 52,794 |  | 87,149 |  |

452,924 |  | 460,911 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 1,631,136 |  | 2,468,117 |  | - |  | - |  |

| Other debtors | 135,086 |  | 68,824 |  | 3,110 |  | 3,750 |  |

| Tax | 34,598 |  | - |  | - |  | - |  |

| Prepayments and accrued income | 338,103 |  | 303,155 |  | 63,734 |  | 71,755 |  |

2,138,923 |  | 2,840,096 |  | 66,844 |  | 75,505 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 18) | 634,750 |  | 634,750 |  | 634,750 |  | 634,750 |  |

| Hire purchase contracts (see note 19) | 159,165 |  | 201,645 |  | - |  | - |  |

| Trade creditors | 781,201 |  | 936,653 |  | 20,610 |  | 22,499 |  |

| Tax | 112,402 |  | 139,818 |  | - |  | - |  |

| Social security and other taxes | 451,836 |  | 621,499 |  | 10,565 |  | 10,790 |  |

| Other creditors | 82,694 |  | 98,520 |  | 483 |  | 483 |  |

| Accruals and deferred income | 374,088 |  | 375,019 |  | 45,773 |  | 88,802 |  |

2,596,136 |  | 3,007,904 |  | 712,181 |  | 757,324 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 18) | 2,967,188 |  | 3,601,938 |  | 2,967,188 |  | 3,601,938 |  |

| Hire purchase contracts (see note 19) | 198,154 |  | 357,319 |  | - |  | - |  |

3,165,342 |  | 3,959,257 |  | 2,967,188 |  | 3,601,938 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

18. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or | on demand: |

| Bank loans | 634,750 |  | 634,750 |  | 634,750 |  | 634,750 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | 634,750 |  | 634,750 |  | 634,750 |  | 634,750 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | 2,332,438 |  | 2,967,188 |  | 2,332,438 |  | 2,967,188 |  |

| Clydesdale bank loan A is denominated in Sterling with a nominal interest rate of 3.75% over the bank of England base rate, and the final instalment is due on 30 June 2027. The carrying amount at year end is £900,000 (2024: £1,300,000).

| Clydesdale bank loan B is denominated in Sterling with a nominal interest rate of 4.25% over the bank of England base rate, and the final instalment is due on 29 June 2027. The carrying amount at year end is £1,000,000 (2024: £1,000,000).

| Clydesdale bank loan C is denominated in Sterling with a nominal interest rate of 3.25% over the bank of England base rate, and the final instalment is due on 29 June 2027. The carrying amount at year end is £1,701,938 (2024: £1,936,688).

| The bank loans are secured by a fixed and floating charge over the assets of the company and its subsidiaries.

19. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 159,165 |  | 201,645 |  |

| Between one and five years | 198,154 |  | 357,319 |  |

357,319 |  | 558,964 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

19. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable | operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 245,474 |  | 228,423 |  |

| Between one and five years | 563,996 |  | 105,079 |  |

| In more than five years | - |  | 73,134 |  |

809,470 |  | 406,636 |  |

20. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans | 3,601,938 |  | 4,236,688 |  | 3,601,938 |  | 4,236,688 |  |

| Hire purchase contracts | 357,319 |  | 558,964 |  | - |  | - |  |

3,959,257 |  | 4,795,652 |  | 3,601,938 |  | 4,236,688 |  |

| The assets of the group are subject to a legal charge in favour of Clydesdale Bank PLC in relation to a group loan in the name of the parent company. Allumette Limited

21. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 573,853 |  | 611,928 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 611,928 |  |

| Provided during year | (38,075 | ) |

| Balance at 31 March 2025 | 573,853 |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 620,000 | Ordinary | 1 | 620,000 |  | 620,000 |  |

| 2,217,884 | Preference | 1 | 2,217,884 |  | 2,217,884 |  |

2,837,884 |  | 2,837,884 |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

22. | CALLED UP SHARE CAPITAL - continued

| The company sold 5,000 of its own shares at a par value of £1 per share during the year to a director of the business.

23. | RESERVES

| Group

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 April 2024 | (568,078 | ) | 516,714 |  | (51,364 | ) |

| Deficit for the year | (60,106 | ) | (60,106 | ) |

| Cash share issue | 5,000 |  | - |  | 5,000 |  |

| Other movement | 21,089 |  | (21,089 | ) | - |  |

| At 31 March 2025 | (602,095 | ) | 495,625 |  | (106,470 | ) |

| Company

| Retained

| earnings

£ |

| At 1 April 2024 | 3,048,502 |  |

| Profit for the year | 664,443 |  |

| Cash share issue | 5,000 |  |

| At 31 March 2025 | 3,717,945 |  |

24. | PENSION COMMITMENTS

| The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £155,382 (2024 - £200,870).

| Contributions totalling £19,217 (2024 - £24,292) were payable to the scheme at the end of the year and are included in creditors.

25. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| Key management personnel of the entity or its parent (in the aggregate)

2025 | 2024 |

£ | £ |

| Transfers | 5,000 |  | - |  |

| Share acquisition | (5,000 | ) | - |  |

| ALLUMETTE LIMITED (REGISTERED NUMBER: 10509712) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

26. | ULTIMATE CONTROLLING PARTY

| In the opinion of the directors there is no ultimate controlling party.