Company registration number 06989663 (England and Wales)
Blancomet Recycling UK Limited
Annual report and financial statements
For the year ended 31 January 2025
Blancomet Recycling UK Limited
Company information
Director
Mr N Gecas
Company number
06989663
Registered office
Opal Way
Stone Business Park
Stone
ST15 0SS
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke on Trent
Staffordshire
ST1 5SQ
Blancomet Recycling UK Limited
Contents
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Statement of cash flows
11
Notes to the financial statements
12 - 25
Blancomet Recycling UK Limited
Strategic report
For the year ended 31 January 2025
- 1 -

The director presents the strategic report for the year ended 31 January 2025.

Review of the business

The director aims to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the end of the year. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties they face.

The strategy was to continue developing new business and look to introduce new services to increase turnover and profitability.

Precious metal prices have seen a decrease in the period which can be seen in the de crease in turnover as well as the de crease in purchases.

Principal risks and uncertainties

As always the main business risks are that of foreign exchange movement and metal prices movement. The director continue to monitor these closely on an ongoing basis.

The director is continually assessing risks and uncertainties and is aware that any plans for the future development of the company may be subject to unforeseen events outside of his control.

Key performance indicators

The turnover for the company achieved was £47.4m for the year to January 2025 (2024 - £60m), generating a gross profit of £2.6m (2024 - £2.7m) and a net loss before tax of £75k (net profit 2024 - £207k). The decrease in turnover was a result of the decrease in precious metal prices in the period and the fluctuations in exchange rate through the period.

The business's key performance indicators communicate the financial performance and strength of the company. With the fluctuating precious metal prices, the company has seen a reduction in gross profit margin. The net profit margin has still decreased to a loss percentage of 0.58% (net profit 2024 – 0.34%).

The business environment in which the company operates continues to be challenging. The recycling market is highly competitive and plans for future development are for the company to continue to grow its market share.

Section 172(1) statement

We have had regard to the matters set out in section 172(1)(a) to (f) of the C ompanies Act 2006 when performing their duty under section 172.

We have made consideration of:

- the likely consequences of any decision in the long term

- the interests of the company's employee

- the need to foster the company's business relationships with suppliers, customers and others

- the impact of the company's operations on the community and the environment

- the desirability of the company maintaining a reputation for high standards of business conduct, and

- the need to act fairly as between members of the company.

Blancomet Recycling UK Limited
Strategic report (continued)
For the year ended 31 January 2025
- 2 -

On behalf of the board

Mr N Gecas
Director
22 October 2025
Blancomet Recycling UK Limited
Director's report
For the year ended 31 January 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the company continued to be that of recycling precious metals.

Results and dividends

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

Ordinary dividends were paid amounting to £334,219 (2024: £50,000). The director does not recommend payment of a final dividend.

Director

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

Mr N Gecas
Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
89,442
74,392
- Electricity purchased
519,842
674,342
609,284
748,734
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
24.00
20.00
- Fuel consumed for owned transport
-
-
24.00
20.00
Scope 2 - indirect emissions
- Electricity purchased
104.00
136.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
128.00
156.00
Intensity ratio
Tonnes CO2e per employee
2
3
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Blancomet Recycling UK Limited
Director's report (continued)
For the year ended 31 January 2025
- 4 -
Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per average full time employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We are always looking for ways to improve our energy efficiency and reduce our carbon footprint.

Statement of director's responsibilities

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

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

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

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

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

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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.

On behalf of the board
Mr N Gecas
Director
22 October 2025
Blancomet Recycling UK Limited
Independent auditor's report
To the members of Blancomet Recycling UK Limited
- 5 -
Opinion

We have audited the financial statements of Blancomet Recycling UK Limited (the 'company') for the year ended 31 January 2025 which comprise the statement of income and retained earnings, the statement of financial position, 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 January 2025 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Blancomet Recycling UK Limited
Independent auditor's report (continued)
To the members of Blancomet Recycling UK Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the director's 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 director's 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 director's 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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.

Blancomet Recycling UK Limited
Independent auditor's report (continued)
To the members of Blancomet Recycling UK Limited
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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

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

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

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

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

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

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

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

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

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

- tested journal entries to identify unusual transactions; and

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

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

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

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

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

Blancomet Recycling UK Limited
Independent auditor's report (continued)
To the members of Blancomet Recycling UK Limited
- 8 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Chadwick FCCA (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Glades
Festival Way
Festival Park
Stoke on Trent
Staffordshire
ST1 5SQ
24 October 2025
Blancomet Recycling UK Limited
Statement of income and retained earnings
For the year ended 31 January 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
47,405,220
60,069,288
Cost of sales
(44,799,115)
(57,332,259)
Gross profit
2,606,105
2,737,029
Administrative expenses
(2,193,549)
(2,589,297)
Other operating income
2,773
2,254
Operating profit
4
415,329
149,986
Interest receivable and similar income
8
7,794
1,698
Interest payable and similar expenses
9
(498,989)
(23,284)
Other gains and losses
10
-
78,383
(Loss)/profit before taxation
(75,866)
206,783
Tax on (loss)/profit
11
(196,820)
(1,568)
(Loss)/profit for the financial year
(272,686)
205,215
Retained earnings brought forward
6,635,806
6,480,591
Dividends
12
(334,219)
(50,000)
Retained earnings carried forward
6,028,901
6,635,806
Blancomet Recycling UK Limited
Statement of financial position
As at 31 January 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,937,129
1,819,997
Current assets
Stocks
14
3,553,907
2,892,569
Debtors
15
3,441,314
3,926,927
Cash at bank and in hand
899,672
1,630,663
7,894,893
8,450,159
Creditors: amounts falling due within one year
16
(3,331,139)
(3,231,245)
Net current assets
4,563,754
5,218,914
Total assets less current liabilities
6,500,883
7,038,911
Creditors: amounts falling due after more than one year
17
(245,082)
(215,005)
Provisions for liabilities
Deferred tax liability
20
226,800
188,000
(226,800)
(188,000)
Net assets
6,029,001
6,635,906
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
6,028,901
6,635,806
Total equity
6,029,001
6,635,906
The financial statements were approved and signed by the director and authorised for issue on 22 October 2025
Mr N Gecas
Director
Company registration number 06989663 (England and Wales)
Blancomet Recycling UK Limited
Statement of cash flows
For the year ended 31 January 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
338,675
(1,138,401)
Interest paid
(498,989)
(23,284)
Income taxes refunded/(paid)
31,110
(389,828)
Net cash outflow from operating activities
(129,204)
(1,551,513)
Investing activities
Purchase of tangible fixed assets
(170,579)
(92,137)
Proceeds from disposal of tangible fixed assets
81,632
8,440
Proceeds from disposal of subsidiaries
-
0
689,038
Interest received
7,794
1,698
Net cash (used in)/generated from investing activities
(81,153)
607,039
Financing activities
Repayment of bank loans
(85,311)
(99,201)
Payment of finance leases obligations
(101,104)
(65,048)
Dividends paid
(334,219)
(50,000)
Net cash used in financing activities
(520,634)
(214,249)
Net decrease in cash and cash equivalents
(730,991)
(1,158,723)
Cash and cash equivalents at beginning of year
1,630,663
2,789,386
Cash and cash equivalents at end of year
899,672
1,630,663
Blancomet Recycling UK Limited
Notes to the financial statements
For the year ended 31 January 2025
- 12 -
1
Accounting policies
Company information

Blancomet Recycling UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Opal Way, Stone Business Park, Stone, ST15 0SS.

1.1
Accounting convention

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

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

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

1.2
Going concern

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

1.3
Turnover

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

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 despatch 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
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:

Freehold land and buildings
2% of cost from date of acquisition
Plant and machinery
20% per annum on net book value
Fixtures, fittings and equipment
15% per annum on net book value
Computer equipment
33% per annum on cost
Motor vehicles
25% per annum on net book value

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.

Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.6
Impairment of fixed assets

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

1.7
Stocks

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

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

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

1.8
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.

1.9
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 statement of financial position 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, amounts due from related parties and c ash 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.

Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 14 -
Other financial assets

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

Impairment of financial assets

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

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

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

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 and bank loans, 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.

Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

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

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

Derecognition of financial liabilities

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

1.10
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.

1.11
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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.

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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.12
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.

Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
1
Accounting policies
(Continued)
- 16 -
1.13
Retirement benefits

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

1.14
Leases
As lessee

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 statement of financial position 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.

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

1.15
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 director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock valuation

The client uses an estimated average cost to value stock based on their knowledge of the precious metals industry and the prevailing price.

Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 17 -
3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
23,014,155
19,511,658
European Union
23,259,149
39,366,290
Rest of the world
1,131,916
1,191,340
47,405,220
60,069,288
2025
2024
£
£
Other revenue
Interest income
7,794
1,698
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
47,878
145,286
Depreciation of owned tangible fixed assets
176,221
187,193
Depreciation of tangible fixed assets held under finance leases
57,724
15,847
Profit on disposal of tangible fixed assets
(9,397)
(3,890)
Operating lease charges
100,000
98,470
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,000
42,350
For other services
All other non-audit services
16,349
22,611
Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 18 -
6
Employees

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

2025
2024
Number
Number
Production
47
47
Administration and director
16
15
Total
63
62

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,540,644
1,494,784
Social security costs
133,027
123,342
Pension costs
34,264
32,336
1,707,935
1,650,462
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
56,271
56,761
Company pension contributions to defined contribution schemes
1,313
1,313
57,584
58,074
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
3,571
1,698
Other interest income
4,223
-
0
Total income
7,794
1,698
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,571
1,698
Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 19 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,970
4,167
Interest on finance leases and hire purchase contracts
16,992
8,923
34,962
13,090
Other finance costs:
Other interest
464,027
10,194
498,989
23,284
10
Other gains and losses
2025
2024
£
£
Gain on disposal of investments held at fair value
-
78,383
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
42,442
57,143
Adjustments in respect of prior periods
115,578
(98,585)
Total current tax
158,020
(41,442)
Deferred tax
Origination and reversal of timing differences
38,800
43,010
Total tax charge
196,820
1,568
Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
11
Taxation
(Continued)
- 20 -

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

2025
2024
£
£
(Loss)/profit before taxation
(75,866)
206,783
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(18,967)
51,696
Tax effect of expenses that are not deductible in determining taxable profit
95,214
1,127
Tax effect of income not taxable in determining taxable profit
-
0
(19,596)
Adjustments in respect of prior years
115,578
-
0
Depreciation on assets not qualifying for tax allowances
6,021
6,161
Under/(over) provided in prior years
(1,364)
(98,585)
Deferred tax adjustments in respect of prior years
-
0
63,680
Disposal of CGT asset
338
-
0
Capital Allowances - enhanced deduction
-
0
(115)
Deferred tax
-
0
(2,800)
Taxation charge for the year
196,820
1,568

12
Dividends
2025
2024
£
£
Interim paid
334,219
50,000
Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 21 -
13
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2024
1,252,877
1,527,155
202,226
46,005
300,719
3,328,982
Additions
-
0
359,031
12,751
644
50,886
423,312
Disposals
-
0
(48,289)
-
0
-
0
(85,475)
(133,764)
At 31 January 2025
1,252,877
1,837,897
214,977
46,649
266,130
3,618,530
Depreciation and impairment
At 1 February 2024
171,690
998,948
119,053
40,776
178,518
1,508,985
Depreciation charged in the year
25,058
158,477
14,089
3,685
32,636
233,945
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(61,529)
(61,529)
At 31 January 2025
196,748
1,157,425
133,142
44,461
149,625
1,681,401
Carrying amount
At 31 January 2025
1,056,129
680,472
81,835
2,188
116,505
1,937,129
At 31 January 2024
1,081,187
528,207
83,173
5,229
122,201
1,819,997

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
243,162
44,638
Motor vehicles
10,544
14,059
253,706
58,697
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,553,907
2,892,569
Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 22 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,416,399
3,210,769
Corporation tax recoverable
-
0
88,391
Other debtors
926,292
464,498
Prepayments and accrued income
98,623
163,269
3,441,314
3,926,927
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
95,278
91,805
Obligations under finance leases
19
98,770
66,002
Payments received on account
543,316
-
0
Trade creditors
1,993,174
2,932,427
Corporation tax
157,882
57,143
Other creditors
378,972
6,480
Accruals and deferred income
63,747
77,388
3,331,139
3,231,245
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
103,415
192,199
Obligations under finance leases
19
141,667
22,806
245,082
215,005
18
Loans and overdrafts
2025
2024
£
£
Bank loans
198,693
284,004
Payable within one year
95,278
91,805
Payable after one year
103,415
192,199

The long-term loans are secured by fixed charges over Land and Buildings.

Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
18
Loans and overdrafts
(Continued)
- 23 -

Long term debt is in the form of a secured bank loan with National Westminster Bank Plc which is a monthly/quarterly repayment (capital and interest) instrument, maturing in January 2027, with a fixed rate of 3.77%.

19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
98,770
66,002
In two to five years
141,667
22,806
240,437
88,808

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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
226,059
188,000
Retirement benefit obligations
741
-
226,800
188,000
2025
Movements in the year:
£
Liability at 1 February 2024
188,000
Charge to profit or loss
38,800
Liability at 31 January 2025
226,800

Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
- 24 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
34,264
32,336

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.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
85
85
85
85
Ordinary A shares of £1 each
15
15
15
15
100
100
100
100

Ordinary and Ordinary A Shares rank pari passu and have attached to them full voting, dividends and capital distribution rights, they do not confer any redemption rights.

23
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
100,000
100,000
Years 2-5
365,000
385,000
After 5 years
240,000
320,000
705,000
805,000
24
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Other related parties
312,260
478,167
18,838,095
16,876,780
Blancomet Recycling UK Limited
Notes to the financial statements (continued)
For the year ended 31 January 2025
24
Related party transactions
(Continued)
- 25 -

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Other related parties
553,203
186,302
25
Cash generated from/(absorbed by) operations
2025
2024
£
£
(Loss)/profit after taxation
(272,686)
205,215
Adjustments for:
Taxation charged
196,820
1,568
Finance costs
498,989
23,284
Investment income
(7,794)
(1,698)
Gain on disposal of tangible fixed assets
(9,397)
(3,890)
Depreciation and impairment of tangible fixed assets
233,945
203,040
Other gains and losses
-
(78,383)
Movements in working capital:
(Increase)/decrease in stocks
(661,338)
2,125,820
Decrease in debtors
397,222
5,841,912
Decrease in creditors
(37,086)
(9,455,269)
Cash generated from/(absorbed by) operations
338,675
(1,138,401)
26
Analysis of changes in net funds
1 February 2024
Cash flows
New leases
31 January 2025
£
£
£
£
Cash at bank and in hand
1,630,663
(730,991)
-
899,672
Borrowings excluding overdrafts
(284,004)
85,311
-
(198,693)
Lease liabilities
(88,808)
101,104
(252,733)
(240,437)
1,257,851
(544,576)
(252,733)
460,542
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