REGISTERED NUMBER: 12495880 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

EVMET LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

D J Evans

REGISTERED OFFICE:

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

REGISTERED NUMBER:

12495880 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

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

REVIEW OF BUSINESS

Evmet Ltd is principally engaged in the trading of metal scrap, including ferrous and non-ferrous materials, sourcing from UK and international suppliers for recycling and industrial reuse.

The company achieved a turnover of £48,244,919 for the year (2024: £53,210,612), representing a decrease of 9.3%. The reduction in turnover was deliberate and in line with the company's strategy of focusing on higher-margin grades of material. As a result, profit before tax increased significantly to £2,133,963 (2024: £1,180,952).

At 31 March 2025 the company's net assets stood at £6,362,411 (2024: £4,912,690), supported by strong working capital. The directors consider the company's financial position to be robust and well placed to support continued growth in sustainable recycled metal trading.

KEY PERFORMANCE INDICATORS

KPI

Year ended 31 March 2025

Year ended 31 March 2024

Turnover

£48.24 million

£53.21 million

Gross Profit Margin

4.5%

2.9%

Profit before tax

£2.13 million

£1.18 million

Net profit margin

4.4%

2.2%

The directors are satisfied that the strategic shift towards higher-value materials has delivered a material improvement in profitability and return on capital.

Environmental matters are central to the business model, with a focus on sustainable sourcing and compliance with recycling regulations. Employee matters are addressed through ongoing health & safety training, competitive remuneration and a stable workforce.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the company include:

- Volatility in global scrap metal prices, influenced by economic trends and supply-demand imbalances; mitigated by active market monitoring, flexible purchasing strategies, and a deliberate focus on higher-margin grades.

- Supply chain and regulatory compliance (Scrap Metal Dealers Act, waste shipment regulations, ESG requirements, and modern slavery risks); managed through rigorous supplier due diligence, ethical sourcing audits, and internal compliance procedures.

- Currency fluctuations on international trades; fully hedged to protect margins.

- General economic slowdown affecting manufacturing demand for recycled metals, compounded by export restrictions and trade policies; addressed through diversified markets, long-term supplier partnerships, and ongoing policy monitoring.

The directors regularly review these risks and believe they are effectively managed to support the company's long-term stability in the scrap trading sector.

ON BEHALF OF THE BOARD:

D J Evans - Director

9 December 2025

The director presents his report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of metal and metal ores.

DIVIDENDS

An interim dividend of £1,486.51 per share was paid on 31 March 2025. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 148,651 .

DIRECTOR

D J Evans held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director 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;

-	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 him 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D J Evans - Director

9 December 2025

Opinion

We have audited the financial statements of Evmet Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 identified material misstatements in the Strategic Report or the Report of the Director.

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, 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 Statement of Director's Responsibilities set out on page three, 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 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.

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:

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 client's operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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 their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

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; - assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were

indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

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;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC.

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 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.

Aled Davies FCCA (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

9 December 2025

TURNOVER

4

48,244,919

53,210,612

Cost of sales

(46,060,059

)

(51,650,472

)

GROSS PROFIT

2,184,860

1,560,140

Administrative expenses

(93,664

)

(374,447

)

OPERATING PROFIT

6

2,091,196

1,185,693

Interest receivable and similar income

42,767

14,078

2,133,963

1,199,771

Interest payable and similar expenses

8

-

(18,819

)

PROFIT BEFORE TAXATION

2,133,963

1,180,952

Tax on profit

9

(535,591

)

(296,946

)

PROFIT FOR THE FINANCIAL YEAR

1,598,372

884,006

PROFIT FOR THE YEAR

1,598,372

884,006

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,598,372

884,006

FIXED ASSETS

Tangible assets

11

1,632

14,637

CURRENT ASSETS

Stocks

12

-

109,585

Debtors

13

7,438,457

3,922,937

Cash at bank

1,117,940

1,802,345

8,556,397

5,834,867

CREDITORS

Amounts falling due within one year

14

2,195,618

936,814

NET CURRENT ASSETS

6,360,779

4,898,053

TOTAL ASSETS LESS CURRENT LIABILITIES

6,362,411

4,912,690

CAPITAL AND RESERVES

Called up share capital

15

100

100

Retained earnings

16

6,362,311

4,912,590

SHAREHOLDERS' FUNDS

6,362,411

4,912,690

The financial statements were approved by the director and authorised for issue on 9 December 2025 and were signed by:

D J Evans - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

4,148,584

4,148,684

Changes in equity

Dividends

-

(120,000

)

(120,000

)

Total comprehensive income

-

884,006

884,006

Balance at 31 March 2024

100

4,912,590

4,912,690

Changes in equity

Dividends

-

(148,651

)

(148,651

)

Total comprehensive income

-

1,598,372

1,598,372

Balance at 31 March 2025

100

6,362,311

6,362,411

Cash flows from operating activities

Cash generated from operations

1

(459,178

)

1,652,995

Interest paid

-

(18,819

)

Tax paid

(119,343

)

(918,821

)

Net cash from operating activities

(578,521

)

715,355

Cash flows from investing activities

Purchase of tangible fixed assets

-

(1,526

)

Interest received

42,767

14,078

Net cash from investing activities

42,767

12,552

Cash flows from financing activities

Equity dividends paid

(148,651

)

(120,000

)

Net cash from financing activities

(148,651

)

(120,000

)

(Decrease)/increase in cash and cash equivalents

(684,405

)

607,907

Cash and cash equivalents at beginning of year

2

1,802,345

1,194,438

Cash and cash equivalents at end of year

2

1,117,940

1,802,345

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit before taxation

2,133,963

1,180,952

Depreciation charges

13,005

13,973

Finance costs

-

18,819

Finance income

(42,767

)

(14,078

)

2,104,201

1,199,666

Decrease in stocks

109,585

3,743

Increase in trade and other debtors

(3,593,575

)

(132,606

)

Increase in trade and other creditors

920,611

582,192

Cash generated from operations

(459,178

)

1,652,995

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,117,940

1,802,345

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,802,345

1,194,438

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,802,345

(684,405

)

1,117,940

1,802,345

(684,405

)

1,117,940

Total

1,802,345

(684,405

)

1,117,940

1.	STATUTORY INFORMATION

Evmet 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 Company Information page.

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.

The accounts are for the individual entity only.

The financial statements are presented in Sterling (£), rounded to the nearest £1.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 12 for the net carrying amount of debtors.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. 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 assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.

TURNOVER

The geographical analysis of turnover and the split of turnover by class of business is not disclosed as, in the opinion of the director, to do so would be seriously prejudicial to the company's interests.

5.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

150,888

110,000

Social security costs

10,622

5,739

Other pension costs

2,132

2,410

163,642

118,149

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

31.3.25

31.3.24

Administration

2

2

Sales

2

2

4

4

31.3.25

31.3.24

£

£

Director's remuneration

13,490

12,500

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

13,005

13,973

7.	AUDITORS' REMUNERATION

31.3.25

31.3.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

8,545

5,360

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

HMRC interest

-

18,819

9.

TAXATION

Analysis of the tax charge

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

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

535,591

296,946

Tax on profit

535,591

296,946

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:

31.3.25

31.3.24

£

£

Profit before tax

2,133,963

1,180,952

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

533,491

295,238

Effects of:

Depreciation in excess of capital allowances

2,100

1,708

Total tax charge

535,591

296,946

10.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Interim

148,651

120,000

11.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

46,400

8,208

54,608

DEPRECIATION

At 1 April 2024

34,801

5,170

39,971

Charge for year

11,599

1,406

13,005

At 31 March 2025

46,400

6,576

52,976

NET BOOK VALUE

At 31 March 2025

-

1,632

1,632

At 31 March 2024

11,599

3,038

14,637

12.

STOCKS

31.3.25

31.3.24

£

£

Stocks

-

109,585

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

6,816,265

3,285,584

Tax

-

78,055

VAT

622,192

559,298

7,438,457

3,922,937

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

1,501,675

578,376

Tax

338,193

-

Social security and other taxes

4,155

-

Other creditors

624

568

Directors' current accounts

14,247

14,247

Accruals and deferred income

336,724

343,623

2,195,618

936,814

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary

£1

100

100

The shares have full voting rights, are eligible for dividends and carry the right to participate in a distribution (including on winding up).

16.

RESERVES

Retained

earnings

£

At 1 April 2024

4,912,590

Profit for the year

1,598,372

Dividends

(148,651

)

At 31 March 2025

6,362,311

Retained earnings includes all current and prior period retained profits and losses.

17.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D J Evans.