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REGISTERED NUMBER: 07723962 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

ASHVIN METALS LTD

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Income Statement | 9 |

| Other Comprehensive Income | 10 |

| Balance Sheet | 11 |

| Statement of Changes in Equity | 12 |

| Cash Flow Statement | 13 |

| Notes to the Cash Flow Statement | 14 |

| Notes to the Financial Statements | 16 |

| ASHVIN METALS LTD |

COMPANY INFORMATION

for the year ended 31 March 2025

| DIRECTORS: | Mr A B Dixon

| Mr I D Swinson

| REGISTERED OFFICE: | Kings Court

| Beacon Road

| Poulton Industrial Estate

| Poulton Le Fylde

| Lancashire

| FY6 8JE

| REGISTERED NUMBER: | 07723962 (England and Wales)

| AUDITORS: | Xeinadin Audit Limited

| Statutory Auditor

| 17 St Peters Place

| Fleetwood

| Lancashire

| FY7 6EB

| BANKERS: | Barclays Bank Plc

| 1 Churchill Place

| London

| E14 5HP

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

STRATEGIC REPORT

for the year ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The Year to 31 March 2025 has seen Ashvin Metals Limited continue to excel within the metal recycling sector

despite the continued volatility of the UK economy. Turnover for the Year to 31 March 2025 was £103.12 million (Year to 31 March 2024 - £75.54 million) reflecting a Year-on-Year increase in Turnover of 36.5%.

Volumes of non-ferrous metal traded increased significantly together with peaks in the market price of copper in May 2024 and March 2025. Market prices of all non-ferrous metals continued to fluctuate greatly on the London Metal Exchange (LME).

Worldwide economic uncertainty continued, predominantly due to the Russia-Ukraine war and the political landscape in America and Europe, with the US Government imposing tariffs upon all other countries. Demand for copper and aluminium was highest in the construction, electric vehicle and technology industries.

The directors of Ashvin Metals Limited continue to focus on the development of the business operations continually upgrading and replacing machinery and increasing the vehicle fleet, with further investment of £1.49 million in capital expenditure, generally financed through retained profits.

KEY PERFORMANCE INDICATORS

Gross Profit for the Year to 31 March 2025 was £5.93 million (Year to 31 March 2024 - £5.09 million) an increase of 16.5%, Year on Year. Gross Profit Margin reduced from 6.74% to 5.75% as the market has become more competitive and with suppliers looking for the best prices in the market.

Operating profit for the Year to 31 March 2025 was £2.85 million (Year to 31 March 2024 - £2.57 million) reflecting an increase of 10.76%, Year on Year. Administrative expenses for the Year were £3.08 million (Year to 31 March 2024 - £2.67 million) reflecting a 15.3% increase Year on Year. Overheads have increased significantly with employment and associated costs succumbing to inflationary pressures in the UK.

Insurance costs increased due to the reintroduction of credit insurance due to uncertainty within the market. Other insurance premiums increased again due to inflation whilst ensuring we maintain the same level of cover across the company.

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

STRATEGIC REPORT

for the year ended 31 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors of the Company face several business risks and uncertainties when operating the Company.

The main risks of the business are as follows.

Exposure to Commodity Price Movements - As the price of non-ferrous scrap metal is directly linked to metal prices quoted on the LME, the Company is exposed to the risk of price fluctuation. Worldwide metal markets have been affected by macro-economic factors. The directors have operated within the metals sector for a number of years and constantly monitor market prices to ensure any price movements are reflected accordingly. The directors do not speculate on the movement of market prices.

Metals Price Movements - As metal prices are linked to the LME, the Company is exposed to metals price movements for stock held and future sales orders obtained. To mitigate this, the directors use a hedging facility to cover large fluctuations in metal prices. The directors do not use the facility to speculate on market price movements.

Credit Risk - The directors set an approved credit limit for customers and trade within these limits. There is also a strict debt collection policy in place ensuring customers pay within terms agreed. Trading with customers above their approved credit limit must be approved by the directors of Ashvin Metals Ltd.

Cash Management - Management of cash balances is extremely important for the directors of Ashvin Metals Limited. The Directors ensure they have sufficient headroom to ensure prompt payment of customers and have a strong relationship with their bank. The directors ensure that working capital is managed effectively.

Foreign Currency Risk - With the Company's growth strategy being implemented and the level of export sales trading in Euros and US Dollar currencies has increased. To mitigate currency fluctuations, the Company hedges its foreign currency sales using forward rates obtained for the date of receipt of monies from customers. Exchange rates differences are not significant.

Industry Related Regulations - The directors of Ashvin Metals Ltd ensure the company complies with all scrap and waste sector regulations and legislation maintaining all relevant licences and permits.

ON BEHALF OF THE BOARD:

Mr I D Swinson - Director

9 December 2025

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

REPORT OF THE DIRECTORS

for the year ended 31 March 2025

The directors present their 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 non-ferrous metal traders.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The directors aim to increase the trading volumes of non-ferrous metals and improve the efficiencies within the business. They are aware of the competitive business environment that the Company operates in and continue to explore new opportunities to enhance the financial position of the Company. The Company is in a strong financial position and controls the business to mitigate its exposure to operational risks.

DIRECTORS

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

Mr A B Dixon

Mr I D Swinson

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

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

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

REPORT OF THE DIRECTORS

for the year ended 31 March 2025

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr I D Swinson - Director

9 December 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHVIN METALS LTD

Opinion

We have audited the financial statements of Ashvin Metals Ltd (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 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 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 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 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 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

ASHVIN METALS LTD

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 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

Based on our understanding of the entity and the industry in which it operates we identified principal risks of

non-compliance with laws and regulations related to Health and Safety, the Scrap Metals Dealers Act 2018, general

environmental and other corporate laws. We considered the extent to which non-compliance with these laws and

regulations might have a material effect on the financial statements. We also considered the Companies Act 2006 as this has a direct impact on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to the posting of inappropriate journals in order to impact profitability and misappropriation of stock. There are no significant accounting estimates which could give rise to management bias.

Audit procedures performed in order to mitigate the risks highlighted include the following:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud.

- Evaluation of the operating effectiveness of the management's controls designed to prevent and detect

irregularities.

- Reviewing key correspondence with regulatory authorities in relation to compliance with relevant regulations.

- Challenging assumptions and judgements made by the management as well as explanations given.

- Identifying and testing journal entries, in particular those posted with unusual account combinations.

- Testing specific controls based around stock procedures.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHVIN METALS LTD

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.

Charles Bryning FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Statutory Auditor

17 St Peters Place

Fleetwood

Lancashire

FY7 6EB

9 December 2025

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

INCOME STATEMENT

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

REVENUE | 4 | 103,119,829 |  | 75,536,050 |  |

Cost of sales | 97,186,660 |  | 70,441,284 |  |

GROSS PROFIT | 5,933,169 |  | 5,094,766 |  |

Administrative expenses | 3,076,141 |  | 2,667,542 |  |

2,857,028 |  | 2,427,224 |  |

Other operating income | (7,713 | ) | 145,360 |  |

OPERATING PROFIT | 6 | 2,849,315 |  | 2,572,584 |  |

Interest receivable and similar income | 174,532 |  | 169,445 |  |

3,023,847 |  | 2,742,029 |  |

Interest payable and similar expenses | 7 | 26,505 |  | 34,307 |  |

PROFIT BEFORE TAXATION | 2,997,342 |  | 2,707,722 |  |

Tax on profit | 8 | 761,909 |  | 693,379 |  |

PROFIT FOR THE FINANCIAL YEAR | 2,235,433 |  | 2,014,343 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

OTHER COMPREHENSIVE INCOME

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,235,433 |  | 2,014,343 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,235,433 |  | 2,014,343 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

BALANCE SHEET

31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Property, plant and equipment | 9 | 3,041,457 |  | 2,134,510 |  |

CURRENT ASSETS

Inventories | 10 | 2,493,156 |  | 2,850,960 |  |

Debtors | 11 | 12,508,577 |  | 9,991,936 |  |

Cash at bank | 3,793,673 |  | 3,710,353 |  |

18,795,406 |  | 16,553,249 |  |

CREDITORS

Amounts falling due within one year | 12 | (5,356,472 | ) | (4,941,473 | ) |

NET CURRENT ASSETS | 13,438,934 |  | 11,611,776 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 16,480,391 |  | 13,746,286 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (399,967 | ) | (128,032 | ) |

PROVISIONS FOR LIABILITIES | 16 | (760,365 | ) | (533,628 | ) |

NET ASSETS | 15,320,059 |  | 13,084,626 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 2,000 |  | 2,000 |  |

Retained earnings | 18 | 15,318,059 |  | 13,082,626 |  |

SHAREHOLDERS' FUNDS | 15,320,059 |  | 13,084,626 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

Mr I D Swinson - Director

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

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 | 2,000 |  | 11,068,283 |  | 11,070,283 |  |

Changes in equity

Total comprehensive income | - |  | 2,014,343 |  | 2,014,343 |  |

Balance at 31 March 2024 | 2,000 |  | 13,082,626 |  | 13,084,626 |  |

Changes in equity

Total comprehensive income | - |  | 2,235,433 |  | 2,235,433 |  |

Balance at 31 March 2025 | 2,000 |  | 15,318,059 |  | 15,320,059 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

CASH FLOW STATEMENT

for the year ended 31 March 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 1,141,330 |  | 2,866,031 |  |

Interest paid | (4,177 | ) | (22,461 | ) |

Interest element of hire purchase payments paid | (22,328 | ) | (11,846 | ) |

Tax paid | (758,200 | ) | (655,244 | ) |

Net cash from operating activities | 356,625 |  | 2,176,480 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (873,490 | ) | (523,287 | ) |

Sale of tangible fixed assets | 168,800 |  | 135,190 |  |

Interest received | 174,532 |  | 169,445 |  |

Net cash from investing activities | (530,158 | ) | (218,652 | ) |

Cash flows from financing activities

Loan repayments in year | - |  | (500,000 | ) |

Related company loan movements | 542,826 |  | (551,000 | ) |

Hire purchase repayments in year | (209,374 | ) | (112,768 | ) |

Amount introduced by directors | - |  | 42,954 |  |

Amount withdrawn by directors | (42,599 | ) | - |  |

Shareholder loan movement | (34,000 | ) | 35,574 |  |

Net cash from financing activities | 256,853 |  | (1,085,240 | ) |

Increase in cash and cash equivalents | 83,320 |  | 872,588 |  |

Cash and cash equivalents at beginning of year | 2 | 3,710,353 |  | 2,837,765 |  |

Cash and cash equivalents at end of year | 2 | 3,793,673 |  | 3,710,353 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 March 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 2,997,342 |  | 2,707,722 |  |

| Depreciation charges | 416,344 |  | 362,173 |  |

| Profit on disposal of fixed assets | (1,141 | ) | (6,175 | ) |

| Finance costs | 26,505 |  | 34,307 |  |

| Finance income | (174,532 | ) | (169,445 | ) |

3,264,518 |  | 2,928,582 |  |

| Decrease in inventories | 357,804 |  | 155,012 |  |

| Increase in trade and other debtors | (3,059,467 | ) | (254,694 | ) |

| Increase in trade and other creditors | 578,475 |  | 37,131 |  |

| Cash generated from operations | 1,141,330 |  | 2,866,031 |  |

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 | 3,793,673 |  | 3,710,353 |  |

| Year ended 31 March 2024

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

£ | £ |

| Cash and cash equivalents | 3,710,353 |  | 2,837,765 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 March 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| Other |

| non-cash |

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

£ | £ | £ | £ |

| Net cash |

| Cash at bank | 3,710,353 |  | 83,320 |  | 3,793,673 |  |

3,710,353 |  | 83,320 |  | 3,793,673 |  |

| Debt

| Finance leases | (308,102 | ) | 209,374 |  | (617,460 | ) | (716,188 | ) |

(308,102 | ) | 209,374 |  | (617,460 | ) | (716,188 | ) |

| Total | 3,402,251 |  | 292,694 |  | (617,460 | ) | 3,077,485 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 March 2025

1. | STATUTORY INFORMATION

| Ashvin Metals Ltd 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.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| 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. The financial statements have been prepared under the historical cost convention.

| Revenue recognition

| Revenue is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

| Revenue from the sale of non-ferrous metals is recognised when all the following conditions are satisfied:

| - the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

| - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

| - the amount of revenue can be measured reliably;

| - it is probable that the economic benefits associated with the transaction will flow to the Company; and

| - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

| Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

| Tangible fixed assets

| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life. The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Short leasehold |  | Over the period of the lease |  |

| Plant and machinery |  | 20% on reducing balance and 10% on reducing balance |  |

| Fixtures and fittings |  | 20% on reducing balance |  |

| Motor vehicles |  | 20% on reducing balance |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

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

| When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

| Financial instruments

| Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

| Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

| Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortised cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost.

| Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest rate method.

| The company uses forward contracts to reduce exposure to price rate changes of non-ferrous metals. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss. The company does not currently apply hedge accounting for any derivatives.

| 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.

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

| The Company operates defined contribution pension schemes for employees and directors. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate

| Short term debtors and creditors receivable

| Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

| Critical judgements in applying the Company's accounting policies and key source of estimation uncertainty

| Estimates

| Fixed assets

| Accounting for fixed assets involves the use of estimates for (a) the useful live of the assets over which they are to be depreciated and (b) the existence and any amount of impairment.

| Fixed assets are depreciated on a reducing balance basis over the estimated useful lives. When the company estimates useful lives various factors are considered including expected technology obsolescence and the expected usage of the asset. The company regularly reviews these assets useful lives and future economic utilization and the physical condition of the assets concerned.

| The carrying value of the assets is assessed periodically to determine whether there are any indications of any impairment of the value beyond the depreciation charge. If this is the case, an impairment charge is taken against the carrying value of the assets and charged to profit and loss account. The impairment of fixed assets require management judgement in determining the amounts to be impaired, in particular judgement is used when assessing the future cash flows.

4. | REVENUE

| The revenue and profit before taxation are attributable to the one principal activity of the company.

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

| 2025 |  | 2024

£ | £ |

| United Kingdom | 72,460,767 |  | 57,179,582 |  |

| Rest of world | 30,659,062 |  | 18,356,468 |  |

103,119,829 |  | 75,536,050 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

5. | EMPLOYEES AND DIRECTORS

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Wages and salaries | 1,434,402 |  | 1,307,733 |  |

| Social security costs | 162,097 |  | 144,909 |  |

| Other pension costs | 117,244 |  | 155,433 |  |

|  | 1,713,743 |  | 1,608,075 |  |

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

|  | 2025 |  | 2024 |  |

| Management, sale and administration | 16 |  | 15 |  |

| Operations - yard management and distributions | 13 |  | 12 |  |

|  | 29 |  | 27 |  |

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Directors' remuneration | 132,333 |  | 137,000 |  |

|  | 132,333 |  | 137,000 |  |

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Directors pension contributions to money purchase schemes | 90,000 |  | 75,000 |  |

|  | 90,000 |  | 75,000 |  |

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

| Money purchase schemes | 2 |  |  | 2 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 251,760 |  | 258,853 |  |

| Depreciation - assets on hire purchase contracts | 164,584 |  | 103,320 |  |

| Profit on disposal of fixed assets | (1,141 | ) | (6,175 | ) |

| Auditors' remuneration | 13,500 |  | 16,500 |  |

| Auditors' remuneration for non audit work | 1,720 |  | 1,765 |  |

| Foreign exchange differences | 7,713 |  | (145,360 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Hire purchase | 22,328 |  | 11,846 |  |

| Other loan interest | - |  | 10,000 |  |

| Other interest payable | 4,177 |  | 12,461 |  |

26,505 |  | 34,307 |  |

8. | 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 | 535,172 |  | 616,104 |  |

| Deferred tax | 226,737 |  | 77,275 |  |

| Tax on profit | 761,909 |  | 693,379 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

8. | 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 | 2,997,342 |  | 2,707,722 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 749,336 |  | 676,931 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,163 |  | 3,148 |  |

| Capital allowances in excess of depreciation | (218,327 | ) | (63,975 | ) |

| Deferred tax | 226,737 |  | 77,275 |  |

| Total tax charge | 761,909 |  | 693,379 |  |

9. | PROPERTY, PLANT AND EQUIPMENT

| Fixtures |

| Short |  | Plant and |  | and |  | Motor |

| leasehold |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 April 2024 | 207,412 |  | 2,455,965 |  | 158,214 |  | 532,694 |  | 3,354,285 |  |

| Additions | - |  | 832,478 |  | 28,976 |  | 629,496 |  | 1,490,950 |  |

| Disposals | - |  | (131,950 | ) | - |  | (56,000 | ) | (187,950 | ) |

| At 31 March 2025 | 207,412 |  | 3,156,493 |  | 187,190 |  | 1,106,190 |  | 4,657,285 |  |

| DEPRECIATION

| At 1 April 2024 | 207,412 |  | 811,930 |  | 105,465 |  | 94,968 |  | 1,219,775 |  |

| Charge for year | - |  | 274,580 |  | 13,804 |  | 127,960 |  | 416,344 |  |

| Eliminated on disposal | - |  | (9,291 | ) | - |  | (11,000 | ) | (20,291 | ) |

| At 31 March 2025 | 207,412 |  | 1,077,219 |  | 119,269 |  | 211,928 |  | 1,615,828 |  |

| NET BOOK VALUE

| At 31 March 2025 | - |  | 2,079,274 |  | 67,921 |  | 894,262 |  | 3,041,457 |  |

| At 31 March 2024 | - |  | 1,644,035 |  | 52,749 |  | 437,726 |  | 2,134,510 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

9. | PROPERTY, PLANT AND EQUIPMENT - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 646,695 |  | 124,783 |  | 771,478 |  |

| Additions | 480,000 |  | 221,460 |  | 701,460 |  |

| Transfer to ownership | (85,655 | ) | - |  | (85,655 | ) |

| At 31 March 2025 | 1,041,040 |  | 346,243 |  | 1,387,283 |  |

| DEPRECIATION

| At 1 April 2024 | 126,515 |  | 36,600 |  | 163,115 |  |

| Charge for year | 132,818 |  | 31,766 |  | 164,584 |  |

| Transfer to ownership | (41,780 | ) | - |  | (41,780 | ) |

| At 31 March 2025 | 217,553 |  | 68,366 |  | 285,919 |  |

| NET BOOK VALUE

| At 31 March 2025 | 823,487 |  | 277,877 |  | 1,101,364 |  |

| At 31 March 2024 | 520,180 |  | 88,183 |  | 608,363 |  |

10. | INVENTORIES

2025 | 2024 |

£ | £ |

| Stocks | 2,493,156 |  | 2,850,960 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 8,825,898 |  | 7,172,408 |  |

| Other debtors | 1,646,341 |  | 2,197,854 |  |

| VAT | 343,591 |  | - |  |

| Prepayments | 1,692,747 |  | 621,674 |  |

12,508,577 |  | 9,991,936 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 14) | 316,221 |  | 180,070 |  |

| Trade creditors | 2,763,289 |  | 2,734,409 |  |

| Corporation tax | 205,459 |  | 428,487 |  |

| Social security and other taxes | 34,762 |  | 24,759 |  |

| VAT | - |  | 79,697 |  |

| Other creditors | 1,585 |  | 35,585 |  |

| Directors' current accounts | 413 |  | 43,012 |  |

| Accruals and deferred income | 2,034,743 |  | 1,415,454 |  |

5,356,472 |  | 4,941,473 |  |

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

2025 | 2024 |

£ | £ |

| Hire purchase contracts (see note 14) | 399,967 |  | 128,032 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 316,221 |  | 180,070 |  |

| Between one and five years | 399,967 |  | 128,032 |  |

716,188 |  | 308,102 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 14,400 |  | 18,065 |  |

| Between one and five years | 57,600 |  | - |  |

| In more than five years | 14,400 |  | - |  |

86,400 |  | 18,065 |  |

| Lease payments recognised as an expense are: Rent - £62,600, Vehicle & equipment hire - £31,204, totalling £93,804 (2024: £103,721).

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

15. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Hire purchase contracts | 716,188 |  | 308,102 |  |

| The hire purchase contract loans are secured by charges on the assets to which they relate.

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 760,365 |  | 533,628 |  |

| Deferred |

| tax |

£ |

| Balance at 1 April 2024 | 533,628 |  |

| Provided during year | 226,737 |  |

| Balance at 31 March 2025 | 760,365 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 1,020 | Ordinary A | 1 | 1,020 |  | 1,020 |  |

| 980 | Ordinary B | 1 | 980 |  | 980 |  |

2,000 |  | 2,000 |  |

| The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

| Called-up share capital represents the nominal value of shares that have been issued.

18. | RESERVES

| Retained

| earnings

£ |

| At 1 April 2024 | 13,082,626 |  |

| Profit for the year | 2,235,433 |  |

| At 31 March 2025 | 15,318,059 |  |

| ASHVIN METALS LTD (REGISTERED NUMBER: 07723962) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2025

19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 | 2024 |

£ | £ |

| Mr A B Dixon

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 93,407 |  | 300,453 |  |

| Amounts repaid | (93,407 | ) | (300,453 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | - |  |

| The loan to the director was unsecured and repayable on demand. Interest is payable at the HMRC rate applicable to beneficial loan arrangements.

20. | RELATED PARTY DISCLOSURES

| Entities with control, joint control or significant influence over the entity

2025 | 2024 |

£ | £ |

| Movement on related party loan accounts | (76,599 | ) | 78,528 |  |

| Amount due to related parties | 1,998 |  | 78,597 |  |

| Other related parties

2025 | 2024 |

£ | £ |

| Sales | 2,164,346 |  | 2,002,254 |  |

| Purchases | 26,433,323 |  | 13,858,540 |  |

| Held in trade debtors | 77,537 |  | 42,047 |  |

| Held in trade creditors | 211,474 |  | 62,985 |  |

| Amount due from related parties | 1,508,174 |  | 2,051,000 |  |

| Pension Fund

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Rent paid to pension fund |  | 50,000 |  | 50,000 |  |

| During the year, a total of key management personnel compensation of £ 257,667 (2024 - £ 297,000 ) was paid.