REGISTERED NUMBER: 04127205 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Select Alloys & Materials Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Statement of Financial Position

8

Statement of Changes in Equity

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTORS:

Mrs T J Moore

T Moore

Mrs B Wankiewicz

SECRETARY:

Mrs T J Moore

REGISTERED OFFICE:

Rimswell House

Sandbeck Lane Tickhill

Doncaster

DN11 9PJ

REGISTERED NUMBER:

04127205 (England and Wales)

AUDITORS:

KJA Kilner Johnson Ltd (Statutory Auditors)

Woodland House

Woodland Park

Bradford Road

Cleckheaton

BD19 6BW

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

The company's principal activity is the sale of specialist metals to a worldwide customer base.

Metal prices and the currencies in which the company operates can be volatile, leading to challenging market conditions but which at the same time create opportunities.

REVIEW OF BUSINESS

The directors aim to present a balanced and comprehensive review of the development and performance of the company. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced by the company.

The directors consider the Key Performance Indicators (KPI's) of the company to be:

2025

2024

£

£

Turnover

21,155,136

16,860,068

Gross profit percentage

22.5%

24.1%

Operating profit percentage

12.8%

11.5%

These KPI's are monitored on a monthly basis and any resulting actions are taken as necessary.

The main non-financial KPI is customer reviews which the company monitor online.

For the year under review, turnover has increased from £16,860,068 to £21,155,136, an increase of 25.5% (2024 - decrease of 15.1%) due to fluctuations in metal prices, positive in 2025 and negative in 2024 together with other growth opportunities. This has resulted in profit before tax increasing from £1,946,272 in 2024 to £2,748,666 for the year to 31 March 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

In the opinion of the directors, the main risks to the company are the potential loss of a major customer or a seriously adverse movement in exchange rates or metal prices. The company seeks to mitigate these risks by keeping a daily watch on currency and metal markets and giving the best possible service to customers. The financial strength of the company is considered sufficient to enable it to withstand any anticipated changes and unforeseen events.

ON BEHALF OF THE BOARD:

T Moore - Director

19 December 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 the sale of specialist metals to a worldwide customer base.

DIVIDENDS

Interim dividends of £240,520 per share were paid during the year. The directors do not recommend paying a final dividend.

The total distribution of dividends for the year ended 31 March 2025 was £1,443,120 (2024 : £346,700).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors during the year under review were:

Mrs T J Moore

T Moore

Mrs B Wankiewicz

The beneficial interests of the directors holding office on 31 March 2025 in the issued share capital of the company were as follows:

31.3.25

1.4.24

Ordinary £1 shares

Mrs T J Moore

2

2

T Moore

3

3

Mrs B Wankiewicz

1

1

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T Moore - Director

19 December 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the 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 matters

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.

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 three, 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:

While planning our audit, we have made enquiries of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that requires any additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

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.

Raza Effendi MBA FCA (Senior Statutory Auditor)

for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)

Woodland House

Woodland Park

Bradford Road

Cleckheaton

BD19 6BW

19 December 2025

TURNOVER

3

21,155,136

16,860,068

Cost of sales

16,402,263

12,798,854

GROSS PROFIT

4,752,873

4,061,214

Administrative expenses

2,042,556

2,123,448

OPERATING PROFIT

5

2,710,317

1,937,766

Interest receivable and similar income

38,349

19,941

2,748,666

1,957,707

Interest payable and similar expenses

6

-

11,435

PROFIT BEFORE TAXATION

2,748,666

1,946,272

Tax on profit

7

699,116

501,089

PROFIT FOR THE FINANCIAL YEAR

2,049,550

1,445,183

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,049,550

1,445,183

FIXED ASSETS

Tangible assets

9

1,415,557

1,477,082

CURRENT ASSETS

Stocks

10

5,256,277

5,761,084

Debtors

11

8,511,536

6,602,736

Cash at bank and in hand

1,668,687

610,093

15,436,500

12,973,913

CREDITORS

Amounts falling due within one year

12

3,796,790

1,978,901

NET CURRENT ASSETS

11,639,710

10,995,012

TOTAL ASSETS LESS CURRENT LIABILITIES

13,055,267

12,472,094

PROVISIONS FOR LIABILITIES

13

109,284

132,541

NET ASSETS

12,945,983

12,339,553

CAPITAL AND RESERVES

Called up share capital

14

6

6

Revaluation reserve

15

93,190

95,357

Retained earnings

15

12,852,787

12,244,190

SHAREHOLDERS' FUNDS

12,945,983

12,339,553

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

T Moore - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

6

11,143,540

97,524

11,241,070

Changes in equity

Dividends

-

(346,700

)

-

(346,700

)

Total comprehensive income

-

1,447,350

(2,167

)

1,445,183

Balance at 31 March 2024

6

12,244,190

95,357

12,339,553

Changes in equity

Dividends

-

(1,443,120

)

-

(1,443,120

)

Total comprehensive income

-

2,051,717

(2,167

)

2,049,550

Balance at 31 March 2025

6

12,852,787

93,190

12,945,983

Cash flows from operating activities

Cash generated from operations

1

2,306,529

(189,208

)

Interest paid

-

(11,435

)

Tax paid

(430,495

)

(752,520

)

Net cash from operating activities

1,876,034

(953,163

)

Cash flows from investing activities

Purchase of tangible fixed assets

(162,561

)

(368,245

)

Sale of tangible fixed assets

39,580

24,000

Interest received

38,349

19,941

Net cash from investing activities

(84,632

)

(324,304

)

Cash flows from financing activities

Amount introduced by directors

710,312

-

Amount withdrawn by directors

-

(873,619

)

Equity dividends paid

(1,443,120

)

(346,700

)

Net cash from financing activities

(732,808

)

(1,220,319

)

Increase/(decrease) in cash and cash equivalents

1,058,594

(2,497,786

)

Cash and cash equivalents at beginning of year

2

610,093

3,107,879

Cash and cash equivalents at end of year

2

1,668,687

610,093

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

2025

2024

£

£

Profit before taxation

2,748,666

1,946,272

Depreciation charges

169,979

146,171

Loss on disposal of fixed assets

30,522

2,254

Finance costs

-

11,435

Finance income

(38,349

)

(19,941

)

2,910,818

2,086,191

Decrease/(increase) in stocks

504,807

(941,431

)

Increase in trade and other debtors

(2,635,096

)

(1,550,872

)

Increase in trade and other creditors

1,526,000

216,904

Cash generated from operations

2,306,529

(189,208

)

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,668,687

610,093

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

610,093

3,107,879

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

610,093

1,058,594

1,668,687

610,093

1,058,594

1,668,687

Total

610,093

1,058,594

1,668,687

1.	STATUTORY INFORMATION

Select Alloys & Materials 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover represents income earned from the Company's principal activities of the sale of specialist metals and related services and is recognized in accordance with applicable accounting standards.

Revenue from the sale of specialist metal products is recognized at the point in time when control of goods is transferred to the customer, which generally occurs upon dispatch or delivery of goods in accordance with the terms of the contract.

Turnover is measured at the fair value of consideration receivable and is presented net of VAT and other indirect taxes, trade discounts, rebates, sales returns, and price concessions.

Tangible fixed assets

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

Long leasehold

-

2% straight line

Plant and machinery

-

20% reducing balance

Fixtures and fittings

-

33% straight line, 20% reducing balance, 15% reducing balance and at variable rates on reducing balance

Motor vehicles

-

25% reducing balance and not provided

Fixed assets are recorded at cost less accumulated depreciation.

Long Leasehold property is carried at fair value.

Stocks

Stocks are recorded at cost plus minor sorting, cleaning or processing costs. Stocks are valued at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Deferred Tax has been calculated at at rate of 25% (2024 - 25%).

Foreign currencies

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

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.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

12,066,191

6,932,523

Europe

58,334

64,943

United States of America

7,446,952

7,217,158

Rest of the World

1,583,659

2,645,444

21,155,136

16,860,068

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,232,020

1,015,873

Social security costs

148,036

119,029

Other pension costs

38,311

483,935

1,418,367

1,618,837

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

2025

2024

Directors

3

3

Office and operatives

18

16

21

19

2025

2024

£

£

Directors' remuneration

108,135

106,288

Directors' excess retirement benefits

20,000

440,000

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

Money purchase schemes

3

3

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

169,979

146,171

Loss on disposal of fixed assets

30,522

2,254

Auditors' remuneration

14,000

12,000

Foreign exchange differences

30,119

10,981

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

CT late payment interest

-

11,435

7.

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

722,373

458,022

Deferred tax

(23,257

)

43,067

Tax on profit

699,116

501,089

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

2,748,666

1,946,272

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

687,167

486,568

Effects of:

Expenses not deductible for tax purposes

7,449

2,521

Non qualifying depreciation

4,500

4,500

Rate change differences

-

7,500

Total tax charge

699,116

501,089

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

1,443,120

346,700

9.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2024

940,485

909,499

230,835

484,887

2,565,706

Additions

-

42,670

4,252

131,634

178,556

Disposals

-

(206,208

)

(81,371

)

(62,390

)

(349,969

)

At 31 March 2025

940,485

745,961

153,716

554,131

2,394,293

DEPRECIATION

At 1 April 2024

139,040

566,057

174,695

208,832

1,088,624

Charge for year

18,000

71,800

8,236

71,943

169,979

Eliminated on disposal

-

(190,130

)

(75,440

)

(14,297

)

(279,867

)

At 31 March 2025

157,040

447,727

107,491

266,478

978,736

NET BOOK VALUE

At 31 March 2025

783,445

298,234

46,225

287,653

1,415,557

At 31 March 2024

801,445

343,442

56,140

276,055

1,477,082

Cost or valuation at 31 March 2025 is represented by:

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2017

108,360

-

-

-

108,360

Cost

832,125

745,961

153,716

554,131

2,285,933

940,485

745,961

153,716

554,131

2,394,293

If long leasehold property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

832,125

832,125

Aggregate depreciation

126,846

110,203

10.

STOCKS

2025

2024

£

£

Goods for resale

5,256,277

5,761,084

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

8,373,124

5,748,403

Other debtors

-

15,995

Directors' loan accounts

61,487

771,788

Prepayments

76,925

66,550

8,511,536

6,602,736