J Bridgwood Holdings Limited - Limited company accounts 25.1

REGISTERED NUMBER: 11612554 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

J BRIDGWOOD HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

8

Consolidated Income Statement

9

Consolidated Balance Sheet

10

to

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

to

17

Notes to the Consolidated Financial Statements

18

to

30

DIRECTORS:

J A Bridgwood

J Bridgwood

REGISTERED OFFICE:

Ground Floor

Custom House

Waterfront East

Brierley Hill

West Midlands

DY5 1XH

BUSINESS ADDRESS:

Sutherland House

Old Heath Road

Wolverhampton

West Midlands

WV1 2RT

REGISTERED NUMBER:

11612554 (England and Wales)

AUDITORS:

Poole Waterfield Limited (Statutory Auditor)

Ground Floor

Custom House

Waterfront East

Brierley Hill

West Midlands

DY5 1XH

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

REVIEW OF BUSINESS

The directors are satisfied with the trading performance of the group during the year.

The group mainly deals in metal trading of non-ferrous as well as processing of catalytic converters.

Turnover increased on the previous year due to the group focusing on an increase in metal trading on non-ferrous metals, which is now the main focus of the business.

The directors expect the turnover to be maintained in the future.

The operating profit before investment returns and revaluations increased compared to the previous year due to the group focusing on metal trading rather than the struggling catalytic converter market.

The gross profit margin also decreased from the previous year due to the profit margin on metal trading being less than the margin previously made on catalytic converters when that was the focus of the business.

During the year the group purchased two non-trading companies for a consideration equivalent to their net asset values of £1,359,770. These were acquired for the purpose of enabling the settlement of related balances. It is the intention for both these companies to be removed from the Register at Companies House in due course.

PRINCIPAL RISKS AND UNCERTAINTIES

Metal Price Risk

The group can be exposed by the fluctuation in prices of metal which are traded on the London Metal Exchange (LME). These risks are mitigated by hedging sale contracts at the point of purchase.

Credit Risk

This risk is mitigated by extensive due diligence and credit checks into new customers before any orders are accepted.

Liquidity Risk

Failure to manage the working capital of the business could result in the group not being able to fulfill its obligations. This is managed by forward planning any future financial commitments to ensure the adequate resource are in place when needed.

The group maintain a strong balance sheet due to its current and past profitability.

FINANCIAL KEY PERFORMANCE INDICATORS

The group believes that the key financial performance indicators are those that communicate the financial performance and strength of the group, these being turnover, gross profit and profit before tax.

Our key financial indicators were as follows: :

Year ended 31st March 2025

Year ended 31st March 2024

Turnover

£40,465,715

£17,358,084

Gross profit %

5.0%

5.5%

Profit before tax

£1,024,092

£1,197,605

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE SUCCESS OF THE GROUP

The Directors are fully aware of their responsibility to promote the success of the Group in accordance with section 172 of the Companies Act 2006. The board regularly reviews the company's principal stakeholders and considers the needs and priorities of each stakeholder group during its discussions and as part of its decision-making.

ON BEHALF OF THE BOARD:

J A Bridgwood - Director

18 December 2025

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

DIVIDENDS

Ordinary £1 shares

£500,000

1 May 2024

Ordinary £1 shares

£37,500

5 February 2025

Ordinary A £1 shares

£12,500

5 February 2025

Ordinary B £1 shares

£15,000

1 May 2024

Ordinary B £1 shares

£50,000

5 February 2025

DIRECTORS

The directors during the year under review were:

J A Bridgwood

J Bridgwood

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

J A Bridgwood

40

J Bridgwood

40

Ordinary A £1 shares

J A Bridgwood

-

J Bridgwood

-

Ordinary B £1 shares

J A Bridgwood

-

J Bridgwood

-

The remaining shares belong to trusts controlled by the directors (2024 - belonged to a family member).

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Poole Waterfield Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J A Bridgwood - Director

18 December 2025

Opinion

We have audited the financial statements of J Bridgwood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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:

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

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas; the override of controls by management; inappropriate treatment of non-routine transactions and areas of estimation uncertainty.

Our audit procedures to respond to these risks included enquires of management, review and discussion of non-routine transactions, sample testing of posting on the income and expenditure transactions and review of accounting estimates and journals.

Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Mrs Helen Clare Gibbens FCCA (Senior Statutory Auditor)

for and on behalf of Poole Waterfield Limited (Statutory Auditor)

Ground Floor

Custom House

Waterfront East

Brierley Hill

West Midlands

DY5 1XH

22 December 2025

TURNOVER

3

40,465,715

17,358,084

Cost of sales

38,441,438

16,396,380

GROSS PROFIT

2,024,277

961,704

Administrative expenses

(Gain)/Loss on revaluation

Profit on sale of investment

961,186

163,348

(136,515

)

830,730

425,323

(1,504,375

)

1,036,258

1,210,026

Other operating income

1,168

6,000

OPERATING PROFIT

5

1,037,426

1,216,026

Income from fixed asset investments

-

430

Interest receivable and similar income

432

1,644

432

2,074

1,037,858

1,218,100

Interest payable and similar expenses

6

13,766

20,495

PROFIT BEFORE TAXATION

1,024,092

1,197,605

Tax on profit

7

303,320

309,587

PROFIT FOR THE FINANCIAL YEAR

720,772

888,018

FIXED ASSETS

Intangible assets

10

81,495

131,738

Tangible assets

11

2,797,842

589,858

Investments

12

1,125,399

701,199

4,004,736

1,422,795

CURRENT ASSETS

Stocks

13

1,843,236

594,700

Debtors

14

1,767,028

2,287,971

Cash at bank and in hand

315,775

3,183,747

3,926,039

6,066,418

CREDITORS

Amounts falling due within one year

15

1,885,966

1,465,342

NET CURRENT ASSETS

2,040,073

4,601,076

TOTAL ASSETS LESS CURRENT

LIABILITIES

6,044,809

6,023,871

CREDITORS

Amounts falling due after more than one

year

16

(58,334

)

(158,334

)

PROVISIONS FOR LIABILITIES

20

(207,127

)

(191,961

)

NET ASSETS

5,779,348

5,673,576

CAPITAL AND RESERVES

Called up share capital

21

100

Capital redemption reserve

22

10

-

Retained earnings

22

5,779,238

5,673,466

SHAREHOLDERS' FUNDS

5,779,348

5,673,566

NON-CONTROLLING INTERESTS

-

10

TOTAL EQUITY

5,779,348

5,673,576

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

J A Bridgwood - Director

FIXED ASSETS

Intangible assets

10

-

Tangible assets

11

-

Investments

12

1,165,500

701,299

1,165,500

701,299

CURRENT ASSETS

Debtors

14

1,989,565

652,659

Cash at bank

200,000

3,033,975

2,189,565

3,686,634

CREDITORS

Amounts falling due within one year

15

45,222

397,265

NET CURRENT ASSETS

2,144,343

3,289,369

TOTAL ASSETS LESS CURRENT

LIABILITIES

3,309,843

3,990,668

PROVISIONS FOR LIABILITIES

20

42,773

65,211

NET ASSETS

3,267,070

3,925,457

CAPITAL AND RESERVES

Called up share capital

21

100

Retained earnings

3,266,970

3,925,357

SHAREHOLDERS' FUNDS

3,267,070

3,925,457

Company's (loss)/profit for the financial

year

(43,387

)

805,691

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2025 and were signed on its behalf by:

J Bridgwood - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

Balance at 1 April 2023

100

5,241,226

-

Changes in equity

Dividends

-

(455,778

)

-

Total comprehensive income

-

888,018

-

Balance at 31 March 2024

100

5,673,466

-

Changes in equity

Dividends

-

(615,000

)

-

Total comprehensive income

-

720,772

10

100

5,779,238

10

Acquisition of non-controlling

interest

-

Balance at 31 March 2025

100

5,779,238

10

Non-controlling

Total

interests

equity

£

Balance at 1 April 2023

5,241,326

10

5,241,336

Changes in equity

Dividends

(455,778

)

-

(455,778

)

Total comprehensive income

888,018

-

888,018

Balance at 31 March 2024

5,673,566

10

5,673,576

Changes in equity

Dividends

(615,000

)

-

(615,000

)

Total comprehensive income

720,782

-

720,782

5,779,348

10

5,779,358

Acquisition of non-controlling

interest

-

(10

)

(10

)

Balance at 31 March 2025

5,779,348

-

5,779,348

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 April 2023

100

3,504,026

3,504,126

Changes in equity

Dividends

-

(384,360

)

(384,360

)

Total comprehensive income

-

805,691

Balance at 31 March 2024

100

3,925,357

3,925,457

Changes in equity

Dividends

-

(615,000

)

(615,000

)

Total comprehensive income

-

(43,387

)

(43,387

)

Balance at 31 March 2025

100

3,266,970

3,267,070

Cash flows from operating activities

Cash generated from operations

1

458,329

(1,282,487

)

Interest paid

(13,766

)

(14,895

)

Interest element of hire purchase or finance

lease rental payments paid

-

(5,600

)

Tax paid

(396,993

)

(39,333

)

Net cash from operating activities

47,570

(1,342,315

)

Cash flows from investing activities

Purchase of intangible fixed assets

7,230

(106,849

)

Purchase of tangible fixed assets

(2,388,439

)

(326,454

)

Purchase of fixed asset investments

(876,648

)

-

Sale of tangible fixed assets

650

17,142

Sale of fixed asset investments

425,615

5,109,231

Interest received

432

1,644

Dividends received

-

430

Net cash from investing activities

(2,831,160

)

4,695,144

Cash flows from financing activities

New loans in year

627,058

-

Loan repayments in year

(99,999

)

(99,999

)

Capital repayments in year

-

(28,000

)

Amount introduced by directors

500,000

350,000

Amount withdrawn by directors

(496,441

)

(351,188

)

Equity dividends paid

(615,000

)

(455,778

)

Net cash from financing activities

(84,382

)

(584,965

)

(Decrease)/increase in cash and cash equivalents

(2,867,972

)

2,767,864

Cash and cash equivalents at beginning

of year

2

3,183,747

415,883

Cash and cash equivalents at end of year

2

315,775

3,183,747

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

31.3.25

31.3.24

£

Profit before taxation

1,024,092

1,197,605

Depreciation charges

206,548

196,293

Profit on disposal of fixed assets

(120,245

)

(1,501,153

)

Loss on revaluation of fixed assets

163,348

425,323

Finance costs

13,766

20,495

Finance income

(432

)

(2,074

)

1,287,077

336,489

Increase in stocks

(1,248,536

)

(410,807

)

Decrease/(increase) in trade and other debtors

520,943

(1,788,760

)

(Decrease)/increase in trade and other creditors

(101,155

)

580,591

Cash generated from operations

458,329

(1,282,487

)

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

315,775

3,183,747

Year ended 31 March 2024

31.3.24

1.4.23

£

Cash and cash equivalents

3,183,747

415,883

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.24

Cash flow

At 31.3.25

£

Net cash

Cash at bank and in hand

3,183,747

(2,867,972

)

315,775

3,183,747

(2,867,972

)

315,775

Debt

Debts falling due within 1 year

(100,000

)

(627,058

)

(727,058

)

Debts falling due after 1 year

(158,334

)

100,000

(58,334

)

(258,334

)

(527,058

)

(785,392

)

Total

2,925,413

(3,395,030

)

(469,617

)

1.	STATUTORY INFORMATION

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

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.

Basis of consolidation

The consolidated financial statements present the results of the Company and its subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method with the exception of the initial consolidation in the year ended March 2023 where merger accounting was used. Under the purchase method in the Balance sheet, the acquiree's indentifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of the acquired operation are included in the Consolidated statement of comprehensive income from the date on which control is obtained. The financial statements consolidate the financial statements of J Bridgwood Holdings Limited and its subsidiary companies.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the aquisition of a business in 2014, is being amortised evenly over its estimated useful life of fifteen years.

Goodwill, being the amount paid in connection with the aquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Plant and machinery

-

25% on cost, 20% on cost and 10% on cost

Fixtures and fittings

-

33% on cost and 20% on cost

Motor vehicles

-

20% on cost

The freehold property is represented by land and has not been depreciated.

Stocks

Stocks are valued at the lower of cost and 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 Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

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.

Foreign currency translation

The groups functional currency is GBP. Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Investments

The groups listed investments are shown on the balance sheet at market value with the deficit/surplus on revaluation reflected in the income statement.

Financial instruments

The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Short term debtors are measured at transaction price, less any impairment.

Short term creditors are measured at transaction price.

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Any of the above that are denominated in foreign currency are subject to translation using the closing rate method - see separate "Foreign currency translation" accounting policy above.

There are no complex financial instruments.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

United Kingdom

31,140,677

14,156,556

Europe

6,583,934

218,713

Asia

2,741,104

2,982,815

40,465,715

17,358,084

4.	EMPLOYEES AND DIRECTORS

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

31.3.25

31.3.24

Production

7

10

Administration

8

5

15

The company has Nil employees (2025 - Nil).

Year ended

Year Ended

31.3.25

31.3.24

£

Wages and salaries

898,273

794,209

Social security costs

99,536

91,182

Other pension costs

6,963

15,706

1,004,772

901,097

31.3.25

31.3.24

£

Directors' remuneration

113,617

160,149

The directors are regarded as being the key management personnel.

5.	OPERATING PROFIT

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

31.3.25

31.3.24

£

Depreciation - owned assets

163,535

145,032

Profit on disposal of fixed assets

(120,245

)

(1,501,153

)

Goodwill amortisation

22,100

Development costs amortisation

20,913

29,161

Foreign exchange differences

11,276

32,673

Auditors fees

15,000

Gain/loss on revaluation of investments

163,348

425,323

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

Bank loan interest

13,766

14,895

Hire purchase

-

5,600

13,766

20,495

7.

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

284,322

393,161

Under/over provision in prior

year

3,832

-

Total current tax

288,154

393,161

Deferred tax

15,166

(83,574

)

Tax on profit

303,320

309,587

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

1,024,092

1,197,605

Profit multiplied by the standard rate of corporation tax in the UK of 25

% (2024 - 25 %)

256,023

299,401

Effects of:

Expenses not deductible for tax purposes

376,935

-

Income not taxable for tax purposes

(364,628

)

-

Capital allowances in excess of depreciation

(20,116

)

(26,724

)

Utilisation of tax losses

-

(1,754

)

Adjustments to tax charge in respect of previous periods

3,832

-

Deferred taxation

15,166

(83,574

)

Adjustment for chargeable gains

36,108

122,238

Total tax charge

303,320

309,587

8.	INDIVIDUAL INCOME STATEMENT

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

9.

DIVIDENDS

During the year total group dividends were paid of £615,000 (2024 - £455,778).

Included in the total are dividends £Nil (2024 - £71,418) paid to non-controlling interests.

10.	INTANGIBLE FIXED ASSETS

Group

Development

Goodwill

costs

Totals

£

COST

At 1 April 2024

183,000

161,293

344,293

Additions

(7,230

)

-

(7,230

)

At 31 March 2025

175,770

161,293

337,063

AMORTISATION

At 1 April 2024

94,100

118,455

212,555

Amortisation for year

22,100

20,913

43,013

At 31 March 2025

116,200

139,368

255,568

NET BOOK VALUE

At 31 March 2025

59,570

21,925

81,495

At 31 March 2024

88,900

42,838

131,738

11.	TANGIBLE FIXED ASSETS

Group

Improvements

Freehold

to

Plant and

property

machinery

£

COST

At 1 April 2024

-

141,792

1,199,657

Additions

2,115,343

18,500

153,810

Disposals

-

(13,000

)

At 31 March 2025

2,115,343

160,292

1,340,467

DEPRECIATION

At 1 April 2024

-

73,419

772,996

Charge for year

-

20,793

93,144

Eliminated on disposal

-

(9,880

)

At 31 March 2025

-

94,212

856,260

NET BOOK VALUE

At 31 March 2025

2,115,343

66,080

484,207

At 31 March 2024

-

68,373

426,661

Fixtures

and

Motor

fittings

vehicles

Totals

£

COST

At 1 April 2024

54,738

146,776

1,542,963

Additions

48,286

52,500

2,388,439

Disposals

(6,785

)

(26,000

)

(45,785

)

At 31 March 2025

96,239

173,276

3,885,617

DEPRECIATION

At 1 April 2024

37,779

68,911

953,105

Charge for year

14,942

34,656

163,535

Eliminated on disposal

(6,785

)

(12,200

)

(28,865

)

At 31 March 2025

45,936

91,367

1,087,775

NET BOOK VALUE

At 31 March 2025

50,303

81,909

2,797,842

At 31 March 2024

16,959

77,865

589,858

12.	FIXED ASSET INVESTMENTS

Group

Listed

investments

£

COST OR VALUATION

At 1 April 2024

701,199

Additions

876,648

Disposals

(289,100

)

Revaluations

(163,348

)

At 31 March 2025

1,125,399

NET BOOK VALUE

At 31 March 2025

1,125,399

At 31 March 2024

701,199

Cost or valuation at 31 March 2025 is represented by:

Listed

investments

£

Valuation in 2025

89,582

Cost

1,035,817

1,125,399

Company

Listed

Unlisted

investments

Totals

£

COST OR VALUATION

At 1 April 2024

701,199

100

701,299

Additions

876,648

1,359,770

2,236,418

Disposals

(289,100

)

-

(289,100

)

Revaluations

(163,348

)

(1,319,769

)

(1,483,117

)

At 31 March 2025

1,125,399

40,101

1,165,500

NET BOOK VALUE

At 31 March 2025

1,125,399

40,101

1,165,500

At 31 March 2024

701,199

100

701,299

Cost or valuation at 31 March 2025 is represented by:

Listed

Unlisted

investments

Totals

£

Valuation in 2024

89,582

100

89,682

Cost

1,035,817

40,001

1,075,818

1,125,399

40,101

1,165,500

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Metcat Ltd

Registered office: Ground Floor, Custom House, Waterfront East, Brierley Hill, West Midlands, England, DY5 1XH

Nature of business: Metal recycling merchants

%

Class of shares:

holding

Ordinary

100.00

Wightwick Developments Limited

Registered office: Ground Floor, Custom House, Waterfront East, Brierley Hill, West Midlands, England, DY5 1XH

Nature of business: Non Trading

%

Class of shares:

holding

Ordinary

100.00

Acquired 7th August 2024.

Eastfield Recycling Limited

Registered office: Ground Floor, Custom House, Waterfront East, Brierley Hill, West Midlands, England, DY5 1XH

Nature of business: Non Trading

%

Class of shares:

holding

Ordinary

100.00

Acquired 25th October 2024.

The unlisted investment of £40,101 represents the 100% holding in the ordinary share capital of the subsidiary's Metcat Ltd, Eastfield Recycling Limited and Wightwick Developments Limited..

13.

STOCKS

Group

31.3.25

31.3.24

£

Finished goods

1,843,236

594,700

14.

DEBTORS

Group

Company

31.3.25

31.3.24

31.3.25

31.3.24

£

Amounts falling due within one year:

Trade debtors

1,656,095

1,949,697

-

Amounts owed by group undertakings

-

511,000

620,781

Other debtors

9,896

9,696

(4

)

(4

)

Investment account

41,095

34,494

220

31,882

VAT

-

240,541

-

Prepayments

59,942

53,543

-

1,767,028

2,287,971

511,216

652,659

Amounts falling due after more than one

year:

Amounts owed by group undertakings

-

1,478,349

-

Aggregate amounts

1,767,028

2,287,971

1,989,565

652,659

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

31.3.25

31.3.24

31.3.25

31.3.24

£

Bank loans and overdrafts (see note 17)

100,000

-

Other loans (see note 17)

627,058

-

Trade creditors

554,917

427,692

-

Tax

284,322

393,161

34,404

390,007

Social security and other taxes

24,773

23,387

-

VAT

61,699

-

Other creditors

2,000

500,000

-

Directors' current accounts

7,318

3,758

7,318

3,758

Accrued expenses

223,879

17,344

3,500

1,885,966

1,465,342

45,222

397,265

16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

Group

31.3.25

31.3.24

£

Bank loans (see note 17)

58,334

158,334

17.

LOANS

An analysis of the maturity of loans is given below:

Group

31.3.25

31.3.24

£

Amounts falling due within one year or on

demand:

Bank loans

100,000

Other loans

627,058

-

727,058

100,000

Amounts falling due between one and two

years:

Bank loans - 1-2 years

58,334

100,000

Amounts falling due between two and five

years:

Bank loans - 2-5 years

-

58,334

18.	SECURED DEBTS

The following secured debts are included within creditors:

Group

31.3.25

31.3.24

£

Bank loans

158,334

258,334

Invoice financing

627,058

-

785,392

258,334

As at 31st March 2025 fixed and floating charges were held by Lloyds Bank Plc in respect of the principal subsidiary MetCat Limited.

19.	FINANCIAL INSTRUMENTS

Group:

31.3.25

31.3.24

£

Carrying amount of financial assets

Debt instruments measured at amortised cost

2,015,857

5,418,178

Carrying amount of financial liabilities

Measured at amortised cost

1,714,858

1,606,331

Company:

31.3.25

31.3.24

£

Carrying amount of financial assets

Debt instruments measured at amortised cost

200,219

3,686,638

Carrying amount of financial liabilities

Measured at amortised cost

2,016,510

393,765

20.	PROVISIONS FOR LIABILITIES

Group

Company

31.3.25

31.3.24

31.3.25

31.3.24

£

Deferred tax

207,127

191,961

42,773

65,211

Group

Deferred

tax

£

Balance at 1 April 2024

191,961

Provided during year

15,166

Balance at 31 March 2025

207,127

Company

Deferred

tax

£

Balance at 1 April 2024

65,211

Provided during year

(22,438

)

Balance at 31 March 2025

42,773

21.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

80

Ordinary

£1

80

10

Ordinary A

£1

10

20

10

Ordinary B

£1

10

-

100

During the year 10 Ordinary B shares were reclassified as 10 Ordinary A shares.

22.

RESERVES

Group

Capital

Retained

redemption

earnings

reserve

Totals

£

At 1 April 2024

5,673,466

-

5,673,466

Profit for the year

720,772

Dividends

(615,000

)

(615,000

)

Purchase of own shares

-

10

At 31 March 2025

5,779,238

10

5,779,248

23.	RELATED PARTY DISCLOSURES

The group incurred property rental charges of £51,000 (2024 - £66,000) in respect of the directors and immediate family.

At the end of the year there was an amount outstanding of £Nil (2024 - £500,000) due to a company owned by family members of the directors.

During the year the group acquired the two subsidiaries referred to in the Strategic Report from immediate family members.