REGISTERED NUMBER: 01883391 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

ALLIED GOLD LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Balance Sheet

13

Statement of Changes in Equity

14

Notes to the Financial Statements

15

DIRECTORS:

J Anderson

R Anderson

R J Day

S A Twigger

SECRETARY:

Mrs G Abraham

REGISTERED OFFICE:

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

REGISTERED NUMBER:

01883391 (England and Wales)

AUDITORS:

Luckmans Duckett Parker Limited

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

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

REVIEW OF BUSINESS & FUTURE DEVELOPMENTS

The year under review was one of continued progress and reinvestment for Allied Gold Limited. Building on a strong foundation, the company maintained its position as a leading UK manufacturer of fine bridal and commitment jewellery, supplying independent and multiple retailers in the UK and overseas. The period saw positive growth across home and international markets, supported by positive activity and sustained consumer confidence in the bridal jewellery category.

Turnover increased by 13.0% to £21.3 million (FY24: £18.8 million), reflecting the successful delivery of the company's growth strategy by strengthening retailer partnerships. While gross margin improved modestly to 16.3% (FY24: 16.1%), profitability was tempered by deliberate reinvestment in technology and people as part of the company's long-term growth and digital transformation strategy.

During the year, the company invested significantly in its digital capability. A new in-house visualisation team and AI-capable IT platform were established, delivering advances in product visualisation, pricing intelligence, and customer interface technology. These developments are expected to enhance operational efficiency and customer experience, providing a sustainable competitive advantage in future years.

Allied Gold strengthened its operational resilience through process automation, system integration, and workforce expansion. Headcount increased to support these initiatives, particularly in technology, design, and customer service, ensuring the company's skills base is aligned with its strategic priorities. The directors believe these investments will underpin the company's scalability and profitability in FY26 and beyond.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors recognise the importance of effective risk management and regularly review key financial and operational exposures. Principal risks and mitigation strategies are summarised below:

- Precious Metal and Foreign Exchange Fluctuation

Volatility in metal and currency markets can impact input costs and margins. The company mitigates this through forward purchasing, pricing reviews, and strategic supplier relationships.

- Economic Environment

Broader economic uncertainty and cost-of-living pressures continue to affect consumer confidence. The company maintains a diversified customer base and a wide product mix with stable demand.

- Technology and Data Security

Increased digital investment heightens the need for robust data protection and cyber resilience. The company has an in-house IT team that has implemented robust controls and regularly audits to protect systems and information.

- Skills and Workforce Availability

Maintaining skilled talent across manufacturing, design, and technology remains a priority. The company significantly invests in its team's recruitment, training, and career development to sustain capability and engagement.

STRATEGIC PRIORITIES

The company's strategy remains focused on four key pillars that continue to guide its operations and long-term direction:

- Innovation and Technology

FY25 was defined by investment in digital infrastructure, reinforcing the company's design and production capability. Integrating AI-enabled visualisation and configuration tools has improved accuracy, reduced lead times, and elevated customer engagement.

- Operational Efficiency

The company continued to pursue lean manufacturing and workflow optimisation throughout the year. These best practices improved productivity and inventory control, offsetting cost pressures in materials and labour. Overheads rose as planned, reflecting increased investment in skilled personnel and systems to support growth.

- Customer Partnerships

Retailer relationships remain central to the company's model. Continued collaboration, service improvement, and transparency have reinforced Allied Gold's reputation as a trusted supplier within the trade. At the same time, digital platforms now provide partners with improved order visibility and product personalisation.

- Sustainability and Responsibility

Ethical sourcing and sustainability remain at the heart of operations. The company continues to use responsibly sourced precious metals and conflict-free diamonds and implement waste reduction and recycling programmes consistent with its environmental and social responsibilities.

KEY PERFORMANCE INDICATORS

The company monitors its performance through a range of financial and operational metrics. Key indicators for the year are summarised below:

2025

2024

Turnover

£21.28m

£18.84m

Turnover % increase

13.0%

7.1%

Gross profit margin

16.3%

16.1%

Net profit before tax

£0.70M

£0.82m

Net profit before tax margin

3.3%

4.3%

Return on capital employed

21.3%

24.9%

EBITDA

£1.05m

£1.11m

EBITDA / Sales

4.9%

5.9%

Gross margin improved modestly versus FY24, reflecting greater efficiencies and disciplined cost control. Net profit declined slightly due to deliberate reinvestment in technology, digital IP, and workforce expansion. Directors expect enhanced productivity, scalability, and profitability in future periods.

PEOPLE AND CULTURE

Allied Gold's employees are integral to its ongoing success. FY25 saw continued investment in training, technology adoption, and leadership development. The company's culture encourages collaboration, craftsmanship, and innovation, balancing traditional skills with digital evolution to deliver exceptional quality and service.

OUTLOOK

The directors are highly confident in the company's prospects for FY26. With a strong order book, enhanced systems, and a clear roadmap, the company can capitalise on new opportunities in domestic and export markets. While external cost pressures and global volatility persist, Allied Gold's focus on operational excellence, innovation, and customer partnership provides a strong foundation for sustainable growth and profitability.

ON BEHALF OF THE BOARD:

J Anderson - Director

19 December 2025

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

DIVIDENDS

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

DIRECTORS

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

J Anderson

R Anderson

R J Day

Other changes in directors holding office are as follows:

J S Abraham - resigned 29 October 2024

S A Twigger was appointed as a director after 31 March 2025 but prior to the date of this report.

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.

AUDITORS

The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J Anderson - Director

19 December 2025

Qualified Opinion

We have audited the financial statements of Allied Gold Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 except for the possible effects of the matter described in the basis for qualified opinion section of our report the financial statements:

-

give a true and fair view of the state of the group'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 qualified opinion

We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the the inventory quantities held at 31 March 2023 which were included in the balance sheet at £1,885,421, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. As a result, we are unable to determine whether the cost of sales in the comparative profit and loss show a true and fair view.

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 qualified 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 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities held at 31 March 2023, which were included in the balance sheet at £1,885,421. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

We were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical inventories at the end of of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2023, which were included in the balance sheet at £1,885,421, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance, or cost of sales in the comparative profit and loss account be required, the strategic report would also need to be amended.

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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

Except for the matter described in the basis for qualified opinion section of our report, 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 Report of the Directors.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above:

-

we have not obtained all the information and explanations that we considered necessary for the

purpose of our audit; and

-

we were unable to determine whether adequate accounting records have been kept.

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:

-

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities 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 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:

In identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

reference to past history and experience of the Entity,

-

enquiry of management, including obtaining and reviewing supporting documentation concerning

the Entity's procedures relating to:

-

identifying and complying with laws and regulations and whether they were aware of any instances

of non-compliance;

-

detection and response to risk of fraud and whether they were aware of any actual or suspected

instances of fraud.

-

assessment of the controls and processes that the Entity has in place to mitigate risk.

Our assessments included the identification of the following potential areas for fraud:

-

Management override of control;

-

Revenue recognition, particularly in respect of the delivery of goods

We design audit procedures by tailored and directed testing to aid and support the level of determined level of risk. In response to the assessed risk we plan audit tests and procedures that target specific areas where misstatement may occur. These procedures and the extent to which they are capable of detecting

irregularities, including fraud, are detailed below:

-

We critically assessed the appropriateness and tested the application of the revenue and cost

recognition policies

-

We tested the appropriateness of accounting journals and other adjustments made in the

preparation of the financial statements

-

We reviewed the Entity's accounting policies for non-compliance with relevant standards.

-

We made enquiries of management and reviewed correspondence with the relevant authorities to

identify any irregularities or instances of non-compliance with laws and regulations

In performing an audit in accordance with UK GAAP, we exercise professional judgement and maintain

professional scepticism throughout the audit process.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from

error, as fraud may involve collusion or override of internal controls. There are inherent limitations in the audit procedures performed.

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.

Mark Spafford FCA FCCA (Senior Statutory Auditor)

for and on behalf of Luckmans Duckett Parker Limited

1110 Elliott Court

Coventry Business Park

Herald Avenue

Coventry

West Midlands

CV5 6UB

19 December 2025

TURNOVER

3

21,281,569

18,837,382

Cost of sales

17,811,319

15,798,613

GROSS PROFIT

3,470,250

3,038,769

Administrative expenses

2,581,507

2,064,691

OPERATING PROFIT

5

888,743

974,078

Interest payable and similar expenses

6

185,244

156,907

PROFIT BEFORE TAXATION

703,499

817,171

Tax on profit

7

194,521

61,503

PROFIT FOR THE FINANCIAL YEAR

508,978

755,668

PROFIT FOR THE YEAR

508,978

755,668

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

508,978

755,668

FIXED ASSETS

Intangible assets

8

92,011

181,429

Tangible assets

9

283,370

208,475

Investments

10

2

2

375,383

389,906

CURRENT ASSETS

Stocks

11

1,622,039

2,215,574

Debtors

12

6,021,593

4,311,751

Cash at bank and in hand

87,328

36,943

7,730,960

6,564,268

CREDITORS

Amounts falling due within one year

13

3,782,906

3,044,872

NET CURRENT ASSETS

3,948,054

3,519,396

TOTAL ASSETS LESS CURRENT LIABILITIES

4,323,437

3,909,302

CREDITORS

Amounts falling due after more than one year

14

(511,938

)

(627,026

)

PROVISIONS FOR LIABILITIES

17

(63,911

)

(43,666

)

NET ASSETS

3,747,588

3,238,610

CAPITAL AND RESERVES

Called up share capital

18

175,000

175,000

Capital redemption reserve

19

25,000

25,000

Retained earnings

19

3,547,588

3,038,610

SHAREHOLDERS' FUNDS

3,747,588

3,238,610

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:

J Anderson - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

175,000

2,282,942

25,000

2,482,942

Changes in equity

Total comprehensive income

-

755,668

-

755,668

Balance at 31 March 2024

175,000

3,038,610

25,000

3,238,610

Changes in equity

Total comprehensive income

-

508,978

-

508,978

Balance at 31 March 2025

175,000

3,547,588

25,000

3,747,588

1.	STATUTORY INFORMATION

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

2.	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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Allied Gold Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

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.

Computer software is being amortised evenly over its estimated useful life of five 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

-

Equal instalments over period of lease

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

The company holds stocks of precious metals, used for its trade. Stocks of precious metals are valued at the prevailing London Bullion Market Association (LBMA) fix rate at the end of the reporting period.

Other 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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Pension costs and other post-retirement benefits

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

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

18,707,476

17,080,687

Europe

2,221,134

1,599,577

Rest of the world

352,959

157,118

21,281,569

18,837,382

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,606,558

1,277,051

Social security costs

161,569

122,886

Other pension costs

30,172

24,394

1,798,299

1,424,331

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

2025

2024

Administration

21

16

Manufacturing

22

20

Sales

4

5

47

41

2025

2024

£

£

Directors' remuneration

131,374

139,167

Directors' pension contributions to money purchase schemes

2,634

2,634

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

56,998

41,643

Loss on disposal of fixed assets

9,834

-

Computer software amortisation

89,418

89,417

Auditors remuneration

20,750

20,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

-

1,596

Factoring interest

171,060

123,437

Late payment interest

6,253

-

Other interest

-

1,544

Loan interest

7,931

30,330

185,244

156,907

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

174,283

204,792

Previous year under/(over) provision

(8

)

(8,076

)

Research and development tax credit

-

(59,897

)

Previous year research and development tax credit

-

(78,376

)

Total current tax

174,275

58,443

Deferred tax

20,246

3,060

Tax on profit

194,521

61,503

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

703,499

817,171

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

175,875

204,293

Effects of:

Expenses not deductible for tax purposes

5,173

4,833

Depreciation in excess of capital allowances

10,343

10,343

Adjustments to tax charge in respect of previous periods

(8

)

-

Research and development enhanced deduction

-

(59,897

)

Research and development enhanced deduction prior year adjustment

-

(78,376

)

Patent box

-

(11,617

)

Patent box prior year adjustment

-

(8,076

)

Connected company loan written-off

3,138

-

Total tax charge

194,521

61,503