Metrotile (UK) Limited

Contents

Directors' Report	1
Statement of Directors' Responsibilities	2
Statement of Financial Position	3
Notes to the Financial Statements	4 to 10

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr M Petitjean

Mr D Padmore

Mrs E Hulbert

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 7 January 2026 and signed on its behalf by:

Mrs E Hulbert
Director

Metrotile (UK) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 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.

Metrotile (UK) Limited

(Registration number: 02680324)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	20,543	21,537
Current assets
Stocks	5	931,497	1,198,685
Debtors	6	873,008	853,457
Cash at bank and in hand		222,801	52,480
		2,027,306	2,104,622
Creditors: Amounts falling due within one year	7	(1,313,378)	(1,462,955)
Net current assets		713,928	641,667
Net assets		734,471	663,204
Capital and reserves
Called up share capital		274	274
Share premium reserve		4,828	4,828
Capital redemption reserve		17	17
Profit and loss account		729,352	658,085
Shareholders' funds		734,471	663,204

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income and Directors' Report.

Approved and authorised by the Board on 7 January 2026 and signed on its behalf by:

Mrs E Hulbert
Director

Metrotile (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 3 Sheldon Business Park
Sheldon Corner
Chippenham
Wiltshire
SN14 0RQ

Principal activity

The principal activity of the company is the operation of warehousing and storage facilities for land transport activities

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Metrotile (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. We draw attention to the comparative period values which are unaudited. Our opinion is not modified in respect of this matter..

The name of the Senior Statutory Auditor who signed the audit report on 7 January 2026 was Peter Lomax, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually when the goods are delivered to the customer); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Metrotile (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Long leasehold property	33% straight line
Plant & machinery	20% straight line
Fixtures & fittings	20% straight line
Motor vehicles	33% straight line
Office equipment	25% - 50% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Metrotile (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 19).

Metrotile (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 January 2024

41,024

21,169

66,624

48,400

137,920

315,137

Additions

13,134

350

2,291

5,548

-

21,323

Disposals

-

-

-

(7,232)

(76,925)

(84,157)

At 31 December 2024

54,158

21,519

68,915

46,716

60,995

252,303

Depreciation

At 1 January 2024

35,706

20,477

65,274

45,582

126,561

293,600

Charge for the year

5,799

655

954

3,550

7,767

18,725

Eliminated on disposal

-

-

-

(7,232)

(73,333)

(80,565)

At 31 December 2024

41,505

21,132

66,228

41,900

60,995

231,760

Carrying amount

At 31 December 2024

12,653

387

2,687

4,816

-

20,543

At 31 December 2023

5,318

692

1,350

2,818

11,359

21,537

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

906,419

1,180,351

Other inventories

25,078

18,334

931,497

1,198,685

6

Debtors

2024
£

2023
£

Trade debtors

760,140

710,106

Other debtors

10,000

7,451

Prepayments

102,868

80,669

Income tax asset

-

55,231

873,008

853,457

Metrotile (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	1,095,904	1,328,155
Taxation and social security	185,332	103,145
Accruals and deferred income	32,142	31,655
	1,313,378	1,462,955

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Not later than one year	81,395	83,077

9	Related party transactions

Summary of transactions with related parties

During the year the company purchased products amounting to £4,561,306 (2023 - £5,077,411) from it's fellow subsidiary Iko Metals Europe NV. At 31 December 2024 the inter-company creditor amounted to £997,195 (2023 - £1,222,758).

10	Parent and ultimate parent undertaking

The company's immediate parent is RoofTG Europe NV, incorporated in Belgium.

The parent of the largest group in which these financial statements are consolidated is IKO Industries', incorporated in Canada.

The address of IKO Industries' is:
71 Orenda Road,
Brampton,
Ontario,
L6W 1V8,
Canada

The parent of the smallest group in which these financial statements are consolidated is RoofTG Europe NV, incorporated in Belgium.

Metrotile (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10	Parent and ultimate parent undertaking (continued)

The address of RoofTG Europe NV is:
Michielenweg 3
3700 Tongeren
Belgium

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles £	Total £
Cost or valuation
At 1 January 2024	41,024	21,169	66,624	48,400	137,920	315,137
Additions	13,134	350	2,291	5,548	-	21,323
Disposals	-	-	-	(7,232)	(76,925)	(84,157)
At 31 December 2024	54,158	21,519	68,915	46,716	60,995	252,303
Depreciation
At 1 January 2024	35,706	20,477	65,274	45,582	126,561	293,600
Charge for the year	5,799	655	954	3,550	7,767	18,725
Eliminated on disposal	-	-	-	(7,232)	(73,333)	(80,565)
At 31 December 2024	41,505	21,132	66,228	41,900	60,995	231,760
Carrying amount
At 31 December 2024	12,653	387	2,687	4,816	-	20,543
At 31 December 2023	5,318	692	1,350	2,818	11,359	21,537

	2024 £	2023 £
Finished goods and goods for resale	906,419	1,180,351
Other inventories	25,078	18,334
	931,497	1,198,685

	2024 £	2023 £
Trade debtors	760,140	710,106
Other debtors	10,000	7,451
Prepayments	102,868	80,669
Income tax asset	-	55,231
	873,008	853,457