REGISTERED NUMBER: 12400784 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

GSMT Ltd

Page

Company information

1

Strategic report

2

to

3

Report of the directors

4

to

5

Report of the independent auditors

6

to

9

Statement of income and retained earnings

10

Statement of financial position

11

Notes to the financial statements

12

to

18

Directors:

L Staniforth

P Chamberlain

N J Bowers

Registered office:

Lodge Farm

Knights End Road

Floods Ferry

March

Cambridgeshire

PE15 0YN

Registered number:

12400784 (England and Wales)

Auditors:

Moore Thompson

27 Market Place

Market Deeping

Peterborough

Cambridgeshire

PE6 8EA

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

We aim to present a balanced review of the Company's performance and development during the year that is consistent with the size and nature of our business and that also covers the principal risks and uncertainties

faced by the Company.

Review of business

During the financial year, the Company operated within highly competitive and volatile global metals markets, with pricing subject to unpredictable fluctuations driven by international supply and demand dynamics. These market conditions were consistent with those experienced across the wider Group.

Despite this volatility, the Company delivered an improved performance, with turnover increasing by £13.26 million year on year. This growth reflects continued trading activity, disciplined commercial decision-making, and alignment with Group trading and procurement strategies. Gross profit is down due to increasing costs, largely because of global price movements, increased competition, and inflationary pressures affecting the wider metals and logistics markets. Cost control and margin performance were closely monitored throughout the period, in line with Group financial governance.

New regulations came into force in January 2025 which resulted in certain grades of materials being unable to be exported. This relates to lower grade materials but due to the high volume exported, this has resulted in a reduction of turnover in this area.

Outlook and Strategic Positioning

Following the year end, the introduction of tariffs by the United States has impacted global pricing structures and trading flows within the metals sector. These developments have affected the wider Group; however, the Company continues to adapt its trading approach in line with Group strategy.

The Company remains aligned with the Group's focus on investment in operational efficiency, supply chain resilience, and trading capability. The Directors believe that this consistent, measured approach will support continued growth, stability, and long-term prosperity for both the Company and the Group.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks.

The key business risks affecting the company are considered to relate to maintaining the customer base, matching product supply to demand throughout the year in an ever changing market place. The supply demand of material has been somewhat restricted shipping constraints, imminent cost increases with the ban of use of rebated fuels and increasing regulatory burden.

The company uses various financial instruments including loans/overdrafts, cash and management of working capital in order to finance its operations. The directors review and agree policies to manage the key risks envisaged in respect of each instrument, these policies remain unchanged from previous years.

Liquidity Risk - The company manages it's liquidity risk by maintaining adequate reserves and bank facilities, including stock loans with its bankers HSBC, by monitoring cash flows and its working capital requirements.

Credit Risk - The company's main financial assets are trade receivables and cash and bank balances. Those assets represent the company's main exposure to credit risk, which is that a counterparty will fail to discharge its obligations, resulting in financial loss to the company. The directors believe that credit risk is both limited and mitigated as a result of a significant proportion of credit sales being paid prior to stock being released.

Foreign Currency Risk - The company does conduct a growing level of trade outside the UK, the company would undertake hedging/forward currency contracts where appropriate to minimise the exchange rate exposure.

Interest Rate Risk - The company funds its operations through a combination of retained profits, internally generated cash, asset-backed finance arrangements and banking facilities. Interest rate swap instruments would be utilised to mitigate this risk where appropriate.

Financial key performance indicators

KPI's for the business are measured on daily cash flow forecasts and monthly management information, monthly meetings take place by both management and Directors to assess the KPI. The company is also assessed regularly by the Environment Agency and FORS to ensure compliance of the highest level.

Other key performance indicators

Where appropriate the directors set indicators to measure its non-financial performance in a number of ways in line with other companies similar in size and nature to GSMT Ltd.

On behalf of the board:

L Staniforth - Director

12 January 2026

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 wholesale of waste and scrap metal.

Dividends

No interim dividends were paid during the year ended 31 March 2025.

The directors recommend final dividends per share as follows:

Ordinary A shares 1 shares

30,731.85

Ordinary B shares 1 shares

52,562.63

Ordinary C shares 1 shares

59,538.00

The total distribution of dividends for the year ended 31 March 2025 will be £ 3,651,001 .

Directors

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

L Staniforth

P Chamberlain

Other changes in directors holding office are as follows:

N J Bowers - appointed 1 March 2025

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

L Staniforth - Director

12 January 2026

Opinion

We have audited the financial statements of GSMT Ltd (the 'company') for the year ended 31 March 2025 which comprise the Statement of income and retained earnings, Statement of financial position 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 the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client company's sector.

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journals entries to identify unusual transactions;

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims;

-

reviewing correspondence with HMRC and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatement that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Hildred (Senior Statutory Auditor)

for and on behalf of Moore Thompson

27 Market Place

Market Deeping

Peterborough

Cambridgeshire

PE6 8EA

16 January 2026

Turnover

4

74,005,383

60,739,770

Cost of sales

71,018,873

57,258,415

Gross profit

2,986,510

3,481,355

Administrative expenses

1,379,960

1,351,262

Operating profit

6

1,606,550

2,130,093

Interest receivable and similar income

45,486

31,975

1,652,036

2,162,068

Interest payable and similar expenses

7

24,356

-

Profit before taxation

1,627,680

2,162,068

Tax on profit

8

408,717

541,494

Profit for the financial year

1,218,963

1,620,574

Retained earnings at beginning of year

5,726,788

5,083,253

Dividends

9

(3,651,001

)

(977,039

)

Retained earnings at end of year

3,294,750

5,726,788

Fixed assets

Tangible assets

10

350,061

470,352

Current assets

Stocks

11

954,047

1,306,804

Debtors

12

4,742,799

3,046,167

Cash at bank

1,688,477

4,516,284

7,385,323

8,869,255

Creditors

Amounts falling due within one year

13

4,353,019

3,512,446

Net current assets

3,032,304

5,356,809

Total assets less current liabilities

3,382,365

5,827,161

Provisions for liabilities

16

87,515

100,273

Net assets

3,294,850

5,726,888

Capital and reserves

Called up share capital

17

100

100

Retained earnings

18

3,294,750

5,726,788

Shareholders' funds

3,294,850

5,726,888

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2026 and were signed on its behalf by:

P Chamberlain - Director

1.	Statutory information

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

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

2.	Statement of compliance

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.

3.	Accounting policies

Basis of preparing the financial statements

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 exemption 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.

Turnover

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

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% on a straight line basis

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on reducing balance

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 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 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.

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates 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.

4.

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

49,420,795

43,732,635

Europe

16,110,972

3,644,386

Rest of the world

8,473,616

13,362,749

74,005,383

60,739,770

5.	Employees and directors

2025

2024

£

£

Wages and salaries

480,125

487,603

Social security costs

47,227

52,755

Other pension costs

9,493

10,077

536,845

550,435

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

2025

2024

Production and drivers

6

6

Administrative

3

1

Management

2

3

11

10

2025

2024

£

£

Directors' remuneration

60,200

60,000

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

Defined benefit schemes

2

2

6.	Operating profit

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

2025

2024

£

£

Hire of plant and machinery

5,398

139,915

Depreciation - owned assets

118,691

130,703

Profit on disposal of fixed assets

(2,862

)

(16,005

)

Auditors' remuneration

18,128

19,000

Foreign exchange differences

64,431

(17,348

)

7.

Interest payable and similar expenses

2025

2024

£

£

Other interest

24,356

-

8.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

145,744

254,978

Tax effect on losses group

relieved

275,731

199,045

Total current tax

421,475

454,023

Deferred tax

(12,758

)

87,471

Tax on profit

408,717

541,494

UK corporation tax was charged at 25%) in 2024.

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

1,627,680

2,162,068

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

406,920

540,517

Effects of:

Expenses not deductible for tax purposes

1,797

976

Capital allowances in excess of depreciation

-

(87,470

)

Depreciation in excess of capital allowances

12,758

-

Deferred tax movement

(12,758

)

87,471

Total tax charge

408,717

541,494

9.

Dividends

2025

2024

£

£

Ordinary A shares shares of 1 each

Final

2,335,621

250,000

Ordinary B shares shares of 1 each

Final

1,017,690

563,507

Ordinary C shares shares of 1 each

Final

297,690

163,532

3,651,001

977,039

10.	Tangible fixed assets

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

Cost

At 1 April 2024

19,800

411,562

616

184,800

616,778

Additions

-

113,112

2,415

-

115,527

Disposals

-

-

-

(184,800

)

(184,800

)

At 31 March 2025

19,800

524,674

3,031

-

547,505

Depreciation

At 1 April 2024

792

94,330

52

51,252

146,426

Charge for year

396

101,262

612

16,421

118,691

Eliminated on disposal

-

-

-

(67,673

)

(67,673

)

At 31 March 2025

1,188

195,592

664

-

197,444

Net book value

At 31 March 2025

18,612

329,082

2,367

-

350,061

At 31 March 2024

19,008

317,232

564

133,548

470,352

11.

Stocks

2025

2024

£

£

Stocks

954,047

1,151,994

Goods in transit

-

154,810

954,047

1,306,804

12.

Debtors

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

3,293,355

1,831,678

Amounts owed by associates

-

252,600

Other debtors

51,820

100

PSB loan

135,858

127,965

VAT

17,165

105,191

Prepayments and accrued income

1,149,405

497,579

4,647,603

2,815,113

Amounts falling due after more than one year:

PSB loan

95,196

231,054

Aggregate amounts

4,742,799

3,046,167

13.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

581,323

1,615,082

Amounts owed to associates

1,878,524

920,093

Corporation tax

169,692

254,978

Social security and other taxes

11,800

27,607

Other creditors

276,944

267,253

Directors' loan accounts

450,362

197,530

Accruals and deferred income

984,374

229,903

4,353,019

3,512,446

14.	Secured debts

A debenture dated 27 October 2022 is in place, which creates a fixed charge over all of the Company’s present freehold and leasehold property. It also creates a first fixed charge over all present and future book debts, other debts, chattels, goodwill and uncalled capital, together with a first floating charge over all of the Company’s present and future assets and undertaking.

In addition, an unlimited multilateral guarantee dated 27 May 2020 has been provided by GSMT Ltd.

15.	Financial instruments

Financial assets measured at fair value through profit and loss comprise cash at bank and in hand.

16.	Provisions for liabilities

2025

2024

£

£

Deferred tax

87,515

100,273

Deferred

tax

£

Balance at 1 April 2024

100,273

Provided during year

(12,758

)

Balance at 31 March 2025

87,515

17.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

76

Ordinary A shares

1

76

76

19

Ordinary B shares

1

19

19

5

Ordinary C shares

1

5

5

100

100