Company registration number 00391242 (England and Wales)
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY INFORMATION
Directors
Jonathan Lindsay
Denise Lindsay
Secretary
Denise Lindsay
Company number
00391242
Registered office
1 Parkway
Harlow Business Park
Harlow
CM19 5QF
Auditor
Thickbroom Coventry
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP
Business address
1 Parkway
Harlow Business Park
Harlow
CM19 5QF
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be that of a holding company and of the group continued to be that of merchants and agents. The group also manufactures and supplies technical materials including silicones, other polymeric materials, adhesives and carbon carbon composites to the aerospace and other industries.

Review of the business

As expected, the strong growth achieved last year slowed with turnover in the year to 31 May 2025 slightly lower than in the year to 31 May 2024. Profitability improved significantly in the year to 31 May 2025, primarily due to the effect of defensive stock policies in prior periods, but is expected to return to more normal levels.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are:

- Customer demand and competition

- Supply Chain uncertainty

- Currency Risk

Key performance indicators

Group turnover reduced by 3% from £18,591,187 in 2024 to £17,953,108.

Gross profit increased by 43% from £6,923,823 to £9,926,960 and profit before tax by 65% from £1,913,158 to £3,165,895.

Other information and explanations

The group acquired a building in Harlow in 2024 which has been refurbished. This will house the NewMet Limited activities from late 2025. This re-location will give the company room to expand and should allow efficiency to improve.

On behalf of the board

Jonathan Lindsay
Director
7 January 2026
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £143,167. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Jonathan Lindsay
Denise Lindsay
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Jonathan Lindsay
Director
7 January 2026
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NEW METALS AND CHEMICALS (HOLDINGS) LTD.
- 4 -
Opinion

We have audited the financial statements of New Metals and Chemicals (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 May 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEW METALS AND CHEMICALS (HOLDINGS) LTD.
- 5 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which the company operates. We determined that the following laws and regulations were most significant; the Companies Act 2006 and UK corporate taxation laws.

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include:

- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- challenging assumptions and judgements made by management in its significant accounting estimates;

- identifying and testing journal entries, in particular and journal entries posted with unusual account combinations; and

- assessing the extent of compliance with the relevant laws and regulations.

We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NEW METALS AND CHEMICALS (HOLDINGS) LTD.
- 6 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Iain McMurray BSc(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Thickbroom Coventry, Statutory Auditor
Chartered Accountants
147a High Street
Waltham Cross
Hertfordshire
EN8 7AP
7 January 2026
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
16,341,093
16,555,338
Cost of sales
(6,414,132)
(9,631,516)
Gross profit
9,926,961
6,923,822
Distribution costs
(204,433)
(146,952)
Administrative expenses
(6,417,718)
(4,880,394)
Other operating income
6,000
6,000
Operating profit
4
3,310,810
1,902,476
Interest receivable and similar income
7
12,273
16,119
Interest payable and similar expenses
8
(174,366)
(28,582)
Amounts written off investments
9
17,178
23,145
Profit before taxation
3,165,895
1,913,158
Tax on profit
10
(720,612)
(529,617)
Profit for the financial year
2,445,283
1,383,541
Profit for the financial year is all attributable to the owners of the parent company.
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
2025
2024
£
£
Profit for the year
2,445,283
1,383,541
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
2,445,283
1,383,541
Total comprehensive income for the year is all attributable to the owners of the parent company.
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,691,758
5,474,253
Investments
13
458,944
430,820
6,150,702
5,905,073
Current assets
Stocks
15
1,941,461
2,427,206
Debtors
16
2,871,081
2,480,592
Cash at bank and in hand
4,421,656
2,442,140
9,234,198
7,349,938
Creditors: amounts falling due within one year
17
(2,513,241)
(2,450,962)
Net current assets
6,720,957
4,898,976
Total assets less current liabilities
12,871,659
10,804,049
Creditors: amounts falling due after more than one year
18
(2,174,316)
(2,487,858)
Provisions for liabilities
Deferred tax liability
20
111,067
32,031
(111,067)
(32,031)
Net assets
10,586,276
8,284,160
Capital and reserves
Called up share capital
22
100,117
100,117
Share premium account
171,273
171,273
Revaluation reserve
120,830
120,830
Capital redemption reserve
20,000
20,000
Other reserves
30,207
30,207
Profit and loss reserves
10,143,849
7,841,733
Total equity
10,586,276
8,284,160

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 7 January 2026 and are signed on its behalf by:
07 January 2026
Jonathan Lindsay
Director
Company registration number 00391242 (England and Wales)
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
803,793
775,669
Current assets
Debtors
16
1,071,508
591,383
Cash at bank and in hand
370,934
60,463
1,442,442
651,846
Creditors: amounts falling due within one year
17
(341,097)
(114,889)
Net current assets
1,101,345
536,957
Net assets
1,905,138
1,312,626
Capital and reserves
Called up share capital
22
100,117
100,117
Share premium account
171,273
171,273
Capital redemption reserve
20,000
20,000
Profit and loss reserves
1,613,748
1,021,236
Total equity
1,905,138
1,312,626

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £735,679 (2024 - £182,840 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 January 2026 and are signed on its behalf by:
07 January 2026
Jonathan Lindsay
Director
Company registration number 00391242 (England and Wales)
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Balance at 1 June 2023
100,117
171,273
120,830
20,000
30,207
6,601,359
7,043,786
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
-
-
-
1,383,541
1,383,541
Dividends
11
-
-
-
-
-
(143,167)
(143,167)
Balance at 31 May 2024
100,117
171,273
120,830
20,000
30,207
7,841,733
8,284,160
Year ended 31 May 2025:
Profit and total comprehensive income
-
-
-
-
-
2,445,283
2,445,283
Dividends
11
-
-
-
-
-
(143,167)
(143,167)
Balance at 31 May 2025
100,117
171,273
120,830
20,000
30,207
10,143,849
10,586,276
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 June 2023
100,117
171,273
20,000
981,564
1,272,954
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
-
-
182,839
182,839
Dividends
11
-
-
-
(143,167)
(143,167)
Balance at 31 May 2024
100,117
171,273
20,000
1,021,236
1,312,626
Year ended 31 May 2025:
Profit and total comprehensive income
-
-
-
735,679
735,679
Dividends
11
-
-
-
(143,167)
(143,167)
Balance at 31 May 2025
100,117
171,273
20,000
1,613,748
1,905,138
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
3,465,958
1,734,417
Interest paid
(174,366)
(28,582)
Income taxes paid
(431,748)
(257,540)
Net cash inflow from operating activities
2,859,844
1,448,295
Investing activities
Purchase of tangible fixed assets
(450,040)
(4,526,290)
Proceeds from disposal of investments
(10,946)
(8,309)
Interest received
2,505
7,400
Dividends received
6,628
6,105
Other income received from investments
3,140
2,614
Net cash used in investing activities
(448,713)
(4,518,480)
Financing activities
Repayment of borrowings
-
(121,000)
Bank loans
(288,448)
2,525,000
Dividends paid to equity shareholders
(143,167)
(143,167)
Net cash (used in)/generated from financing activities
(431,615)
2,260,833
Net increase/(decrease) in cash and cash equivalents
1,979,516
(809,352)
Cash and cash equivalents at beginning of year
2,442,140
3,251,492
Cash and cash equivalents at end of year
4,421,656
2,442,140
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
24
510,272
(23,121)
Interest paid
(4,259)
(12,921)
Income taxes paid
(51,197)
(6,301)
Net cash inflow/(outflow) from operating activities
454,816
(42,343)
Investing activities
Proceeds from disposal of investments
(10,946)
(8,309)
Dividends received
6,628
6,105
Income received from investments
3,140
2,614
Net cash (used in)/generated from investing activities
(1,178)
410
Financing activities
Repayment of borrowings
-
(121,000)
Dividends paid to equity shareholders
(143,167)
(143,167)
Net cash used in financing activities
(143,167)
(264,167)
Net increase/(decrease) in cash and cash equivalents
310,471
(306,100)
Cash and cash equivalents at beginning of year
60,463
366,563
Cash and cash equivalents at end of year
370,934
60,463
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 15 -
1
Accounting policies
Company information

New Metals and Chemicals (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of New Metals and Chemicals (Holdings) Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company New Metals and Chemicals (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 May 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2%
Leasehold land and buildings
2% or lease period
Plant and equipment
20%
Fixtures and fittings
25%
Motor vehicles
20% or 25%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 21 -
As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
UK
9,725,363
10,084,645
Europe
3,162,611
4,234,715
Rest of World
3,453,119
2,235,978
16,341,093
16,555,338
2025
2024
£
£
Other revenue
Interest income
5,645
10,014
Dividends received
6,628
6,105
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
232,520
132,563
Loss on disposal of tangible fixed assets
15
-
Operating lease charges
514,230
250,707
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
46
48
2
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,343,590
2,911,055
-
0
-
0
Pension costs
259,223
241,319
-
0
-
0
3,602,813
3,152,374
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
755,141
698,952
Company pension contributions to defined contribution schemes
120,000
120,000
875,141
818,952
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
531,540
572,329
Company pension contributions to defined contribution schemes
60,000
60,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
2,505
7,400
Other income from investments
Dividends received
6,628
6,105
Gains on financial instruments measured at fair value through profit or loss
3,140
2,614
Total income
12,273
16,119
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,505
7,400
Interest on financial assets measured at fair value through profit or loss
3,140
2,614
Dividends from financial assets measured at fair value through profit or loss
6,628
6,105
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
170,107
15,661
Other finance costs:
Other interest
4,259
12,921
Total finance costs
174,366
28,582
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
9
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
22,208
36,297
Other gains/(losses)
Loss on disposal of financial assets held at fair value through profit or loss
(5,030)
(13,152)
17,178
23,145
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
653,987
360,771
Adjustments in respect of prior periods
(42,631)
(33,502)
Total UK current tax
611,356
327,269
Foreign current tax on profits for the current period
30,220
170,317
Total current tax
641,576
497,586
Deferred tax
Origination and reversal of timing differences
79,036
32,031
Total tax charge
720,612
529,617
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
10
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
3,165,895
1,913,158
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
791,474
478,290
Tax effect of expenses that are not deductible in determining taxable profit
(8)
4,127
Tax effect of income not taxable in determining taxable profit
-
0
(2)
Gains not taxable
(5,552)
(9,074)
Tax effect of utilisation of tax losses not previously recognised
(428)
-
0
Unutilised tax losses carried forward
1,257
3,288
Change in unrecognised deferred tax assets
(13,219)
-
0
Adjustments in respect of prior years
(42,631)
(33,502)
Permanent capital allowances in excess of depreciation
(15)
-
0
Depreciation on assets not qualifying for tax allowances
26,310
5,723
Research and development tax credit
(42,946)
-
0
Effect of overseas tax rates
8,027
34,097
Deferred tax adjustments in respect of prior years
-
0
48,360
Tax at marginal rate
-
0
(164)
Dividend income
(1,657)
(1,526)
Taxation charge
720,612
529,617
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
143,167
143,167
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2024
5,018,192
521,387
2,890,382
171,697
58,620
8,660,278
Additions
-
0
-
0
389,424
60,616
-
0
450,040
Disposals
-
0
-
0
(854,229)
(93,418)
-
0
(947,647)
At 31 May 2025
5,018,192
521,387
2,425,577
138,895
58,620
8,162,671
Depreciation and impairment
At 1 June 2024
125,572
364,847
2,514,508
164,051
17,047
3,186,025
Depreciation charged in the year
99,229
6,011
106,796
7,710
12,774
232,520
Eliminated in respect of disposals
-
0
-
0
(854,215)
(93,417)
-
0
(947,632)
At 31 May 2025
224,801
370,858
1,767,089
78,344
29,821
2,470,913
Carrying amount
At 31 May 2025
4,793,391
150,529
658,488
60,551
28,799
5,691,758
At 31 May 2024
4,892,620
156,540
375,874
7,646
41,573
5,474,253
The company had no tangible fixed assets at 31 May 2025 or 31 May 2024.
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
344,849
344,849
Listed investments
458,944
430,820
458,944
430,820
458,944
430,820
803,793
775,669
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 June 2024
430,820
Additions
52,938
Valuation changes
17,178
Disposals
(41,992)
At 31 May 2025
458,944
Carrying amount
At 31 May 2025
458,944
At 31 May 2024
430,820
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2024
344,849
430,820
775,669
Additions
-
52,938
52,938
Valuation changes
-
17,178
17,178
Disposals
-
(41,992)
(41,992)
At 31 May 2025
344,849
458,944
803,793
Carrying amount
At 31 May 2025
344,849
458,944
803,793
At 31 May 2024
344,849
430,820
775,669
14
Subsidiaries

Details of the company's subsidiaries at 31 May 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Newmet Limited
England & Wales
Ordinary
100.00
Newmet Properties Ltd.
England & Wales
Ordinary
100.00
Packstat Ltd.
England & Wales
Ordinary
100.00
NewMet GmbH
Germany
Ordinary
100.00
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 28 -
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
1,941,461
2,427,206
-
0
-
0
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,676,814
2,279,847
-
0
-
0
Amounts owed by group undertakings
-
-
1,060,047
573,236
Other debtors
128,361
184,098
11,461
18,147
Prepayments and accrued income
65,906
16,647
-
0
-
0
2,871,081
2,480,592
1,071,508
591,383
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
62,236
37,142
-
0
-
0
Other borrowings
19
55,000
55,000
55,000
55,000
Trade creditors
714,225
1,269,370
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
42,047
-
0
Corporation tax payable
637,369
427,541
237,291
51,197
Other taxation and social security
126,581
104,635
-
-
Other creditors
769
779
-
0
-
0
Accruals and deferred income
917,061
556,495
6,759
8,692
2,513,241
2,450,962
341,097
114,889
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
2,174,316
2,487,858
-
0
-
0
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 29 -
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,236,552
2,525,000
-
0
-
0
Other loans
55,000
55,000
55,000
55,000
2,291,552
2,580,000
55,000
55,000
Payable within one year
117,236
92,142
55,000
55,000
Payable after one year
2,174,316
2,487,858
-
0
-
0

The long-term loan is secured by a fixed charge over freehold property.

The loan carries interest at 2% above base rate and is repayable by monthly instalments and a final payment in May, 2029

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
130,363
47,031
Expenses allowable in following period.
(19,296)
(15,000)
111,067
32,031
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 June 2024
32,031
-
Charge to profit or loss
79,036
-
Liability at 31 May 2025
111,067
-

T he deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances less allowance for expenditure allowable in the next period.

NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 30 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
259,223
241,319

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,117
100,117
100,117
100,117
23
Cash generated from group operations
2025
2024
£
£
Profit after taxation
2,445,283
1,383,541
Adjustments for:
Taxation charged
720,612
529,617
Finance costs
174,366
28,582
Investment income
(12,273)
(16,119)
Loss on disposal of tangible fixed assets
15
-
Depreciation and impairment of tangible fixed assets
232,520
132,562
Other gains and losses
(17,178)
(23,145)
Movements in working capital:
Decrease/(increase) in stocks
485,745
(179,264)
Increase in debtors
(390,489)
(448,422)
(Decrease)/increase in creditors
(172,643)
327,065
Cash generated from operations
3,465,958
1,734,417
NEW METALS AND CHEMICALS (HOLDINGS) LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 31 -
24
Cash generated from/(absorbed by) operations - company
2025
2024
£
£
Profit after taxation
735,679
182,839
Adjustments for:
Taxation charged
237,291
51,197
Finance costs
4,259
12,921
Investment income
(9,768)
(8,719)
Other gains and losses
(17,178)
(23,145)
Movements in working capital:
Increase in debtors
(480,125)
(234,050)
Increase/(decrease) in creditors
40,114
(4,164)
Cash generated from/(absorbed by) operations
510,272
(23,121)
25
Analysis of changes in net funds/(debt) - group
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
2,442,140
1,979,516
4,421,656
Borrowings excluding overdrafts
(2,580,000)
288,448
(2,291,552)
(137,860)
2,267,964
2,130,104
26
Analysis of changes in net funds - company
1 June 2024
Cash flows
31 May 2025
£
£
£
Cash at bank and in hand
60,463
310,471
370,934
Borrowings excluding overdrafts
(55,000)
-
(55,000)
5,463
310,471
315,934
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