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REGISTERED NUMBER: 03365414 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 May 2025

for

Enicor Limited

| Enicor Limited (Registered number: 03365414) |

Contents of the Financial Statements

for the Year Ended 31 May 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 8 |

| Income Statement | 12 |

| Other Comprehensive Income | 13 |

| Balance Sheet | 14 |

| Statement of Changes in Equity | 15 |

| Notes to the Financial Statements | 16 |

| Enicor Limited |

Company Information

for the Year Ended 31 May 2025

| DIRECTORS: | W T Bird

| J E Bowers

| REGISTERED OFFICE: | 3 Hazel Court Midland Way

| Barlborough

| Chesterfield

| S43 4FD

| REGISTERED NUMBER: | 03365414 (England and Wales)

| AUDITORS: | Parkins Accountants Ltd

| T/A, Parkins, Chartered Accountants and

| Statutory Auditors

| Moor Park House

| Bawtry Rd

| Wickersley

| Rotherham

| South Yorkshire

| S66 2BL

| Enicor Limited (Registered number: 03365414) |

Strategic Report

for the Year Ended 31 May 2025

The principal activities of the Company are metal recycling and metal trading.

REVIEW OF BUSINESS

During the year ended 31 May 2025 the company generated sales of £57.5m compared to £73.6m for the year ended 31 May 2024. Gross profit percentage for the year to 31 May 2025 was 17.7% compared to 18.7% for the year ended 31 May 2024.

Net profit for the year ended 31 May 2025 was £2.2m compared to a profit of £5.4m for the year ended 31 May 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company recognises that the effective management of risk is essential to achieving its objectives of maximizing performance and meeting its commitments to all stakeholders.

The Company operates in a sector exposed to a range of external and operational risks. The principal risks and uncertainties include:

1. Commodity Price Volatility - Ferrous and non-ferrous metal prices are subject to global supply and demand, supply chain pressures, and wider economic conditions. Price volatility can directly affect margins and cash flow.

2. Regulatory and Compliance - The industry is highly regulated in relation to environmental protection, health and safety, waste management, and transport of hazardous materials. Non-compliance could result in fines, sanctions, or reputational damage.

3. Geopolitical Risks - Global political instability, trade restrictions, and conflicts can disrupt supply chains, impact the availability and cost of raw materials, and create volatility in commodity and currency markets. Changes in tariffs, sanctions, or international trade policy may also affect the Company's operations and competitiveness.

4. Market Demand - Demand for recycled metals reflects levels of industrial production, construction activity, and consumer demand. Economic downturns or a shift towards alternative materials can reduce demand.

5. Operational Risks - The use of heavy machinery, transport of materials, and workplace safety expose operations to potential accidents, equipment failures, or supply chain disruption. These may increase costs and impact productivity.

6. Technological Change - Advances in extraction processes and the development of alternative materials could reduce competitiveness. Ongoing investment in technology and innovation is essential to remain resilient.

7. Supply Chain Dependence - The business relies on a steady supply of scrap metal. Disruptions from geopolitical tensions, natural events, or quality shortages may impact availability and pricing.

8. Foreign Exchange - While most purchases are made in GBP, a significant portion of sales are denominated in USD. The Company manages this risk by entering into forward contracts to mitigate exposure to exchange rate movements.

9. Cybersecurity - Increasing digitalisation exposes the Company to cyber threats, including data breaches and ransomware. Investment in systems and controls continues to strengthen resilience in this area.

| Enicor Limited (Registered number: 03365414) |

Strategic Report

for the Year Ended 31 May 2025

SECTION 172(1) STATEMENT

In accordance with Section 172(1) of the Companies Act 2006, the directors of present the following statement on how they have discharged their duty to promote the success of the company during the year.

The directors have had regard to the factors set out in Section 172(1)(a) to (f) of the Companies Act 2006, which require them to consider the following:

(a) the likely consequences of any decision in the long term: The directors have taken a long-term view in making decisions for the benefit of the company, considering the impact on its sustainability and future prospects.

(b) the interests of the company's employees: We recognise the importance of our employees and have prioritized their well-being, development, and engagement throughout the year. We have invested in training and development programs, promoted diversity and inclusion, and maintained fair and supportive working conditions.

(c) the need to foster the Company's business relationships with suppliers, customers, and others: We have fostered positive relationships with our suppliers, customers, and other stakeholders by adhering to ethical business practices, ensuring transparency and integrity in our dealings, and delivering high-quality products and services.

(d) the impact of the Company's operations on the community and the environment: We acknowledge our responsibility to minimize our environmental footprint and contribute positively to the communities in which we operate. We have implemented sustainable practices, supported local initiatives, and engaged with stakeholders to address environmental and social challenges.

(e) the desirability of the Company maintaining a reputation for high standards of business conduct: Upholding high standards of business conduct is fundamental to our corporate culture. We have maintained robust governance, compliance, and risk management frameworks to ensure ethical behaviour and accountability at all levels of the organization.

(f) the need to act fairly between members of the company: We have acted fairly and transparently in our dealings with shareholders, ensuring equitable treatment and communication of relevant information.

In fulfilling our duties under Section 172(1) of the Companies Act 2006, the directors believe that our decisions and actions have been aligned with the long-term success of the company, considering the interests of all relevant stakeholders.

RISK MANAGEMENT POLICIES AND OBJECTIVES

To mitigate the identified risks, the Company has implemented robust risk management strategies, including regular assessment of risks, compliance with regulations, diversification of supply and customer base, investment in technology and innovation, prudent financial management, and maintaining a strong focus on safety and environmental stewardship.

HEALTH AND SAFETY

The Company is committed to providing a safe and healthy working environment for all employees, contractors, and visitors. Health and Safety is embedded in our business practices and forms a core part of our operational culture.

We prioritise the identification, assessment, and mitigation of risks across all aspects of our activities, with the aim of preventing incidents before they occur. Our belief is that all injuries and occupational illnesses are preventable, and we are committed to achieving a workplace free from accidents.

Safeguarding the well-being of our people is critical to the success of the business. We continue to invest in training, awareness, and systems that promote a culture of safety, while continually monitoring and improving our Health and Safety performance.

| Enicor Limited (Registered number: 03365414) |

Strategic Report

for the Year Ended 31 May 2025

ENVIRONMENTAL BENEFITS OF METAL RECYCLING

Metal recycling plays a vital role in reducing the environmental footprint of metal production and consumption, supporting global efforts to combat climate change and advance sustainability.

1. Energy Conservation - Recycling metals requires significantly less energy than producing metals from virgin ore. For example, recycling aluminium saves up to 95% of the energy needed for primary production, directly reducing CO2 emissions.

2. Lower Greenhouse Gas Emissions - By reducing the need for mining and primary metal production, recycling generates substantially fewer greenhouse gas emissions, helping to mitigate climate change.

3. Resource Preservation - Recycling extends the lifespan of existing materials and reduces the need for new extraction, conserving natural resources and limiting the environmental impacts of mining such as habitat loss, soil erosion, and water pollution.

4. Waste Reduction - Recycling diverts metals from landfill, avoiding methane emissions from waste decomposition and reducing pressure on landfill capacity.

5. Carbon Footprint Reduction - Across the metal lifecycle, from production to disposal, recycling lowers the overall carbon footprint by significantly cutting energy use compared to primary production.

6. Circular Economy Contribution - Metal recycling underpins the circular economy by keeping materials in use for longer, minimising waste, and reducing reliance on finite resources. This supports a more sustainable and climate-resilient economy.

The Group continues to invest in advanced recycling technologies, raise awareness of the benefits of recycling, and implement practices that strengthen the circular economy and maximise the climate benefits of its activities.

FINANCIAL POSITION

At 31 May 2025 the Company had net assets of £39.7m (31 May 2024: £37,5m). The Group had net cash resources of £2.1m at 31 May 2025 (31 May 2024: £3.8m).

INVESTMENTS MADE DURING THE YEAR

Capital expenditure of £1.2m was made during the year ended 31 May 2025 (£3.5m in the period from 13 April 2023 to 31 May 2024). This was mostly in respect of further investment in plant and machinery for our processing site at Bourne and export facility at Immingham Docks.

ON BEHALF OF THE BOARD:

W T Bird - Director

10 February 2026

| Enicor Limited (Registered number: 03365414) |

Report of the Directors

for the Year Ended 31 May 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of metal recycling.

DIVIDENDS

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

DIRECTORS

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

W T Bird

J E Bowers

DIRECTORS DUTIES

The directors recognise their duty to promote the success of the Company and to act for the benefits of its members as a whole and in doing so have regard to the likely consequences of any decision in the long term.

STREAMLINED ENERGY AND CARBON REPORTING

Introduction

The scope of this energy and carbon report includes all activities and sites controlled by the Company during the year ended 31 May 2025. The below statement contains annual energy consumption, associated greenhouse gas emissions, associated greenhouse gas emissions and additional related information as required under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

Methodology

The methodology to define the scope and calculate the GHG emissions was the GHG Protocol Corporate Accounting and Reporting Standard (World Business Council for Sustainable Developments 2004). The data used in this report was based on weekly and monthly invoice data from energy suppliers recorded on a central spreadsheet and checked against the paper invoice records. The electricity, gas, and diesel consumption data provided by the Company was analysed in order to calculate the total energy consumption and to establish the significant energy users throughout the group. Mileage records were also obtained to determine the contribution of GHG emissions by transport. 2024 DEFRA conversion factors for Company Reporting were used as part of the analysis, in order to convert to a common unit of energy, kWh, and to calculate the associated GHG emissions. (Department of Energy Security & Net Zero, 2025)

Energy Use and Greenhouse Gas Emissions

The table below shows the total UK energy use associated with the consumption of electricity natural gas and other fuels combusted on site and fuel consumed for the relevant business transport purposes for the year ended 31 May 2025. Our Scope 2 emissions are generated from purchased electricity.

Table - Energy Consumption and Emissions

| 13 April 2023 to 31 May 2024 |  | Year ended 31 May 2025 |

Gas (kWh) |  | 22,324 |  | 27.533 |

Electricity (kWh) |  | 728,573 |  | 749,382 |

Road Transport (kWh) |  | 8,764,804 |  | 8,916,715 |

Total Energy (kWh) |  | 9,515,701 |  | 9,693,630 |

Scope 1 Emissions (tCO2e) |  | 2,089 |  | 2,262 |

Scope 2 Emissions - Electricity indirect GHG |  | 151 |  | 155 |

Total Emissions (tCO2e) |  | 2,250 |  | 2,417 |

| Enicor Limited (Registered number: 03365414) |

Report of the Directors

for the Year Ended 31 May 2025

Energy Intensity tCO2e/£m |  | 24.1 |  | 31.9 |

Energy efficiency plans

There have been several opportunities to reduce energy consumption through the following projects:

" Ongoing replacement cycle of mobile plant (FLTs, Dumper, Loading Shovel and Crane) is being undertaken to replace old efficient plant with newer more efficient machines.

" Transport fleet been replaced with Euro 6 standard vehicles.

" Planning to upgrade electrical feed into the main site to enable diesel power machinery to be powered by more efficient electric solutions.

" Operating our business in line with our Environmental Management System to the standard of ISO14001:2015.

DISCLOSURE IN THE STRATEGIC REPORT

The Company has chosen in accordance with section 414c of the Companies Act 2006 to set out in this Strategic Report information required by Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008, Schedule 7 to be contained in the Directors' Report in respect of Principal Activities, Principal Risks and Uncertainties, Risk Management policies and objectives and employee disclosures.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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.

| Enicor Limited (Registered number: 03365414) |

Report of the Directors

for the Year Ended 31 May 2025

AUDITORS

The auditors, Parkins Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W T Bird - Director

10 February 2026

Report of the Independent Auditors to the Members of

Enicor Limited

Opinion

We have audited the financial statements of Enicor Limited (the 'company') for the year ended 31 May 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 May 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.

Emphasis of matter

We draw attention to note 2 of the financial statements, which describes the basis on which stock has been valued. Due to the nature of the company's operations as a scrap yard, it was not practicable to carry out a physical count of stock at the year end. Accordingly, the quantity and valuation of inventory have been determined by management based on estimates and supporting records. Our opinion is not modified in respect of this matter.

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.

Report of the Independent Auditors to the Members of

Enicor Limited

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 six, 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.

Report of the Independent Auditors to the Members of

Enicor Limited

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud.

In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review payments to management / related party transactions and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework in which it operates, drawing on our broad sector experience, and considered the risk of acts by the company that were contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the directors meetings, correspondence with regulators,

We completed a systematic sample of source documentation to the accounting records together with attended stocktakes.

We did not identify any key audit matters relating to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls including testing journals and evaluation whether there was evidence of bias by the management that represented a risk of material misstatement due to fraud.

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.

Report of the Independent Auditors to the Members of

Enicor Limited

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.

Robert D Parkin FCA (Senior Statutory Auditor)

for and on behalf of Parkins Accountants Ltd

T/A, Parkins, Chartered Accountants and

Statutory Auditors

Moor Park House

Bawtry Rd

Wickersley

Rotherham

South Yorkshire

S66 2BL

13 February 2026

| Enicor Limited (Registered number: 03365414) |

Income Statement

for the Year Ended 31 May 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 4 | 57,536,857 |  | 73,641,534 |  |

Cost of sales | 47,346,040 |  | 59,868,178 |  |

GROSS PROFIT | 10,190,817 |  | 13,773,356 |  |

Administrative expenses | 7,751,880 |  | 9,311,898 |  |

OPERATING PROFIT | 6 | 2,438,937 |  | 4,461,458 |  |

Interest receivable and similar income | 150,378 |  | 3,161 |  |

2,589,315 |  | 4,464,619 |  |

Interest payable and similar expenses | 7 | 233,599 |  | 442,602 |  |

PROFIT BEFORE TAXATION | 2,355,716 |  | 4,022,017 |  |

Tax on profit | 8 | 152,147 |  | (1,373,608 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,203,569 |  | 5,395,625 |  |

| Enicor Limited (Registered number: 03365414) |

Other Comprehensive Income

for the Year Ended 31 May 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,203,569 |  | 5,395,625 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,203,569 |  | 5,395,625 |  |

| Enicor Limited (Registered number: 03365414) |

Balance Sheet

31 May 2025

| 2025 | 2024 |

| Notes | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | 40,520 |  | 48,129 |  |

Tangible assets | 10 | 2,371,336 |  | 1,685,683 |  |

2,411,856 |  | 1,733,812 |  |

CURRENT ASSETS

Stocks | 11 | 3,451,987 |  | 1,872,131 |  |

Debtors | 12 | 39,198,913 |  | 40,113,357 |  |

Cash at bank and in hand | 2,065,129 |  | 3,739,094 |  |

44,716,029 |  | 45,724,582 |  |

CREDITORS

Amounts falling due within one year | 13 | 7,138,024 |  | 9,946,640 |  |

NET CURRENT ASSETS | 37,578,005 |  | 35,777,942 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 39,989,861 |  | 37,511,754 |  |

PROVISIONS FOR LIABILITIES | 15 | 321,629 |  | 47,091 |  |

NET ASSETS | 39,668,232 |  | 37,464,663 |  |

CAPITAL AND RESERVES

Called up share capital | 16 | 1,000 |  | 1,000 |  |

Retained earnings | 17 | 39,667,232 |  | 37,463,663 |  |

SHAREHOLDERS' FUNDS | 39,668,232 |  | 37,464,663 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2026 and were signed on its behalf by:

W T Bird - Director

| Enicor Limited (Registered number: 03365414) |

Statement of Changes in Equity

for the Year Ended 31 May 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 June 2023 | 1,000 |  | 32,068,038 |  | 32,069,038 |  |

Changes in equity

Total comprehensive income | - |  | 5,395,625 |  | 5,395,625 |  |

Balance at 31 May 2024 | 1,000 |  | 37,463,663 |  | 37,464,663 |  |

Changes in equity

Total comprehensive income | - |  | 2,203,569 |  | 2,203,569 |  |

Balance at 31 May 2025 | 1,000 |  | 39,667,232 |  | 39,668,232 |  |

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements

for the Year Ended 31 May 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| 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.

| Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

| The company recognises revenue when:

| The amount of revenue can be reliably measured;

| it is probable that future economic benefits will flow to the entity;

| and specific criteria have been met for each of the company's activities.

| Intangible assets

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

| Brand development costs are being amortised evenly over their estimated useful life of five years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

| Plant and machinery | - | 20% on cost

| Fixtures and fittings | - | 20% on cost

| Motor vehicles | - | 20% on cost

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Stock comprises scrap metal and related materials held for resale. Due to the nature of the business, it is not practicable to perform an accurate physical count of inventory at the year end, as items are stored in bulk, mixed grades, and continually moving through the site.

| Accordingly, inventory quantities and values have been determined by management based on:

| - monthly sample counts and weight estimates;

| - recent purchase and sales information; and

| - prevailing scrap metal market prices at the reporting date.

| Management believes that the methods used provide a reasonable basis for estimating the value of inventory at the year end.

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares.

| Debt instruments (other than those wholly repayable or receivable within one year), including loans and other

| accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

| Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are

| measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated statement of comprehensive income.

| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance

| sheet date.

| Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are

| measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an

| 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

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

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

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

| 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.

| Trade debtors

| Trade Debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

| Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

| Trade creditors

| Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

| Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, 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.

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the company'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.

| Stock valuation

| The determination of the carrying value of stocks held, notably the different classes of materials and the impact on valuation caused by fluctuations in global commodity prices. The factors taken into consideration in reaching a discussion include a review of the market prices for materials held with reference to the agreed contracted prices. The value of processed goods held for resale include an estimate of the value added during the production process.

| Measurement of stock quantities

| Stock quantities require an estimation by management which is made using internal management information and adjusted on the basis of a year end physical inspection and managements historical experience.

| Depreciation

| The determination of the useful economic life if fixed assets held and the estimation of residual values. The

| factors taken into account include the extent to which items of plant and machinery are subject to maintenance programmes and an assessment of the expected remaining lives of the assets based on performance measures.

| Impairment of goodwill and intangible assets

| Impairment tests have been undertaken in respect of goodwill and intangible assets using an assessment of the value in use of the respective Cash Generating Units The assessment requires a number of assumptions and estimates to be made including the allocation of assets to the Cash Generating Units, the expected future cash flows from each Cash Generating Unit and also the selection of the suitable discount rate in order to calculate the present value of those cash flows.

| Fair values assigned to acquired assets and liabilities

| The determination of the fair values attributed to acquired assets and liabilities requires estimates to be made

| about the outcome of future events, including the condition of acquired assets, the ongoing value to the business of intangible assets and the recoverability of other assets. For liabilities, an assessment is required to identify any unrecorded liabilities or disputed amounts to determine whether liabilities should be recognised at the point of acquisition.

| Bad debt provisions

| A number of accounting estimates and judgements are necessary to determine in the impairment provisions

| against trade receivables.

| Corporation tax liabilities

| The Company is required to estimate it tax assets and liabilities. The requires an assessment of the current tax liability together with the outcome of any open positions which may be subject to challenge by the tax

| authorities. As assessment of the temporary differences which arise as a result of different accounting and tax treatments is also required as these temporary differences result in deferred tax assets or liabilities. Deferred tax assets are only recognised to the extent that is is more likely than not that the asset will be realised in the future. This requires judgement to be made, including the levels of forecast future taxable income.

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

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 | 19,349,075 |  | 38,383,261 |  |

| Europe | 7,192,465 |  | 4,728,960 |  |

| Asia | 30,995,317 |  | 30,529,313 |  |

57,536,857 |  | 73,641,534 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,560,576 |  | 1,505,574 |  |

| Social security costs | 167,959 |  | 145,570 |  |

| Other pension costs | 26,864 |  | 33,134 |  |

1,755,399 |  | 1,684,278 |  |

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

| 2025 |  | 2024

| Administration and support | 6 |  | 5 |  |

| Other department | 38 |  | 33 |  |

44 |  | 38 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | - |  |

6. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 1,151,666 |  | 813,392 |  |

| Other operating leases | 436,124 |  | 424,197 |  |

| Depreciation - owned assets | 474,610 |  | 455,269 |  |

| Profit on disposal of fixed assets | (87,487 | ) | (99,557 | ) |

| Brand development costs amortisation | 12,770 |  | 11,617 |  |

| Auditors' remuneration | 25,000 |  | 28,000 |  |

| Foreign exchange differences | 19,052 |  | 92,955 |  |

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Other interest | 233,599 |  | 442,602 |  |

8. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | (122,390 | ) | (1,437,877 | ) |

| Deferred tax | 274,537 |  | 64,269 |  |

| Tax on profit | 152,147 |  | (1,373,608 | ) |

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

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 2,355,716 |  | 4,022,017 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 588,929 |  | 1,005,504 |  |

| Effects of:

| Expenses not deductible for tax purposes | 3,795 |  | 1,135 |  |

| Capital allowances in excess of depreciation | (215,624 | ) | (27,809 | ) |

| Adjustments to tax charge in respect of previous periods | (122,390 | ) | (486,501 | ) |

| Research and development tax credit claim | - |  | (1,065,195 | ) |

| Deferred taxation | 274,537 |  | 64,269 |  |

| Group relief | (377,100 | ) | (865,011 | ) |

| Total tax charge/(credit) | 152,147 |  | (1,373,608 | ) |

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

9. | INTANGIBLE FIXED ASSETS

| Brand |

| development |

| Goodwill |  | costs |  | Totals

£ | £ | £ |

| COST

| At 1 June 2024 | 1 |  | 59,723 |  | 59,724 |  |

| Additions | - |  | 5,161 |  | 5,161 |  |

| At 31 May 2025 | 1 |  | 64,884 |  | 64,885 |  |

| AMORTISATION

| At 1 June 2024 | 1 |  | 11,594 |  | 11,595 |  |

| Amortisation for year | - |  | 12,770 |  | 12,770 |  |

| At 31 May 2025 | 1 |  | 24,364 |  | 24,365 |  |

| NET BOOK VALUE

| At 31 May 2025 | - |  | 40,520 |  | 40,520 |  |

| At 31 May 2024 | - |  | 48,129 |  | 48,129 |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Property |  | Plant and |  | and |  | Motor |

| improvements |  | machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 June 2024 | 1,003,760 |  | 3,425,686 |  | 143,368 |  | 153,737 |  | 4,726,551 |  |

| Additions | 59,699 |  | 1,170,324 |  | 3,483 |  | 7,950 |  | 1,241,456 |  |

| Disposals | - |  | (559,358 | ) | - |  | (71,588 | ) | (630,946 | ) |

| At 31 May 2025 | 1,063,459 |  | 4,036,652 |  | 146,851 |  | 90,099 |  | 5,337,061 |  |

| DEPRECIATION

| At 1 June 2024 | 100,449 |  | 2,690,628 |  | 108,639 |  | 141,152 |  | 3,040,868 |  |

| Charge for year | 210,900 |  | 247,011 |  | 8,542 |  | 8,157 |  | 474,610 |  |

| Eliminated on disposal | - |  | (478,165 | ) | - |  | (71,588 | ) | (549,753 | ) |

| At 31 May 2025 | 311,349 |  | 2,459,474 |  | 117,181 |  | 77,721 |  | 2,965,725 |  |

| NET BOOK VALUE

| At 31 May 2025 | 752,110 |  | 1,577,178 |  | 29,670 |  | 12,378 |  | 2,371,336 |  |

| At 31 May 2024 | 903,311 |  | 735,058 |  | 34,729 |  | 12,585 |  | 1,685,683 |  |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 3,451,987 |  | 1,872,131 |  |

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,411,986 |  | 3,023,656 |  |

| Other debtors | 4,200 |  | 4,200 |  |

| Amounts owing to group undertakings | 34,725,523 |  | 32,340,308 |  |

| Corporation tax | 104,147 |  | 1,894,575 |  |

| VAT | 916,099 |  | 2,745,475 |  |

| Prepayments | 2,036,958 |  | 105,143 |  |

39,198,913 |  | 40,113,357 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 5,657,185 |  | 7,045,998 |  |

| Corporation tax | - |  | 113,819 |  |

| Social security and other taxes | 44,357 |  | 38,330 |  |

| Other creditors | 3,243 |  | 72,557 |  |

| Accrued expenses | 1,433,239 |  | 2,675,936 |  |

7,138,024 |  | 9,946,640 |  |

14. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 380,000 |  | 380,000 |  |

| Between one and five years | 749,831 |  | 1,089,458 |  |

1,129,831 |  | 1,469,458 |  |

15. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 321,629 |  | 47,091 |  |

| Deferred |

| tax |

£ |

| Balance at 1 June 2024 | 47,091 |  |

| Charge to Income Statement during year | 274,538 |  |

| Balance at 31 May 2025 | 321,629 |  |

16. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary | 1 | 1,000 |  | 1,000 |  |

| Enicor Limited (Registered number: 03365414) |

Notes to the Financial Statements - continued

for the Year Ended 31 May 2025

17. | RESERVES

| Retained

| earnings

£ |

| At 1 June 2024 | 37,463,663 |  |

| Profit for the year | 2,203,569 |  |

| At 31 May 2025 | 39,667,232 |  |

18. | RELATED PARTY DISCLOSURES

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

| Entities with control, joint control or significant influence over the entity

2025 | 2024 |

£ | £ |

| Sales | - |  | 11,673 |  |

| Purchases | 480,000 |  | 465,216 |  |

| Other related parties

2025 | 2024 |

£ | £ |

| Purchases | 18,282 |  | 47,416 |  |

| Amount due from related party | 14,040 |  | 14,040 |  |

| Amount due to related party | - |  | 47,416 |  |

19. | ULTIMATE CONTROLLING PARTY

| The Company's immediate parent company is Enicor Group Limited. Which is incorporated in England and Wales and registered at 3 Hazel Court, Midland Way, Barlborough S43 4FD.

| The smallest and largest group in which the results are consolidated is that headed by Pittsburgh Topco Limited a company incorporated in England and Wales and registered at 3 Hazel Court, Midland Way, Barlborough S43 4FD. The consolidated accounts of the company are available to the public and may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

| The ultimate controlling party is considered to be Harwood Private Capital Gp LLP