Company registration number 09530778 (England and Wales)
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
COMPANY INFORMATION
Directors
J Crabtree
S Grundahl
M Rene
P H Hul
S Lawson
(Appointed 16 January 2025)
Company number
09530778
Registered office
Unit N Europa House
Sheffield Airport Business Park
Sheffield
England
S9 1XU
Auditor
Sumer Auditco Limited
Albert Works
Sidney Street
Sheffield
S1 4RG
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 39
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair Review of the Business

The principal activity of the business is a manufacturer and seller of machines which specialise in the precision post processing of 3D printed parts, ensuring they meet the highest standards of quality and finish. Through tried and tested technology, AMT refine, enhance, and elevate 3D printed parts.

Additive Manufacturing Technologies Ltd is the parent of a Group of 3 Companies, namely:

- Additive Manufacturing Technologies Ltd (AMT Ltd)

- Additive Manufacturing Technologies Inc (AMT Inc)

- Additive Manufacturing Technologies Kft (AMT Kft)

Additive Manufacturing Technologies Ltd is the Parent Company of the Group and is a UK based company.

AMT Ltd is a UK based company and is both a seller and service provider direct to customers (B2C). The UK company also performs some research and development within its facility.

AMT Inc is based in Texas, USA, and is both a seller and service provider direct to customers (B2C).

AMT Kft is an entity based in Hungary and undertakes both manufacturing and research and development of machines. AMT Ltd will purchase machines directly from the Hungarian entity and sell direct to customers through Europe and Asia (the North American market is covered by Inc).

During the financial year the Group earned revenue of £9,480,066 (2023: £9,682,088) which is a decrease of 2% compared with the previous year. Loss before taxation was £(1,945,221) (2023: £(3,352,763)) a decrease in the loss of 42%. 2024 was a pivotal year for the Group, marking a significant improvement in profitability and operational efficiency. Despite continued softness in the broader industrial 3D printing market, the Group materially improved its gross profit margin to 53% (2023: 38%) through a combination of product mix improvements, manufacturing efficiencies in Hungary, and a significant reduction in inventory levels. The cost base was reduced following the restructuring undertaken in 2023, with average headcount reducing from 81 to 61 employees whilst maintaining operational capability.

The operating loss margin improved significantly to (17)% (2023: (31)%), demonstrating the Group’s progress towards profitability. The operating loss of £(1,608,686) includes exceptional costs of £7 30,9 02 relating to reorganisation and legal fees associated with patent litigation. Excluding these exceptional items, the underlying operating performance shows further improvement.

As at 31 December 2024 the Group has net liabilities of £(203,527) (2023: net assets of £1,515,217). The movement is primarily attributable to the loss for the financial year, partially offset by favourable currency translation differences of £122,537. No new shares were issued during the year (2023: £3,738,849 raised through share issuance).

The Group launched a new product, the SF range, into a new market segment in November 2024. This has seen extremely positive order intake to date and is expected to be a significant contributor to revenue growth in 2025.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Description of Principal Risks and Uncertainties

The Groups activities expose it to several risks as set out below:

Health and Safety Risks and Hazards

The Groups health and safety policies and procedures are aimed at reducing risk to employees and others. However, the manufacturing and R&D sites see employees and others in proximity to large equipment and highly regulated materials which increase risk to health and safety. Failure to implement and follow appropriate safety procedures could result in personal injury, illness, and other damage to the Group’s property.

The Group has relevant procedures, policies, and insurances in place to protect itself, it’s employees and others against these risks.

Economic Environment,

Demand for the Group’s products can be impacted by economic factors and events. The industrial 3D printing environment has continued to face headwinds from economic uncertainty and reduced capital expenditure budgets across key markets. This has resulted in longer sales cycles and subdued industrial demand relative to the broader market potential.

However, the Group has mitigated this risk through diversification into new market segments, the launch of new product lines including the SF range, and the continued development of recurring revenue streams through consumables and service agreements. The Group will continue to perform market research and develop products to expand its customer base and spread the risk of such factors.

Geopolitical Risks

The Group is exposed to various geopolitical risks as it operates in an increasingly interconnected global economy. Escalating conflicts and unrest could impact particular regions which could have repercussions in other parts of the world. As such there is a limited risk to the business that it could become adversely affected by such uncertainties. The Group have established methods to assess and monitor regional conditions in which it operates and has designed and enforced appropriate policies and controls to ensure products are not sold into areas which are below risk tolerance levels.

Availability and Retention of Professional and Qualified Staff

There can be strong competition in the market for qualified technical and management personnel within manufacturing sector. The Group’s success depends on its continued ability to attract and retain qualified and skilled staff. If the Group is unable to retain key personnel, the roles and responsibilities need to be filled which can cause the Group to devote time and attention to business needs. The inability to do this could limit the Group's ability to successfully compete in the market and therefore it’s ability to sustain and increase revenues in future results.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Information Security

To operate properly, ensure adequate product and service delivery to its customers and meet business objectives, the Group relies on information technologies. Within these technologies the Group processes proprietary information relating to its business, customer information and information in relation to third parties. This may include sensitive, confidential, and personal information of customers and employees.

The Group faces threats that are constantly evolving, increasingly sophisticated and difficult to detect and successfully defend against. This includes cyber threats from criminal hackers, ransomware, denial of service and other forms of malicious attacks, phishing, and other social engineering techniques, physical or electronic security breaches, computer viruses, unauthorised access, employee misconduct, human or technological errors or similar events or disruptions. Any of these threats may lead to system interruptions, delays, and loss of critical data which in turn will expose the Group to potential liability, loss of customer confidence, loss of customers, damage to brand a reputation, financial reporting capabilities and other financial loss.

The Group's employees are provided with systems and infrastructure which facilitate secure online access to the Groups network and relevant information, both confidential and sensitive.

The Group relies on generally accepted measures and technical and organisational controls to protect its information and information technology systems. There is however no assurance that the efforts of the Group with prevent all threats into the systems.

Financial Risk

The Group's financial instruments expose it to credit, foreign current, interest rate and liquidity risk:

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a customer contract, leading to financial loss.

Financial instruments which potentially subject the Company to significant credit risk consist principally of cash, trade receivables and other receivables.

The Group's cash is held within financial institutions. The Group therefore considers the associated risk to be minimal.

The Group's credit risk is principally attributable to its trade receivables. The amounts disclosed in the statement of financial position are net of an allowance for expected credit losses, estimated by management, and based in part of the age of the specific receivable balance and the e=current and expected collection trends. The Group does not require collateral or other security from customers for trade receivables. The Group believes that the credit risk of the trade receivables is limited.

Foreign Currency Risk:

Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.

The Groups business is conducted across several currencies. As a result, it is subject to risks associated with the foreign exchange movements affecting transaction costs. The Group’s broad geographical spread in terms of customer base helps to spread the risk and reduce the impact of profitability of swings in exchange rates as it allowed for netting of exposures.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

Interest rate risk:

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s term loan facility which carries interest at 10% plus SONIA (Sterling Overnight Index Average). Movements in SONIA therefore impact the Group’s interest cost, although the base rate component is fixed.

Liquidity risk:

Liquidity risk is the risk that the Group will encounter difficulties in meeting its obligations as they fall due.

The Group Finance Director ensures that the company maintains funding flexibility by assessing future cash flow expectations to ensure that the Group will have adequate resources to meet its liabilities when they fall due.

The Group is party to a secured term loan facility with Shawbrook Bank with an outstanding balance of £2,546,667 at the year end (2023: £3,000,000). The facility is secured by fixed charges over the assets of Additive Manufacturing Technologies Ltd and is covered by a guarantee from Additive Manufacturing Technologies Inc and Additive Manufacturing Technologies Kft. The arrangement is subject to financial covenants and is repayable in quarterly instalments with full repayment due by August 2027.

Research and Development activities

To deliver the highest standard of products and to maintain and grow its market position, the Group undertakes research and development activities in areas it already serves in the market and in opportunities for expansion into new market segments. There are designated employees who work solely in research and development to ensure the Group remains competitive within the 3D printing industry.

During 2024, the Group continued to invest in the development of new products and technologies, capitalising £320,438 of development expenditure (2023: £384,262). This includes the SFX range which was successfully launched in November 2024, representing the Group’s entry into a new market segment. Research and development activities are undertaken primarily through the Group’s facilities in the UK and Hungary.

Future Developments

2024 represented a year of strategic repositioning and a return to improved operational efficiency for the Group. The restructuring measures implemented during 2023 delivered significant cost savings through the financial year, with average headcount reducing from 81 to 61 whilst the Group maintained its revenue base and significantly improved its gross margin and operating performance.

Looking ahead, the Group foresees a positive future underpinned by several key drivers. The SF product range, launched in November 2024, has seen strong initial order intake and is expected to be a significant contributor to revenue growth in 2025 and beyond. The Group continues to expand its recurring revenue streams through consumables, service agreements, and warranty penetration, providing greater revenue predictability.

The Group is forecasting revenue growth and a positive EBITDA in 2025, as it benefits from the full-year impact of new product launches and continued operational discipline. Post year end, the Group raised additional equity capital through the issuance of X Ordinary and Series A shares in April 2025 to fund continued growth initiatives.

Internationally, the Group continues to develop its presence in the North American market through AMT Inc, and is exploring opportunities to extend its reach into additional geographies to support long-term growth.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Analysis based on Key Performance Indicators

The Directors utilise various key performance indicators to measure the performance of the business against competitors and previous years:

| 2024 | 2023
Gross Profit Margin % | 53% | 38%
Operating Loss Margin % | (17)% | (31) %
Adjusted earnings before interest, tax, depreciation, and amortisation | £348,193 | £(2,160,708)

On behalf of the board

S Lawson
Director
19 March 2026
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -

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

Principal activities

The principal activity of the company and group continued to be that of the manufacture and distribution of precision post processing machines for 3D printed parts.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

J Crabtree
S Grundahl
M Rene
P H Hul
S Lawson
(Appointed 16 January 2025)
Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and 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 UK 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 group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic Report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments, research & development and future developments.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
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 companies entitled to the medium-sized companies exemption.

On behalf of the board
S Lawson
Director
19 March 2026
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADDITIVE MANUFACTURING TECHNOLOGIES LTD
- 8 -
Opinion

We have audited the financial statements of Additive Manufacturing Technologies Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise 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 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 December 2024 and of the group's loss 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.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADDITIVE MANUFACTURING TECHNOLOGIES LTD
- 9 -
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 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 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

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

- we identified the laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the post processing manufacture and distribution sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environments and health and safety legislation;

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

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

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADDITIVE MANUFACTURING TECHNOLOGIES LTD
- 10 -

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

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

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

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation; and

- enquiring of management as to actual and potential litigation and claims.

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

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

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.

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 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Winwood (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
19 March 2026
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
9,480,066
9,682,088
Cost of sales
(4,449,388)
(6,029,415)
Gross profit
5,030,678
3,652,673
Administrative expenses
(6,084,774)
(6,283,421)
Other operating income
3
176,312
364
Exceptional items
4
(730,902)
(391,420)
Operating loss
5
(1,608,686)
(3,021,804)
Interest receivable and similar income
8
7,924
4,171
Interest payable and similar expenses
9
(344,459)
(335,130)
Loss before taxation
(1,945,221)
(3,352,763)
Tax on loss
10
103,940
242,958
Loss for the financial year
(1,841,281)
(3,109,805)
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
122,537
(222,022)
Total comprehensive income for the year
(1,718,744)
(3,331,827)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
704,700
384,262
Tangible assets
12
1,689,465
1,833,310
2,394,165
2,217,572
Current assets
Stocks
15
1,354,567
2,369,188
Debtors
16
2,696,775
2,666,531
Cash at bank and in hand
589,088
1,020,008
4,640,430
6,055,727
Creditors: amounts falling due within one year
17
(4,095,428)
(3,679,871)
Net current assets
545,002
2,375,856
Total assets less current liabilities
2,939,167
4,593,428
Creditors: amounts falling due after more than one year
18
(2,315,616)
(2,531,133)
Provisions for liabilities
Provisions
21
827,078
547,078
(827,078)
(547,078)
Net (liabilities)/assets
(203,527)
1,515,217
Capital and reserves
Called up share capital
25
3,863
3,863
Share premium account
26
20,625,672
20,625,672
Profit and loss reserves
(20,833,062)
(19,114,318)
Total equity
(203,527)
1,515,217

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 19 March 2026 and are signed on its behalf by:
19 March 2026
S Lawson
Director
Company registration number 09530778 (England and Wales)
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
497,255
176,817
Tangible assets
12
399,362
409,396
Investments
13
2,304,507
1,628,920
3,201,124
2,215,133
Current assets
Stocks
15
35,842
473,942
Debtors
16
4,639,737
4,596,145
Cash at bank and in hand
466,357
804,031
5,141,936
5,874,118
Creditors: amounts falling due within one year
17
(3,368,074)
(2,208,023)
Net current assets
1,773,862
3,666,095
Total assets less current liabilities
4,974,986
5,881,228
Creditors: amounts falling due after more than one year
18
(2,211,913)
(2,448,771)
Provisions for liabilities
Provisions
21
670,000
390,000
(670,000)
(390,000)
Net assets
2,093,073
3,042,457
Capital and reserves
Called up share capital
25
3,863
3,863
Share premium account
26
20,625,672
20,625,672
Profit and loss reserves
(18,536,462)
(17,587,078)
Total equity
2,093,073
3,042,457
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £949,384 (2023 - £5,004,366 loss).

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 19 March 2026 and are signed on its behalf by:
19 March 2026
S Lawson
Director
Company registration number 09530778 (England and Wales)
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
2,704
16,887,897
(15,782,491)
1,108,110
Year ended 31 December 2023:
Loss for the year
-
-
(3,109,805)
(3,109,805)
Other comprehensive income:
Currency translation differences
-
-
(222,022)
(222,022)
Total comprehensive income
-
-
(3,331,827)
(3,331,827)
Issue of share capital
25
1,074
3,737,775
-
3,738,849
Bonus issue of shares
25
85
-
0
-
0
85
Balance at 31 December 2023
3,863
20,625,672
(19,114,318)
1,515,217
Year ended 31 December 2024:
Loss for the year
-
-
(1,841,281)
(1,841,281)
Other comprehensive income:
Currency translation differences
-
-
122,537
122,537
Total comprehensive income
-
-
(1,718,744)
(1,718,744)
Balance at 31 December 2024
3,863
20,625,672
(20,833,062)
(203,527)
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
2,704
16,887,897
(12,582,712)
4,307,889
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(5,004,366)
(5,004,366)
Issue of share capital
25
1,074
3,737,775
-
3,738,849
Bonus issue of shares
25
85
-
0
-
0
85
Balance at 31 December 2023
3,863
20,625,672
(17,587,078)
3,042,457
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(949,384)
(949,384)
Balance at 31 December 2024
3,863
20,625,672
(18,536,462)
2,093,073
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
1,261,365
(2,315,104)
Interest paid
(344,459)
(335,130)
Income taxes refunded/(paid)
95,949
(35,362)
Net cash inflow/(outflow) from operating activities
1,012,855
(2,685,596)
Investing activities
Purchase of intangible assets
(320,438)
(384,262)
Purchase of tangible fixed assets
(894,122)
(414,092)
Proceeds from disposal of tangible fixed assets
138,317
43,104
Interest received
7,924
4,171
Net cash used in investing activities
(1,068,319)
(751,079)
Financing activities
Proceeds from issue of shares
-
3,738,849
Repayment of bank loans
(453,333)
-
Payment of finance leases obligations
(127,502)
(148,278)
Net cash (used in)/generated from financing activities
(580,835)
3,590,571
Net (decrease)/increase in cash and cash equivalents
(636,299)
153,896
Cash and cash equivalents at beginning of year
1,020,008
1,101,098
Effect of foreign exchange rates
205,379
(234,986)
Cash and cash equivalents at end of year
589,088
1,020,008
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Additive Manufacturing Technologies Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit N Europa House, Sheffield Airport Business Park, Sheffield, England, S9 1XU.

The group consists of Additive Manufacturing Technologies Ltd and all of its subsidiaries.

1.1
Accounting convention

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. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Additive Manufacturing Technologies Ltd 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 December 2024. 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.

1.4
Going concern

The financial statements have been prepared on the going concern basis. In assessing whether this basis remains appropriate, the Directors have considered the Group's solvency, liquidity and trading forecasts over a period of at least 12 months from the date of approval of these financial statements, being the period the Directors consider most relevant to the requirements of FRS 102 and to the Group's specific circumstances.

As part of this assessment, the Directors have reviewed current trading performance, forecast cash flows, the level of committed facilities available to the Group, and the principal risks and uncertainties that may impact the business. The Group successfully launched a new product into a new market segment in November 2024, which has generated strong order intake and is expected to continue to grow. The Group's cost base was materially restructured during 2023, delivering a significant improvement in gross margin and a material reduction in operating losses. Following the year end, the Group raised additional equity funding totalling approximately £1.4 million through the issue of new ordinary shares to existing shareholders, further strengthening the Group's liquidity position.

The Group’s secured bank facility with Shawbrook Bank Limited, with an outstanding balance of £2,546,667 at the year end, has been extended to August 2027. Having reviewed the Group’s forecast cash flows against the extended facility terms and financial covenants, the Directors are satisfied that the Group will continue to meet its obligations as they fall due. Should performance fall below expectations, the Directors have identified a number of mitigations including cost reductions and availability of a short term working capital loan from a Director.

Having considered these factors, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Revenue from contracts for the provision of services is recognised over the period to which the service relates. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development costs
5-10 years straight line (from when asset is brought into use)
1.8
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:

Plant and equipment
1 - 5 years straight line
Fixtures and fittings
5 - 16 years straight line
Computers
3 - 7 years straight line

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.

1.9
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.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

1.11
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.

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.

1.12
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.

1.13
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.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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

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.

Derecognition of financial liabilities

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

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.14
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.

1.15
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.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
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.

1.18
Retirement benefits

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

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 24 -
1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.20
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions for liabilities

These financial statements include a provision for legal liabilities of £500,000 (2023: £270,000) and provision for dilapidations of £327,078 (2023: £277,078). There is inherent uncertainty in the case of both legal provisions and dilapidations provisions as they are dependent on a range of outcomes and possibilities of which the timing is uncertain. The Directors calculate provisions using all relevant information available to them at the time. See note 21 for further details of the provision included in these financial statements.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of machines and other associated products
8,341,544
8,936,732
Sales of maintenance services
659,466
414,067
Other sales
479,056
331,289
9,480,066
9,682,088
2024
2023
£
£
Turnover analysed by geographical market
UK
305,397
618,656
Rest of Europe
4,817,650
3,535,123
North America
3,649,136
4,499,099
Asia
673,684
704,816
Rest of World
34,199
324,394
9,480,066
9,682,088
2024
2023
£
£
Other revenue
Interest income
7,924
4,171
Grants received
101,514
364
4
Exceptional items
2024
2023
£
£
Expenditure
Reorganisation costs
252,220
-
Fundraising deal fees
27,408
271,183
Legal fees
396,756
94,473
Patent costs
54,518
25,764
730,902
391,420
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
5
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses/(gains)
508,417
(142,241)
Research and development costs
171,846
283,978
Government grants
(101,514)
(364)
Fees payable to the group's auditor for the audit of the group's financial statements
37,621
39,000
Depreciation of owned tangible fixed assets
599,289
466,975
Depreciation of tangible fixed assets held under finance leases
118,271
144,942
Impairment of owned tangible fixed assets
-
47,631
Loss on disposal of tangible fixed assets
173,541
91,985
Stocks impairment losses recognised or reversed
(81,633)
274,830
Operating lease charges
432,965
347,014
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
5
4
2
2
Production and research staff
31
56
1
4
Sales and administrative staff
25
21
8
8
Total
61
81
11
14

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,662,454
2,915,731
850,516
980,619
Social security costs
218,457
318,713
50,794
83,429
Pension costs
8,867
13,087
8,867
13,087
2,889,778
3,247,531
910,177
1,077,135
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
245,349
266,839
Company pension contributions to defined contribution schemes
-
24,265
245,349
291,104

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
201,752
178,640
Company pension contributions to defined contribution schemes
-
23,973
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
7,064
4,171
Other interest income
860
-
Total income
7,924
4,171
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
343,505
330,962
Interest on finance leases and hire purchase contracts
954
4,168
Total finance costs
344,459
335,130
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(130,000)
(120,000)
Adjustments in respect of prior periods
(18,763)
(163,854)
Total UK current tax
(148,763)
(283,854)
Foreign current tax on profits for the current period
44,823
40,896
Total current tax
(103,940)
(242,958)

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

2024
2023
£
£
Loss before taxation
(1,945,221)
(3,352,763)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(486,305)
(838,191)
Tax effect of expenses that are not deductible in determining taxable profit
19,039
77,501
Tax effect of income not taxable in determining taxable profit
(1,433)
-
0
Change in unrecognised deferred tax assets
110,731
1,110,544
Adjustments in respect of prior years
(18,763)
(163,854)
Research and development tax credit
(130,000)
13,847
Other permanent differences
-
0
(565,670)
Deferred tax adjustments in respect of prior years
138,112
-
0
Fixed asset differences
8,088
146
Other tax adjustments, reliefs and transfers
-
0
17
Foreign tax
256,591
122,702
Taxation credit
(103,940)
(242,958)

As at the year end the company had unused tax losses of £13.4m (2023: £12.0m).

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
11
Intangible fixed assets
Group
Development costs
£
Cost
At 1 January 2024
384,262
Additions - internally developed
320,438
At 31 December 2024
704,700
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
704,700
At 31 December 2023
384,262
Company
Development costs
£
Cost
At 1 January 2024
176,817
Additions - internally developed
320,438
At 31 December 2024
497,255
Amortisation and impairment
At 1 January 2024 and 31 December 2024
-
0
Carrying amount
At 31 December 2024
497,255
At 31 December 2023
176,817
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
2,633,032
596,391
213,906
3,443,329
Additions
842,620
103,350
22,445
968,415
Disposals
(384,609)
-
0
(924)
(385,533)
Transfers
(129)
(2,166)
2,295
-
0
Exchange adjustments
(122,926)
(65,405)
(17,425)
(205,756)
At 31 December 2024
2,967,988
632,170
220,297
3,820,455
Depreciation and impairment
At 1 January 2024
1,336,201
129,618
144,200
1,610,019
Depreciation charged in the year
633,317
47,489
36,754
717,560
Eliminated in respect of disposals
(73,220)
-
0
(455)
(73,675)
Transfers
(129)
(1,107)
1,236
-
0
Exchange adjustments
(98,718)
(13,391)
(10,805)
(122,914)
At 31 December 2024
1,797,451
162,609
170,930
2,130,990
Carrying amount
At 31 December 2024
1,170,537
469,561
49,367
1,689,465
At 31 December 2023
1,296,831
466,773
69,706
1,833,310
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 31 -
Company
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
1,092,643
12,302
58,295
1,163,240
Additions
323,406
-
0
9,603
333,009
Disposals
(44,438)
-
0
-
0
(44,438)
Transfers
(129)
(2,166)
2,295
-
0
At 31 December 2024
1,371,482
10,136
70,193
1,451,811
Depreciation and impairment
At 1 January 2024
696,929
8,989
47,926
753,844
Depreciation charged in the year
300,033
945
9,516
310,494
Eliminated in respect of disposals
(11,889)
-
0
-
0
(11,889)
Transfers
(129)
(1,107)
1,236
-
0
At 31 December 2024
984,944
8,827
58,678
1,052,449
Carrying amount
At 31 December 2024
386,538
1,309
11,515
399,362
At 31 December 2023
395,714
3,313
10,369
409,396

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
62,266
125,822
61,911
-
0
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,304,507
1,628,920
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
1,628,920
Additions
660,101
Foreign exchange movement
15,486
At 31 December 2024
2,304,507
Carrying amount
At 31 December 2024
2,304,507
At 31 December 2023
1,628,920
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Additive Manufacturing Technologies Inc
1200 BMC Drive, Suite 800 Cedar Park, Austin, Texas, 78613, USA
Ordinary shares
100.00
Additive Manufacturing Technologies Kft
Galagonya utca 5, Budapest,1036, Hungary
Ordinary shares
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,354,567
2,369,188
35,842
473,942
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,244,005
1,303,478
792,342
618,782
Corporation tax recoverable
256,764
283,854
256,764
283,854
Amounts owed by group undertakings
-
-
2,796,795
3,236,558
Other debtors
737,914
734,472
416,756
332,395
Prepayments and accrued income
458,092
344,727
377,080
124,556
2,696,775
2,666,531
4,639,737
4,596,145
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
480,000
786,667
480,000
786,667
Obligations under finance leases
20
61,911
114,711
61,911
102,343
Trade creditors
1,545,942
949,776
442,992
527,754
Amounts owed to group undertakings
-
0
-
0
1,505,736
-
0
Corporation tax payable
26,224
61,305
-
0
-
0
Other taxation and social security
176,526
83,177
16,290
13,817
Deferred income
23
852,716
970,142
463,762
407,919
Other creditors
411,470
248,993
1,513
18,043
Accruals
540,639
465,100
395,870
351,480
4,095,428
3,679,871
3,368,074
2,208,023
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
2,066,667
2,213,333
2,066,667
2,213,333
Obligations under finance leases
20
-
0
409
-
0
-
0
Deferred income
23
248,949
317,391
145,246
235,438
2,315,616
2,531,133
2,211,913
2,448,771
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
2,546,667
3,000,000
2,546,667
3,000,000
Payable within one year
480,000
786,667
480,000
786,667
Payable after one year
2,066,667
2,213,333
2,066,667
2,213,333

The long-term loans are secured by fixed charges over the assets of Additive Manufacturing Technologies Limited and are covered by a guarantee from Additive Manufacturing Technologies Inc. and Additive Manufacturing Technologies Kft.

Long term loans attract an interest charge of 10% + SONIA (Sterling Overnight Index Average) and is repayable in quarterly instalments due to commence in August 2024 with full repayment due by August 2027.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 34 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
61,911
115,120
61,911
102,343

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. No restrictions are placed on the use of the assets and the average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for legal expenses
500,000
270,000
500,000
270,000
Provision for dilapidations
327,078
277,078
170,000
120,000
827,078
547,078
670,000
390,000
Movements on provisions:
Provision for legal expenses
Provision for dilapidations
Total
Group
£
£
£
At 1 January 2024
270,000
277,078
547,078
Additional provisions in the year
230,000
50,000
280,000
At 31 December 2024
500,000
327,078
827,078
Provision for legal expenses
Provision for dilapidations
Total
Company
£
£
£
At 1 January 2024
270,000
120,000
390,000
Additional provisions in the year
230,000
50,000
280,000
At 31 December 2024
500,000
170,000
670,000
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Provisions for liabilities
(Continued)
- 35 -

The legal costs provision relates to outstanding legal claims which may become payable in the future but are still subject to legal proceedings. These are calculated based upon the Directors' best estimate of the amount which may fall due. The recognised provision reflects the Directors' best estimate of the most likely outcome but the total amount payable may be different depending on final settlements. Based on the latest advice a best estimate is that should the courts rule against the Group any resulting obligations will be settled within 24-36 months of the year end.

The provision for dilapidations expenses relates to expected costs required to return leased properties to their original state at the end of the lease. It is expected that this expenditure will be incurred in 2-5 years from balance sheet date.

22
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
205,000
120,500
Tax losses
(205,000)
(120,500)
-
-
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
205,000
120,500
Tax losses
(205,000)
(120,500)
-
-
There were no deferred tax movements in the year.
23
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
1,101,665
1,287,533
609,008
643,357
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Deferred income
(Continued)
- 36 -

Deferred income is included in the financial statements as follows:

Current liabilities
852,716
970,142
463,762
407,919
Non-current liabilities
248,949
317,391
145,246
235,438
1,101,665
1,287,533
609,008
643,357
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,867
8,545

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.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 0.01p each
8,113,000
8,113,000
811
811
B Ordinary of 0.01p each
1,765,000
1,765,000
177
177
C Ordinary of 0.01p each
1,887,000
1,887,000
189
189
D Ordinary of 0.01p each
2,549,088
2,549,088
255
255
X Ordinary of 0.01p each
9,458,818
9,458,818
946
946
AA Ordinary of 0.01p each
1,280,993
1,280,993
128
128
25,053,899
25,053,899
2,506
2,506
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference A of 0.01p each
4,278,754
4,278,754
428
428
Preference B of 0.01p each
9,291,269
9,291,269
929
929
13,570,023
13,570,023
1,357
1,357
Preference shares classified as equity
1,357
1,357
Total equity share capital
3,863
3,863
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
25
Share capital
(Continued)
- 37 -

There were no movements in share capital during the year.

AA Ordinary Shares are equity shares carrying one vote per share and rank pari passu with other equity shares for distributions after settlement of preferential dividend entitlements and priority returns.

X Ordinary Shares carry one vote per share and are entitled to a fixed cumulative preferential dividend of 12% per annum on the X Ordinary Issue Price, ranking ahead of all other equity shares.

Series A Shares carry one vote per share and are entitled to a fixed cumulative preferential dividend of 8% per annum on the Series A Issue Price, ranking after the X Preference Dividend but ahead of the ordinary equity shares.

26
Share premium account

Share premium is recognised in the accounts at the excess of amounts paid over nominal value on the issue of shares.

27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
161,184
283,118
70,955
-
Between two and five years
135,572
266,278
135,572
-
In over five years
-
29,458
-
-
296,756
578,854
206,527
-
28
Events after the reporting date

Following the year end, the parent company issued additional shares.

On 15 April 2025 5,355,678 "X Ordinary" shares were issued with a par value of £0.0001 per share and generating total share premium of £1,239,465. On the same date 390,579 "Series A" shares were issued with a par value of £0.0001 per share were issued for par.

On 30 April 2025 885,415 "X Ordinary" shares were issued with a par value of £0.0001 per share and generating total share premium of £204,912. On the same date 71,964 "Series A" shares with a par value of £0.0001 per share were issued for par.

ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 38 -
29
Related party transactions

The company has taken advantage of the FRS102 section 33.1A exemption from disclosing transactions with group undertakings.

During the year the group paid monitoring fees totalling £115,810 (2023: £103,877) to two of it's shareholders. A t the year end the balance owed to these parties in total was £15,282 (2023: £15,214).

30
Directors' transactions
Description
% Rate
Opening balance
Closing balance
£
£
Director's Loan
-
250,000
250,000
250,000
250,000
31
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Loss after taxation
(1,841,281)
(3,109,805)
Adjustments for:
Taxation credited
(103,940)
(242,958)
Finance costs
344,459
335,130
Investment income
(7,924)
(4,171)
Loss on disposal of tangible fixed assets
173,541
91,985
Depreciation and impairment of tangible fixed assets
717,560
659,548
Increase in provisions
280,000
277,078
Movements in working capital:
Decrease/(increase) in stocks
1,014,621
(274,173)
(Increase)/decrease in debtors
(57,334)
1,862,628
Increase/(decrease) in creditors
927,531
(1,094,166)
Decrease in deferred income
(185,868)
(816,200)
Cash generated from/(absorbed by) operations
1,261,365
(2,315,104)
ADDITIVE MANUFACTURING TECHNOLOGIES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 39 -
32
Analysis of changes in net debt - group
1 January 2024
Cash flows
New finance leases
Exchange rate movements
31 December 2024
£
£
£
£
£
Cash at bank and in hand
1,020,008
(636,299)
-
205,379
589,088
Borrowings excluding overdrafts
(3,000,000)
453,333
-
-
(2,546,667)
Obligations under finance leases
(115,120)
127,502
(74,293)
-
(61,911)
(2,095,112)
(55,464)
(74,293)
205,379
(2,019,490)
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