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| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JULY 2025 |

| FOR |

| ASHFIELD EXTRUSION LIMITED |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

CONTENTS OF THE FINANCIAL STATEMENTS

for the year ended 31 July 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 6 |

| Statement of Income and Retained Earnings | 9 |

| Balance Sheet | 10 |

| Cash Flow Statement | 11 |

| Notes to the Cash Flow Statement | 12 |

| Notes to the Financial Statements | 13 |

| ASHFIELD EXTRUSION LIMITED |

COMPANY INFORMATION

for the year ended 31 July 2025

| DIRECTORS: | A M Bennett

| C Gardiner

| R L Hill

| Ms R Tyers

| G Tyers

| C Davies

| W A McClue

| K W Salisbury

| SECRETARY: | A M Bennett

| REGISTERED OFFICE: | Clover Street

| Kirkby-in-Ashfield

| Nottinghamshire

| NG17 7LH

| REGISTERED NUMBER: | 01809384 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Mr Oliver Jenkins ACCA

| AUDITORS: | Hewitt Card Limited

| Statutory Auditors

| 70-72 Nottingham Road

| Mansfield

| Nottinghamshire

| NG18 1BN

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

STRATEGIC REPORT

for the year ended 31 July 2025

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

REVIEW OF BUSINESS

Ashfield Extrusion limited operates in the aluminium extrusion market, specialising in countermeasures, medical, pyrotecnics and packaging. In the latter market, the emphasis on recycling continues to make aluminium an attractive alternative to plastic.

Results & Performance

The results of the company for the year, as set out in the accompanying accounts, show an operating profit of £776k and a profit after tax of £561k for the year ending 31st July 2025.

The performance of Ashfield Extrusion Limited during 2025 has shown good flexibility and resilience and produced some encouraging results. This is against a backdrop of higher raw material costs of all types as well as utility costs remaining high.

Business Environment

Ashfield Extrusion Limited focuses on specialist markets across a wide range of industries and territories. It strives to provide the highest level of service and quality to those markets, using all of the expertise and experience obtained since its formation in 1984.

It also exports globally, the largest proportion being to North America.

Strategy

The use of aluminium is expected to increase in the long term, taking market share from both steel and plastics as new markets are established. The majority of finished aluminium products manufactured in Europe is sold domestically. In contrast, Ashfield Extrusion Limited has achieved considerable success through exporting and addressing specific market niches in the key sectors in which it operates. This is in line with management's strategy to pursue niche product markets.

Ashfield Extrusion Limited will continue to consolidate its position and also explore new market opportunities. Customer service will remain a top priority.

As costs increase, we are investing in automation to improve productivity to remain competitive.

PRINCIPAL RISKS AND UNCERTAINTIES

Foreign currency risk

By the nature of its raw materials requirements and the markets it sells to, Ashfield Extrusion Limited undertakes significant purchases and sales in foreign currency, predominantly the US Dollar and Euro. This exposes it to foreign exchange risk. The company mitigates this risk by the use of forward foreign exchange contracts, where the company enters into contracts to buy or sell foreign currencies at future dates at exchange rates which are agreed at the date of entering in to the contract.

Credit risk

Ashfield Extrusion Limited is exposed to the normal credit risk and cash flow risk associated with selling on credit. This is managed by credit control procedures, which include insuring sales ledger balances where possible.

General commercial risks

The situation in Ukraine continues to impact energy costs and we are still seeing increases in our costs from suppliers. We continue to manage this by buying material and currency contracts and managing other costs as effectively as possible.

Tariffs

US Tariffs are a new risk but whilst they are problematic they are not materially impeding on our business.

Post Brexit risks

We have seen no major impact on the business arising from the UK's decision to leave the European Union. We work closely alongside freight forwarding companies who have assisted us with the procedural changes arising from that decision. Delays in customs on importing various items such as machine spares have become a regular irritation.

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

STRATEGIC REPORT

for the year ended 31 July 2025

KEY PERFORMANCE INDICATORS

Ashfield Extrusion Limited has continued to make progress during 2025 in relation to key elements of its strategy. Please note, the following KPI's listed relate solely to Ashfield Extrusion Limited:

| 2025 |  |  | 2024 |  | (7 Month Year January to July) |

Turnover |  |  | £7.85m |  |  | £4.59m |  |

Gross Margin |  |  | 42% |  |  | 42% |  |

Operating profit / (loss) |  |  | £776k |  |  | £357k |  |

Profit/(loss) after tax |  |  | £561k |  |  | £224k |  |

FUTURE DEVELOPMENTS

We continue to invest in new technology to further improve our efficiency and overall offer to the market as well as exploring new markets to maintain our diverse customer base and mitigate risk. The new financial year has started well, despite the general commercial risks mentioned above. The business is very much helped by its wide spread of markets, both by category and geographically.

STAFF

On behalf of the Board I would like to thank our employees for their commitment during the year.

ON BEHALF OF THE BOARD:

C Davies - Director

18 March 2026

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

REPORT OF THE DIRECTORS

for the year ended 31 July 2025

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

PRINCIPAL ACTIVITY

The principle activity continues to be the manufacture of aluminium impact extrusion products.

DIVIDENDS

Interim dividends per share were paid as follows:

180,000 |  | - 18 June 2025

20,000 |  | - 23 June 2025

200000 |

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 July 2025 will be £ 200,000 .

DIRECTORS

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

A M Bennett

C Gardiner

R L Hill

Ms R Tyers

G Tyers

C Davies

W A McClue

K W Salisbury

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with the requirements of Schedule 7 of the Companies Act 2006, the items that are required to be disclosed in the Directors' Report are set out in the Strategic Report, in compliance with section 414C(11) of the Companies Act 2006.

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;

- | 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

REPORT OF THE DIRECTORS

for the year ended 31 July 2025

AUDITORS

The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Davies - Director

18 March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHFIELD EXTRUSION LIMITED

Opinion

We have audited the financial statements of Ashfield Extrusion Limited (the 'company') for the year ended 31 July 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 July 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The 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 the audit:

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHFIELD EXTRUSION LIMITED

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting

irregularities, including fraud is detailed below:

We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in.

This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion.

To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern.

The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk.

- We have enquired of management around actual and potential litigation and claims.

- Review of company minutes of meetings of those charged with governance.

- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations

- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ASHFIELD EXTRUSION 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.

Mr Oliver Jenkins ACCA (Senior Statutory Auditor)

for and on behalf of Hewitt Card Limited

Statutory Auditors

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

18 March 2026

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

STATEMENT OF INCOME AND

RETAINED EARNINGS

for the year ended 31 July 2025

| Year Ended | Period |

| 31.7.25 | 1.1.24 to 31.7.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 7,849,774 |  | 4,594,622 |  |

Cost of sales | 4,576,452 |  | 2,664,137 |  |

GROSS PROFIT | 3,273,322 |  | 1,930,485 |  |

Distribution costs | 167,661 |  | 111,885 |  |

Administrative expenses | 2,331,374 |  | 1,461,851 |  |

|  | 2,499,035 |  |  |  | 1,573,736 |  |

774,287 |  | 356,749 |  |

Other operating income | 1,750 |  | - |  |

OPERATING PROFIT | 5 | 776,037 |  | 356,749 |  |

Interest receivable and similar income | 1,845 |  | 3,480 |  |

777,882 |  | 360,229 |  |

Interest payable and similar expenses | 6 | 59,979 |  | 50,999 |  |

PROFIT BEFORE TAXATION | 717,903 |  | 309,230 |  |

Tax on profit | 7 | 156,703 |  | 85,642 |  |

PROFIT FOR THE FINANCIAL YEAR | 561,200 |  | 223,588 |  |

Retained earnings at beginning of year | 3,705,959 |  | 7,982,371 |  |

Dividends | 8 | (200,000 | ) | (4,500,000 | ) |

RETAINED EARNINGS AT END OF YEAR | 4,067,159 |  | 3,705,959 |  |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

BALANCE SHEET

31 July 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 9 | 1,826,198 |  | 1,661,353 |  |

CURRENT ASSETS

Stocks | 10 | 718,428 |  | 565,111 |  |

Debtors | 11 | 4,552,782 |  | 4,993,471 |  |

Cash at bank and in hand | 126,742 |  | 196,865 |  |

5,397,952 |  | 5,755,447 |  |

CREDITORS

Amounts falling due within one year | 12 | 1,867,182 |  | 2,284,106 |  |

NET CURRENT ASSETS | 3,530,770 |  | 3,471,341 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 5,356,968 |  | 5,132,694 |  |

CREDITORS

Amounts falling due after more than one year | 13 | (965,913 | ) | (1,097,839 | ) |

PROVISIONS FOR LIABILITIES | 16 | (245,000 | ) | (250,000 | ) |

NET ASSETS | 4,146,055 |  | 3,784,855 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 29,130 |  | 29,130 |  |

Capital redemption reserve | 18 | 49,766 |  | 49,766 |  |

Retained earnings | 18 | 4,067,159 |  | 3,705,959 |  |

SHAREHOLDERS' FUNDS | 4,146,055 |  | 3,784,855 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2026 and were signed on its behalf by:

C Davies - Director

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

CASH FLOW STATEMENT

for the year ended 31 July 2025

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 769,534 |  | 5,183,347 |  |

Interest paid | (59,979 | ) | (48,902 | ) |

Finance costs paid | - |  | (2,097 | ) |

Tax paid | (35,000 | ) | (394,273 | ) |

Net cash from operating activities | 674,555 |  | 4,738,075 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (416,042 | ) | (157,809 | ) |

Interest received | 1,845 |  | 3,480 |  |

Net cash from investing activities | (414,197 | ) | (154,329 | ) |

Cash flows from financing activities

Loan repayments in year | (90,254 | ) | (40,940 | ) |

Capital repayments in year | (40,227 | ) | (28,745 | ) |

Equity dividends paid | (200,000 | ) | (4,500,000 | ) |

Net cash from financing activities | (330,481 | ) | (4,569,685 | ) |

(Decrease)/increase in cash and cash equivalents | (70,123 | ) | 14,061 |  |

Cash and cash equivalents at beginning of year | 2 | 196,865 |  | 182,804 |  |

Cash and cash equivalents at end of year | 2 | 126,742 |  | 196,865 |  |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE CASH FLOW STATEMENT

for the year ended 31 July 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before taxation | 717,903 |  | 309,230 |  |

| Depreciation charges | 251,197 |  | 107,626 |  |

| Finance costs | 59,979 |  | 50,999 |  |

| Finance income | (1,845 | ) | (3,480 | ) |

1,027,234 |  | 464,375 |  |

| Increase in stocks | (153,317 | ) | (80,953 | ) |

| (Increase)/decrease in trade and other debtors | (218,311 | ) | 4,550,209 |  |

| Increase in trade and other creditors | 113,928 |  | 249,716 |  |

| Cash generated from operations | 769,534 |  | 5,183,347 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 126,742 |  | 196,865 |  |

| Period ended 31 July 2024

| 31.7.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 196,865 |  | 185,249 |  |

| Bank overdrafts | - |  | (2,445 | ) |

196,865 |  | 182,804 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 196,865 |  | (70,123 | ) | 126,742 |  |

196,865 |  | (70,123 | ) | 126,742 |  |

| Debt

| Finance leases | (217,248 | ) | 40,227 |  | (177,021 | ) |

| Debts falling due within 1 year | (92,157 | ) | 1,911 |  | (90,246 | ) |

| Debts falling due after 1 year | (925,998 | ) | 88,343 |  | (837,655 | ) |

(1,235,403 | ) | 130,481 |  | (1,104,922 | ) |

| Total | (1,038,538 | ) | 60,358 |  | (978,180 | ) |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31 July 2025

1. | STATUTORY INFORMATION

| Ashfield Extrusion 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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS102") and the requirements of the Companies Act 2006.

| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

| The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principle accounting policies adopted are set out below.

| Turnover

| Turnover represents amounts receivable for goods and services net of VAT and trade discounts. 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), 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.

| 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 estimated residual values over their useful lives as follows:

| Freehold buildings |  |  | 2% straight line |  |

| Plant and machinery |  |  | 15% straight line |  |

| Fixtures, fittings and equipment |  |  | 15% and 33% 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 credited or charged to profit or loss.

| Impairment of fixed assets

| At each reporting period end date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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

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

| 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.

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial instruments

| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all of its financial statements.

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

| Financial assets and liabilities are offset, with 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 method 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.

| 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 occuring 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 company 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 company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 payments discounted at 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.

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

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

| Other financial liabilities

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

| Derecognition of financial liabilities

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

| Equity instruments

| Equity instruments issued by the company 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 company.

| Derivatives

| Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

| A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

| 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.

| 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

| Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date unless a matching hedge contract is in place in which case the contract exchange rate is used. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or at the average contract rate when the forward hedge contracts are utilised. All differences are taken to the profit and loss account.

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Lease 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 leased asset are consumed.

| Pension costs and other post-retirement benefits

| The company contributes to personal pension plans for the benefit of its employees. Contributions payable are charged to the profit and loss account in the period they are payable.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by class of business is given below:

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Sale of extrusion products | 7,849,774 |  | 4,594,622 |  |

7,849,774 |  | 4,594,622 |  |

| An analysis of turnover by geographical market is given below:

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| United Kingdom | 4,045,586 |  | 2,240,446 |  |

| Europe | 655,685 |  | 612,152 |  |

| United States of America | 3,148,503 |  | 1,742,024 |  |

7,849,774 |  | 4,594,622 |  |

4. | EMPLOYEES AND DIRECTORS

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Wages and salaries | 3,045,639 |  | 1,821,560 |  |

| Social security costs | 303,643 |  | 161,566 |  |

| Other pension costs | 134,197 |  | 85,666 |  |

3,483,479 |  | 2,068,792 |  |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

4. | EMPLOYEES AND DIRECTORS - continued

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

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

98 |  | 100 |  |

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Directors' remuneration | 431,070 |  | 274,783 |  |

| Directors' pension contributions to money purchase schemes | 17,100 |  | 10,243 |  |

| Information regarding the highest paid director is as follows:

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Emoluments etc | 100,187 |  | 78,240 |  |

| Pension contributions to money purchase schemes | 6,464 |  | 3,552 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Other operating leases | 17,767 |  | 8,283 |  |

| Depreciation - owned assets | 251,197 |  | 107,626 |  |

| Foreign exchange differences | 57,667 |  | 66,336 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank interest | 59,979 |  | 48,902 |  |

| Change in fair value of financial instruments | - |  | 2,097 |  |

59,979 |  | 50,999 |  |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

7. | TAXATION

| Analysis of the tax charge

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

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Current tax:

| UK corporation tax | 137,445 |  | 63,000 |  |

| Interest on overdue taxation | 24,258 |  | - |  |

| Corporation tax adjust re

| previous year | - |  | (3,258 | ) |

| Payment in respect of group

| relief | - |  | 5,900 |  |

| Total current tax | 161,703 |  | 65,642 |  |

| Deferred tax | (5,000 | ) | 20,000 |  |

| Tax on profit | 156,703 |  | 85,642 |  |

| Reconciliation of total tax charge 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:

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before tax | 717,903 |  | 309,230 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 179,476 |  | 77,308 |  |

| Effects of:

| Capital allowances in excess of depreciation | (41,122 | ) | (13,317 | ) |

| Adjustments to tax charge in respect of previous periods | - |  | (3,258 | ) |

| Group relief | (813 | ) | 4,425 |  |

| years |

| Other tax adjustments | 24,162 |  | 484 |  |

| Deferred tax | (5,000 | ) | 20,000 |  |

| Total tax charge | 156,703 |  | 85,642 |  |

8. | DIVIDENDS

| Period

| 1.1.24

| Year Ended |  | to

| 31.7.25 |  | 31.7.24

£ | £ |

| Ordinary shares shares of 1 each

| Interim | 200,000 |  | 4,500,000 |  |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

9. | TANGIBLE FIXED ASSETS

| Fixtures |

| Freehold |  | Plant and |  | and |

| property |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1 August 2024 | 1,305,499 |  | 1,601,517 |  | 309,765 |  | 3,216,781 |  |

| Additions | 4,634 |  | 361,573 |  | 49,835 |  | 416,042 |  |

| At 31 July 2025 | 1,310,133 |  | 1,963,090 |  | 359,600 |  | 3,632,823 |  |

| DEPRECIATION

| At 1 August 2024 | 460,032 |  | 867,170 |  | 228,226 |  | 1,555,428 |  |

| Charge for year | 17,476 |  | 215,132 |  | 18,589 |  | 251,197 |  |

| At 31 July 2025 | 477,508 |  | 1,082,302 |  | 246,815 |  | 1,806,625 |  |

| NET BOOK VALUE

| At 31 July 2025 | 832,625 |  | 880,788 |  | 112,785 |  | 1,826,198 |  |

| At 31 July 2024 | 845,467 |  | 734,347 |  | 81,539 |  | 1,661,353 |  |

10. | STOCKS

| 31.7.25 |  | 31.7.24

£ | £ |

| Raw materials | 449,580 |  | 356,214 |  |

| Work-in-progress | 215,859 |  | 156,509 |  |

| Finished goods | 52,989 |  | 52,388 |  |

718,428 |  | 565,111 |  |

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Trade debtors | 1,690,578 |  | 1,471,030 |  |

| Amounts owed by group undertakings | 2,718,397 |  | 2,715,147 |  |

| Other debtors | 68,503 |  | 67,067 |  |

| Tax | - |  | 659,000 |  |

| Prepayments | 75,304 |  | 81,227 |  |

4,552,782 |  | 4,993,471 |  |

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loans and overdrafts (see note 14) | 90,246 |  | 92,157 |  |

| Hire purchase contracts (see note 15) | 48,763 |  | 45,407 |  |

| Trade creditors | 912,926 |  | 660,538 |  |

| Amounts owed to group undertakings | 18,821 |  | 18,821 |  |

| Tax | 137,445 |  | 669,742 |  |

| Social security and other taxes | 83,537 |  | 58,705 |  |

| VAT | 121,461 |  | 81,066 |  |

| Accrued expenses | 453,983 |  | 657,670 |  |

1,867,182 |  | 2,284,106 |  |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loans (see note 14) | 837,655 |  | 925,998 |  |

| Hire purchase contracts (see note 15) | 128,258 |  | 171,841 |  |

965,913 |  | 1,097,839 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

| 31.7.25 |  | 31.7.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 90,246 |  | 92,157 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 837,655 |  | 925,998 |  |

| The company has 3 long-term loans.

| The first loan is secured by way of a fixed charge over freehold buildings and by way of debentures containing fixed and floating charges. It is repayable by September 2033 in quarterly installments of £20,619 and interest is charged at 2.25% over base rate.

| The second loan is secured by way of a fixed charge over freehold buildings and by way of debentures containing floating charges. It is repayable by June 2043 in monthly installments of £2,536 and interest is charged at 2.25% over base rate.

| The third loan is secured by way of a fixed charge over freehold buildings. It is repayable by April 2028 in monthly installments of £3,925 and interest is charged at 2.25% over base rate.

15. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

| 31.7.25 |  | 31.7.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 48,763 |  | 45,407 |  |

| Between one and five years | 128,258 |  | 171,841 |  |

177,021 |  | 217,248 |  |

| Finance lease payments represent rentals by the company for certain items of plant and machinery. leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

| Finance lease liabilities are secured against the assets to which they relate.

16. | PROVISIONS FOR LIABILITIES

| 31.7.25 |  | 31.7.24

£ | £ |

| Deferred tax | 245,000 |  | 250,000 |  |

ASHFIELD EXTRUSION LIMITED (REGISTERED NUMBER: 01809384) |

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 July 2025

16. | PROVISIONS FOR LIABILITIES - continued

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 250,000 |  |

| Credit to Income Statement during year | (5,000 | ) |

| Balance at 31 July 2025 | 245,000 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.7.25 |  | 31.7.24

| value: | £ | £ |

| 29,130 | Ordinary shares | 1 | 29,130 |  | 29,130 |  |

18. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 August 2024 | 3,705,959 |  | 49,766 |  | 3,755,725 |  |

| Profit for the year | 561,200 |  | 561,200 |  |

| Dividends | (200,000 | ) | (200,000 | ) |

| At 31 July 2025 | 4,067,159 |  | 49,766 |  | 4,116,925 |  |

19. | PENSION COMMITMENTS

|  | 2025 |  | 2024 |  |

| Defined contribution schemes |  |  | £ |  | £ |  |

| Charge to profit or loss in respect of defined contribution schemes |  |  | 134,197 |  | 85,666 |  |

| The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20. | CONTINGENT LIABILITIES

| At the balance sheet date the company was committed to sell US $2,000,000 (2024: $1,200,000) and buy €1,350,000 (2024: €1,650,000) under forward foreign exchange contracts.

21. | 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.

22. | ULTIMATE CONTROLLING PARTY

| The immediate parent company is Arklow Engineering Limited and the ultimate parent company is Ashfield 2018 Limited. Ashfield 2018 Limited is the smallest and largest group into which these financial statements are consolidated, and these group accounts can be obtained from its registered office Foss Island House, Foss Islands Road, York, YO31 7UJ.