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REGISTERED NUMBER: 13687254 (England and Wales)

Group Strategic Report, Report of the Directors and

Unaudited Consolidated Financial Statements for the Year Ended 31 December 2025

for

TGM Industrial Group Ltd

TGM Industrial Group Ltd (Registered number: 13687254)

Contents of the Consolidated Financial Statements

for the year ended 31 December 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 3 |

Consolidated Income Statement | 4 |

Consolidated Other Comprehensive Income | 5 |

Consolidated Balance Sheet | 6 |

Company Balance Sheet | 8 |

Consolidated Statement of Changes in Equity | 10 |

Company Statement of Changes in Equity | 11 |

Consolidated Cash Flow Statement | 12 |

Notes to the Consolidated Cash Flow Statement | 13 |

Notes to the Consolidated Financial Statements | 15 |

TGM Industrial Group Ltd

Company Information

for the year ended 31 December 2025

| DIRECTORS: | T D Brooksbank

| J L Frewin

| E A Kolodner

| REGISTERED OFFICE: | 81 Canfield Gardens

| London

| NW6 3EA

| REGISTERED NUMBER: | 13687254 (England and Wales)

| ACCOUNTANTS: | Rusling & Co, Statutory Auditor

| F6 The Bloc

| Anlaby

| East Yorkshire

| HU10 6RJ

TGM Industrial Group Ltd (Registered number: 13687254)

Group Strategic Report

for the year ended 31 December 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The year ending 31 December 2025 represents the third full trading year for the Group.

The Industrial Group now focuses on Fasteners, Foundries and Precision Engineering.

Pre-tax profits for the year amounted to £1,591k, which compares to £1,541k for the Continuing Operations in FY24.

Pre-Tax Profits for Continuing Operations in FY23 was £ 627k.

Turnover for the Continuing Operations totalled £15,070k in the year to 31 December 2025, which compares to £14,926k in FY24.

Performance in the Fastener Companies has yielded further synergies, resulting in a 28% increase in Pre-Tax Profits to £784k from £ 615k in FY24. On 31st December 2025, we merged GSS into the RCF business.

Our Foundries & Precision Engineering businesses had a 12% decline in Pre-Tax Profit from £915k in FY24 to £807k in FY25. Primarily due to an exceptional FY24 result in one of our foundries.

The Consolidated Total Equity is £3,340k at 31 December 2025, an increase from £1,669k in FY24. Net Liquidity improving by £339k during FY25.

Fiscal Year 2026 appears to be progressing positively, despite global economic disruptions. We have been taking actions to insulate the business from inflationary shocks.

PRINCIPAL RISKS AND UNCERTAINTIES

All businesses face degrees of risk from normal commercial operations. The specific operational risks to which the Directors consider the Group is subject are set out below:

Funding

The Group requires access to finance and re-financing. There is no guarantee that such funding will be available, or that the terms and rates applicable to funding will facilitate acceptable returns.

Market conditions

Many of the Group's subsidiaries purchase commodities that are traded on a global basis, and the prices are subject to quite significant variations. Any such negative movements can impact upon the individual companies, and Group's, profitability.

Key Personnel

The Group is reliant upon a small number of key personnel. As such, they are reliant upon their ability to continue to deliver their expertise to the Group.The loss of these personnel could disrupt the continued successful operation of the Group.

ON BEHALF OF THE BOARD:

T D Brooksbank - Director

8 April 2026

TGM Industrial Group Ltd (Registered number: 13687254)

Report of the Directors

for the year ended 31 December 2025

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

DIVIDENDS

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

T D Brooksbank

J L Frewin

E A Kolodner

ON BEHALF OF THE BOARD:

T D Brooksbank - Director

8 April 2026

TGM Industrial Group Ltd (Registered number: 13687254)

Consolidated Income Statement

for the year ended 31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 15,147,135 |  | 19,411,395 |  |

Cost of sales | 9,867,858 |  | 12,587,737 |  |

GROSS PROFIT | 5,279,277 |  | 6,823,658 |  |

Distribution costs | 90,083 |  | 61,496 |  |

Administrative expenses | 3,560,158 |  | 4,819,435 |  |

|  |  | 3,650,241 |  |  |  |  | 4,880,931 |  |

1,629,036 |  | 1,942,727 |  |

Other operating income | 23,032 |  | 43,331 |  |

OPERATING PROFIT | 4 | 1,652,068 |  | 1,986,058 |  |

Interest receivable and similar income | 362 |  | 2,998 |  |

1,652,430 |  | 1,989,056 |  |

Interest payable and similar expenses | 5 | 127,011 |  | 190,344 |  |

PROFIT BEFORE TAXATION | 1,525,419 |  | 1,798,712 |  |

Tax on profit | 6 | 225,598 |  | 417,484 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,299,821 |  | 1,381,228 |  |

Profit attributable to:

Owners of the parent | 1,299,821 |  | 1,381,228 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Consolidated Other Comprehensive Income

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT FOR THE YEAR | 1,299,821 |  | 1,381,228 |  |

OTHER COMPREHENSIVE INCOME |

De-merger adjustment | 371,065 |  | - |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 371,065 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,670,886 |  | 1,381,228 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,670,886 |  | 1,381,228 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Consolidated Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | 617,040 |  | 970,377 |  |

Tangible assets | 9 | 2,702,117 |  | 2,493,841 |  |

Investments | 10 | 100 |  | 100 |  |

3,319,257 |  | 3,464,318 |  |

CURRENT ASSETS

Stocks | 11 | 2,434,109 |  | 1,884,881 |  |

Debtors | 12 | 2,393,701 |  | 3,166,794 |  |

Cash at bank and in hand | 640,335 |  | 595,932 |  |

5,468,145 |  | 5,647,607 |  |

CREDITORS

Amounts falling due within one year | 13 | 4,132,204 |  | 5,648,691 |  |

NET CURRENT ASSETS/(LIABILITIES) | 1,335,941 |  | (1,084 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,655,198 |  | 3,463,234 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (869,612 | ) | (1,452,944 | ) |

PROVISIONS FOR LIABILITIES | 17 | (445,852 | ) | (341,477 | ) |

NET ASSETS | 3,339,734 |  | 1,668,813 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Consolidated Balance Sheet - continued

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 18 | 9,685 |  | 9,650 |  |

Retained earnings | 3,330,049 |  | 1,659,163 |  |

SHAREHOLDERS' FUNDS | 3,339,734 |  | 1,668,813 |  |

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2026 and were signed on its behalf by:

T D Brooksbank - Director

TGM Industrial Group Ltd (Registered number: 13687254)

Company Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 8 | - |  | - |  |

Tangible assets | 9 | - |  | - |  |

Investments | 10 | 2,108,298 |  | 2,108,694 |  |

2,108,298 |  | 2,108,694 |  |

CURRENT ASSETS

Debtors | 12 | 9,769 |  | 45,906 |  |

Cash at bank | 38,765 |  | 43,988 |  |

48,534 |  | 89,894 |  |

CREDITORS

Amounts falling due within one year | 13 | 2,152,519 |  | 2,144,150 |  |

NET CURRENT LIABILITIES | (2,103,985 | ) | (2,054,256 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 4,313 |  | 54,438 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 9,650 |  | 9,650 |  |

Retained earnings | (5,337 | ) | 44,788 |  |

SHAREHOLDERS' FUNDS | 4,313 |  | 54,438 |  |

Company's (loss)/profit for the financial year | (50,125 | ) | 39,044 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TGM Industrial Group Ltd (Registered number: 13687254)

Company Balance Sheet - continued

31 December 2025

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2026 and were signed on its behalf by:

T D Brooksbank - Director

TGM Industrial Group Ltd (Registered number: 13687254)

Consolidated Statement of Changes in Equity

for the year ended 31 December 2025

| Called up |

| share |  | Retained |  | Non-controlling |  | Total

| capital |  | earnings |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2024 | 4,825 |  | 277,935 |  | 282,760 |  | - |  | 282,760 |  |

Changes in equity

Issue of share capital | 4,825 |  | - |  | 4,825 |  | - |  | 4,825 |  |

Total comprehensive income | - |  | 1,381,228 |  | 1,381,228 |  | - |  | 1,381,228 |  |

Balance at 31 December 2024 | 9,650 |  | 1,659,163 |  | 1,668,813 |  | - |  | 1,668,813 |  |

Changes in equity

Issue of share capital | 35 |  | - |  | 35 |  | - |  | 35 |  |

Total comprehensive income | - |  | 1,670,886 |  | 1,670,886 |  | - |  | 1,670,886 |  |

Balance at 31 December 2025 | 9,685 |  | 3,330,049 |  | 3,339,734 |  | - |  | 3,339,734 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Company Statement of Changes in Equity

for the year ended 31 December 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 4,825 |  | 5,744 |  | 10,569 |  |

Changes in equity

Issue of share capital | 4,825 |  | - |  | 4,825 |  |

Total comprehensive income | - |  | 39,044 |  | 39,044 |  |

Balance at 31 December 2024 | 9,650 |  | 44,788 |  | 54,438 |  |

Changes in equity

Total comprehensive income | - |  | (50,125 | ) | (50,125 | ) |

Balance at 31 December 2025 | 9,650 |  | (5,337 | ) | 4,313 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Consolidated Cash Flow Statement

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 663,992 |  | 210,808 |  |

Interest paid | (78,616 | ) | (154,313 | ) |

Interest element of hire purchase payments paid | (48,395 | ) | (36,031 | ) |

Tax paid | (112,713 | ) | (116,921 | ) |

Net cash from operating activities | 424,268 |  | (96,457 | ) |

Cash flows from investing activities

Purchase of intangible fixed assets | (939 | ) | - |  |

Purchase of tangible fixed assets | (578,520 | ) | (343,375 | ) |

Purchase of fixed asset investments | (1,334 | ) | - |  |

Sale of intangible fixed assets | (396 | ) | - |  |

Sale of tangible fixed assets | 152,606 |  | (379,069 | ) |

Sale of fixed asset investments | - |  | 712,068 |  |

Interest received | 362 |  | 2,998 |  |

Net cash from investing activities | (428,221 | ) | (7,378 | ) |

Cash flows from financing activities

Capital repayments in year | 70,911 |  | 92,415 |  |

Amount introduced by directors | - |  | 5,625 |  |

Amount withdrawn by directors | (22,590 | ) | (30,180 | ) |

Share issue | 35 |  | 4,825 |  |

Business combinations | - |  | (123,059 | ) |

Net cash from financing activities | 48,356 |  | (50,374 | ) |

Increase/(decrease) in cash and cash equivalents | 44,403 |  | (154,209 | ) |

Cash and cash equivalents at beginning of year | 2 | 595,932 |  | 750,141 |  |

Cash and cash equivalents at end of year | 2 | 640,335 |  | 595,932 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Cash Flow Statement

for the year ended 31 December 2025

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

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,525,419 |  | 1,798,712 |  |

| Depreciation charges | 598,922 |  | 331,569 |  |

| Profit on disposal of fixed assets | (1,207 | ) | (360,846 | ) |

| Government grants | (18,610 | ) | (510 | ) |

| Finance costs | 127,011 |  | 190,344 |  |

| Finance income | (362 | ) | (2,998 | ) |

2,231,173 |  | 1,956,271 |  |

| (Increase)/decrease in stocks | (549,228 | ) | 574,302 |  |

| Decrease in trade and other debtors | 764,760 |  | 166,854 |  |

| Decrease in trade and other creditors | (1,782,713 | ) | (2,486,619 | ) |

| Cash generated from operations | 663,992 |  | 210,808 |  |

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 December 2025

| 31/12/25 |  | 1/1/25

£ | £ |

| Cash and cash equivalents | 640,335 |  | 595,932 |  |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 595,932 |  | 750,141 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Cash Flow Statement

for the year ended 31 December 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/1/25 | Cash flow | At 31/12/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 595,932 |  | 44,403 |  | 640,335 |  |

595,932 |  | 44,403 |  | 640,335 |  |

| Debt

| Finance leases | (667,976 | ) | (70,911 | ) | (738,887 | ) |

| Debts falling due within 1 year | (415,524 | ) | 170,420 |  | (245,104 | ) |

| Debts falling due after 1 year | (580,429 | ) | 195,184 |  | (385,245 | ) |

(1,663,929 | ) | 294,693 |  | (1,369,236 | ) |

| Total | (1,067,997 | ) | 339,096 |  | (728,901 | ) |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Basis of consolidation

| Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.

| Going concern

| The net liabilities of the company exceed its net assets at the balance sheet date. As such, the company is technically insolvent. It is, however, the opinion of the Directors that the Group continues to be a Going Concern. This conclusion has been reached with reference to forecast cashflows that cover a period of 12 months from the date at which the Financial Statements have been approved. Ongoing contact with funders continue to be positive, and there are no forecast issues with future financing. In addition, as can be seen in the Consolidated Income Statement, some unprofitable operations have ceased and continuing operations were profitable in the year.

| Investments in unlisted companies

| Investments in unlisted company shares have been classified as fixed asset investments as the Group intends to hold them on a continuing basis.Such investments are re-measured to fair value at each balance sheet date.

| Revenue recognition

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

| Revenue comprises the sale of products and services. It is recognised to the extent that it is probable that economic benefits will flow to the Group and that the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable, net of discounts and excluding Value Added Tax and other duties.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

| Intangible assets

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

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 10% on cost

| Short leasehold | - | 20% on cost

| Improvements to property | - | 25% on cost

| Plant and machinery | - | 25% on reducing balance, 20% on reducing balance, 20% on cost, 15% on reducing balance, 10% on reducing balance and 10% on cost

| Fixtures and fittings | - | 25% on reducing balance, 25% on cost, 20% on reducing balance and 20% on cost

| Motor vehicles | - | 25% on reducing balance, 25% on cost, 20% on reducing balance and 20% on cost

| Computer equipment | - | 33% on cost, 25% on cost and 20% on reducing balance

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

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

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 4,030,384 |  | 5,396,191 |  |

| Social security costs | 349,226 |  | 421,263 |  |

| Other pension costs | 128,310 |  | 197,037 |  |

4,507,920 |  | 6,014,491 |  |

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

| 2025 |  | 2024

| Directors | 3 |  | 4 |  |

| Administrative Staff | 12 |  | 16 |  |

| Operational Staff | 113 |  | 167 |  |

128 |  | 187 |  |

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | - |  | 27,500 |  |

4. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 40,024 |  | 34,002 |  |

| Other operating leases | 318,418 |  | 511,590 |  |

| Depreciation - owned assets | 208,613 |  | 315,695 |  |

| Depreciation - assets on hire purchase contracts | 35,742 |  | 8,743 |  |

| Profit on disposal of fixed assets | (1,207 | ) | (360,846 | ) |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 16,480 |  | 22,569 |  |

| Bank loan interest | 53,419 |  | 109,391 |  |

| Other interest | 8,717 |  | 22,353 |  |

| Hire purchase | 48,395 |  | 36,031 |  |

127,011 |  | 190,344 |  |

6. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 121,223 |  | 323,795 |  |

| Deferred tax | 104,375 |  | 93,689 |  |

| Tax on profit | 225,598 |  | 417,484 |  |

| Tax effects relating to effects of other comprehensive income |

| 2025 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| De-merger adjustment | 371,065 |  | - |  | 371,065 |  |

7. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

8. | INTANGIBLE FIXED ASSETS

| Group

| Goodwill

£ |

| COST

| At 1 January 2025 | 933,662 |  |

| Additions | 939 |  |

| Impairments | (354,276 | ) |

| At 31 December 2025 | 580,325 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | (36,715 | ) |

| NET BOOK VALUE

| At 31 December 2025 | 617,040 |  |

| At 31 December 2024 | 970,377 |  |

9. | TANGIBLE FIXED ASSETS

| Group

| Improvements |

| Freehold |  | Short |  | to |  | Plant and

| property |  | leasehold |  | property |  | machinery

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 986,755 |  | 21,598 |  | 44,970 |  | 4,628,520 |  |

| Additions | 21,875 |  | - |  | - |  | 535,977 |  |

| Disposals | - |  | - |  | - |  | (1,324,083 | ) |

| At 31 December 2025 | 1,008,630 |  | 21,598 |  | 44,970 |  | 3,840,414 |  |

| DEPRECIATION

| At 1 January 2025 | 40,793 |  | 21,598 |  | 21,939 |  | 3,245,344 |  |

| Charge for year | - |  | - |  | 10,074 |  | 190,736 |  |

| Eliminated on disposal | - |  | - |  | - |  | (1,253,031 | ) |

| At 31 December 2025 | 40,793 |  | 21,598 |  | 32,013 |  | 2,183,049 |  |

| NET BOOK VALUE

| At 31 December 2025 | 967,837 |  | - |  | 12,957 |  | 1,657,365 |  |

| At 31 December 2024 | 945,962 |  | - |  | 23,031 |  | 1,383,176 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

9. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 286,113 |  | 155,146 |  | 212,838 |  | 6,335,940 |  |

| Additions | 12,293 |  | - |  | 8,375 |  | 578,520 |  |

| Disposals | (5,656 | ) | - |  | (15,190 | ) | (1,344,929 | ) |

| At 31 December 2025 | 292,750 |  | 155,146 |  | 206,023 |  | 5,569,531 |  |

| DEPRECIATION

| At 1 January 2025 | 250,259 |  | 118,671 |  | 210,496 |  | 3,909,100 |  |

| Charge for year | 16,787 |  | 11,168 |  | 15,590 |  | 244,355 |  |

| Eliminated on disposal | (5,656 | ) | - |  | (27,354 | ) | (1,286,041 | ) |

| At 31 December 2025 | 261,390 |  | 129,839 |  | 198,732 |  | 2,867,414 |  |

| NET BOOK VALUE

| At 31 December 2025 | 31,360 |  | 25,307 |  | 7,291 |  | 2,702,117 |  |

| At 31 December 2024 | 35,854 |  | 36,475 |  | 2,342 |  | 2,426,840 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and

| machinery

£ |

| COST

| At 1 January 2025 | 393,383 |  |

| Additions | 304,000 |  |

| At 31 December 2025 | 697,383 |  |

| DEPRECIATION

| At 1 January 2025 | 167,024 |  |

| Charge for year | 35,742 |  |

| At 31 December 2025 | 202,766 |  |

| NET BOOK VALUE

| At 31 December 2025 | 494,617 |  |

| At 31 December 2024 | 226,359 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

10. | FIXED ASSET INVESTMENTS

| Group

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 100 |  |

| NET BOOK VALUE

| At 31 December 2025 | 100 |  |

| At 31 December 2024 | 100 |  |

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2025 | 2,108,694 |  |

| Disposals | (396 | ) |

| At 31 December 2025 | 2,108,298 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,108,298 |  |

| At 31 December 2024 | 2,108,694 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiaries

| Arrow Butler Castings Ltd

| Registered office:

| Nature of business: Aluminium Foundry and Machine Shop

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Fowler and Holden Limited

| Registered office:

| Nature of business: Iron Foundry and Machine Shop

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

10. | FIXED ASSET INVESTMENTS - continued

| GSS Fasteners Limited

| Registered office:

| Nature of business: Galvanised Fasteners Supplier

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| PT Engineers Holdings Ltd

| Registered office:

| Nature of business: Holding Company

| %

| Class of shares: | holding |

| 100 | 100.00 |

| PT Engineers Limited

| Registered office:

| Nature of business: Machine Shop

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| RCF Bolt & Nut (Tipton) Limited

| Registered office:

| Nature of business: Threaded Fastener Manufacturer

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Fowler and Holden Holdings Limited

| Registered office:

| Nature of business: Holding Company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Butler and Britannia Holdings Limited

| Registered office:

| Nature of business: Holding Company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| RCF and GSS Holdings Limited

| Registered office:

| Nature of business: Holding Company

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

10. | FIXED ASSET INVESTMENTS - continued

| Union Fastners Limited

| Registered office:

| Nature of business: Threaded Fastener Manufacturer

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

11. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Stocks | 2,130,967 |  | 1,627,239 |  |

| Work-in-progress | 303,142 |  | 257,642 |  |

2,434,109 |  | 1,884,881 |  |

12. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 2,239,347 |  | 3,118,583 |  | 1,119 |  | 33,756 |  |

| Other debtors | 140,347 |  | 23,134 |  | 8,650 |  | 12,150 |  |

| Prepayments and accrued income | 12,340 |  | 15,077 |  | - |  | - |  |

2,392,034 |  | 3,156,794 |  | 9,769 |  | 45,906 |  |

| Amounts falling due after more than one | year: |

| Amounts owed by group undertakings | 1,667 |  | 10,000 |  | - |  | - |  |

| Aggregate amounts | 2,393,701 |  | 3,166,794 |  | 9,769 |  | 45,906 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 15) | 245,104 |  | 415,524 |  | - |  | - |  |

| Hire purchase contracts (see note 16) | 256,187 |  | 213,458 |  | - |  | - |  |

| Trade creditors | 1,274,362 |  | 1,279,222 |  | 3,200 |  | 4,599 |  |

| Amounts owed to group undertakings | - |  | - |  | 2,108,148 |  | 2,108,148 |  |

| Tax | 434,364 |  | 425,854 |  | - |  | - |  |

| Social security and other taxes | 124,779 |  | 290,887 |  | - |  | 6,903 |  |

| VAT | 191,927 |  | 132,430 |  | 3,171 |  | - |  |

| Other creditors | 1,182,214 |  | 2,546,636 |  | - |  | - |  |

| Directors' current accounts | 153,714 |  | 176,304 |  | - |  | - |  |

| Accruals and deferred income | 269,553 |  | 168,376 |  | - |  | - |  |

| Accrued expenses | - |  | - |  | 38,000 |  | 24,500 |  |

4,132,204 |  | 5,648,691 |  | 2,152,519 |  | 2,144,150 |  |

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

| Group |

2025 | 2024 |

£ | £ |

| Bank loans (see note 15) | 385,245 |  | 580,429 |  |

| Hire purchase contracts (see note 16) | 482,700 |  | 454,518 |  |

| Amounts owed to group undertakings | 1,667 |  | 10,000 |  |

| Other creditors | - |  | 407,997 |  |

869,612 |  | 1,452,944 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

15. | LOANS

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

| Group |

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on | demand: |

| Bank loans | 245,104 |  | 415,524 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | 67,157 |  | 241,437 |  |

| Amounts falling due between two and five | years: |

| Bank loans - 2-5 years | 171,412 |  | 143,020 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans more 5 yr by instal | 146,676 |  | 195,972 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 256,187 |  | 213,458 |  |

| Between one and five years | 482,700 |  | 454,518 |  |

738,887 |  | 667,976 |  |

17. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 445,852 |  | 341,477 |  |

TGM Industrial Group Ltd (Registered number: 13687254)

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

17. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 341,477 |  |

| Capital Allowances | 104,375 |  |

| Balance at 31 December 2025 | 445,852 |  |

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: |  | as restated |

£ | £ |

| 4,825 | Ordinary shares | £1 | 9,685 |  | 9,650 |  |

19. | RELATED PARTY DISCLOSURES

| Details of related party transactions and balances between subsidiary undertakings are shown in the individual company's Financial Statements.

20. | ULTIMATE CONTROLLING PARTY

| The Ultimate Controlling Parties are Mr JL Frewin and Mr EA Kolodner.