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REGISTERED NUMBER: 01556181 (England and Wales)

| Strategic Report, |

| Report of the Directors and |

| Financial Statements |

| for the Year Ended 31 December 2025 |

| for |

| Olarra UK Limited |

Olarra UK Limited (Registered number: 01556181)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 3 |

Report of the Independent Auditors | 5 |

Income Statement | 9 |

Other Comprehensive Income | 10 |

Balance Sheet | 11 |

Statement of Changes in Equity | 12 |

Cash Flow Statement | 13 |

Notes to the Cash Flow Statement | 14 |

Notes to the Financial Statements | 15 |

Olarra UK Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr C G Selly

| Mr W P Slingsby

| Mrs K R Slingsby

| Mr C P Slingsby

| Mr W B Slingsby

| REGISTERED OFFICE: | Forest Park

| Cleobury Mortimer

| Kidderminster

| DY14 9BD

| REGISTERED NUMBER: | 01556181 (England and Wales)

| AUDITORS: | Thorne Widgery Accountancy Ltd

| Chartered Accountants

| Statutory Auditors

| 2 Wyevale Business Park

| Kings Acre

| Hereford

| Herefordshire

| HR4 7BS

Olarra UK Limited (Registered number: 01556181)

Strategic Report

for the Year Ended 31 December 2025

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

REVIEW OF BUSINESS

The target for management was to maintain or increase volumes, maintain or increase margins and to remain profitable.

Financials for the year 2025

| 31.12.2025 |  |  | 31.12.2024 |  |

Turnover |  | £17,735,210 |  |  | £19,555,389 |  |

Profit before tax |  | £7,910 |  |  | £11,925 |  |

The net assets as shown on the balance sheet have increased from £6,428,305 to £6,430,766.

The directors believe the company is in a strong position going into the new financial year with adequate, well-costed stock and an experienced and skilled work force.

PRINCIPAL RISKS AND UNCERTAINTIES

As always, prices may increase or decrease by more or less than expected, owing to fluctuations in raw material pricing and currency exchange rates. these are the normal risks associate with steel stockholding and the directors consider the company and its personnel are very experienced in dealing with these risks.

DEVELOPMENT AND PERFORMANCE

The company has continued to develop, including maintaining a highly-skilled and committed workforce and delivering on customer service commitments.

KEY PERFORMANCE INDICATORS

Turnover decreased by 9% from £19,555,389 in 2024 to £17,735,210 in 2025.

Gross profit decreased from 15% to 13% of sales.

Operating profit for the year decreased from £131,238 to £84,796.

ON BEHALF OF THE BOARD:

Mr W P Slingsby - Director

10 April 2026

Olarra UK Limited (Registered number: 01556181)

Report of the Directors

for the Year Ended 31 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 is £nil (2024: £nil).

DIRECTORS

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

Mr C G Selly

Mr W P Slingsby

Mrs K R Slingsby

Mr C P Slingsby

Mr W B Slingsby

Other changes in directors holding office are as follows:

Mr C Alvarez - resigned 27 November 2025

Ms M J Larrea - resigned 1 July 2025

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.

Olarra UK Limited (Registered number: 01556181)

Report of the Directors

for the Year Ended 31 December 2025

AUDITORS

The auditors, Thorne Widgery Accountancy Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr W P Slingsby - Director

10 April 2026

Report of the Independent Auditors to the Members of

Olarra UK Limited

Opinion

We have audited the financial statements of Olarra UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 December 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Report of the Independent Auditors to the Members of

Olarra UK Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

Olarra UK Limited

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website to detect material misstatements in respect of irregularities, including fraud.

We obtained and update our understanding of the entity, its activities, its control environment and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, designing and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- |  | Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |

- |  | Reviewing minutes of meetings of those charged with governance; |

- |  | Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; |

- |  | Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |

- |  | Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |

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. The 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

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

Olarra UK 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.

Daniel Crowther FCA FCCA (Senior Statutory Auditor)

for and on behalf of Thorne Widgery Accountancy Ltd

Chartered Accountants

Statutory Auditors

2 Wyevale Business Park

Kings Acre

Hereford

Herefordshire

HR4 7BS

17 April 2026

Olarra UK Limited (Registered number: 01556181)

Income Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 3 | 17,735,210 |  | 19,555,389 |  |

Cost of sales | (15,471,781 | ) | (16,686,176 | ) |

GROSS PROFIT | 2,263,429 |  | 2,869,213 |  |

Distribution costs | (479,097 | ) | (509,300 | ) |

Administrative expenses | (2,244,332 | ) | (2,365,057 | ) |

(460,000 | ) | (5,144 | ) |

Other operating income | 544,796 |  | 136,382 |  |

OPERATING PROFIT | 5 | 84,796 |  | 131,238 |  |

Interest payable and similar expenses | 6 | (76,886 | ) | (119,313 | ) |

PROFIT BEFORE TAXATION | 7,910 |  | 11,925 |  |

Tax on profit | 7 | (5,449 | ) | (4,832 | ) |

PROFIT FOR THE FINANCIAL YEAR | 2,461 |  | 7,093 |  |

Olarra UK Limited (Registered number: 01556181)

Other Comprehensive Income

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 2,461 |  | 7,093 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 2,461 |  | 7,093 |  |

Olarra UK Limited (Registered number: 01556181)

Balance Sheet

31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 102,829 |  | 132,450 |  |

CURRENT ASSETS

Stocks | 9 | 7,624,685 |  | 9,676,923 |  |

Debtors | 10 | 4,723,198 |  | 4,698,263 |  |

Cash at bank | - |  | 1,096,374 |  |

12,347,883 |  | 15,471,560 |  |

CREDITORS

Amounts falling due within one year | 11 | (5,994,238 | ) | (9,142,593 | ) |

NET CURRENT ASSETS | 6,353,645 |  | 6,328,967 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,456,474 |  | 6,461,417 |  |

PROVISIONS FOR LIABILITIES | 14 | (25,708 | ) | (33,112 | ) |

NET ASSETS | 6,430,766 |  | 6,428,305 |  |

CAPITAL AND RESERVES

Called up share capital | 15 | 150,000 |  | 150,000 |  |

Retained earnings | 16 | 6,280,766 |  | 6,278,305 |  |

SHAREHOLDERS' FUNDS | 6,430,766 |  | 6,428,305 |  |

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

Mr W P Slingsby - Director

Olarra UK Limited (Registered number: 01556181)

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 | 150,000 |  | 6,271,212 |  | 6,421,212 |  |

Changes in equity

Total comprehensive income | - |  | 7,093 |  | 7,093 |  |

Balance at 31 December 2024 | 150,000 |  | 6,278,305 |  | 6,428,305 |  |

Changes in equity

Total comprehensive income | - |  | 2,461 |  | 2,461 |  |

Balance at 31 December 2025 | 150,000 |  | 6,280,766 |  | 6,430,766 |  |

Olarra UK Limited (Registered number: 01556181)

Cash Flow Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (1,614,485 | ) | (2,296,860 | ) |

Interest paid | (76,886 | ) | (119,313 | ) |

Tax paid | (3,490 | ) | (132,172 | ) |

Net cash from operating activities | (1,694,861 | ) | (2,548,345 | ) |

Cash flows from financing activities

Loan repayments in year | - |  | 2,000,000 |  |

Net cash from financing activities | - |  | 2,000,000 |  |

Decrease in cash and cash equivalents | (1,694,861 | ) | (548,345 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,096,374 |  | 1,644,719 |  |

Cash and cash equivalents at end of year | 2 | (598,487 | ) | 1,096,374 |  |

Olarra UK Limited (Registered number: 01556181)

Notes to the Cash Flow Statement

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before taxation | 7,910 |  | 11,925 |  |

| Depreciation charges | 29,621 |  | 31,621 |  |

| Finance costs | 76,886 |  | 119,313 |  |

114,417 |  | 162,859 |  |

| Decrease/(increase) in stocks | 2,052,238 |  | (2,020,953 | ) |

| Decrease in trade and other debtors | 110,077 |  | 382,335 |  |

| Decrease in trade and other creditors | (3,891,217 | ) | (821,101 | ) |

| Cash generated from operations | (1,614,485 | ) | (2,296,860 | ) |

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 | - |  | 1,096,374 |  |

| Bank overdrafts | (598,487 | ) | - |  |

(598,487 | ) | 1,096,374 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,096,374 |  | 1,644,719 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank | 1,096,374 |  | (1,096,374 | ) | - |  |

| Bank overdrafts | - |  | (598,487 | ) | (598,487 | ) |

1,096,374 |  | (1,694,861 | ) | (598,487 | ) |

| Total | 1,096,374 |  | (1,694,861 | ) | (598,487 | ) |

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Olarra UK 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.

| The presentation currency of the financial statements is the Pound Sterling (£).

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.

| Going concern

| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date the financial statements are signed. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

| Significant judgements and estimates

| In the application of the company’s accounting policies, the directors are required to make judgements,

| estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

| from other sources. The estimates and associated assumptions are based on historical experience and

| other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

| estimates are recognised in the period in which the estimate is revised where the revision affects only that

| period, or in the period of the revision and future periods where the revision affects both current and future

| periods.

| 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:

| Provision for doubtful debts

| The directors made an assessment each year of the estimated value of trade debtors that are potentially not recoverable. The estimate includes an element of uncertainty resulting from their customers ability to make payments to the company.

| Stock provision

| The directors make an assessment each year of the estimated value of stock that is obsolete and can no longer be actively traded, taking into account the potential scrap value. See stock paragraph for further information.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods 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 glow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Olarra UK Limited (Registered number: 01556181)

Notes to the 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 the cost less estimated residual value of each asset over its estimated useful life.

| Plant and machinery | - | 10% on cost

| Fixtures and fittings | - | 10% on cost

| Tangible assets are initially measured at cost and subsequently measured at cost net of deprecation and any impairment losses.

| 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 amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

| 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 stock to their preset location and condition.

| As discussed under 'Key sources for estimation uncertainty' 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.

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Financial instruments

| The company only has financial instruments that are classified as basic financial instruments.

| 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 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, amounts due from related undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method less impairment. Financial

| assets classified as receivable within one year are not amortised.

| 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 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, loans from fellow related undertakings, 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements - continued

for the Year Ended 31 December 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.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the group'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.

| 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

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

| Hire purchase and leasing commitments

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

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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:

| 31.12.25 |  | 31.12.24

£ | £ |

| Stainless steel stockholding | 17,735,210 |  | 19,555,389 |  |

17,735,210 |  | 19,555,389 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| United Kingdom | 17,269,972 |  | 19,248,678 |  |

| Europe | 465,238 |  | 306,711 |  |

17,735,210 |  | 19,555,389 |  |

4. | EMPLOYEES AND DIRECTORS

| The directors receive remuneration through other related entities.

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire of plant and machinery | 71,815 |  | 70,874 |  |

| Depreciation - owned assets | 29,621 |  | 31,622 |  |

| Auditors' remuneration | 10,563 |  | 10,260 |  |

| Operating leases | 54,332 |  | 66,579 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank interest | 76,886 |  | 119,313 |  |

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

7. | TAXATION

| Analysis of the tax charge

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Current tax:

| UK corporation tax | 8,842 |  | 12,738 |  |

| Deferred tax | (3,393 | ) | (7,906 | ) |

| Tax on profit | 5,449 |  | 4,832 |  |

| Reconciliation of total tax charge included in profit and loss

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Profit before tax | 7,910 |  | 11,925 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 19% (2024 - 25%) | 1,503 |  | 2,981 |  |

| Effects of:

| Expenses not deductible for tax purposes | 1,711 |  | 4,669 |  |

| Depreciation in excess of capital allowances | 5,628 |  | 7,905 |  |

| Adjustment relating to deferred tax | (3,393 | ) | (7,906 | ) |

| Adjustment for different rates of taxation | - |  | (2,817 | ) |

| Total tax charge | 5,449 |  | 4,832 |  |

8. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |

| machinery |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025

| and 31 December 2025 | 86,452 |  | 312,946 |  | 399,398 |  |

| DEPRECIATION

| At 1 January 2025 | 86,452 |  | 180,496 |  | 266,948 |  |

| Charge for year | - |  | 29,621 |  | 29,621 |  |

| At 31 December 2025 | 86,452 |  | 210,117 |  | 296,569 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | 102,829 |  | 102,829 |  |

| At 31 December 2024 | - |  | 132,450 |  | 132,450 |  |

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

9. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Stocks | 7,624,685 |  | 9,676,923 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 4,339,450 |  | 4,449,687 |  |

| Amounts owed by group undertakings | 383,748 |  | 248,736 |  |

| Prepayments and accrued income | - |  | (160 | ) |

4,723,198 |  | 4,698,263 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts (see note 12) | 598,487 |  | - |  |

| Trade creditors | 19,746 |  | 14,563 |  |

| Amounts owed to group undertakings | 4,933,812 |  | 8,565,140 |  |

| Tax | 18,177 |  | 12,825 |  |

| VAT | 355,137 |  | 488,924 |  |

| Other creditors | 48,121 |  | 37,855 |  |

| Accruals and deferred income | 20,758 |  | 23,286 |  |

5,994,238 |  | 9,142,593 |  |

12. | LOANS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 598,487 |  | - |  |

| The bank overdrafts are secured by:

| A Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future in favour of HSBC Plc.

13. | LEASING AGREEMENTS

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 51,573 |  | 60,321 |  |

| Between one and five years | 199,308 |  | 250,881 |  |

250,881 |  | 311,202 |  |

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

14. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 25,708 |  | 33,112 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 33,112 |  |

| Provided during year | (7,404 | ) |

| Balance at 31 December 2025 | 25,708 |  |

| The deferred tax liability set out above relates to accelerated capital allowances.

15. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.25 |  | 31.12.24

| value: | £ | £ |

| 150,000 | Ordinary | 1 | 150,000 |  | 150,000 |  |

16. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 6,278,305 |  |

| Profit for the year | 2,461 |  |

| At 31 December 2025 | 6,280,766 |  |

Olarra UK Limited (Registered number: 01556181)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

17. | RELATED PARTY DISCLOSURES

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

| Includes the following entities: |  |

| Aceros Inoxidables Olarra S.A. |  | (50% shareholder of Olarra UK Ltd) |

| Amodil Supplies |  | (50% shareholder of Olarra UK Ltd) |

| Rodacciai S.P.A |  | (Top group company of the Rodosteel Corp.) |

|  | 31.12.2025 |  |  | 31.12.2024 |

|  | £ |  |  | £ |

| Sale of goods and services during the year |  |  | 2.780.785 |  |  | 3,521,180 |

| Purchase of goods and services during the year |  |  | 19.406.862 |  |  | 18,293,644 |

| Trade receivables due from related party at y/e |  |  | 383,748 |  |  | 248,736 |

| Trade payables due to related party at y/e |  |  | 4,933,812 |  |  | 8,565,140 |

18. | ULTIMATE CONTROLLING PARTY

| Throughout the period 50% of the issued shares were held by Amodil Supplies Limited, and 50% of the issued shares were held by Aceros Inoxidables Olarra S.A, a company registered in Spain, the directors are of the opinion that there is no ultimate controlling party.