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Registered number: 02867001 ALCHEMY METALS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
ALCHEMY METALS LIMITED COMPANY INFORMATION
Directors | P W Newman
| K S Greasby
| M Basta
Registered number | 02867001
Registered office | Cavendish Point
| Cavendish Road
| Stevenage
| Hertfordshire
| SG1 2EU
Independent auditors | MHA
| Chartered Accountants and Statutory Auditors
| 6th Floor
| 2 London Wall Place
| London
| EC2Y 5AU
Bankers | Lloyds Banking Group Plc
| Black Horse House
| Castle Park
| Cambridge
| CB3 0AR
ALCHEMY METALS LIMITED CONTENTS
| Page(s)
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9 - 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 30
ALCHEMY METALS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The directors present their report and financial statements for the year ended 31 October 2025.
Business review
During the year, the Company continued to trade strongly within a challenging and competitive market environment. Turnover for the year was £21.55m (2024: £22.51m), reflecting a modest reduction in volumes; however, gross profit margins improved to 63.3% (2024: 61.2%), demonstrating the resilience of the business model and the effectiveness of operational controls. The business has continued to benefit from the successful repositioning of its activities to handle a wider range of industrial waste streams, rather than solely non ferrous metals. This broader service offering has supported margin improvement and strengthened long term customer relationships. Substantial capital investment has been undertaken to enhance the Company’s operational infrastructure. This has encompassed the demolition of existing structures, the installation of extensive new concrete hardstanding, and the commissioning of a third 50-tonne weighbridge. These works relate to two adjoining properties acquired in the prior year, which have since been fully incorporated into the operational footprint. The redevelopment has facilitated the establishment of new sorting bays, the implementation of a comprehensive site-wide drainage system, and an expansion of weighing capacity. Collectively, these improvements position the business to accommodate continued growth while strengthening operational efficiency, processing capability, and overall site logistics in response to sustained increases in throughput. Staffing levels increased during the year through the use of agency staff, providing additional operational flexibility to meet customer demand. Further investment has also been made in site security, including the installation of new security cameras, upgraded fencing and controlled access gates, enhancing safety, asset protection and regulatory compliance.
Principal risks and uncertainties
Credit risk The Company operates robust credit control procedures, including appropriate credit checks on new customers. Exposure to individual customers is monitored on an ongoing basis, with credit limits reviewed and adjusted where necessary to mitigate the risk of non payment.. Liquidity risk The Company actively manages its cash flow and borrowing facilities to ensure sufficient working capital is available to meet operational requirements. The directors regularly review cash flow forecasts and funding arrangements in order to maintain financial stability.
Financial key performance indicators
The directors use financial Key Performance Indicators ('KPls') to monitor the performance of the company. The most important KPls for the company, are gross profit margin and turnover. 31/10/2025 31/10/2024 31/10/2023 Turnover £21.55m £22.51m £22.28m Gross Profit (%) 63.3% 61.2% 60.5% Alchemy is now handling all forms of industrial waste and will be rebranding as Waste Mission. Page 1
ALCHEMY METALS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Other key performance indicators
Apart from those measures identified above in the business review, the directors are of the opinion that the inclusion of non-financial key performance indicators is not necessary for an understanding of the development, performance or position of the company's business. This report was approved by the board and signed on its behalf.
P W Newman Director
Date: 23 April 2026
Page 2
ALCHEMY METALS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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 to 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.
Principal activity
The principal activity of the company is that of non-ferrous metal merchants.
Results and dividends
The profit for the year, after taxation, amounted to £1,244,155 (2024 - £1,991,192). Dividends paid in the year are detailed in note 12.
Directors
The directors who served during the year were:
P W Newman
K S Greasby
M Basta
Future developments
The company intends to continue its present management policies for the foreseeable future. Page 3
ALCHEMY METALS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Qualifying third party indemnity provisions
Directors' liability and indemnity insurance was in force throughout the year to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
P W Newman Director
Date: 23 April 2026
Page 4
ALCHEMY METALS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS LIMITED
Opinion
We have audited the financial statements of Alchemy Metals Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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 October 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 United Kingdom, including the Financial Reporting Council'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. Page 5
ALCHEMY METALS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, 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 Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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. Page 6
ALCHEMY METALS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS LIMITED (CONTINUED)
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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness. 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 Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Neil Stern, FCA (Senior Statutory Auditor) for and on behalf of MHA London, United Kingdom 5 May 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 7
ALCHEMY METALS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 21,548,780 | 22,506,039
Cost of sales |  | (7,898,106) | (8,725,911)
Gross profit |  | 13,650,674 | 13,780,128
Distribution costs |  | (7,030,095) | (6,672,198)
Administrative expenses |  | (4,864,989) | (4,602,541)
Operating profit | 5 | 1,755,590 | 2,505,389
Interest receivable and similar income | 9 | 97,849 | 134,307
Interest payable and similar expenses | 10 | (170,491) | (128,440)
Profit before tax |  | 1,682,948 | 2,511,256
Tax on profit | 11 | (438,793) | (520,064)
Profit for the financial year |  | 1,244,155 | 1,991,192
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 30 form part of these financial statements.
Page 8
ALCHEMY METALS LIMITED REGISTERED NUMBER: 02867001 STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets |  |  | 36,864 |  | 46,694
Tangible assets | 14 |  | 6,899,151 |  | 6,449,521
|  |  | 6,936,015 |  | 6,496,215
Current assets |  |  |  |  |
Stocks | 15 | 886,858 |  | 731,571 |
Debtors | 16 | 7,352,769 |  | 7,591,090 |
Cash at bank and in hand | 17 | 2,090,782 |  | 3,202,889 |
|  | 10,330,409 |  | 11,525,550 |
Creditors: amounts falling due within one year | 18 | (5,971,444) |  | (6,540,047) |
Net current assets |  |  | 4,358,965 |  | 4,985,503
Total assets less current liabilities |  |  | 11,294,980 |  | 11,481,718
Creditors: amounts falling due after more than one year | 19 |  | (2,489,876) |  | (1,890,221)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (609,057) |  | (689,605) |
|  |  | (609,057) |  | (689,605)
Net assets |  |  | 8,196,047 |  | 8,901,892
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 2,320 |  | 2,320
Capital redemption reserve | 24 |  | 95,000 |  | 95,000
Profit and loss account | 24 |  | 8,098,727 |  | 8,804,572
|  |  | 8,196,047 |  | 8,901,892
Page 9
ALCHEMY METALS LIMITED REGISTERED NUMBER: 02867001 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
P W Newman
Director
Date: 23 April 2026
The notes on pages 12 to 30 form part of these financial statements. Page 10
ALCHEMY METALS LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2023 | 2,320 | 95,000 | 8,413,380 | 8,510,700
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,991,192 | 1,991,192
Dividends: Equity capital | - | - | (1,600,000) | (1,600,000)
At 1 November 2024 | 2,320 | 95,000 | 8,804,572 | 8,901,892
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,244,155 | 1,244,155
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (1,950,000) | (1,950,000)
At 31 October 2025 | 2,320 | 95,000 | 8,098,727 | 8,196,047
| The notes on pages 12 to 30 form part of these financial statements.
Page 11
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Alchemy Metals Group Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is given in the company information page in these financial statements. The nature of the company's operations and principal activities is that of non-ferrous metal merchants. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements have been prepared in the functional currency, pounds sterling, rounded to the nearest £1. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). Alchemy Metals Limited is a wholly owned subsidiary of Alchemy Metals Group Limited, a company incorporated in the United Kingdom, and is included in the consolidated financial statements of that company. Alchemy Metals Limited has adopted the disclosure exemptions of FRS 102 as a subsidiary company of Alchemy Metals Group Limited. The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts. The following principal accounting policies have been applied: Page 12
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7; ∙the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102). This information is included in the consolidated financial statements of Alchemy Metals Group Limited as at 31 October 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 13
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 14
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Software developments are capitalised when they are separately identifiable and externally purchased. They are amortised on a straight line basis over their estimated useful life of five years. Page 15
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 4% | Straight Line
|  |  |  | Plant and machinery | - | 20% | Straight Line
|  |  |  | Motor vehicles | - | 20% | Straight Line
|  |  |  | Fixtures and fittings | - | 20% | Straight Line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Debt factoring
The company has a debt factoring agreement with a third party which covered all of its trade debtors at year-end. The agreement has a 100% recourse arrangement and hence the company has retained all debtors in trade receivables in its balance sheet. Page 16
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.16 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.17 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 17
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.19 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.20 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 18
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Valuation of Stock Stock is included at the lower of cost and net realisable value. The Directors have reviewed the stock obsolescence policy and are satisfied that stock is fairly valued at the year end. Fixed Assets Judgements have been made in relation to the lives of tangible assets in particular the useful economic life and residual values of freehold property, plant and machinery and the recoverability of trade debtors. The Directors have concluded that the asset values and residual values are appropriate and debtors are recoverable.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 21,548,780 | 22,506,039
|  | 21,548,780 | 22,506,039
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 18,060,949 | 18,330,427
| Rest of Europe | 1,930,787 | 1,963,101
| Rest of the world | 1,557,044 | 2,212,511
|  | 21,548,780 | 22,506,039
Page 19
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | - | 130,000
| Other operating lease rentals | 132,973 | 80,873
| Property lease rentals | 311,840 | 248,873
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 33,500 | 32,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 4,925,285 | 4,741,701
| Social security costs | 581,785 | 488,601
| Cost of defined contribution scheme | 112,564 | 97,618
|  | 5,619,634 | 5,327,920
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 3
|  | Adminstation | 10 | 6
|  | Sales and Warehouse | 101 | 101
|  |  | 114 | 110
Page 20
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 142,408 | 132,737
|  | 142,408 | 132,737
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 97,849 | 134,307
|  | 97,849 | 134,307
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 71,724 | 52,683
| Finance leases and hire purchase contracts | 98,767 | 75,757
|  | 170,491 | 128,440
Page 21
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 536,113 | 277,919
| Adjustments in respect of previous periods | (16,772) | (121,563)
| Total current tax | 519,341 | 156,356
| Deferred tax |  |
| Origination and reversal of timing differences | (80,548) | 363,708
| Total deferred tax | (80,548) | 363,708
|  | 438,793 | 520,064
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,682,948 | 2,511,256
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 420,737 | 627,814
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 28,823 | 2,714
| Capital allowances for year in excess of depreciation | 6,005 | 11,099
| Adjustments to tax charge in respect of prior periods | (16,772) | (121,563)
| Total tax charge for the year | 438,793 | 520,064
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 22
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary shares | 1,950,000 | 1,600,000
|  | 1,950,000 | 1,600,000
13. | Intangible assets
|  | Software development
|  | £
| Cost |
| At 1 November 2024 | 116,507
| At 31 October 2025 | 116,507
| Amortisation |
| At 1 November 2024 | 69,813
| Charge for the year | 9,830
| At 31 October 2025 | 79,643
| Net book value |
| At 31 October 2025 | 36,864
| At 31 October 2024 | 46,694
Page 23
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
14. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 November 2024 | 3,314,981 | 6,697,590 | 4,782,289 | 402,698 | 15,197,558
| Additions | 975,886 | 430,565 | 181,695 | 34,681 | 1,622,827
| Disposals | - | - | (829,255) | - | (829,255)
| At 31 October 2025 | 4,290,867 | 7,128,155 | 4,134,729 | 437,379 | 15,991,130
| Depreciation |  |  |  |  |
| At 1 November 2024 | 582,653 | 5,184,022 | 2,708,822 | 272,540 | 8,748,037
| Charge for the year | 135,948 | 452,410 | 543,256 | 41,583 | 1,173,197
| Disposals | - | - | (829,255) | - | (829,255)
| At 31 October 2025 | 718,601 | 5,636,432 | 2,422,823 | 314,123 | 9,091,979
| Net book value |  |  |  |  |
| At 31 October 2025 | 3,572,266 | 1,491,723 | 1,711,906 | 123,256 | 6,899,151
| At 31 October 2024 | 2,732,328 | 1,513,568 | 2,073,467 | 130,158 | 6,449,521
| The net book value of assets held under hire purchase contracts is £1,652,937 (2024:£1,886,969).
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 886,858 | 731,571
|  | 886,858 | 731,571
| The amount of stock recognised as an expense in cost of sales during the year is as follows: £8,058,046 (2024: £8,765,948).
Page 24
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 863,356 | 827,256
|  | 863,356 | 827,256
| Due within one year |  |
| Trade debtors | 2,588,289 | 2,833,780
| Amounts owed by group undertakings | 847,658 | 847,658
| Other debtors | 2,698,011 | 2,615,421
| Prepayments and accrued income | 355,455 | 466,975
|  | 7,352,769 | 7,591,090
| The company has not drawn down against the invoice discounting facility in the year. An amount of £208,314 (2024: £302,628) is held with the factoring company, which is included in bank and cash balances as at 31 October 2025.
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,090,782 | 3,202,889
|  | 2,090,782 | 3,202,889
Page 25
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 196,621 | 293,491
| Trade creditors | 1,737,298 | 2,335,788
| Amounts owed to group undertakings | 2,000,000 | 2,000,000
| Corporation tax | 931,564 | 530,882
| Other taxation and social security | 450,606 | 404,984
| Obligations under finance lease and hire purchase contracts | 241,262 | 527,048
| Accruals and deferred income | 414,093 | 447,854
|  | 5,971,444 | 6,540,047
| The hire purchase creditor is secured on the assets to which it relates. Bank loans and overdrafts are secured by way of a legal charge over the Freehold property of the company, dated 31 March 2015, an unlimited debenture, dated 26 March 2015, and an omnibus guarantee and set-off arrangement. These incorporate a fixed and floating charge over all current assets of the company. Amounts owed to Group companies are secured by way of a second fixed and floating charge over the assets of the company.
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,209,521 | 516,867
| Net obligations under finance leases and hire purchase contracts | 1,280,355 | 1,373,354
|  | 2,489,876 | 1,890,221
| The hire purchase creditor is secured on the assets to which it relates and is repayable within 5 years. Bank loans carry interest at rates of between 2.0% and 2.65% plus the Bank of England Base Rate and are repayable within 10 years. They are secured on the assets of the company as detailed in note 18. The directors consider that the carrying amounts of the bank loands and overdrafts are approximate to their fair value.
Page 26
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
20. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 196,621 | 293,491
|  | 196,621 | 293,491
| Amounts falling due 2-5 years |  |
| Bank loans | 1,209,521 | 516,867
|  | 1,209,521 | 516,867
|  | 1,406,142 | 810,358
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 241,262 | 304,681
| Between 1-5 years | 1,280,355 | 1,373,354
|  | 1,521,617 | 1,678,035
Page 27
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
22. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 689,605
| Charged to profit or loss | (80,548)
| At end of year | 609,057
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 609,057 | 689,605
|  | 609,057 | 689,605
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,204 (2024 - 2,204) Ordinary shares of £1.00 each | 2,204 | 2,204
|  | 116 (2024 - 116) Ordinary A shares of £1.00 each | 116 | 116
|  |  | 2,320 | 2,320
| Ordinary £1 shares and ordinary A £1 shares have the same voting rights.
24. | Reserves
Capital redemption reserve The capital redemption reserve is represented by amounts transferred on the redemption of share capital and is not distributable. Profit and loss account The profit and loss account is represented by retained earnings. Changes in reserves are set out in the Statement of Changes in Equity. Page 28
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
25. | Pension commitments
The company operates a defined contribution pension scheme for directors and employees. Pension costs in the year were £112,564 (2024: £97,618). Contributions totalling £23,803 (2024: £19,743) were payable at the balance sheet date and are included in creditors.
26. | Commitments under operating leases
| At 31 October 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 316,667 | 187,998
| Later than 1 year and not later than 5 years | 1,066,667 | 672,000
| Later than 5 years | 1,600,000 | 1,498,000
|  | 2,983,334 | 2,357,998
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 887 | 1,640
| Later than 1 year and not later than 5 years | 8,511 | -
|  | 9,398 | 1,640
| The total amount of non-cancellable operating lease payments recognised as an expense during the year was £311,840 (2024: £248,873).
27. | Related party transactions
| The company has taken advantage of the exemptions of Financial Reporting Standard 102 Section 33 in respect of disclosure of intra-group transactions, as the company is a wholly owned subsidiary of Alchemy Metals Group Limited. During the year, the group made advances of £106,962 (2024: £344,701 advanced) to P W Newman, a director of Alchemy Metals Group Limited. At the year end the amount due from P W Newman was £2,605,400 (2024: £2,498,438) and is included within other debtors. This loan is unsecured, interest is charged at commercial rates and repayable on demand. During the year, the group received advances of £28,494 (2024: £97,656 received) from K S Greasby, a director of Alchemy Metals Group Limited. At the year end the amount due from K S Greasby was £69,123 (2024: £97,617) and included within other debtors. This loan is unsecured, interest is charged at commercial rates and repayable on demand.
Page 29
ALCHEMY METALS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
28. | Controlling party and ultimate parent
The ultimate controlling party throughout the year and the previous year is P W Newman by virtue of his majority shareholding in the company's ultimate parent. The ultimate parent company of Alchemy Metals Limited is Alchemy Metals Group Limited, a company incorporated in England and Wales and into whose consolidated accounts the financial statements of Alchemy Metals Limited are consolidated. The financial statements of Alchemy Metals Group Limited are available from Companies House.
Page 30