REGISTERED NUMBER: 07000324 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Makin Metal Powders (UK) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

9

Statement of Directors' Responsibilities

12

Report of the Independent Auditors

13

Statement of Comprehensive Income

16

Statement of Financial Position

17

Statement of Changes in Equity

18

Notes to the Financial Statements

19

DIRECTORS:

S J Ellis

J R Hood

T Shi

H He

REGISTERED OFFICE:

Buckley Road

Rochdale

Greater Manchester

OL12 9DT

REGISTERED NUMBER:

07000324 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

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

BUSINESS REVIEW

The Company continued to build on improvement activities undertaken in recent years and as a result delivered a significantly improved result in 2025.

Revenue and profit growth were achieved through a combination of new customer projects, growth with existing accounts, tight management of materials and manufacturing costs and the on-going upgrade of IT.

The Company continued to market materials produced in its new group facility in Thailand (opened in 2024) and providing market leading capability and cost competitiveness in the production and supply of ECP (Electrolytic Copper Powder). ECP is offered to customers through a range of supply chain options, including direct supply from the factory and continues to be a product category of strategic importance to both the Company and wider group.

Sales of these products continued to grow strongly throughout 2025, especially in, but not limited to, European markets.

In the USA, continued progress was made despite implementation of import tariffs applied in August 2025 by the US Government. Implementation of these tariffs resulted in the Company having to pay a 50% tariff for copper and 10% for other elements in order to clear goods into the USA. However, with pro-active communication and the agreement of customers, these tariff charges were passed on and gross margin levels maintained. Sales in the USA are across all product categories and have continued to place a healthy production load on our UK and Thailand manufacturing facilities.

Although the business enjoyed a generally positive market environment, some sectors, especially automotive, experienced a more cautious outlook, with pressure to reduce inventories and cost impacting on order books and longer-term commitment. In addition, the introduction of import tariffs in the US placed an additional cost burden to customers purchasing from international suppliers, or exposure to uplifted pricing from domestic producers. The longer-term impacts of this - and any changes in the tariff position - remain to be seen.

Impacts on global supply chains from, for example, Russian activities in Ukraine, subsequent and ongoing sanctions activity, restricted shipping and attacks on vessels in the Red Sea and other events have all contributed to more complex management when moving materials. The business again performed very well in this regard. In relation to US tariffs, the Company made necessary changes in logistics and payment processes and communicated these well to customers.

The Company continued to work on energy costs and utilisation, from both economic and environmental perspectives, with investment in monitoring and control systems and the ongoing solar PV project. This project will be completed in Q2 2026.

MITIGATION OF PRINCIPAL RISKS AND UNCERTAINTIES

The Directors, using 'risk review' and management procedures, continuously address strategic and operational risks facing the Company, including geo-political factors, credit risk, FX risk, technical, environmental, health, social and ethical aspects. The review and management procedures consider all aspects of the business - the market sector in which the Company operates, nature and quality of its customers, the contracts it selects, the product it supplies, the quality of suppliers, partners, sub-contractors and other stakeholders in the performance of those contracts.

Principal risks and uncertainties affecting, or potentially affecting the business include the following, including mitigating actions:

Maintaining good practice developed in 2020/2021 to enable a rapid response to potential future pandemic situations.

Maintaining dual sourcing and contingency options of supply in instances where geopolitical factors make existing supply arrangements unwise, inefficient or less robust.

The regional extension, when appropriate, of the Company's Only Representative network, engagement of appropriate external specialist companies to ensure that the Company can trade in all appropriate regions.

The continued background volatility and speculation in commodity and currency markets; in addition to ongoing management of currency and exchange rate risks, the Company continued to develop and implement appropriate hedging/warrants/futures facilities to guard against substantial movements in LME.

Ongoing review of all costs.

As a Company actively engaged in international trade and investment, we recognize the inherent challenges posed by currency fluctuations. Therefore, our Financial Instrument Risk Management strategy revolves around the prudent use of foreign currency forward contracts, serving to mitigate the impact of exchange rate volatility.

The Board maintains oversight of financial integrity through a robust framework of internal controls, including defined levels of delegated authority, segregation of duties, and a rigorous monthly review of management accounts against budget and prior-year performance.

HEALTH AND SAFETY

The Company places a high priority on health and safety and constantly seeks to reduce the incidence of reportable accidents (RIDDOR), whilst encouraging 'safety improvement suggestions' across all areas. Measures taken by the Company to further improve health & safety in the workplace, together with an active 'risk assessment and review of procedures' culture, support the goal of the directors to work towards 'zero reportable accidents'.

The Company continued to strengthen and further develop its integrated management system comprising ISO 9001, ISO 14001 and ISO 45001 and to closely monitor and react to any requirements arising from DSEAR, CoMAH and REACH regulations. The Company introduced additional management processes in relation to Safety Critical Equipment, added a new H&S Officer into the organisation and continued to work with relevant third-party organisations.

ENVIRONMENT

The Company places considerable emphasis upon environmental compliance and responsibility in all areas of business and strives to implement best practice where possible. The Company is recognized as a CoMAH and DSEAR establishment although in both cases, hazards and risks are assessed as low. Nevertheless, much work continues to be done to improve the safety and security of people, wildlife and the environment in and around the site.

LEGAL AND ETHICAL

The Company recognises and supports the need for a legal and ethical framework across geographical and political regions and has continued to make improvements and enhancements in this area.

ISO 9001, ISO 14001 and ISO 45001 certifications are held and managed through an integrated management system. In addition, the Company is registered for REACH and fully adheres to 'Conflict Minerals' sourcing.

Policies are in place to support our commitment to anti-slavery, anti-bribery, anti-corruption, anti-discrimination in all its forms and recognizing individuals' rights as they are set out in UK and international law. The Company remains abreast of relevant legal and regulatory instruments, being cognisant of packaging and transportation regulations.

MODERN SLAVERY ACT 2015: ANNUAL STATEMENT

This Statement relates to Makin Metal Powders (UK) Limited (MMP), for the financial year ended 31 December 2025.

ABOUT MAKIN METAL POWDERS (UK) LIMITED, ORGANISATION AND SUPPLY CHAINS

MMP is a UK based company engaged in the manufacture and supply of copper and other non-ferrous metal powders. The majority of these products are produced in a purpose-built manufacturing facility in the North-West of England, but the company utilizes significant additional capability in a new manufacturing centre in Thailand and through other group resources in Asia. The company works with global logistics partners, sales agents and distributors to offer a range of supply chain solutions to customers in 40+ countries.

RESPONSIBILITY AND ACCOUNTABILITY

MMP is committed to conducting business legally, ethically and with integrity. We actively discourage any form of slavery, forced or compulsory labour or human trafficking in our operations.

The Board of Directors has responsibility for ensuring that human rights considerations remain central to all activities and that senior managers and supervisors provide visible leadership in this regard.

All employees, contractors, and consultants are responsible for ensuring that their own actions do not impair the human rights of others.

POLICIES

Policies are in place to support our commitment to anti-slavery, anti-bribery, anti-corruption, anti-discrimination in all its forms and recognizing individuals' rights as they are set out in UK and international law. The Company remains abreast of relevant legal and regulatory instruments, being cognisant of packaging and transportation regulations. These are reviewed routinely (at least annually through a management review process) and we remain vigilant in relation to changing requirements or emphasis through our trade and business association memberships, our auditors and other organisations.

We publish our commitments in this regard annually on the company website (our 'Code of Conduct and Business Ethics'), they are included in our employee handbook, our ISO integrated management system and made clear in supply chain questionnaires sent to our suppliers. We routinely provide to customers compliance statements in relation to conflict free sourcing.

The policies also apply, where appropriate, to our business partners including agents, joint ventures, and third-party representatives. We respect the right of freedom of association and support employee engagement, representation, and dialogue through open forums.

SUPPLY CHAIN DUE DILIGENCE

MMP expectations are made clear to all new suppliers during the initial assessment stage and thereafter through periodic questionnaires. These define the minimum standards that must be met by our suppliers, vendors, subcontractors, and contract manufacturers and require that they extend these minimum standards to participants in their supply chains. The minimum standards cover a range of topics including prohibition of involuntary labour, respect for human rights, and providing safe and healthy workplaces.

TRAINING AWARENESS

During 2026 and in order to further strengthen awareness and expectation, we will add a formal review to our annual board meetings (attended by senior group management), increase the frequency and penetration of vendor questioning to enable stronger KPI reporting and increase the formality of review within our management review processes.

FUTURE DEVELOPMENT

The Company continues to invest in employees, organisation and equipment, all essential to maintain competitive position and to provide continued security, business growth and profitability.

The Company continues to evaluate future potential for capability and capacity enhancement in both our UK and Thai facilities and to develop sales in all suitable markets and geographies. Where appropriate, we offer a physical presence, inventory and logistics, sometimes through strong collaboration with our sales agents and other partners.

Implementation of SAP B1 continued throughout 2025 and the business has now upgraded a significant majority of all other IT systems to a cloud environment. Whilst we continue to work on productivity in all areas of the business, we are focusing specifically on energy utilisation, cost and efficiency and, as with 2025, this will provide a very clear area of focus in the coming years.

We remain mindful and aware of the market and industry in which we operate and continue to evaluate strategic opportunities as they may arise.

CUSTOMER & SUPPLIER ENGAGEMENT

Directors and Managers of the Company are fully committed to the development and maintenance of effective, professional and respectful relationships with our customers and suppliers, an approach that has served the Company well over many years. We offer business partners local support through a network of agents and distributors, supplemented at all times with the option to work cross functionally with appropriate staff in all functions of the Company. In doing so, we seek to understand the activities and needs of business partners and to encourage mutual site visits wherever possible.

The Company attends, exhibits and sponsors key industry events each year, typically in Europe, Asia and North America.

CORPORATE GOVERNANCE

The Company is managed in accordance with the UK Corporate Governance Code 2024 edition.

BOARD LEADERSHIP & COMPANY PURPOSE

The Company is managed by an operational team of directors, reporting to the Managing Director, located from offices at the UK facility. Matters of a significant or strategic nature are overseen by a management board comprising the operational directors and a senior parent company director and this board meets formally on an annual basis. Other meetings take place if required throughout the business period.

Company purpose is to continue to meet the needs of shareholders and employees, whilst recognising all other stakeholders.

DIVISION OF RESPONSIBILITIES

Director responsibilities are agreed and reviewed annually during a formal board meeting. Business requirements and key performance indicators are also reviewed at this time and subsequent tasks and actions delegated where appropriate through the senior management team.

COMPOSITION, SUCCESSION AND EVALUATION

Composition of both the board and management teams is periodically reviewed and where appropriate, changes made in accordance with business need, individual capabilities, development potential and other factors. Management monitors succession requirements and seeks to bring new skills and expertise into the Company when recruiting. Employees participate in an annual process whereby business requirements are delegated to individuals and groups, performance is reviewed and individual development needs assessed.

AUDIT, RISK AND INTERNAL CONTROL

Corporate governance and company management is routinely reviewed through formal ISO auditing, customer audits and various interactions with regulatory authorities.

REMUNERATION

Director remuneration is reviewed annually and approved by the parent company and shareholder. Management and employees' remuneration is reviewed by the Directors. The Company recognises a trade union and works through a recognition agreement with the union on matters including pay.

SECTION 172(1) STATEMENT

Pursuant to section 172 of the Companies Act 2006, the board is obliged to include a separate statement in its strategic report that explains how directors have had regard to wider stakeholder needs when performing their duties. A director of a company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members and in doing so have regard to the following:

The likely consequences of any decision in the long term.

The interests of the company's employees.

The need to foster the company's business relationships with suppliers, customers and others.

The impact of the company's operations on the community and the environment.

The desirability of the company maintaining a reputation for high standards of business conduct.

The need to act fairly between members of the company.

The directors recognise that decisions made may have differing impacts on stakeholders and that this is kept in mind in any consideration. Day-to-day management is delegated to senior management in setting, approving and overseeing execution of business strategy. We routinely review, for example, compliance, legal and regulatory matters, financial and operational performance, business risks, health, safety and welfare of our employees and neighbours during the course of the financial year.

We manage this through a structured series of meetings and dialogue with senior management, weekly two-way communication with our parent Company and through formal meetings of the Board.

The Company's key stakeholders are its employees, customers, suppliers, shareholders and neighbours. The Company has a Code of Business Conduct defining standards and behaviours expected of colleagues when interacting with each of our stakeholders.

Examples of how we have had regard to the matters set out in section 172(1)(a) - (f) when discharging our section 172 duty and the effect of that on decisions taken by us are set out below.

FINANCIAL KEY PERFORMANCE INDICATORS

2025 £

2024 £

Variance

Turnover

57,330,196

53,278,861

7.60%

Gross profit

4,683,421

4,354,319

7.56%

Operating profit

2,110,610

1,653,327

27.66%

Profit before Tax

1,821,126

1,336,229

36.29%

Profit after Tax

1,321,223

952,062

38.77%

A dividend of £360,000 (2024 £50,000) was paid during the year.

NON FINANCIAL KEY PERFORMANCE INDICATORS

The company utilises a wide range of non-financial KPIs, including those listed in the following table.

2025

2024

Major Accidents

0

0

Significant Environmental Incidents

0

0

OTIF Delivery Performance

93.3%

90.0%

Customer Satisfaction Rating

88.1%

89.6%

ISO Non Conformance

0

0

Notes to Non-Financial KPIs

1. Major accidents, causing loss of life, limb, eye, digit or enforced retirement.

2. Major environment incidents, requiring formal reporting to the Competent Authority.

3. Customer orders delivered 'On Time in Full'.

4. Customer satisfaction rating calculated as the aggregate of all assessments received from our customers.

5. ISO non-conformance events identified during formal ISO audits.

Gender Diversity Disclosure

While the Company currently employs fewer than 250 personnel, in line with our commitment to transparency and corporate governance best practices for large entities, we disclose our gender diversity as follows as of 31 December 2025 and 31 December 2024:

Category

2025 Male

2025 Female

2024 Male

2024 Female

Directors

3

0

3

0

Senior Managers

2

3

2

3

Total Employees

39

9

39

6

The Company remains committed to being an inclusive employer and continues to review its recruitment and retention strategies to encourage greater gender diversity across all levels of the business.

CAPITAL EXPENDITURE AND INVESTMENT

Throughout the year the Board reviewed and approved a number of capital projects, most significantly in relation to production process improvement, site facilities and ongoing improvement of our working environment. We invested in equipment to improve the recovery and recycling of materials, the air quality around certain of our work stations and the efficiency and capacity of one particular line serving a growing US market.

The Board considered several impacts, including protecting employee welfare, employment and future viability of the Company, increasing the strength of newly acquired customer relationships in the US and the cash flow and financial aspects of each project. At all times, potential impacts on our neighbours are carefully considered in any capital projects.

COMMERCIAL ACTIVITIES

The Board considered and participated in several significant business discussions with other organisations in order to address opportunities arising through, for example, the consolidation of competitors and re-alignment of supply chains. In these situations, the Board considered likely consequences of potential agreements and new arrangements in the short, medium and long terms, the need to increase capacity and employment both in our UK facility and elsewhere in the group, reputational impacts and investment requirements. We believe the Company has strengthened its position throughout the year as a result.

STAKEHOLDER ENGAGEMENT

The Company continued to abide by its obligations in relation to environmental matters, working with authorities and expert consultants and including a flood risk analysis of the UK site. At all times, the Board considered its obligations to the environment, our neighbours and local community, recognising that these aspects impact positively on the long-term viability of our business. We continued to encourage feedback from customers and suppliers and developed new metrics to more accurately represent these views so that all employees are aware of these updates. We continued to encourage 'in place' meetings, especially with customers, in order to foster better relationships and to strengthen our brand, although also with consideration to reducing air travel where possible. The Board continued to work with employees, both directly and through our recognised union in order to encourage and reward increased skills, participation and career progression.

STRATEGIC ACTIONS AND INTERACTION WITH GROUP COMPANIES

The Company participates in development and implementation of group strategy, including allocation of capacity and resources, management of global customer accounts and sharing of best operational practise. During the year, the Board considered in each case the impact upon existing organisation, employees, customers, suppliers and other stakeholders, the likelihood of any reputational risk or commercial conflict.

NON-FINANCIAL AND SUSTAINABILITY INFORMATION (NFSI)

The Company is an Upper Tier CoMAH site and as such, the significant part of our 'sustainability' effort in relation to climate change is driven through our Site Safety Report (SSR). Our CoMAH listing is a result of the quantity of copper (a marine pollutant) held in inventory which, on average, is above the threshold for Upper Tier designation. As such, the Company operates under supervision of the relevant Competent Authority (CA), The Environment Agency (EA).

The EA sets out an annual plan for Intervention visits wherein different aspects of the SSR are addressed to ensure compliance and improvement, including ongoing review in relation to Climate Change.

Central to this is a Climate Change Risk Assessment, which covers identification of unmitigated risks presented by various scenarios, leading to discussion on a range of mitigations and improvements which minimize and control those risks to an acceptable level.

CoMAH is a key management responsibility. The 'duty holder' is the Managing Director, supported by a team established to ensure compliance, including another Director, Compliance Manager and Operations Manager. CoMAH is referenced on the company website www.makin-metals.com and we interact with several external bodies, most notably, Greater Manchester Fire & Rescue Service (GMFRS) but also includes the local water company, Rochdale Metropolitan Borough Council (RMBC) and other 'Blue Light' services.

ON BEHALF OF THE BOARD:

S J Ellis - Director

5 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture and supply of copper and other non-ferrous metal powders, these materials being matched to customer technical specifications in the most consistent and cost-effective manner. Whether a new specification requiring full technical approval, an adaptation or a standard grade from the company product library, each material is manufactured under rigorous quality standards, tests and procedures. Management systems are accredited to ISO 9001, ISO 14001 and ISO 45001 and all products are fully REACH compliant.

The company is a significant international business and has used its export expertise to grow business relationships in a wide variety of global markets. These relationships are based upon positive collaboration and communication with our customers, both directly with our UK based customer service team and through a network of international agents and distributors, each of which is fully trained in the MMP product range and familiar with applications for each type of powder.

The majority of products are produced in a purpose-built manufacturing facility in the North-West of England, but the company utilizes significant additional capability in a new manufacturing centre in Thailand and through other group resources in Asia. The company works with global logistics partners, sales agents and distributors to offer a range of supply chain solutions to customers, dependent upon specific requirements.

DIVIDENDS

A dividend of £360,000 (2024: £50,000) was paid during the year.

RESEARCH AND DEVELOPMENT

The Directors recognise the value that an active R&D programme brings to both current profitability and future health of the business. To this end, Makin encourages collaborative work with customers, academia and third parties, and 2025 saw continued work on a range of R&D activities, culminating in the award of a new patent concerning manufacturing process technology.

The nature of this work included projects which have had, or will have, benefits to customers (reduced costs, new products to support their new developments and reduced lead-time), projects internally to improve product quality, process reliability and continuous improvement, and projects to improve our environmental credentials through reducing carbon footprint and chemical risk to the environment.

DIRECTORS

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

S J Ellis

J R Hood

T Shi

H He

FINANCIAL INSTRUMENTS

The Company's activities expose it to a number of financial risks including pricing, credit, cash flow and interest rates. As a result and in recognition of certain of these risks, the Company continued to develop and implement appropriate hedging/warrants/futures facilities to guard against substantial movements in metal prices (LME), to place forward hedge contracts against currency exchange risk, to take appropriate insurance policies, including credit, and to remain vigilant at all times in relation to volatility created by world events.

GOING CONCERN

The Company navigated all challenges arising throughout 2025 without significant issue.

We continue to see volatility in some markets, but at the same time, considerable opportunities to demonstrate resilience and to become more competitive. This was demonstrated in 2025 and the Company was able to deliver significantly improved margins. The directors reasonably expect to be able to consolidate these results during 2026 and to make further good progress through gains in market share, ongoing improvement of the UK operation and increased collaboration with our new Thai facility.

Careful consideration has been taken by the directors in order to be confident in concluding that it is appropriate for these financial statements to be prepared on a going concern basis. Having reviewed all available information and assumptions at the time of signing these accounts, the Board has a reasonable expectation that the Company has adequate resources to meet customer demand and fulfil its social, legal, regulatory, financial and other commercial obligations for the foreseeable future.

STREAMLINED ENERGY AND CARBON REPORTING

The Company recognises that its processes are energy intensive (particularly in relation to the consumption of electricity) and so takes very seriously the drive to reduce waste, improve efficiency and harness technology to mitigate impacts on climate and the environment. We developed monitoring processes over several years to gather accurate data for Scope 1 & 2 (and later, Scope 3).

Carbon Footprint

Year Ending 31.12.2025

Year Ending 31.12.2024

Emissions tCO2e

2.34

2.62

Methodology: The Company has followed the GHG Reporting Protocol - Corporate Standard and applied the 2025 UK Government GHG Conversion Factors. To ensure year-on-year consistency, business air travel has been excluded from both 2024 and 2025 calculations.

Intensity Ratio

Year Ending 31.12.2025

Year Ending 31.12.2024

tCO2e / Metric Tonne of Sales

0.46

0.54

tCO2e / Employee

50.95

64.01

Energy consumed is shown in the following table.

Energy Type

Year Ending 31.12.2025

Year Ending 31.12.2024

Natural Gas (kWhr)

3,299,106

3,350,450

Electricity (kWhr)

5,968,065

6,798,196

Year-on-year changes in electricity usage and carbon emissions are a result of a change in product mix attributed to sales development of certain copper products in the USA.

The Company has implemented, or plans to implement, several initiatives to monitor and reduce energy consumption from 'grid' sources, including the following examples.

MONITORING

Installation of Rayleigh meters on individual items of plant, allowing machine specific monitoring, fault detection and energy usage optimisation.

WASTE REDUCTION/ENERGY RECOVERY

The Company engages with specialist energy consultants to review processes and monitoring, in order to identify further reductions in 'waste'.

ENERGY CONSUPTION REDUCTION

We commenced installation of a comprehensive array of solar panels, due for completion during Q2 2026. We anticipate that this will generate at least 10% of our total electricity demand and should be reflected in future Carbon Footprint calculations.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to disclose information regarding the future development opportunities for the company in the strategic report rather than the directors' report.

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

AUDITORS

The auditors, Shinewing Wilson Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Ellis - Director

5 May 2026

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

Opinion

We have audited the financial statements of Makin Metal Powders (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and 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, the Report of the Directors and the Statement of Directors' Responsibilities, 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.

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 twelve, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and distributable profits legislation.

- There are other laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, employment law, General Data Protection Regulation (GDPR), ISO 9001, ISO 14001 and ISO 45001, DSEAR, CoMAH and REACH regulations.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

5 May 2026

TURNOVER

4

57,330,196

53,278,861

Cost of sales

52,646,775

48,924,542

GROSS PROFIT

4,683,421

4,354,319

Distribution costs

248,288

303,575

Administrative expenses

2,536,561

2,615,874

2,784,849

2,919,449

1,898,572

1,434,870

Other operating income

5

212,038

218,457

OPERATING PROFIT

7

2,110,610

1,653,327

Interest payable and similar expenses

8

289,484

317,098

PROFIT BEFORE TAXATION

1,821,126

1,336,229

Tax on profit

9

499,903

384,167

PROFIT FOR THE FINANCIAL YEAR

1,321,223

952,062

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,321,223

952,062

FIXED ASSETS

Intangible assets

11

8,156

-

Tangible assets

12

2,886,656

2,768,122

Investments

13

1,742,045

1,742,045

4,636,857

4,510,167

CURRENT ASSETS

Stocks

14

4,619,234

4,293,358

Debtors

15

11,254,748

10,326,792

Cash at bank

152,942

551,957

16,026,924

15,172,107

CREDITORS

Amounts falling due within one year

16

10,007,133

10,019,380

NET CURRENT ASSETS

6,019,791

5,152,727

TOTAL ASSETS LESS CURRENT LIABILITIES

10,656,648

9,662,894

PROVISIONS FOR LIABILITIES

19

189,429

156,898

NET ASSETS

10,467,219

9,505,996

CAPITAL AND RESERVES

Called up share capital

20

450,000

450,000

Revaluation reserve

873,450

881,120

Retained earnings

9,143,769

8,174,876

SHAREHOLDERS' FUNDS

10,467,219

9,505,996

The financial statements were approved by the Board of Directors and authorised for issue on 5 May 2026 and were signed on its behalf by:

S J Ellis - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

450,000

7,272,814

881,120

8,603,934

Changes in equity

Dividends

-

(50,000

)

-

(50,000

)

Total comprehensive income

-

952,062

-

952,062

Balance at 31 December 2024

450,000

8,174,876

881,120

9,505,996

Changes in equity

Dividends

-

(360,000

)

-

(360,000

)

Total comprehensive income

-

1,328,893

(7,670

)

1,321,223

Balance at 31 December 2025

450,000

9,143,769

873,450

10,467,219

1.	STATUTORY INFORMATION

Makin Metal Powders (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07000324 and registered office address is Buckley Road, Rochdale, Greater Manchester, OL12 9DT.

The functional and 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, as modified by the recognition of certain financial assets measured at deemed cost and fair value.

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 FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Exemption from preparing cash flow statements

The company is qualified for exemption from preparing cash flow statements as a member of a group, where the ultimate parent GRIPM Advanced Materials Co., Ltd prepares consolidated financial statements, which are intended to give a true and fair view and the company is included in the consolidation. The consolidated statements are publicly available from website http://www.gripm.com/7052.html.

Going concern

The Company navigated all challenges arising throughout 2025 without significant issue.

We continue to see volatility in some markets, but at the same time, considerable opportunities to demonstrate resilience and to become more competitive. This was demonstrated in 2025 and the Company was able to deliver significantly improved margins. The directors reasonably expect to be able to consolidate these results during 2026 and to make further good progress through gains in market share, ongoing improvement of the UK operation and increased collaboration with our new Thai facility.

Careful consideration has been taken by the directors in order to be confident in concluding that it is appropriate for these financial statements to be prepared on a going concern basis. Having reviewed all available information and assumptions at the time of signing these accounts, the Board has a reasonable expectation that the Company has adequate resources to meet customer demand and fulfil its social, legal, regulatory, financial and other commercial obligations for the foreseeable future.

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. The Company's turnover consists primarily of the manufacture and supply of high-specification metal powders, including Irregular and Spherical Copper and Bronze powders, Electrolytic Copper Powder (ECP), Tin, and customized Premix powders.

Turnover is recognized when the significant risks and rewards of ownership have been transferred to the buyer. Given the Company's international operations across the UK, Europe, USA, and other global markets, the point of recognition is determined by the specific Incoterms defined in the sales contracts or invoices:

- Ex-Works (EXW) / FCA: Turnover is recognized at the point the goods are made available for collection by the customer's carrier.

- UK Delivered / DAP / CPT: Turnover is recognized when the goods have been delivered to the customer's specified location, representing the point at which control and risk transfer.

- CIF / CFR: Turnover is recognized when the goods have passed the ship's rail at the port of shipment. The Company acts as the principal in arranging freight and insurance, which are recognized as part of turnover.

- US Tariffs & Freight: Where applicable, Turnover includes billable freight services and the recovery of US import tariffs, recognized at the point of delivery or as contractually agreed with the customer.

- Miscellaneous & By-product Sales: Turnover from the sale of slag, residues, and merchanted goods is recognized upon dispatch when the risks and rewards have transferred.

Other income

Other income is recognised when it is probable that the economic benefit will flow to the company, and the amount of revenue can be measured reliably. The primary streams of other income include:

- Rental Income: Income from the lease of sub-let portions of the Company's facilities or equipment is recognized on a straight-line basis over the term of the lease agreement.

- Government Grants and Compensations: Other income includes Research and Development Expenditure Credits (RDEC) and various government subsidies (such as environmental compensations). These are recognized as other income when there is reasonable assurance that the Company has complied with the relevant conditions and the income will be received. For RDEC, income is recognized in the period in which the qualifying expenditure is incurred.

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.

Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or deemed cost, net of depreciation and any impairment losses.

Land and buildings are stated at cost less accumulated depreciation and accumulated impairment losses. Before transitioning to FRS102, the company adopted a policy of revaluing freehold land and buildings in 2009, and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The difference between depreciation based on the deemed cost charged in the profit and loss account and the assets' original cost is transferred from revaluation reserve to retained earnings.

Land is not depreciated. Depreciation on other assets is calculated, using the straight-line method, to allocate the cost or deemed cost to their residual values over their useful lives, as follows:

Freehold property 29 years straight line from the date of revaluation in 2009

Leasehold property 40 years straight line from the date of purchase in 2023

Plant and machinery 3-10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Assets in development are stated at cost. These assets are not depreciated until it is available for use and are reviewed for impairment at each reporting date.

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investments are recorded at cost and reviewed by impairment of each reporting date. Impairment are recognised in profit and loss account

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.

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 an average cost basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Non-monetary items would never be retranslated. 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.

Pension costs and other post-retirement benefits

The cost of any unused holiday entitlement is recognised In the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Financial instruments

The company has chosen to adopt the Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially measured at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.

Other financial assets, including investments in equity instrument which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investment in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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.

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

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

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.