ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 09360674

ALCHEMY METALS GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

ALCHEMY METALS GROUP LIMITED

COMPANY INFORMATION

Directors	P W Newman
	K S Greasby
	M Basta


Registered number	09360674


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 GROUP LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10 - 11
Company Balance Sheet	12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15 - 16
Consolidated Analysis of Net Debt	17
Notes to the Financial Statements	18 - 37

ALCHEMY METALS GROUP LIMITED

GROUP 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 Group 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 Group’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 throughout.

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 £22.55m £22.51m £22.28m
Gross Profit (%) 63.3% 61.2% 60.5%

Page 1

ALCHEMY METALS GROUP LIMITED

GROUP 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 are 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 GROUP 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £1,220,094 (2024 - £1,930,288).

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

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.

Page 3

ALCHEMY METALS GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

The auditors, 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 GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP LIMITED

Opinion

We have audited the financial statements of Alchemy Metals Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's affairs as at 31 October 2025 and of the Group's 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 Group 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 Group's or the Parent 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 GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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.

Page 6

ALCHEMY METALS GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP LIMITED (CONTINUED)

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 Group's and the Parent 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 Group or the Parent 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 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 Group 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.

Page 7

ALCHEMY METALS GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALCHEMY METALS GROUP LIMITED (CONTINUED)

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

Chartered Accountants and Statutory Auditors

Date:5 May 2026

Page 8

ALCHEMY METALS GROUP LIMITED

CONSOLIDATED 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		(4,764,366)	(4,518,022)
Operating profit	5	1,856,213	2,589,908
Interest receivable and similar income	9	97,849	134,307
Interest payable and similar expenses	10	(281,285)	(234,794)
Profit before taxation		1,672,777	2,489,421
Tax on profit	11	(452,683)	(559,133)
Profit for the financial year		1,220,094	1,930,288


Total comprehensive income for the year		1,220,094	1,930,288

Profit for the year attributable to:
Owners of the Parent Company	1,220,094	1,930,288
	1,220,094	1,930,288

Total comprehensive income for the year attributable to:
Owners of the Parent Company	1,220,094	1,930,288
	1,220,094	1,930,288

The notes on pages 18 to 37 form part of these financial statements.

Page 9

ALCHEMY METALS GROUP LIMITED

REGISTERED NUMBER: 09360674

CONSOLIDATED BALANCE SHEET

AS AT 31 OCTOBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		36,864		46,694
Tangible assets	14		8,756,446		8,389,996
			8,793,310		8,436,690
Current assets
Stocks	16	886,858		731,571
Debtors	17	6,537,111		6,715,432
Cash at bank and in hand	18	2,277,497		3,369,739
		9,701,466		10,816,742
Creditors: amounts falling due within one year	19	(4,041,016)		(4,549,501)
Net current assets			5,660,450		6,267,241
Total assets less current liabilities			14,453,760		14,703,931
Creditors: amounts falling due after more than one year	20		(3,695,826)		(3,136,283)
Provisions for liabilities
Deferred taxation	23	(640,828)		(720,636)
			(640,828)		(720,636)
Net assets excluding pension asset			10,117,106		10,847,012
Net assets			10,117,106		10,847,012

Capital and reserves
Called up share capital	24	2,330	2,330
Capital redemption reserve	25	95,000	95,000
Profit and loss account	25	10,019,776	10,749,682
Equity attributable to owners of the Parent Company		10,117,106	10,847,012
		10,117,106	10,847,012

Page 10

ALCHEMY METALS GROUP LIMITED

REGISTERED NUMBER: 09360674

CONSOLIDATED BALANCE SHEET (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 18 to 37 form part of these financial statements.

Page 11

ALCHEMY METALS GROUP LIMITED

REGISTERED NUMBER: 09360674

COMPANY BALANCE SHEET

AS AT 31 OCTOBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	15		3,426		3,426
			3,426		3,426
Current assets
Debtors	17	2,000,000		2,000,000
		2,000,000		2,000,000
Creditors: amounts falling due within one year	19	(1,106)		(1,106)
Net current assets			1,998,894		1,998,894
Total assets less current liabilities			2,002,320		2,002,320

Net assets			2,002,320		2,002,320

Capital and reserves
Called up share capital	24	2,330	2,330
Profit and loss account carried forward		1,999,990	1,999,990
		2,002,320	2,002,320

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 18 to 37 form part of these financial statements.

Page 12

ALCHEMY METALS GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£	£
At 1 November 2023	2,330	95,000	10,419,394	10,516,724	10,516,724
Comprehensive income for the year
Profit for the year	-	-	1,930,288	1,930,288	1,930,288
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,600,000)	(1,600,000)	(1,600,000)

At 1 November 2024	2,330	95,000	10,749,682	10,847,012	10,847,012
Comprehensive income for the year
Profit for the year	-	-	1,220,094	1,220,094	1,220,094
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(1,950,000)	(1,950,000)	(1,950,000)
At 31 October 2025	2,330	95,000	10,019,776	10,117,106	10,117,106

The notes on pages 18 to 37 form part of these financial statements.

Page 13

ALCHEMY METALS GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 November 2023	2,330	1,999,990	2,002,320
Comprehensive income for the year
Profit for the year	-	1,600,000	1,600,000
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,600,000)	(1,600,000)

At 1 November 2024	2,330	1,999,990	2,002,320
Comprehensive income for the year
Profit for the year	-	1,950,000	1,950,000
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,950,000)	(1,950,000)
At 31 October 2025	2,330	1,999,990	2,002,320

The notes on pages 18 to 37 form part of these financial statements.

Page 14

ALCHEMY METALS GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,220,094	1,930,288
Adjustments for:
Amortisation of intangible assets	9,830	2,458
Depreciation of tangible assets	1,256,377	1,015,466
Loss on disposal of tangible assets	(60,000)	(31,000)
Interest paid	281,285	234,794
Interest received	(97,849)	(134,307)
Taxation charge	452,683	559,133
(Increase) in stocks	(155,287)	(19,098)
Decrease/(increase) in debtors	178,321	(1,158,244)
(Decrease) in creditors	(534,629)	(826,110)
Corporation tax (paid)	(126,696)	(456,981)
Net cash generated from operating activities	2,424,129	1,116,399

Cash flows from investing activities
Purchase of intangible fixed assets	-	(49,152)
Purchase of tangible fixed assets	(1,622,827)	(3,572,916)
Sale of tangible fixed assets	60,000	33,000
Interest received	97,849	134,307
HP interest paid	(98,767)	(75,757)
Net cash from investing activities	(1,563,745)	(3,530,518)
Cash flows from financing activities
New secured loans	558,677	-
Repayment of loans	-	(331,565)
Repayment of/new finance leases	(378,785)	923,589
Dividends paid	(1,950,000)	(1,600,000)
Interest paid	(182,518)	(159,037)
Net cash used in financing activities	(1,952,626)	(1,167,013)
Net (decrease) in cash and cash equivalents	(1,092,242)	(3,581,132)
Cash and cash equivalents at beginning of year	3,369,739	6,950,871
Cash and cash equivalents at the end of year	2,277,497	3,369,739

Cash and cash equivalents at the end of year comprise:

Page 15

ALCHEMY METALS GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

		2025	2024
		£	£

Cash at bank and in hand	2,277,497	3,369,739
	2,277,497	3,369,739

The notes on pages 18 to 37 form part of these financial statements.

Page 16

ALCHEMY METALS GROUP LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 OCTOBER 2025


At 1 November 2024	Cash flows	At 31 October 2025
£	£	£

Cash at bank and in hand	3,369,739	(1,092,242)	2,277,497
Debt due after 1 year	(1,762,929)	(652,542)	(2,415,471)
Debt due within 1 year	(338,134)	93,865	(244,269)
Hire purchase contracts	(1,900,402)	378,785	(1,521,617)
	(631,726)	(1,272,134)	(1,903,860)

The notes on pages 18 to 37 form part of these financial statements.

Page 17

ALCHEMY METALS GROUP 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The financial statements have been prepared in the functional currency, pounds sterling, and rounded to the nearest £1.

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.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 18

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

2.4

Operating leases: the Group 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.

2.5

Leased assets: the Group as lessee

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.

2.6

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.

Page 19

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

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.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.11

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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.

Page 20

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.12

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 over their estimated useful life of five years on a straight line basis.

2.13

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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

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 balance sheet 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.

Page 21

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.16

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.

2.17

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 debtors in its balance sheet.

2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.19

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.

2.20

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 22

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.21

Financial instruments

The Group 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 Group's Balance Sheet when the Group 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

2.22

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 23

ALCHEMY METALS GROUP 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 groups's accounting policies, which are described above, management is required to make judgments, 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 property, plant and machinery. The directors have concluded that the asset values and residual values are appropriate.

Recoverability of debtors
The directors have reviewed the trade debtors at the balance sheet date and are satisfied that these are appropriately included and recoverable.

Turnover

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 24

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Research & development charged as an expense	-	130,000
Other operating lease rentals	132,973	80,873
Property lease rentals	80,000	80,000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements	33,500	32,000
Fees payable to the Company's auditors in respect of:
Other services provided	52,190	94,311

Page 25

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		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
Administration	10	6
Sales and Warehouse	101	101

	114	110

The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL)

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	142,408	132,737
	142,408	132,737

During the year retirement benefits were accruing to 1 directors (2024 - 1) in respect of defined contribution pension schemes.

Page 26

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

9.	Interest receivable
		2025	2024
		£	£

Bank interest receivable	33,869	75,796
Other interest receivable	63,980	58,511
	97,849	134,307

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	182,518	159,037
Finance leases and hire purchase contracts	98,767	75,757
	281,285	234,794

Page 27

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Corporation tax
Current tax on profits for the year	549,263	285,957
Adjustments in respect of previous periods	(16,772)	(121,563)

Total current tax	532,491	164,394

Deferred tax
Origination and reversal of timing differences	(79,808)	394,739
Total deferred tax	(79,808)	394,739


	Tax on profit	452,683	559,133

Profit on ordinary activities before tax

1,672,777

2,489,421

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	418,194	622,355
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	45,256	2,714
Capital allowances for year in excess of depreciation	6,005	56,941
Adjustments to tax charge in respect of prior periods	(16,772)	(121,563)
Marginal relief	-	(1,314)
Total tax charge for the year	452,683	559,133

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

12.	Dividends
		2025	2024
		£	£

Ordinary shares	1,700,000	1,350,000
Ordinary 'B' shares	250,000	250,000
	1,950,000	1,600,000

The ordinary shares, ordinary 'A' shares and ordinary 'B' shares have the same rights and restrictions in respect of distribution of dividends and repayment of capital.

13.	Intangible assets
	Group and Company

		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 29

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

14.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 November 2024	5,761,451	6,697,590	4,782,289	402,698	17,644,028
Additions	975,886	430,565	181,695	34,681	1,622,827
Disposals	-	-	(829,255)	-	(829,255)
At 31 October 2025	6,737,337	7,128,155	4,134,729	437,379	18,437,600
Depreciation
At 1 November 2024	1,088,648	5,184,022	2,708,822	272,540	9,254,032
Charge for the year	219,128	452,410	543,256	41,583	1,256,377
Disposals	-	-	(829,255)	-	(829,255)
At 31 October 2025	1,307,776	5,636,432	2,422,823	314,123	9,681,154
Net book value
At 31 October 2025	5,429,561	1,491,723	1,711,906	123,256	8,756,446
At 31 October 2024	4,672,803	1,513,568	2,073,467	130,158	8,389,996

The net book value of assets held under hire purchase contracts is £1,652,937 (2024: £1,886,969 ).

Page 30

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

15.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 November 2024	3,426
	At 31 October 2025	3,426

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Alchemy Metals Limited	Non-ferrous metal merchants	Ordinary	100%
Alchemy Metals Limited	Non-ferrous metal merchants	Ordinary 'A'	100%
Alchemy Metals Properties Limited	Group property rental	Ordinary	100%
Alchemy 1234 Limited	Dormant	Ordinary	100%
Alchemy Metals UK Limited	Dormant	Ordinary	100%
Alchemy Metals Infrastructure Limited	Dormant	Ordinary	100%
Alchemy Metals Solutions Limited	Dormant	Ordinary	100%
Carbide Recycling Limited	Dormant	Ordinary	100%
Alchemy Intergrated Waste Limited	Dormant	Ordinary	100%
Waste Mission Limited	Dormant	Ordinary	100%

The registered address for all subsidiaries is Cavendish Point, Cavendish Road, Stevenage, Hertfordshire, SG1 2EU.

Page 31

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

16.	Stocks
		Group	Group
		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).

17.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£

Due after more than one year
Other debtors	863,356	827,256	-	-
	863,356	827,256	-	-
Due within one year
Trade debtors	2,648,289	2,833,780	-	-
Amounts owed by group undertakings	-	-	2,000,000	2,000,000
Other debtors	2,698,011	2,615,421	-	-
Prepayments and accrued income	327,455	438,975	-	-
	6,537,111	6,715,432	2,000,000	2,000,000

The Group has not drawn 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 at 31 October 2024.

Amounts owed by Group companies are secured by way of a second fixed and floating charge over the assets of the company.

18.	Cash and cash equivalents
		Group	Group
		2025	2024
		£	£

Cash at bank and in hand	2,277,497	3,369,739
	2,277,497	3,369,739

Page 32

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	244,269	338,134	-	-
Trade creditors	1,737,298	2,285,388	-	-
Amounts owed to group undertakings	-	-	1,106	1,106
Corporation tax	943,488	537,693	-	-
Other taxation and social security	460,606	413,384	-	-
Obligations under finance lease and hire purchase contracts	241,262	527,048	-	-
Accruals and deferred income	414,093	447,854	-	-
	4,041,016	4,549,501	1,106	1,106

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 Group, dated 31 March 2015, an unlimited debenture, dated 26 March 2015, and an omnibus guarantee and set-off agreement. These incorporate a fixed and floating charge over all current assets of the group.

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	2,415,471	1,762,929
Net obligations under finance leases and hire purchase contracts	1,280,355	1,373,354
	3,695,826	3,136,283

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 4.58% plus the Bank of England Base Rate. They are all repayable within 20 years. They are secured on the assets of the company as detailed in note 19. The directors consider that the carrying amounts of the bank loans and the overdrafts are approximate to their fair value.

Page 33

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Bank loans	244,269	338,134
	244,269	338,134

Amounts falling due 2-5 years
Bank loans	1,209,521	516,867
	1,209,521	516,867
Amounts falling due after more than 5 years
Bank loans	1,205,950	1,246,062
	1,205,950	1,246,062
	2,659,740	2,101,063

22.	Hire purchase and finance leases
	Minimum lease payments under hire purchase fall due as follows:
		Group	Group
		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 34

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

23.	Deferred taxation
	Group

		2025
		£

	At beginning of year	720,636
	Charged to profit or loss	(79,808)
	At end of year	640,828

Company

		2025

	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

	Accelerated capital allowances	640,828	720,636
		640,828	720,636

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

2,204 (2024 - 2,204) Ordinary Shares shares of £1.00 each	2,204	2,204
116 (2024 - 116) Ordinary 'A' Shares shares of £1.00 each	116	116
10 (2024 - 10) Ordinary 'B' Shares shares of £1.00 each	10	10

	2,330	2,330

Ordinary shares, ordinary A shares and ordinary B shares rank equally in respect of dividends and repayment of capital.

Page 35

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

25.

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

Retained earnings represents cumulative profits or losses, net of dividends paid and other adjustments.

26.	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.

27.	Commitments under operating leases
	At 31 October 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£


Not later than 1 year	130,000	80,000
Later than 1 year and not later than 5 years	520,000	-
Later than 5 years	650,000	-
	1,300,000	80,000

		Group	Group
		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

Page 36

ALCHEMY METALS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

28.

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 with wholly owned subsidiaries in the group.

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.

29.	Controlling party

The ultimate controlling party throughout the year and the previous year is P W Newman by virtue of his majority shareholding in the company.

Page 37