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REGISTERED NUMBER: 02156613 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Monolithic Refractories Ltd

| Monolithic Refractories Ltd (Registered number: 02156613) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Monolithic Refractories Ltd |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr B Sheppard

| Mr C Sheppard

| Mr A M Weightman

| SECRETARY: | Mr A M Weightman

| REGISTERED OFFICE: | Drummau Farm

| Drummau Road

| Skewen

| NEATH

| SA10 6NW

| REGISTERED NUMBER: | 02156613 (England and Wales)

| ACCOUNTANTS: | Ashmole & Co

| Chartered Certified Accountants

| First Floor

| 1 St John's Court

| Upper Fforest Way, Enterprise Park

| Swansea

| SA6 8QQ

| Monolithic Refractories Ltd (Registered number: 02156613) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Tangible assets | 5 | 522,195 |  | 603,467 |  |

Investments | 6 | 24,000 |  | 24,000 |  |

Investment property | 7 | 488,764 |  | 488,764 |  |

1,034,959 |  | 1,116,231 |  |

CURRENT ASSETS

Stocks | 8 | 54,407 |  | 78,902 |  |

Debtors | 9 | 574,839 |  | 773,145 |  |

Cash at bank and in hand | 1,078,245 |  | 1,096,559 |  |

1,707,491 |  | 1,948,606 |  |

CREDITORS

Amounts falling due within one year | 10 | 235,505 |  | 363,632 |  |

NET CURRENT ASSETS | 1,471,986 |  | 1,584,974 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,506,945 |  | 2,701,205 |  |

CREDITORS

Amounts falling due after more than one year | 11 | - |  | (5,647 | ) |

PROVISIONS FOR LIABILITIES | (65,041 | ) | (83,719 | ) |

NET ASSETS | 2,441,904 |  | 2,611,839 |  |

| Monolithic Refractories Ltd (Registered number: 02156613) |

Balance Sheet - continued

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Revaluation reserve | 13 | 105,703 |  | 105,703 |  |

Retained earnings | 2,336,101 |  | 2,506,036 |  |

SHAREHOLDERS' FUNDS | 2,441,904 |  | 2,611,839 |  |

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

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

The directors acknowledge their responsibilities for:

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

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

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2026 and were signed on its behalf by:

Mr C Sheppard - Director

Mr B Sheppard - Director

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Turnover

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

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 1998, was amortised evenly over its estimated useful life of ten years and has now been completely written off.

| 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.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Improvements to property | - | 2% on cost

| Plant and machinery | - | 20% on reducing balance

| Fixtures and fittings | - | 20% on reducing balance

| Motor vehicles | - | 25% on reducing balance

| No depreciation is provided on freehold property as the amount that is depreciated is the difference between cost and residual value. In the opinion of the directors, the residual value of the property equates to at least its carrying value and there is therefore no depreciation to provide.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stocks

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

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

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

| Amounts recoverable under contract

| Amounts recoverable under contract are valued at the percentage of work complete at the balance sheet date.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 25 (2024 - 85 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 120,000 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 120,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 240,000 |  | 81,296 |  | 658,078 |  |

| Disposals | - |  | (5,850 | ) | (79,667 | ) |

| At 31 December 2025 | 240,000 |  | 75,446 |  | 578,411 |  |

| DEPRECIATION

| At 1 January 2025 | - |  | 12,655 |  | 402,407 |  |

| Charge for year | - |  | 1,626 |  | 48,801 |  |

| Eliminated on disposal | - |  | (917 | ) | (63,631 | ) |

| At 31 December 2025 | - |  | 13,364 |  | 387,577 |  |

| NET BOOK VALUE

| At 31 December 2025 | 240,000 |  | 62,082 |  | 190,834 |  |

| At 31 December 2024 | 240,000 |  | 68,641 |  | 255,671 |  |

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 January 2025 | 26,643 |  | 42,100 |  | 1,048,117 |  |

| Disposals | (3,000 | ) | - |  | (88,517 | ) |

| At 31 December 2025 | 23,643 |  | 42,100 |  | 959,600 |  |

| DEPRECIATION

| At 1 January 2025 | 14,781 |  | 14,807 |  | 444,650 |  |

| Charge for year | 2,372 |  | 6,822 |  | 59,621 |  |

| Eliminated on disposal | (2,318 | ) | - |  | (66,866 | ) |

| At 31 December 2025 | 14,835 |  | 21,629 |  | 437,405 |  |

| NET BOOK VALUE

| At 31 December 2025 | 8,808 |  | 20,471 |  | 522,195 |  |

| At 31 December 2024 | 11,862 |  | 27,293 |  | 603,467 |  |

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS - continued

| Cost or valuation at 31 December 2025 is represented by:

| Improvements |

| Freehold |  | to |  | Plant and

| property |  | property |  | machinery

£ | £ | £ |

| Valuation in 2008 | 2,000 |  | - |  | - |  |

| Valuation in 2007 | 136,013 |  | - |  | - |  |

| Valuation in 2012 | (20,000 | ) | - |  | - |  |

| Valuation in 2015 | (30,000 | ) | - |  | - |  |

| Cost | 151,987 |  | 75,446 |  | 578,411 |  |

240,000 |  | 75,446 |  | 578,411 |  |

| Fixtures |

| and |  | Motor |

| fittings |  | vehicles |  | Totals

£ | £ | £ |

| Valuation in 2008 | - |  | - |  | 2,000 |  |

| Valuation in 2007 | - |  | - |  | 136,013 |  |

| Valuation in 2012 | - |  | - |  | (20,000 | ) |

| Valuation in 2015 | - |  | - |  | (30,000 | ) |

| Cost | 23,643 |  | 42,100 |  | 871,587 |  |

23,643 |  | 42,100 |  | 959,600 |  |

| If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 151,987 |  | 151,987 |  |

| Aggregate depreciation | 52,902 |  | 52,902 |  |

| Value of land in freehold land and buildings | 29,987 |  | 29,987 |  |

| Freehold land and buildings were valued on an open market basis on 7 October 2015 by Herbert R Thomas Chartered Surveyors .

| The directors consider that this valuation does not materially differ from the current fair value of the property.

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

6. | FIXED ASSET INVESTMENTS

| Other

| investments

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 24,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 24,000 |  |

| At 31 December 2024 | 24,000 |  |

7. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 488,764 |  |

| NET BOOK VALUE

| At 31 December 2025 | 488,764 |  |

| At 31 December 2024 | 488,764 |  |

| The directors consider that the fair value of the investment property to be consistent with the market value of the investment property when it was acquired in 2022.

8. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 54,407 |  | 78,902 |  |

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

2025 | 2024 |

£ | £ |

| Trade debtors | 466,624 |  | 520,230 |  |

| Other debtors | 63,528 |  | 64,596 |  |

| Directors' current accounts | 3,159 |  | 1,162 |  |

| Accrued income | - |  | 114,000 |  |

| Prepayments | 41,528 |  | 73,157 |  |

574,839 |  | 773,145 |  |

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 5,647 |  | 10,000 |  |

| Trade creditors | 51,677 |  | 117,000 |  |

| Social security and other taxes | 14,487 |  | 36,603 |  |

| VAT | 46,307 |  | 58,386 |  |

| Other creditors | 117,387 |  | 141,643 |  |

235,505 |  | 363,632 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans - 2-5 years | - |  | 5,647 |  |

12. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 5,647 |  | 15,647 |  |

| RBS Invoice Finance Limited hold by way of fixed charge dated 12 February 2013 the following property of the company owned now or in the future:-

| i) all interests in any heritable freehold or leasehold land vested in or charged to the company, all fixtures and fittings attached to that land and all rents receivable from any lease granted out of that land.

| ii) all plant & machinery, including any associated warranties and maintenance contracts.

| iii) all the goodwill of the company's business.

| iv) any uncalled capital.

| v) all stock, shares and other securities held by the company at any time in any subsidiary and all income and rights relating to those stocks, shares and securities.

| vi) all intellectual property, licences, claims, insurance policies, proceeds of any insurance and any other legal rights.

| vii) the benefit of any hedging arrangements, futures transactions or treasury instruments.

| viii) all debts which fail to vest in the bank under any debt purchase facility entered into between the company and the bank and their related rights.

| RBS Invoice Finance Limited hold by way of floating charge dated 12 February 2013 all the other property assets and rights of the company owned now or in the future which are not subject to an effective fixed charge under the debenture or any other security held by the bank.

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

13. | RESERVES

| Revaluation

| reserve

£ |

| At 1 January 2025

| and 31 December 2025 | 105,703 |  |

14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

2025 | 2024 |

£ | £ |

| Mr C Sheppard

| Balance outstanding at start of year | (10,962 | ) | (26,962 | ) |

| Amounts advanced | 10,962 |  | 16,000 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | (10,962 | ) |

| Mr A M Weightman

| Balance outstanding at start of year | 238 |  | (40,000 | ) |

| Amounts advanced | 247 |  | 40,238 |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 485 |  | 238 |  |

| Mr B Sheppard

| Balance outstanding at start of year | 11,886 |  | 44,232 |  |

| Amounts advanced | 2,199 |  | 17,654 |  |

| Amounts repaid | (11,412 | ) | (50,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 2,673 |  | 11,886 |  |

| The loan to B Sheppard and A Weightman was repaid within 9 months of the year end.

| Monolithic Refractories Ltd (Registered number: 02156613) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

15. | RELATED PARTY DISCLOSURES

| At 31 December 2025 the directors owed the company £3,158. At 31 December 2024, the company owed the directors £1,162.

| During the year, the company paid professional fees on behalf of the directors. These amounts are repayable by the directors. As at the balance sheet date, the outstanding balance owed by the directors amounted to £3,158. All transactions were conducted on terms equivalent to those that prevail in arm’s length transactions.

| Assistmost Enterprises Limited

| Mr C Sheppard & Mr A Sheppard are the directors and each 50% shareholders of Assistmost

| Enterprises Limited. Mr C Sheppard is a director of Monolithic Refractories Limited & Mr A

| Sheppard is a 25% shareholder of Monolithic Refractories Limited.

| As at 31 December 2025 a balance of £10,740 (2024 £6,120) was owed to Assistmost Enterprises

| Limited. During the year, Monolithic Refractories Limited made purchases totalling £69,743 (2024

| £285,441) from Assistmost Enterprise Limited. No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

| As at 31 December 2025 a balance of £136,000 (2024 £nil) was due from Assistmost Enterprises Limited. During the year, Monolithic Refractories Limited made sales to Assistmost Enterprises Limited totalling £136,800 (2024 £124,000). No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

| Monolithic Environmental Services Limited

| Mr C Sheppard & Mr A Sheppard are directors and shareholders of this company.

| During the year, Monolithic Refractories Limited made purchases totalling £14,763

| (2024 £61,657) from Monolithic Environmental Services Limited.

| As at 31 December 2025 a balance of £9,451 (2024 £14,009) was due from Monolithic Environmental Services Limited. During the year, Monolithic Refractories Limited made sales to Monolithic Environmental Services Limited totalling £113,039 (2024 £23,928). No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

| Inscapes Sports Limited

| Mr C Sheppard is a director of this company as well as Assistmost Enterprises Limited being a 50% shareholder.

| During the year Monolithic Refractories Limited made payments to Inscapes Sports Limited for ground maintenance and repairs totalling £2,483 (2024 £46,895).

| During the year, Monolithic Refractories Limited made sales to Inscapes Sports Limited totalling £18,649 (2024 £15,603). No specific terms or conditions to be met and the liability is not secured and no guarantees given or received.

| All transactions with directors were at arms length.