The director presents the strategic report for the year ended 31 October 2025.

Reporting period and basis of comparison

The current financial year is a full twelve-month period to 31 October 2025. The comparative period covers the seven months ended 31 October 2024, following the change of accounting reference date implemented in the prior period to align with the financial reporting cycle of associated companies. As a result, the comparative figures throughout these financial statements are not directly comparable to the amounts presented for the current year.

The year to 31 October 2025 was the company's first full twelve-month period of trading following the change of accounting reference date, and represented a year of substantial operational scaling and continued investment in processing capability.

Turnover for the year increased to approximately 3.7x the level of the seven-month comparative period, reflecting greater feedstock volumes processed and continued operational scaling. Absolute gross profit grew by approximately 2.9x over the same comparator. The percentage gross margin reduced as a planned consequence of processing higher volumes of contaminated waste-derived feedstock and the associated direct costs of disposing of non-recoverable processing residues. The director regards the growth in absolute gross profit as the more meaningful measure of operational scaling during the year.

During the year the company materially increased operational throughput through investment in processing systems, operational efficiency and expanded plant capability.

Profit before taxation increased materially over the comparative period. EBITDA, calculated as profit before taxation adjusted for depreciation, was significantly higher than in the comparative period.

Investment in plant and machinery

During the year the company made significant additions to plant and machinery, expanding processing capacity, improving operational efficiency and strengthening recovery yield from the company's feedstock streams. A number of items of processing machinery have been designed and built in-house. The carrying value of tangible fixed assets at the year-end was materially higher than at the start of the year.

Inventory

Following the expansion of processing operations during the year, the company established a material stock position of recovered and part-processed metals (prior year-end: nil). Stocks are stated at the lower of cost and net realisable value, in accordance with the company's accounting policies.

Financial position and funding

The company ended the year with an increased cash position, notwithstanding the significant investment in plant and machinery during the year. This reflects disciplined cash management alongside the company's programme of capacity investment.

The company has no external bank debt or third-party borrowings. Funding to support the company's trading and investment activities has been provided by the director and other related parties on a long-term, interest-free basis. The related parties have confirmed that repayment will not be required within twelve months of the balance sheet date. Further details of related-party balances are set out in the notes to the financial statements.

The director regards the principal risks and uncertainties facing the company as follows:

The company's revenue is sensitive to movements in non-ferrous metals prices. Exposure is managed through close monitoring of market conditions and, where appropriate, the timing of stock holding and offtake decisions.

Customer and supplier concentration

The company is developing direct offtake relationships with mill customers and a diversified feedstock supply base. Counterparty concentration and credit exposure are monitored on an ongoing basis.

Regulatory and environmental compliance

The operation of a non-hazardous waste processing facility requires the maintenance of relevant environmental permits and operating standards. The director maintains an active compliance regime and engages with the Environment Agency and other regulatory authorities as required.

Operational and equipment risk

The company's processing activities depend upon the continued availability of its plant and machinery. The director maintains a planned maintenance programme alongside investment in capacity and resilience.

The director monitors the financial and operational performance of the company through a range of key performance indicators. The principal trends are summarised below; absolute amounts are set out in the financial statements that accompany this report.

* The comparative period covers seven months to 31 October 2024, following the change of accounting reference date in the prior period. Movements shown above are period-on-period and are not adjusted for the difference in length of comparison.

Going concern

The director has considered the company's forecasts, cash position, trading performance and continued support from related parties. The related-party funding is interest-free, and repayment is not expected within twelve months of the balance sheet date. The company holds positive cash reserves at the balance sheet date and has no external bank debt. On this basis, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and continues to adopt the going concern basis of accounting in preparing the financial statements.

Future developments

The director's strategy for the coming year is to continue growing processing throughput, build on the investment made in plant and machinery during the year, develop direct offtake relationships with downstream customers (including aluminium mill customers), and broaden the company's feedstock supply base. Further investment in processing capability is anticipated, funded principally through retained earnings and continued related-party support.

On behalf of the board

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Eco Power Metals Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bankwood Lane Industrial Estate Bankwood Lane, New Rossington, Doncaster, United Kingdom, DN11 0PS.

During the prior period, the directors decided to shorten the company's financial year end from 31 March to 31 October to align with the financial reporting cycle of other associated companies.

As a result, the comparative figures are prepared for a seven month period. The amounts are therefore not entirely comparable to the amounts presented for the current period.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The director has considered the company's forecasts, cash position, trading performance and continued support from related parties. The related-party funding is interest-free and have confirmed repayment will not be sought in the next 12 months. The company has cash reserves of £167,874 at the balance sheet date and no external bank debt. On this basis, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. true

Revenue comprises sales of recovered scrap metal; treatment/ disposal of non-hazardous waste; recovery of sorted materials; any gate-fee and processing income sales net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied.

The company recognises revenue from the following major sources:

• Non-ferrous metals recovery and sales

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The company has no external bank debt or third-party borrowings. The related party balances disclosed in Note 7 represent interest free funding provided to support the company's trading and investment activities.

During the year the company entered into the following transactions with related parties:

Related-party funding is long-term, interest-free and subordinated to external creditors. The related parties have confirmed that repayment will not be sought within at least 12 months from the balance sheet date.