Company registration number 02065601 (England and Wales)
REYNAERS ALUMINIUM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
REYNAERS ALUMINIUM LIMITED
COMPANY INFORMATION
Directors
Mr J P McComb
Mr Ian Clayton
Mr Bert Geerinckx
Secretary
Mr Ian Clayton
Company number
02065601
Registered office
111 Hollymoor Way
Northfield
Birmingham
B31 5HE
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
111 Hollymoor Way
Northfield
Birmingham
B31 5HE
Bankers
National Westminster Bank Plc
Birmingham City Centre
1 St Philips Place
Birmingham
B3 2PP
Solicitors
Shakespeare Martineau
1 Colmore Row
Birmingham
B4 6AA
REYNAERS ALUMINIUM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
REYNAERS ALUMINIUM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Fair review of the business

The principal activity of the company during the year continued to be the design, stockholding and distribution of architectural aluminium systems.

We aim to present a balanced and comprehensive review of the financial development and performance of our business during the year and at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties that we face.

Operating solely within the UK construction industry, we design, stock and distribute aluminium systems for windows, doors and curtain walling, as well as for other types of fenestration products. These complete aluminium systems are then sold to fabricators, along with the processing and manufacturing software, machinery and technical support required to conform to rigorous performance specifications. Our sales and marketing activity is directed at the aluminium window and door fabricators who are our direct customers, as well as the installers, main contractors, developers, architects and homeowners, who are key influencers.

We consider that our key performance indicators are those that measure and communicate the financial performance and strength of the company as a whole - these being turnover and operating profit.

In 2025, the UK aluminium systems market contracted for the third year running. The introduction of the Building Safety Act in 2024 continues to have a big impact on the commercial projects sector. The Building Safety Act gateway process continues to result in significant delays to project starts during 2025. The government have committed to speeding up this process and we have started to see an improvement during the early part of 2026 The gateway process has resulted in increased scrutiny, documentation and checks for residential, student accommodation, hospitals & care home buildings that are 18m high or more. Whilst we see this change as an opportunity for Reynaers, given the high level of technical expertise we provide our partners, the negative impact on the market is unprecedented. Given the above headwinds, Reynaers Aluminium sales dropped 39% in 2025.

Despite overheads continuing to be managed prudently, the aforementioned market pressures on sales turnover had an impact on operating profit, Added to this we incurred significant restructuring costs which resulted in the company posting a pre tax loss for 2025.

Moving into 2026, we see continued challenges in both the commercial and trade and retail sectors, but we remain confident of getting back to growth once the delays in the Building Safety Act gateway process have been overcome. Our focus is on putting our customers at the heart of what we do, accelerating sustainability and investing in our people.

REYNAERS ALUMINIUM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Principal risks and uncertainties

The largest risk to growth is the continued slowdown in the UK aluminium systems market. We will continue to manage our costs prudently, whilst at the same time focus on investing in areas and activities where we can differentiate, add value and continue to support our partners, whilst securing long-term profitable growth.

On behalf of the board

Mr Ian Clayton
Director
9 June 2026
REYNAERS ALUMINIUM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities
The principal activity of the company during the year continues to be the design, stockholding and distribution of architectural aluminium systems.
Results and dividends

The results for the year are set out on Page 6.

Ordinary dividends were paid amounting to £1,800,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J P McComb
Mr Ian Clayton
Mr R Hall
(Resigned 4 July 2025)
Mr Bert Geerinckx
Auditor

In accordance with the company's articles, a resolution proposing that CK Audit be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

REYNAERS ALUMINIUM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Ian Clayton
Director
9 June 2026
REYNAERS ALUMINIUM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REYNAERS ALUMINIUM LIMITED
- 5 -
Opinion

We have audited the financial statements of Reynaers Aluminium Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

REYNAERS ALUMINIUM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REYNAERS ALUMINIUM LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identified and assessed the risks of material misstatement of the financial statement, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the manufacturing and supply sector.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators and reviewing board minutes.

REYNAERS ALUMINIUM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REYNAERS ALUMINIUM LIMITED (CONTINUED)
- 7 -
Audit response to risks identified

We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:

- Discussions with directors and management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- Confirming our understanding of controls by performing a walk through test or observation and enquiry

- Performing analytical procedures to identify any unusual or unexpected relationships;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Identifying and testing journal entries;

- Reviewing unusual or unexpected transactions; and

- Agreeing the financial statement disclosures to underlying supporting documentation.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.

Frances Clapham (Senior Statutory Auditor)
For and on behalf of CK Audit, Statutory Auditor
Chartered Accountants
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
9 June 2026
REYNAERS ALUMINIUM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
16,396,342
24,049,523
Cost of sales
(10,406,993)
(14,788,812)
Gross profit
5,989,349
9,260,711
Distribution costs
(725,241)
(709,996)
Administrative expenses
(5,608,302)
(5,996,074)
Operating (loss)/profit
5
(344,194)
2,554,641
Interest receivable and similar income
8
27,206
53,925
(Loss)/profit before taxation
(316,988)
2,608,566
Tax on (loss)/profit
9
37,040
(802,370)
(Loss)/profit for the financial year
(279,948)
1,806,196

The profit and loss account has been prepared on the basis that all operations are continuing operations.

REYNAERS ALUMINIUM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
£
£
(Loss)/profit for the year
(279,948)
1,806,196
Other comprehensive income
-
-
Total comprehensive income for the year
(279,948)
1,806,196
REYNAERS ALUMINIUM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
8,481,405
8,848,254
Current assets
Stocks
13
1,132,722
1,304,916
Debtors
14
2,492,231
2,553,128
Cash at bank and in hand
1,604,130
3,146,543
5,229,083
7,004,587
Creditors: amounts falling due within one year
15
(1,802,087)
(1,842,632)
Net current assets
3,426,996
5,161,955
Total assets less current liabilities
11,908,401
14,010,209
Provisions for liabilities
Deferred tax liability
16
254,640
276,500
(254,640)
(276,500)
Net assets
11,653,761
13,733,709
Capital and reserves
Called up share capital
18
400,000
400,000
Profit and loss reserves
19
11,253,761
13,333,709
Total equity
11,653,761
13,733,709

The notes on pages 12 to 23 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2026 and are signed on its behalf by:
Mr Ian Clayton
Mr Bert Geerinckx
Director
Director
Company registration number 02065601 (England and Wales)
REYNAERS ALUMINIUM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
400,000
13,877,513
14,277,513
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,806,196
1,806,196
Dividends
10
-
(2,350,000)
(2,350,000)
Balance at 31 December 2024
400,000
13,333,709
13,733,709
Year ended 31 December 2025:
Loss and total comprehensive income
-
(279,948)
(279,948)
Dividends
10
-
(1,800,000)
(1,800,000)
Balance at 31 December 2025
400,000
11,253,761
11,653,761
REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Reynaers Aluminium Limited is a private company limited by shares incorporated in England and Wales. The registered office is 111 Hollymoor Way, Northfield, Birmingham, B31 5HE.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Reynaers Aluminium N.V. T hese consolidated financial statements are available from the National Bank of Belgium at Boulevard de Berlaimont 14, 1000 Brussels, Belgium VAT BE 0203.201.340, RLP Brussels.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Tangible fixed assets

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:

Land and buildings Freehold
25 years
Plant and machinery
2 to 5 years
Fixtures, fittings & equipment
3 to 10 years

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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

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

1.6
Stocks

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.

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.

REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.7
Financial instruments

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

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial 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 paymen ts 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. A m ounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

Current 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

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.

REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.10
Employee benefits

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.

1.11
Retirement benefits

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

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of non-current assets

The useful economic lives of non-current assets have been derived from the judgement of the Directors, using their best estimate of write-down period.

Stock

Inventories are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

Bad debt provision

A bad debt provision is set up when the likelihood of recovering the debt is diminished. The level of provision will be based on any current repayment plan entered into and which is being adhered to by the debtor, together with an estimate of the likelihood of the amounts due being fully recovered.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods
16,229,394
23,807,595
Services
166,948
241,928
16,396,342
24,049,523
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
15,972,162
23,596,398
Europe
397,470
453,125
Rest of the World
26,710
-
16,396,342
24,049,523
REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 18 -
2025
2024
£
£
Other revenue
Interest income
27,206
53,925
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item - Redundancy and associated costs
282,069
-
5
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
540
4,147
Fees payable to the company's auditor for the audit of the company's financial statements
20,715
23,887
Depreciation of owned tangible fixed assets
424,065
455,298
Impairment of stocks recognised or reversed
246
(19,281)
Operating lease charges
227,672
245,445

6
Employees

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

2025
2024
Number
Number
Office and management
42
47
Warehouse
13
12
Total
55
59

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,936,839
3,276,614
Social security costs
334,695
315,762
Pension costs
154,320
166,347
3,425,854
3,758,723
REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
322,276
416,869
Company pension contributions to defined contribution schemes
30,270
34,476
352,546
451,345

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
237,615
212,686
Company pension contributions to defined contribution schemes
10,000
15,833

Included in exceptional items (Note 4) are amounts paid to a previous director on loss of office of £132,322. This has not been included in the overall Director's remuneration above, but has been included in the Highest Paid Director total.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
25,133
49,130
Other interest income
2,073
4,795
Total income
27,206
53,925
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
733,706
Deferred tax
Origination and reversal of timing differences
(21,860)
68,664
Adjustment in respect of prior periods
(15,180)
-
0
Total deferred tax
(37,040)
68,664
Total tax (credit)/charge
(37,040)
802,370
REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 20 -

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(316,988)
2,608,566
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(79,247)
652,142
Tax effect of expenses that are not deductible in determining taxable profit
6,145
6,768
Depreciation on assets not qualifying for tax allowances
40,131
41,444
Other timing differences
(4,069)
1,976
Deferred tax not recognised
-
0
100,040
Taxation (credit)/charge for the year
(37,040)
802,370
10
Dividends
2025
2024
£
£
Final paid
1,800,000
2,350,000
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Stocks
13
246
(19,281)
Recognised in:
Cost of sales
246
(19,281)
REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2025
10,989,735
786,526
361,369
12,137,630
Additions
-
0
5,562
51,654
57,216
At 31 December 2025
10,989,735
792,088
413,023
12,194,846
Depreciation and impairment
At 1 January 2025
2,245,369
732,046
311,961
3,289,376
Depreciation charged in the year
348,569
45,972
29,524
424,065
At 31 December 2025
2,593,938
778,018
341,485
3,713,441
Carrying amount
At 31 December 2025
8,395,797
14,070
71,538
8,481,405
At 31 December 2024
8,744,366
54,480
49,408
8,848,254
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,132,722
1,304,916
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,955,487
2,199,810
Corporation tax recoverable
97,115
-
0
Amounts owed by group undertakings
151,039
71,749
Other debtors
26,815
-
0
Prepayments and accrued income
261,775
281,569
2,492,231
2,553,128
REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
15
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
443,034
586,344
Amounts owed to group undertakings
1,291,558
469,851
Corporation tax
-
0
316,439
Other taxation and social security
-
0
238,350
Accruals and deferred income
67,495
231,648
1,802,087
1,842,632
16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
254,640
276,500
2025
Movements in the year:
£
Liability at 1 January 2025
276,500
Credit to profit or loss
(21,860)
Liability at 31 December 2025
254,640
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
154,320
166,347

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
400,000
400,000
400,000
400,000
REYNAERS ALUMINIUM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
19
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
13,333,709
13,877,513
Adjusted balance
13,333,709
13,877,513
(Loss)/profit for the year
(279,948)
1,806,196
Dividends declared and paid in the year
(1,800,000)
(2,350,000)
At the end of the year
11,253,761
13,333,709
20
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for certain of its motor vehicles.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
203,645
242,412
Years 2-5
102,415
201,713
306,060
444,125
21
Ultimate controlling party

The directors regard Reynaers Aluminium N.V., a company incorporated in Belgium, as the ultimate parent undertaking.

The ultimate controlling party is the Reynaers family.

Reynaers Aluminium N.V. is the parent undertaking of the largest and only group of which the company is a member and for which group financial statements are drawn up.

Group accounts can be obtained from the National Bank of Belgium at Boulevard de Berlaimont 14, 1000 Brussels, Belgium, VAT BE 0203.201.340, RLP Brussels.

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