ACCOUNTS - Final Accounts preparation

Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:

Registered number: 11112117

ALMET TRADING UK LIMITED

Annual report and financial statements

For the Year Ended 31 December 2025

ALMET TRADING UK LIMITED

Company Information

Director	Elvin Jamalli


Registered number	11112117


Registered office	Lu.115 The Light Bulb
	1 Filament Walk
	London
	SW18 4GQ


Independent auditors	Mantax Lynton
	Chartered Accountants & Statutory Auditors
	2nd Floor Equitable House
	7 General Gordon Square
	London
	United Kingdom


Accountants	Base52 Ltd
	Suite 9, 30 Bancroft
	Hitchin
	Hertfordshire
	SG5 1LE

ALMET TRADING UK LIMITED

Contents

	Page
Strategic report	1 - 2
Director's report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11
Statement of cash flows	12
Analysis of net debt	13
Notes to the financial statements	14 - 27

ALMET TRADING UK LIMITED

Strategic report

For the Year Ended 31 December 2025

Introduction

The director presents the strategic report for the year end 31 December 2025.

Business review

The principal activity of the company during the year was that of wholesale of metals and metal ores.
During the year, the Company delivered a strong financial performance, achieving significant growth in revenue while improving profitability and strengthening its financial position. Revenue increased substantially as a result of higher sales volumes, continued customer acquisition and increased market demand.
The Company managed to achieve the turnover of £30.2 million (2024: £18.7 million) representing growth of approximately 67% compared with the previous year. The increase reflects higher trading volumes, expansion of the customer base and continued demand for steel products across the UK market. Operating profit for the year was £706k (2024: £228k), reflecting disciplined cost control and effective operational management. At the balance sheet date, the net assets of the company has increased to £714k from £456k in 2024.
The director believe that the Company's strengthened financial position, established supplier relationships and growing customer base provide a solid platform for continued growth. Whilst the economic outlook remains uncertain, the Company remains committed to maintaining operational efficiency, managing costs effectively and pursuing sustainable profitable growth.

Principal risks and uncertainties

The director has identified the following principal risks for the operation of the company:

∙The Company is financed through invoice discounting facility and is exposed to fluctuations in interest rates. Changes in market interest rates may increase finance costs and adversely impact profitability and cash flows. The director continue to monitor interest rate movements and regularly assess the Company's financing arrangements to minimise the impact of rising borrowing costs.

∙The Company maintains a prudent approach to liquidity management, ensuring sufficient cash resources are available to support its trading activities and working capital requirements. Cash flow forecasts are prepared and reviewed regularly, with close monitoring of trade receivables, inventory levels and supplier payment terms to maintain adequate liquidity.

∙The Company imports products from overseas suppliers and is exposed to supply chain disruption, fluctuations in steel prices and increases in freight costs. The director actively monitor market conditions, maintain strong relationships with a diversified supplier base and seek to mitigate these risks through effective procurement, inventory management and appropriate pricing strategies.

Page 1

ALMET TRADING UK LIMITED

Strategic report (continued)

For the Year Ended 31 December 2025

Financial key performance indicators

Turnover, gross margin and operating profits are used as the key performance indicators by the company.

This report was approved by the board on 7 July 2026 and signed on its behalf.

Elvin Jamalli

Director

Page 2

ALMET TRADING UK LIMITED

Director's report

For the Year Ended 31 December 2025

The director presents his report and the financial statements for the year ended 31 December 2025.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

∙select suitable accounting policies for the Company'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 Company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Results and dividends

The profit for the year, after taxation, amounted to £258,105 (2024 - loss £36,042).

No dividends were paid during the year (2024 - £Nil).

Director

The director who served during the year was:

Elvin Jamalli

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙he 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's auditors are aware of that information.

Page 3

ALMET TRADING UK LIMITED

Director's report (continued)

For the Year Ended 31 December 2025

Auditors

The auditors, Mantax Lynton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 July 2026 and signed on its behalf.

Elvin Jamalli

Director

Page 4

ALMET TRADING UK LIMITED

Independent auditors' report to the members of ALMET TRADING UK LIMITED

Opinion

We have audited the financial statements of ALMET TRADING UK LIMITED (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the 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 Company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Page 5

ALMET TRADING UK LIMITED

Independent auditors' report to the members of ALMET TRADING UK 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 director is 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 Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Director's 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's 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, 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 director's 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 Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Page 6

ALMET TRADING UK LIMITED

Independent auditors' report to the members of ALMET TRADING UK LIMITED (continued)

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 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:

∙We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.

∙We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.

∙Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

∙These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

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

ALMET TRADING UK LIMITED

Independent auditors' report to the members of ALMET TRADING UK 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.

Janak Raj Pokhrel (Senior statutory auditor)

for and on behalf of

Mantax Lynton

Chartered Accountants & Statutory Auditors

2nd Floor Equitable House

7 General Gordon Square

London

United Kingdom

7 July 2026

Page 8

ALMET TRADING UK LIMITED

Statement of comprehensive income

For the Year Ended 31 December 2025

	2025	2024
Note	£	£


Turnover	4	30,187,126	18,719,620
Cost of sales		(27,605,007)	(17,249,932)
Gross profit		2,582,119	1,469,688
Distribution costs		(999,578)	(569,857)
Administrative expenses		(878,556)	(676,609)
Other operating income	5	1,680	5,162
Operating profit		705,665	228,384
Interest payable and similar expenses	10	(98,806)	(40,228)
Other financial gains/(losses)		(263,429)	(226,352)
Profit/(loss) before tax		343,430	(38,196)
Tax on profit/(loss)	11	(85,325)	2,154
Profit/(loss) for the financial year		258,105	(36,042)

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 27 form part of these financial statements.

Page 9

ALMET TRADING UK LIMITED

Registered number: 11112117

Statement of financial position

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		4,099		12,701
Tangible assets	13		7,130		5,701
			11,229		18,402
Current assets
Stocks	14	8,251,897		7,585,643
Debtors: amounts falling due within one year	15	11,791,241		9,021,749
Cash at bank and in hand	16	264,590		272,576
		20,307,728		16,879,968
Creditors: amounts falling due within one year	17	(19,602,220)		(16,437,945)
Net current assets			705,508		442,023
Total assets less current liabilities			716,737		460,425
Provisions for liabilities
Deferred tax	18	(2,807)		(4,600)
			(2,807)		(4,600)
Net assets			713,930		455,825

Capital and reserves
Called up share capital	58,700	58,700
Profit and loss account	655,230	397,125
	713,930	455,825

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 July 2026.

Elvin Jamalli

Director

The notes on pages 14 to 27 form part of these financial statements.

Page 10

ALMET TRADING UK LIMITED

Statement of changes in equity

For the Year Ended 31 December 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	58,700	433,167	491,867
Comprehensive income for the year
Loss for the year	-	(36,042)	(36,042)
Total comprehensive income for the year	-	(36,042)	(36,042)

At 1 January 2025	58,700	397,125	455,825
Comprehensive income for the year
Profit for the year	-	258,105	258,105
Total comprehensive income for the year	-	258,105	258,105
At 31 December 2025	58,700	655,230	713,930

The notes on pages 14 to 27 form part of these financial statements.

Page 11

ALMET TRADING UK LIMITED

Statement of cash flows

For the Year Ended 31 December 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit/(loss) before tax	343,430	(38,196)
Adjustments for:
Amortisation of intangible assets	8,601	8,737
Depreciation of tangible assets	3,480	3,193
Interest paid	98,806	40,228
(Increase) in stocks	(666,254)	(4,933,935)
(Increase) in debtors	(2,620,397)	(7,000,240)
(Increase)/decrease in amounts owed by groups	(149,094)	-
(Decrease)/increase in creditors	(1,246,069)	11,997,230
(Decrease)/increase in amounts owed to groups	(311,716)	172,297
Corporation tax received/(paid)	-	(11,890)
Net cash generated from operating activities	(4,539,213)	237,424

Cash flows from investing activities
Purchase of tangible fixed assets	(4,909)	(3,316)
Net cash from investing activities	(4,909)	(3,316)
Cash flows from financing activities
New secured loans	4,651,256	-
Repayment of finance leases	(16,314)	(17,455)
Interest paid	(98,806)	(40,228)
Net cash used in financing activities	4,536,136	(57,683)
Net (decrease)/increase in cash and cash equivalents	(7,986)	176,425
Cash and cash equivalents at beginning of year	272,576	96,151
Cash and cash equivalents at the end of year	264,590	272,576

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	264,590	272,576
	264,590	272,576

The notes on pages 14 to 27 form part of these financial statements.

Page 12

ALMET TRADING UK LIMITED

Analysis of net debt

For the Year Ended 31 December 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	272,576	(7,986)	264,590
Debt due within 1 year	-	(4,651,256)	(4,651,256)
Finance leases	(16,314)	16,314	-
Liquid investments	200,480	(200,480)	-
	456,742	(4,843,408)	(4,386,666)

The notes on pages 14 to 27 form part of these financial statements.

Page 13

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

1.	General information

Almet Trading UK Limited is a private company, limited by shares, incorporated in England & Wales with registered number 11112117. The company's registered office is located at Lu.115 The Light Bulb, 1 Filament Walk, London, Greater London, England, SW18 4GQ.
Principal activity of the company during the year under review was trading of steel products.

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

The following principal accounting policies have been applied:

2.2

Revenue

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

∙the Company 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 Company 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.

2.3

Operating leases: the Company 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.

Page 14

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.4

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.

2.5

Borrowing costs

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

2.6

Pensions

Defined contribution pension plan

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

2.7

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 reporting date in the countries where the Company operates and generates income.

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

Page 15

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.8

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.

The intangible assets are website and software costs. It is amortised to profit and loss account over its estimated economic life of 4 years.

2.9

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:

				Fixtures and fittings	-	25%	straight line basis
				Computer equipment	-	25%	straight line basis

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.

2.10

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 reporting 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.

2.11

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.

Page 16

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.12

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 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 Company's cash management.

2.13

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.

2.14

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.

2.15

Financial instruments

The Company 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 Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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 Company'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 Company after the deduction of all its liabilities.

Page 17

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

2.Accounting policies (continued)

2.15

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgments which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

Page 18

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Wholesale of metals	30,187,126	18,719,620
	30,187,126	18,719,620

					2025	2024
					£	£

United Kingdom	30,187,126	18,719,620
	30,187,126	18,719,620

All turnover arose within the United Kingdom.

	Performance obligations
	The company’s performance obligations arise from the sale of goods to customers. Performance obligations relating to the sale of goods are typically satisfied at a point in time upon delivery to the customer.
	Payment terms typically require settlement within 60-90 days of invoice. Consideration is fixed and contracts with customers do not include a significant financing component.

5.	Other operating income
		2025	2024
		£	£

Misc. income	1,680	5,162
	1,680	5,162

Misc income relates to interests and legal costs associated with recovery of overdue customer balances recharged during the year.

Page 19

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

6.	Other financial gains/ (losses)
		2025	2024
		£	£


Net gains/(losses) on hedging instruments	(567,244)	245,358
Foreign exchange gains/ (losses)	303,815	(471,710)
	(263,429)	(226,352)

Fees payable to the Company's auditors for the audit of the Company's financial statements

13,000

Wages and salaries	444,876	286,989
Social security costs	48,374	28,046
Cost of defined contribution scheme	8,160	5,132
	501,410	320,167

The average monthly number of employees, including directors, during the year was 8 (2024 - 6).

9.	Director's remuneration
		2025	2024
		£	£

Director's emoluments	85,529	45,000
	85,529	45,000

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ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	88,568	-
Other loan interest payable	10,238	40,228
	98,806	40,228

Corporation tax
Current tax on profits for the year	87,118	-
	87,118	-

Total current tax	87,118	-

Deferred tax
Origination and reversal of timing differences	(1,793)	(2,154)
Total deferred tax	(1,793)	(2,154)


	Tax on profit/(loss)	85,325	(2,154)

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ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

11.Taxation (continued)

Profit/(loss) on ordinary activities before tax

343,430

(38,196)

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	85,858	-
Effects of:
Non-tax deductible amortisation	2,150	-
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,159	-
Capital allowances for year in excess of depreciation	(358)	-
Utilisation of tax losses	(4,691)	-
Deferred tax	(1,793)	(2,154)
Total tax charge for the year	85,325	(2,154)

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ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

12.	Intangible assets

		Website and software
		£
	Cost
	At 1 January 2025	34,948
	At 31 December 2025	34,948
	Amortisation
	At 1 January 2025	22,247
	Charge for the year on owned assets	8,602
	At 31 December 2025	30,849
	Net book value
	At 31 December 2025	4,099

13.	Tangible fixed assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost or valuation
At 1 January 2025	4,589	16,453	21,042
Additions	-	4,909	4,909
At 31 December 2025	4,589	21,362	25,951
Depreciation
At 1 January 2025	3,805	11,536	15,341
Charge for the year on owned assets	457	3,023	3,480
At 31 December 2025	4,262	14,559	18,821
Net book value
At 31 December 2025	327	6,803	7,130

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ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

14.	Stocks
		2025	2024
		£	£

Finished goods and goods for resale	8,251,897	7,585,643
	8,251,897	7,585,643

15.

Debtors

					2025	2024
					£	£


Trade debtors	9,083,614	8,464,060
Amounts owed by group undertakings	149,094	-
Other debtors	2,497,072	291,694
Prepayments and accrued income	61,461	65,515
Derivative assets	-	200,480
	11,791,241	9,021,749

16.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	264,590	272,576
	264,590	272,576

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ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

17.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	4,651,256	-
Trade creditors	12,812,460	14,039,550
Amounts owed to group undertakings	103,280	414,996
Corporation tax	87,118	-
Other taxation and social security	1,335,655	1,765,300
Obligations under finance lease and hire purchase contracts	-	16,314
Accruals and deferred income	519,448	201,785
Derivative liabilities	93,003	-
	19,602,220	16,437,945

					2025	2024
					£	£

Other taxation and social security
PAYE/NI control	23,685	11,268
VAT control	1,311,970	1,754,032
	1,335,655	1,765,300

The following liabilities were secured:
	2025	2024
	£	£


Bank Loans	4,651,256	-
	4,651,256	-

Details of security provided:

Bank loans relates to Invoice discounting facility from Bank of Ireland (UK) PLC which is secured by assignment of trade receivables.

Page 25

ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

18.	Deferred taxation

		2025
		£

	At beginning of year	(4,600)
	Utilised in year	1,793
	At end of year	(2,807)

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

	Accelerated capital allowances	(2,807)	(4,600)
		(2,807)	(4,600)

19.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £8,160 (2024 - £5,132).
No contributions were payable to the fund at the balance sheet date.

Not later than 1 year	13,486	15,989
Later than 1 year and not later than 5 years	5,619	19,104
	19,105	35,093

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ALMET TRADING UK LIMITED

Notes to the financial statements

For the Year Ended 31 December 2025

21.

Related party transactions

During the year, the Company has given various advances totaling £118,431 (2024: £41,796) to the director. The director repaid £38,968 (2024: £47,007) during the year and amount owed from the director at the balance sheet date was £118,431 (2024: £38,968). These advances are unsecured, interest free and repayable on demand.
During the year, the Company has repaid loans of £311,716 from the parent Company. The amount payable to the parent Company at the balance sheet date was £103,280 (2024: £414,996). These loans are unsecured, repayable on demand and carry variable interest rate ranging from nil to 5.5% p.a. During the year, the Company accrued interest expenses of £21,153 (2024: £40,198) and total cumulative accrued interest payable at balance sheet date of £90,794 (2024: £69,641) is included in accruals.
During the year, the Company purchased goods totaling £18,929,734 (2024: £16,848,025) from the parent company. At balance sheet date, amount owed to the parent company was £12,100,880 (2024: £13,017,798) which is included in trade creditors.
During the year, the company paid some of the expenses on behalf of its parent undertaking. The amount owed to the company at the end of the year was £149,094 (2024: £Nil). The amount is unsecured, interest free and repayable on demand.
During the year, the Company paid advances of £82,563 (2024: £Nil) to a fellow subsidiary company. At the balance sheet date, the amount owed to the company was £82,563 and is included in other debtors.These advances are interest free, unsecured and repayable on demand.

22.	Controlling party

The ultimate parent company is ALMET HOLDING OJSC, a company registered in Azerbaijan which prepares consolidated accounts which are not publicly available.

The ultimate controlling party is S Jamalli by virtue of his shareholding in ultimate parent entity.

Page 27