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

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

Copperweld Bimetallics UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B1, Halesfield 24, Telford, United Kingdom, TF7 4NZ.

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 company has adopted the changes as disclosed in "Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024" ("the Periodic Review 2024 amendments").

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 modified to include the revaluation of plant and equipment and to include right of use assets at fair value. The principal accounting policies adopted are set out below.

The directors have prepared forecasts based on future expectations and these indicate the company will be profitable during 2026. However, the directors appreciate the challenging economic conditions in which the company is operating and the uncertainties these create. The company's main source of finance is loans from group undertakings. The directors have sought and received assurances that fellow group undertakings will not demand repayment of group loan balances whereby doing so would cause this company financial distress. In light of the assurances provided, alongside the company's cash position, the directors are confident the company is able to continue to trade, even if trading results are not as strong as forecast.

The directors are therefore satisfied there are no events or conditions which create a material uncertainty over the company's ability to remain a going concern for a period of at least one year from the date of approval of these financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

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:

Tangible fixed assets have been revalued based on an independent third party valuation and are held under the revaluation model. These tangible fixed assets are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

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, those overheads that have been incurred in bringing the stocks to their present location and condition.

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 measured at transaction price including transaction costs.

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 and loans from fellow group companies that are classified as debt, are initially recognised at transaction price.

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 at transaction price.

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.

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.

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

The company has adopted the Periodic Review 2024 amendments, including the requirements for lease accounting.

Where a tangible asset is acquired through a lease, the company recognises a right of use asset and a right of use liability at the lease commencement date.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The right-of-use asset has been revalued in the year in accordance with FRS 102 sections 20.61 and 17.15.

The right-of-use liability is initially measured at the net present value of lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. The right-of-use liability is measured at amortised cost using the effective interest method.

The company does not recognise right-of-use assets and liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

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.

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.

Management have estimated the minimum present value of lease payments using assumptions for the implicit interest rate in the leases. Management estimated this rate to be that of the company's incremental borrowing rate as at the date of the commencement of the lease at 2.39%.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The directors' estimate of the useful life of tangible assets impacts the company's depreciation policy and overall depreciation charged in the financial statements. Each item of plant and equipment is reviewed on acquisition and a depreciation rate between 10% - 50% applied to the specific asset. During the year, the company revalued all the fixed assets of the company based upon valuations and assessments of remaining useful economic life by an independent, third party valuer.

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

Plant and equipment with a carrying amount of £1,819,984 and the right of use asset with a carrying amount of £1,241,652 were revalued on 5 September 2025 by Valuation Research Corporation (VRC), independent valuers not connected with the company on the basis of market value. The valuation conforms to ASA Business Valuation Standards and was based on replacement cost adjusted for physical deterioration and obsolescence for plant and equipment, and the present value of market rents for the right of use asset.

Plant and equipment is carried at valuation. If plant and equipment was measured using the cost model, the carrying amounts would have been £994,562 (2024 - £1,138,041), being cost £2,209,675 (2024 - £2,132,908) and depreciation £1,215,114 (2024 - £994,867).

Right of use assets are carried at valuation. If the right of use assets were measured using the cost model, the carrying amounts would have been £996,131 (2024 - £1,193,662), being cost £1,593,810 (2024 - £1,593,810) and depreciation £597,679 (2024 - £400,148).

Amounts owed to group undertakings are disclosed as falling due within one year as the balance has no set repayment date. However, the directors have received assurances that fellow group undertakings will only demand settlement of these balances when the company's cash position allows this to take place.

Consequently, the directors consider that some or all of these amounts may actually be settled in greater than one year.

The company continues to recognise a lease liability within Other Creditors. At the reporting date, the company had outstanding lease liability commitments of £189,536 (2024 - £174,227) due within one year. The lease liability is discounted at the rate of 2.39%, the incremental borrowing rate of the parent company at the date of commencement of the lease. There are no covenants attached to this lease.

The company continues to recognise a lease liability within Other Creditors. At the reporting date, the company had outstanding lease liability commitments due after more than one year of £901,379 (2024 - £1,055,647), payable over the lease term with the final payment due in March 2032. The lease liability is discounted at the rate of 2.39%, the incremental borrowing rate of the parent company at the date of acquisition. There are no covenants attached to this lease.

Other reserves represents a capital contribution from the parent company, Copperweld Bimetallics LLC.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

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.

After the year end, the company ceased its manufacturing operations and now operates solely as a distributor. This represents a change in the nature of the company’s activities. The financial effect of this change has not been reflected in these financial statements as it relates to conditions arising after the reporting date. At the date of approval of these financial statements, the directors are unable to reliably quantify the financial impact of this change, however they estimate that this change will increase future operating profits in the long term.

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties are unsecured, interest free and repayable on demand.

The company is controlled by Copperweld Bimetallics LLC, which is incorporated in the United States of America.

On 5 September 2025, the parent company, Copperweld Bimetallics LLC, was acquired from Kinderhook Industries LLC by Rhone Group, which became the ultimate parent company. Both of these companies are incorporated in the United States of America.

The smallest group in which the results of the company are consolidated is that headed by Centaur Holdings I LLC, incorporated in the United States of America. Copies of the consolidated financial statements may be obtained from the company's registered office.