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REGISTERED NUMBER: 02795535 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Advanced Alloy Services Limited

| Advanced Alloy Services Limited (Registered number: 02795535) |

Contents of the Financial Statements

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Directors | 6 |

| Report of the Independent Auditors | 9 |

| Statement of Comprehensive Income | 12 |

| Statement of Financial Position | 13 |

| Statement of Changes in Equity | 14 |

| Notes to the Financial Statements | 15 |

| Advanced Alloy Services Limited |

Company Information

for the year ended 31 December 2025

| DIRECTORS: | S Hall

| S Orr

| R G Thompson

| Mrs X Wei

| S P Robinson

| REGISTERED OFFICE: | 65 Market Place

| Market Weighton

| East Yorkshire

| YO43 3AN

| REGISTERED NUMBER: | 02795535 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Daniel Wood

| AUDITORS: | Hawsons Chartered Accountants

| 5 Sidings Court

| White Rose Way

| Doncaster

| South Yorkshire

| DN4 5NU

| SOLICITORS: | Freeths LLP

| Fifth Floor

| 3 St Paul's Place

| 129 Norfolk Street

| Sheffield

| S1 2JE

| Advanced Alloy Services Limited (Registered number: 02795535) |

Strategic Report

for the year ended 31 December 2025

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

REVIEW OF BUSINESS

The company's principal activity continues to be that of buying, selling and the processing of metals and alloys along with ancillary services.

Results and performance

The results for the year, as set out in pages 12 and 13, show a profit before tax of £594,126 (2024: Loss £100,623) with reported shareholders' funds of £22,134,039 (2024: £21,765,667).

The company's main activities involve providing toll-process services, pure metals and processed revert used in the manufacture of Nickel and Cobalt based superalloys to global customers. Metal price fluctuation is managed via a combination of 'back-to-back' sales and constant monitoring of prices along with various market sector and alloy demand.

Although revenue dropped during the year this was closely associated with the low metal prices for most of the year, especially Nickel, and with uncertainty surrounding tariffs implanted by the US administration and restrictions of supply of certain materials from China in response. This caused a slow-down in production for many customers and squeezed margins as a result with increased competitiveness. Despite lower metal prices and geopolitical disruption, physical volumes reached record levels during 2025, reflecting continued gains in market share and strong customer demand

Business Environment

Geopolitical division continued to provide uncertain and volatile trading conditions and some customers deciding to slow down or pause production to assess the impact of additional duties in their production processes. Additionally, some supplies to the business were affected due to changes of restrictions from China and this impacted profits whilst alternative material needed to be sourced to complete existing contracts.

However, despite a downturn in 2025, fundamental demand continues to grow and there is an expectation that when import and export duties and restrictions stabilise, deferred customer demand will return to the market and 2026 is therefore expected to see a strong recovery

The business continues to develop international trade through partnerships and development of international footprint through the expansion of the parent Advanced Alloys Group and associated sister companies.

Strategy

The business continues to strengthen its leadership team through internal promotion and strategic recruitment to support future growth. Fostering a strategy of promotion from within continues to work well and helps maintain an incredibly low staff turnover whilst providing aspirational personnel development to the right employees.

The business continues to invest to increase production capacity and further improve ESG credentials. These investments have been funded from working capital but will see returns in coming years from increased output and cost control.

| Advanced Alloy Services Limited (Registered number: 02795535) |

Strategic Report

for the year ended 31 December 2025

Key performance indicators ('KPIs')

We set out below the KPIs which are key to the company.

| 2025 |  | 2024 |  | 2023 |

| as restated |

Reported Turnover |  | 41,873,250 |  | 52,635,866 |  | 56,716,373 |

Processing (as contribution to turnover) |  | 4.59% |  | 5.22% |  | 3.87% |

Capital expenditure (plant only) |  | 422,697 |  | 359,869 |  | 448,631 |

Total expenditure on capital (including leasehold building improvements) |  | 494,766 |  | 464,814 |  | 560,037 |

Net (decrease) / increase in shareholders' funds |  | 368,372 |  | (133,498 | ) | (135,734 | )

(Decreased) / increased shareholder's funds as percentage of turnover |  | 0.88% |  | (0.25% | ) | (0.24% | )

PRINCIPAL RISKS AND UNCERTAINTIES

The key risk remains the global geopolitical tensions creating uncertain and volatile trading conditions. However, this can also create opportunity and by growing an international footprint with greater options for trade flows, adding to the robustness of the business model but also creating new opportunities in the future, especially developing further trade in Asia with the creation of a JV in Thailand and in the US through the sister company Advanced Revert LLC.

Changes in UK taxation, employment costs, energy costs and regulatory requirements may impact manufacturing businesses in the UK. However, the growth of international sales and diversity of operational, customer and sales bases will provide the business the best options to navigate these challenges.

| Advanced Alloy Services Limited (Registered number: 02795535) |

Strategic Report

for the year ended 31 December 2025

SECTION 172(1) STATEMENT

In accordance with the UK Companies Act 2006, 'A director of a company must act in the way they consider, in good faith, would be most likely promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

- the likely consequences of any decision in the long term,

- the interests of the company's employees,

- the need to foster the company's business relationships with suppliers, customers and others,

- the impact of the company's operations on the community and the environment, and

- the desirability of the company maintaining a reputation for high standards and business conduct.

In regard to the above requirements, the directors:

- holds regular management meetings to discuss and confirm decisions. The needs of a wide range of stakeholders are considered during the decision-making process.

- aim to create value for the company's shareholders by generating strong and sustainable results which can translate into dividends. All decisions are taken with full consideration made of the long-term consequences as the shareholders are interested in the long-term success of the company.

- acknowledge the contributions made by the employees to the success of the company, and to engage with the workforce to ensure an environment that they are happy to work in and one that supports their well-being. Further information regarding the company's employment policy and engagement can be found within the Report of the Directors on page 7.

- has established, and maintained, good working relationships with a number of key suppliers. This ensures that the products and services delivered remain at the high-quality for which the company is known for.

- has established and maintained, good working relationships with a large number of well-established customers, as well as new and prospective customers, whilst providing the products required and efficient services to all.

- views the company as part of the community in which it operates. The company provides many jobs directly to the local area as well as supporting local companies through its supply chain. The director also considers the environmental impact of the company, further information can be found in the Streamlined Energy and Carbon Reporting section, within the Report of the Directors on page 7.

- is conscious of the fact that the company has built a good reputation over the past 30 years plus that it has been trading, and that it is in the interest of all stakeholders that this reputation is maintained.

| Advanced Alloy Services Limited (Registered number: 02795535) |

Strategic Report

for the year ended 31 December 2025

FUTURE DEVELOPMENTS

The demand for superalloys across different markets is expected to remain strong and the business will continue to invest in additional equipment to increase capacity creating new jobs in the local area.

The business will continue to develop strong partnerships with companies within the industry to facilitate further business growth.

Additional Information

The business will continue to support local charities and schools.

ON BEHALF OF THE BOARD:

S Hall - Director

22 July 2026

| Advanced Alloy Services Limited (Registered number: 02795535) |

Report of the Directors

for the year ended 31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of buying, selling and processing of metals and alloys.

DIVIDENDS

Interim dividends per share on the Ordinary "B" £1 shares were paid as follows:

£2300.00 |  | - 1 January 2025

£1000.00 |  | - 7 February 2025

£2500.00 |  | - 7 April 2025

£1000.00 |  | - 8 August 2025

£500.00 |  | - 29 September 2025

£7300.00 |

The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary "A" £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £ 73,000 .

FUTURE DEVELOPMENTS

Likely future developments in the business are discussed in the strategic report.

DIRECTORS

S Hall has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

S Orr - appointed 29 May 2025

R G Thompson - appointed 29 May 2025

Mrs X Wei - appointed 29 May 2025

S P Robinson was appointed as a director after 31 December 2025 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, invoice discounting, inventory financing, trade creditor finance loans, stock, trade creditors, trade debtors and other finance loans to the company.

The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of invoice discounting, the company manages the liquidity risk by maintaining a balance between the available funding and the funding withdrawals whilst maintaining a tight control on the trade debtors to ensure that money is received before the agreed advancement terms are reached.

Trade debtors are managed in respect of credit and cash flow risk through initial periods of pro-forma payments with new customers and through reviewing the credit forwarded to customers and by monitoring their payment history on a periodic basis.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due as well as meeting the creditor finance loans when they mature.

| Advanced Alloy Services Limited (Registered number: 02795535) |

Report of the Directors

for the year ended 31 December 2025

EMPLOYEES

The company's employment policy provides equal opportunity, irrespective of sex, religion, race or marital status. Applications by persons with disabilities are given full and fair consideration and, wherever practicable, provision is made for their specific requirements. The same criteria for training and promotion apply to persons with disabilities as to any other employee. If employees become disabled, every effort is afforded to ensure their continued employment.

The company places considerable value on the involvement of its employees and has continued its practice of widespread employment engagement through a variety of meetings and project work. In addition, the company supports and promotes employee professional development and training through external and internal training courses.

STREAMLINED ENERGY AND CARBON REPORTING

The company's operations consume electricity for powering plant and equipment and lighting. The business has an extensive array of solar panels fitted to facilitate further carbon reduction and reduce power supplied from the grid. The chosen energy supplier sources electricity only from renewable sources.

The company implemented an entirely new fleet of the latest generation of electric fork-lift trucks, and all company cars are also electric with onsite charge points in place.

Gas is used for central heating some offices but due to the high level of thermal insulation heating requirements and gas usage is minimal.

Various other waste reduction and recycling initiatives have been implemented, and energy monitoring equipment has been installed across the site to manage energy reduction projects.

The carbon dioxide emissions are summarised below:

| 2025 |  | 2025 |  | 2024 |  | 2024 |

| kWh |  | KgCO2e |  | kWh |  | KgCO2e |

Electricity consumption |  | 673,552 |  | 119,219 |  | 649,118 |  | 134,400 |

Gas consumption |  | 1,514 |  | 277 |  | 13,448 |  | 2,460 |

Company vehicles |  | - |  | - |  | 70 |  | 5 |

Total Carbon Dioxide Emissions |  |  | 119,496 |  |  | 136,885 |

Total Tonnes CO2e |  |  | 119.5 |  |  | 136.9 |

Intensity ratio KgCO2e per £1 turnover |  |  | 0.00285 |  |  | 0.00260 |

The carbon dioxide emissions have been calculated from records for electricity, gas and petrol consumed and appropriate conversion factors as published by HM Government Environmental Reporting Guidelines. The recycling activities of the company to recycle and recover critical metals provides a significant environmental benefit and the company plans to develop further processes to improve recovery rates and effectively reducing the level of carbon emissions from primary mining and refining operations.

| Advanced Alloy Services Limited (Registered number: 02795535) |

Report of the Directors

for the year ended 31 December 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- | 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Hawsons Chartered Accountants, will be proposed for re-appointment.

ON BEHALF OF THE BOARD:

S Hall - Director

22 July 2026

Report of the Independent Auditors to the Members of

Advanced Alloy Services Limited

Opinion

We have audited the financial statements of Advanced Alloy Services Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Advanced Alloy Services Limited

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page eight, 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 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.

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 a Report of the Auditors 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:

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:

The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company's result for the period, and management bias in key accounting estimates.

Report of the Independent Auditors to the Members of

Advanced Alloy Services Limited

Audit procedures performed by the engagement team included:

- Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

- Reviewing minutes of Board meetings.

- Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations.

- Challenging assumptions and judgements made by management in their significant accounting estimates.

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Daniel Wood (Senior Statutory Auditor)

for and on behalf of Hawsons Chartered Accountants

5 Sidings Court

White Rose Way

Doncaster

South Yorkshire

DN4 5NU

22 July 2026

| Advanced Alloy Services Limited (Registered number: 02795535) |

Statement of Comprehensive

Income

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

REVENUE | 4 | 41,873,250 |  | 52,635,866 |  |

Cost of sales | 37,903,903 |  | 49,291,652 |  |

GROSS PROFIT | 3,969,347 |  | 3,344,214 |  |

Administrative expenses | 2,892,743 |  | 2,602,683 |  |

1,076,604 |  | 741,531 |  |

Other operating income | 164,278 |  | 54,107 |  |

OPERATING PROFIT | 6 | 1,240,882 |  | 795,638 |  |

Interest receivable and similar income | 5,534 |  | 20,966 |  |

1,246,416 |  | 816,604 |  |

Interest payable and similar expenses | 7 | 652,290 |  | 917,227 |  |

PROFIT/(LOSS) BEFORE TAXATION | 594,126 |  | (100,623 | ) |

Tax on profit/(loss) | 8 | 152,754 |  | (1,125 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 441,372 |  | (99,498 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 441,372 |  |

Prior year adjustment | (511,372 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | (610,870 | ) |

| Advanced Alloy Services Limited (Registered number: 02795535) |

Statement of Financial Position

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 10 | 1,626,570 |  | 1,576,294 |  |

CURRENT ASSETS

Inventories | 11 | 23,205,954 |  | 20,224,593 |  |

Debtors | 12 | 19,352,810 |  | 21,300,502 |  |

Cash at bank and in hand | 161,430 |  | 1,058,997 |  |

42,720,194 |  | 42,584,092 |  |

CREDITORS

Amounts falling due within one year | 13 | 21,896,734 |  | 22,205,729 |  |

NET CURRENT ASSETS | 20,823,460 |  | 20,378,363 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 22,450,030 |  | 21,954,657 |  |

PROVISIONS FOR LIABILITIES | 17 | 315,991 |  | 188,990 |  |

NET ASSETS | 22,134,039 |  | 21,765,667 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 70 |  | 70 |  |

Capital redemption reserve | 30,140 |  | 30,140 |  |

Retained earnings | 22,103,829 |  | 21,735,457 |  |

SHAREHOLDERS' FUNDS | 22,134,039 |  | 21,765,667 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by:

S Hall - Director

| Advanced Alloy Services Limited (Registered number: 02795535) |

Statement of Changes in Equity

for the year ended 31 December 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 70 |  | 22,380,327 |  | 30,140 |  | 22,410,537 |  |

Prior year adjustment | - |  | (511,372 | ) | - |  | (511,372 | ) |

As restated | 70 |  | 21,868,955 |  | 30,140 |  | 21,899,165 |  |

Changes in equity

Dividends | - |  | (34,000 | ) | - |  | (34,000 | ) |

Total comprehensive income | - |  | (99,498 | ) | - |  | (99,498 | ) |

Balance at 31 December 2024 | 70 |  | 21,735,457 |  | 30,140 |  | 21,765,667 |  |

Changes in equity

Dividends | - |  | (73,000 | ) | - |  | (73,000 | ) |

Total comprehensive income | - |  | 441,372 |  | - |  | 441,372 |  |

Balance at 31 December 2025 | 70 |  | 22,103,829 |  | 30,140 |  | 22,134,039 |  |

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

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

| The presentation currency of the financial statements is the Pound Sterling (£).

| The company's principal place of business being Nobel Way, Dinnington, Sheffield, S25 3QH.

2. | STATEMENT OF COMPLIANCE

| The financial statements of the company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" ("FRS 102") and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.

| The preparation of financial statements requires the use of certain critical accounting estimates; it also requires management to exercise its judgement in the process of applying the company accounting policies.

| The financial statements have been prepared under the historical cost convention.

| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirements of Section 7 Statement of Cash Flows;

| • | the requirement of paragraph 3.17(d);

| • | the requirement of paragraph 33.7.

| Significant judgements and estimates

| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the historical experience and knowledge of the director as well as other factors which may be considered relevant, as a result the actual results may differ from these estimates.

| The estimates and underlying assumptions applied are reviewed by the director on an ongoing basis.

| Revisions to these accounting estimates are recognised in the period to which the revisions have been, revised where these revisions affect only that period, or in the period of revision and future periods where this revision would affect both current and future periods.

| No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements.

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Revenue recognition

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

| i) Sale of materials:

| Revenue for the sale of materials is recognised when the goods are delivered or used and legal title of the goods supplied has passed to the customer, sales made are on a credit basis.

| ii) Other services:

| Revenue from processing and cutting work is recognised when completed and when the goods have been delivered back to the customer.

| iii) Interest income:

| Interest income is recognised using the effective interest rate method.

| Property, plant and equipment - depreciation and amortisation

| Property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

| Depreciation is calculated to write down the cost less estimated residual value of all property, plant and equipment, other than freehold land, over their expected useful lives using the following methods:

| Improvements to leasehold buildings |  | Straight line over 20 years |  |

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

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

| Motor vehicles |  | 20% on reducing balance |  |

| Computer equipment |  | 20% on reducing balance |  |

| i) Impairment of assets:

| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to the carrying value. If the estimated recoverable amount is lower the carrying value is reduced to its estimated recoverable amount and the impairment loss is recognised immediately in the profit or loss.

| If an impairment loss subsequently reverses, the carrying amount is increased to the revised estimate of its recoverable value, but not in excess of the amount that would have been determined had no impairment loss been recognised. Any reversal is recognised immediately in the profit or loss.

| Inventories

| Inventories are stated at the lower of cost and estimated selling price less costs to sale. Inventories are recognised as an expense in the period in which the related revenue is recognised.

| Costs are determined on a specific lot used basis. Cost includes the purchase price, including taxes and duties and transport as well as directly attributable handling charges to enable the inventory to be brought to its present location and condition.

| At the end of each accounting period inventories are assessed for impairment. If an item of inventory is impaired, the specific inventory items are reduced to its selling price less costs to complete and sell and the impairment charge is recognised directly to the profit or loss. Where a reversal of the original impairment is required, the charge is reversed up to the original loss, and the credit is recognised in the profit or loss for the period.

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

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

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

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

| Deferred taxation

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

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

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

| Foreign currencies

| i) Functional currency and presentation currency:

| The financial statements are presented in pound sterling, which is also the functional currency of the Company.

| ii) Transactions and balances:

| Transactions in currencies, other than the functional currency of the Company, are recognised at the spot rate at the dates of the transaction, or an average monthly rate where this rate approximates the actual rate at the date of the transaction. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historical cost in a foreign currency are not retranslated.

| Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised to the profit or loss.

| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit or loss within finance (expenses) / income, all other foreign exchange gains and losses are presented in the profit or loss within other operating (losses) / gains.

| Leases

| Leases are classified as finance leases whenever the terms of the lease transfer substantially all of the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

| Payments under operating leases are charged to the income statement on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the company recognises annual expenditure equal to amounts owed to the lessor.

| Employee benefits

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

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, loans to the company and finance lease agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

| Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

| Trade debtors are managed in respect of credit and cash flow risk through initial periods of pro-forma payments with new customers and through reviewing the credit forwarded to customers and by monitoring their payment history on a periodic basis.

| Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

| Going concern

| After reviewing the company's management information and future contracts the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

4. | REVENUE

| The revenue and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

| An analysis of revenue by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Sale of materials | 39,949,846 |  | 49,890,154 |  |

| Services provided | 1,923,404 |  | 2,745,712 |  |

41,873,250 |  | 52,635,866 |  |

| As permitted by Companies Act 2006, no geographical analysis is provided on the grounds that this could be prejudicial to the company potentially providing competitors with additional sensitive knowledge concerning the markets and sectors in which the company operates.

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 1,590,341 |  | 1,699,023 |  |

| Social security costs | 194,936 |  | 183,026 |  |

| Other pension costs | 128,196 |  | 107,593 |  |

1,913,473 |  | 1,989,642 |  |

| The average number of employees during the year was as follows:

| 2025 |  | 2024

| Management & directors | 4 |  | 1 |  |

| Warehouse & production staff | 32 |  | 32 |  |

| Administrative & sales staff | 4 |  | 8 |  |

40 |  | 41 |  |

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

5. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 143,418 |  | 14,864 |  |

| Directors' pension contributions to money purchase schemes | 47,389 |  | 17,190 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 4 |  | 1 |  |

| The company operates a defined contribution pension scheme for the benefit of the employees and the director. The assets of the scheme are administered by an independent pension provider. Pension payments recognised as an expense during the year amount to £128,196 (2024: £107,593).

| Contributions totalling £1,141 (2024: £1,021) were payable to the fund at the reporting date and are included in creditors.

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Other operating leases | 185,000 |  | 188,597 |  |

| Depreciation - owned assets | 302,284 |  | 286,213 |  |

| Profit on disposal of fixed assets | (14,326 | ) | (12,058 | ) |

| Auditors' remuneration | 29,500 |  | 29,500 |  |

| Auditors' remuneration for non audit work | 1,500 |  | - |  |

| Foreign exchange differences | (13,428 | ) | (50,449 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 143,500 |  | 22,803 |  |

| Bank loan interest | 508,790 |  | 111,410 |  |

| Other financing interest | - |  | 769,824 |  |

| Interest payable | - |  | 13,190 |  |

652,290 |  | 917,227 |  |

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

8. | TAXATION

| Analysis of the tax charge/(credit)

| The tax charge/(credit) on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 25,753 |  | - |  |

| Deferred tax | 127,001 |  | (1,125 | ) |

| Tax on profit/(loss) | 152,754 |  | (1,125 | ) |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge/(credit) included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before tax | 594,126 |  | (100,623 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 148,532 |  | (25,156 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 884 |  | 2,458 |  |

| Capital allowances in excess of depreciation | (14,314 | ) | (44,348 | ) |

| rates |

| Deferred taxation: origination and reversal of timing differences | 127,001 |  | (1,125 | ) |

| tax rates |

| Trade losses available for future offset | - |  | 67,046 |  |

| Trade losses brought forward offset | (109,349 | ) | - |  |

| Total tax charge/(credit) | 152,754 |  | (1,125 | ) |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary "B" shares of £1 each

| Interim | 73,000 |  | 34,000 |  |

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

10. | PROPERTY, PLANT AND EQUIPMENT

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2025 | 330,381 |  | 2,758,784 |  | 40,747 |  |

| Additions | 57,203 |  | 422,697 |  | 13,880 |  |

| Disposals | (79,804 | ) | (63,361 | ) | (12,757 | ) |

| At 31 December 2025 | 307,780 |  | 3,118,120 |  | 41,870 |  |

| DEPRECIATION

| At 1 January 2025 | 109,871 |  | 1,586,225 |  | 26,637 |  |

| Charge for year | 18,147 |  | 246,414 |  | 4,510 |  |

| Eliminated on disposal | (3,055 | ) | (9,663 | ) | (1,538 | ) |

| At 31 December 2025 | 124,963 |  | 1,822,976 |  | 29,609 |  |

| NET BOOK VALUE

| At 31 December 2025 | 182,817 |  | 1,295,144 |  | 12,261 |  |

| At 31 December 2024 | 220,510 |  | 1,172,559 |  | 14,110 |  |

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 240,402 |  | 51,319 |  | 3,421,633 |  |

| Additions | - |  | 986 |  | 494,766 |  |

| Disposals | - |  | (612 | ) | (156,534 | ) |

| At 31 December 2025 | 240,402 |  | 51,693 |  | 3,759,865 |  |

| DEPRECIATION

| At 1 January 2025 | 85,278 |  | 37,328 |  | 1,845,339 |  |

| Charge for year | 30,325 |  | 2,888 |  | 302,284 |  |

| Eliminated on disposal | - |  | (72 | ) | (14,328 | ) |

| At 31 December 2025 | 115,603 |  | 40,144 |  | 2,133,295 |  |

| NET BOOK VALUE

| At 31 December 2025 | 124,799 |  | 11,549 |  | 1,626,570 |  |

| At 31 December 2024 | 155,124 |  | 13,991 |  | 1,576,294 |  |

11. | INVENTORIES

2025 | 2024 |

£ | £ |

| Raw materials | 23,205,954 |  | 20,224,593 |  |

| Stock recognised in cost of sales during the year as an expense was £35,799,865 (2024: £47,099,607).

| The stock balance above is shown after a provision for impairment of £Nil (2024: Nil).

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

12. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 5,722,994 |  | 7,739,945 |  |

| Amounts owed by group undertakings | 12,803,039 |  | 12,562,961 |  |

| Other debtors | 15,169 |  | 160,091 |  |

| Tax | 404,956 |  | 416,573 |  |

| Prepayments | 191,754 |  | 197,655 |  |

19,137,912 |  | 21,077,225 |  |

| Amounts falling due after more than one year:

| Amounts owed by joint ventures | 214,898 |  | 223,277 |  |

| Aggregate amounts | 19,352,810 |  | 21,300,502 |  |

| Trade debtors include an amount of £3,750,044 (2024: £2,042,269) in respect of sales invoices covered by invoice discounting.

| At 31 December 2025 £12,803,039 (2024: £12,562,961) of the amounts owed by group undertakings are unsecured, non-interest bearing and are repayable on demand.

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts (see note 14) | - |  | 409 |  |

| Trade creditors | 10,534,179 |  | 12,260,194 |  |

| Social security and other taxes | 54,529 |  | 85,193 |  |

| VAT | 214,667 |  | 77,486 |  |

| Other creditors | 15,646 |  | 16,978 |  |

| Invoice discounting finance | 1,871,804 |  | 1,191,801 |  |

| Stock facility finance | - |  | 7,957,162 |  |

| Supplier invoice finance | 9,059,706 |  | 424,893 |  |

| Directors' loan accounts | 940 |  | - |  |

| Accrued expenses | 132,167 |  | 175,243 |  |

| Deferred government grants | 13,096 |  | 16,370 |  |

21,896,734 |  | 22,205,729 |  |

14. | LOANS

| An analysis of the maturity of loans is given below:

2025 | 2024 |

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | - |  | 409 |  |

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

15. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 185,000 |  | 185,000 |  |

| Between one and five years | 138,750 |  | 323,750 |  |

323,750 |  | 508,750 |  |

16. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Other financing | 10,931,510 |  | 9,574,266 |  |

| Receivables and inventory facilities, stock and trade creditor finance facilities.

| All freehold and leasehold property owned by the company at the charge creation date together with all buildings, structures, fixtures and fittings (including trade and tenant’s fixtures) now thereon or thereon after the charge creation date.

| All future freehold and leasehold property of the company together with all buildings, structures, fixtures and fittings (including trade and tenant’s fixtures) now thereon or thereon after the charge creation date.

| All present and future patents, patent applications, trademarks and service marks (whether registered or not), design rights (whether registered or not), copyrights and all other intellectual property rights whatsoever and all rights relating thereto (including, without limitation, by way of license) legally or beneficially owned by the company.

| Contains a fixed charge, contains a floating charge a floating charge covers all the property or undertaking of the company and contains a negative pledge.

17. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 316,098 |  | 298,452 |  |

| Tax losses carried forward | - |  | (109,349 | ) |

| Other timing differences | (107 | ) | (113 | ) |

315,991 |  | 188,990 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 188,990 |  |

| Charge to Statement of Comprehensive Income during year | 127,001 |  |

| Balance at 31 December 2025 | 315,991 |  |

| Advanced Alloy Services Limited (Registered number: 02795535) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 60 | Ordinary "A" | £1 | 60 |  | 60 |  |

| 10 | Ordinary "B" | £1 | 10 |  | 10 |  |

70 |  | 70 |  |

19. | ULTIMATE PARENT COMPANY

| Advanced Alloys Group Limited is regarded by the director as the company's ultimate parent.

| The financial statements are consolidated in the financial statements of Advanced Alloys Group Limited. The consolidated financial statements may be obtained from the company's registered office address at 65 Market Place, Market Weighton, York, YO43 3AN.

20. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is S Hall.