IRIS Accounts Production v26.1.0.640 11867400 Board of Directors 31.12.25 1.1.25 31.12.25 31.12.25 true true true false true true false false false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 11867400 2024-12-31 11867400 2025-12-31 11867400 2025-01-01 2025-12-31 11867400 2023-12-31 11867400 2024-01-01 2024-12-31 11867400 2024-12-31 11867400 ns15:EnglandWales 2025-01-01 2025-12-31 11867400 ns14:PoundSterling 2025-01-01 2025-12-31 11867400 ns10:Director1 2025-01-01 2025-12-31 11867400 ns10:Consolidated 2025-12-31 11867400 ns10:ConsolidatedGroupCompanyAccounts 2025-01-01 2025-12-31 11867400 ns10:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 11867400 ns10:FRS102 ns10:Consolidated 2025-01-01 2025-12-31 11867400 ns10:Consolidated ns10:Audited 2025-01-01 2025-12-31 11867400 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 11867400 ns10:Medium-sizedCompaniesRegimeForAccounts 2025-01-01 2025-12-31 11867400 ns10:Consolidated ns10:LargeCompaniesRegimeForDirectorsReport 2025-01-01 2025-12-31 11867400 ns10:Consolidated ns10:LargeCompaniesRegimeForAccounts 2025-01-01 2025-12-31 11867400 ns10:FullAccounts 2025-01-01 2025-12-31 11867400 ns5:Subsidiary1 2025-01-01 2025-12-31 11867400 ns5:Subsidiary2 2025-01-01 2025-12-31 11867400 ns5:JointVenture1 2025-01-01 2025-12-31 11867400 ns10:OrdinaryShareClass1 2025-01-01 2025-12-31 11867400 ns10:Consolidated 2025-01-01 2025-12-31 11867400 ns10:Director2 2025-01-01 2025-12-31 11867400 ns10:RegisteredOffice 2025-01-01 2025-12-31 11867400 ns10:Consolidated 2024-01-01 2024-12-31 11867400 ns5:CurrentFinancialInstruments 2025-12-31 11867400 ns5:CurrentFinancialInstruments 2024-12-31 11867400 ns5:ShareCapital 2025-12-31 11867400 ns5:ShareCapital 2024-12-31 11867400 ns5:RetainedEarningsAccumulatedLosses 2025-12-31 11867400 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 11867400 ns5:ShareCapital 2023-12-31 11867400 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 11867400 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 11867400 ns5:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 11867400 ns5:CostValuation 2024-12-31 11867400 ns5:AdditionsToInvestments 2025-12-31 11867400 ns5:DisposalsRepaymentsInvestments 2025-12-31 11867400 ns5:CostValuation 2025-12-31 11867400 1 ns5:Subsidiary1 2025-01-01 2025-12-31 11867400 2 ns5:Subsidiary1 2025-01-01 2025-12-31 11867400 ns5:Subsidiary2 3 2025-01-01 2025-12-31 11867400 ns5:JointVenture1 1 2025-01-01 2025-12-31 11867400 ns5:JointVenture1 2024-12-31 11867400 ns5:JointVenture1 2025-12-31 11867400 ns5:JointVenture1 2024-01-01 2024-12-31 11867400 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-12-31 11867400 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 11867400 ns5:Non-currentFinancialInstruments 2025-12-31 11867400 ns5:Non-currentFinancialInstruments 2024-12-31 11867400 ns10:OrdinaryShareClass1 2025-12-31 11867400 ns5:RetainedEarningsAccumulatedLosses 2024-12-31

REGISTERED NUMBER: 11867400 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2025

for

Advanced Alloys Group Limited

| Advanced Alloys Group Limited (Registered number: 11867400) |

Contents of the Consolidated Financial Statements

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 5 |

| Report of the Independent Auditors | 8 |

| Consolidated Income Statement | 11 |

| Consolidated Other Comprehensive Income | 12 |

| Consolidated Statement of Financial Position | 13 |

| Company Statement of Financial Position | 14 |

| Consolidated Statement of Changes in Equity | 15 |

| Company Statement of Changes in Equity | 16 |

| Consolidated Statement of Cash Flows | 17 |

| Notes to the Consolidated Statement of Cash Flows | 18 |

| Notes to the Consolidated Financial Statements | 19 |

| Advanced Alloys Group Limited |

Company Information

for the year ended 31 December 2025

| DIRECTORS: | S Hall

| Mrs X Wei

| REGISTERED OFFICE: | 65 Market Place

| Market Weighton

| Yorkshire

| YO43 3AN

| REGISTERED NUMBER: | 11867400 (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

| St Paul's Place

| 129 Norfolk Street

| Sheffield

| S1 2JE

| Advanced Alloys Group Limited (Registered number: 11867400) |

Group Strategic Report

for the year ended 31 December 2025

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The groups principal activity is 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 11 and 13, show a profit before tax of £643,805 (2024: Loss £110,063), with reported shareholders' funds of £9,580,014 (2024: £9,219,028).

The Groups 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. The Group seeks to minimise exposure to metal price fluctuations through back-to-back trading arrangements, inventory management and active monitoring of market conditions.

Although Group revenue dropped during the year this was closely associated low Nickel and other metal prices. Physical volumes reached record levels despite uncertain global geopolitics, demonstrating continued market share gains and strong customer demand.

.

Business Environment

The Group has seen an increase in geopolitical uncertainty and variable import and export duties and restrictions which has created price volatility and uncertainty of supply across the Group companies. Additionally, conflict in the Middle East has also impacted oil and energy prices.

Although duties and export restrictions impacted the superalloy industry during 2025, the fundamental future demand for metals is expected to grow significantly.

Strategy

Advanced Alloys Group strategy is focussed on growth via developing operational excellence and pioneering innovation across a widespread global footprint. During 2025 significant investment has been made to develop the US Advanced Revert LLC joint venture operational capabilities, expand the workforce and improve North American sourcing and customer support. Additionally, the business has commenced implementation of a joint venture operation in Thailand, including investment in equipment and local supply chain development in Asia.

The Group also continues to invest in Research and Development pioneering innovation for critical metal recycling and recovery via Advanced Metal Recovery and plans for further international collaborations and partnerships. To facilitate future growth the business has focussed on building a key leadership team through internal promotions and recruiting.

Demand is expected to return strongly during 2026 and continue in future years. There are plans to continue investment within the Group to increase capacity, efficiency and widespread global presence over coming years and position the Group ready for further market share growth.

Key performance indicators ('KPIs')

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

| 2025 |  | 2024 |  | 2023 |

| as restated |

Reported Group Turnover |  | 41,955,920 |  | 52,635,866 |  | 56,716,373 |

Processing (as contribution to turnover) |  | 4.58% |  | 5.22% |  | 3.87% |

Group Capital expenditure (plant only) |  | 424,668 |  | 359,869 |  | 448,631 |

Group total capital expenditure |  | 496,736 |  | 464,814 |  | 560,037 |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Group Strategic Report

for the year ended 31 December 2025

PRINCIPAL RISKS AND UNCERTAINTIES

Governments continue to develop critical mineral policies and customers seek supply chain resilience through diversification of supply. This is both a risk and opportunity for the Group. The business is poised to react to any changes and has options for material flows through different international routes and has proven a reliable supplier even when supply chains have been disrupted and priority has been given to meeting customer requirements even if this has meant sourcing higher cost material.

Whilst geopolitical instability remains, including conflict in the Middle East, the Group is positioned to continue expansion and investment across its global footprint to meet future demand. Customers continue to place increasing emphasis on secure, traceable and geographically diversified supply chains for critical metals.

SECTION 172(1) STATEMENT

In accordance with the UK Companies Act 2006, 'A director of a group must act in the way they consider, in good faith, would be most likely promote the success of the group 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 group's employees,

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

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

- the desirability of the group maintaining a reputation for high standards and business conduct, and

- the need to act fairly between all members of the group.'

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 group.

- acknowledge the contributions made by the employees to the success of the group, 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 6.

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

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

- views the group as part of the community in which it operates. The group 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 group, further information can be found in the Streamlined Energy and Carbon Reporting section, within the Report of the Directors on page 6.

- is conscious of the fact that the group of companies 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.

- act fairly between all companies within the group.

| Advanced Alloys Group Limited (Registered number: 11867400) |

Group 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 group will continue to invest in additional equipment to increase capacity creating new jobs in the local area.

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

Additional Information

The group will continue to support local charities and schools.

ON BEHALF OF THE BOARD:

S Hall - Director

22 July 2026

| Advanced Alloys Group Limited (Registered number: 11867400) |

Report of the Directors

for the year ended 31 December 2025

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

PRINCIPAL ACTIVITY

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

DIVIDENDS

Interim dividends per share were paid as follows:

0.034480 |  | - 3 January 2025

0.014991 |  | - 7 February 2025

0.037478 |  | - 7 April 2025

0.037478 |  | - 3 July 2025

0.014991 |  | - 8 August 2025

0.014991 |  | - 29 September 2025

0.029982 |  | - 7 November 2025

0.184391 |

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 123,000 .

FUTURE DEVELOPMENTS

Likely future developments within the Group 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:

Mrs X Wei - appointed 30 May 2025

FINANCIAL INSTRUMENTS

The groups principal financial instruments comprise bank balances, other bank facilities, invoice discounting, inventory financing, trade creditor finance loans, trade creditors, trade debtors and loans to the group.

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

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

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

| Advanced Alloys Group Limited (Registered number: 11867400) |

Report of the Directors

for the year ended 31 December 2025

EMPLOYEES

The group'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 group 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 group's operations consume electricity for powering plant and equipment and lighting. The group 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 group has 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 |

Transport (Diesel / Petrol) consumption |  | .- |  | - |  | 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 group to recycle and recover critical metals provides a significant environmental benefit and the group plans to develop further processes to improve recovery rates and effectively reducing the level of carbon emissions from primary mining and refining operations.

| Advanced Alloys Group Limited (Registered number: 11867400) |

Report of the Directors

for the year ended 31 December 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Alloys Group Limited

Opinion

We have audited the financial statements of Advanced Alloys Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 Alloys Group Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 seven, 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 group's and the parent 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 group or the parent 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 Alloys Group 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.

- 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 Alloys Group Limited (Registered number: 11867400) |

Consolidated

Income Statement

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

REVENUE | 4 | 41,955,920 |  | 52,635,866 |  |

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

GROSS PROFIT | 4,052,017 |  | 3,344,214 |  |

Administrative expenses | 2,862,512 |  | 2,608,663 |  |

1,189,505 |  | 735,551 |  |

Other operating income | 81,278 |  | 54,107 |  |

GROUP OPERATING PROFIT | 6 | 1,270,783 |  | 789,658 |  |

Share of operating profit/(loss) in

Joint ventures | 19,691 |  | (3,432 | ) |

Interest receivable and similar income | 5,621 |  | 20,966 |  |

1,296,095 |  | 807,192 |  |

Interest payable and similar expenses | 7 | 652,290 |  | 917,255 |  |

PROFIT/(LOSS) BEFORE TAXATION | 643,805 |  | (110,063 | ) |

Tax on profit/(loss) | 8 | 153,109 |  | (14,401 | ) |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 490,696 |  | (95,662 | ) |

Profit/(loss) attributable to:

Owners of the parent | 483,941 |  | (95,662 | ) |

Non-controlling interests | 6,755 |  | - |  |

490,696 |  | (95,662 | ) |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Consolidated

Other Comprehensive Income

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 490,696 |  | (95,662 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 490,696 |  |

Prior year adjustment | (511,372 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | (607,034 | ) |

Total comprehensive income attributable to:

Owners of the parent | 483,941 |  | (607,034 | ) |

Non-controlling interests | 6,755 |  | - |  |

490,696 |  | (607,034 | ) |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Consolidated Statement of Financial Position

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 11 | 1,765,342 |  | 1,576,294 |  |

Investments | 12 |

| Interest in joint venture

| Share of gross assets | 2,508,147 |  | 1,359,697 |  |

| Share of gross liabilities | (2,491,895 | ) | (1,363,136 | ) |

1,781,594 |  | 1,572,855 |  |

CURRENT ASSETS

Inventories | 13 | 23,205,954 |  | 20,224,593 |  |

Debtors | 14 | 6,553,146 |  | 8,758,799 |  |

Cash at bank and in hand | 270,120 |  | 1,062,913 |  |

30,029,220 |  | 30,046,305 |  |

CREDITORS

Amounts falling due within one year | 15 | 21,902,714 |  | 22,211,142 |  |

NET CURRENT ASSETS | 8,126,506 |  | 7,835,163 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,908,100 |  | 9,408,018 |  |

PROVISIONS FOR LIABILITIES | 18 | 321,331 |  | 188,990 |  |

NET ASSETS | 9,586,769 |  | 9,219,028 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 667,060 |  | 667,060 |  |

Retained earnings | 20 | 8,912,909 |  | 8,551,968 |  |

SHAREHOLDERS' FUNDS | 9,579,969 |  | 9,219,028 |  |

NON-CONTROLLING INTERESTS | 21 | 6,800 |  | - |  |

TOTAL EQUITY | 9,586,769 |  | 9,219,028 |  |

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 Alloys Group Limited (Registered number: 11867400) |

Company Statement of Financial Position

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Property, plant and equipment | 11 | - |  | - |  |

Investments | 12 | 13,380,995 |  | 13,380,940 |  |

13,380,995 |  | 13,380,940 |  |

CURRENT ASSETS

Debtors | 14 | 3,375 |  | 21,257 |  |

Cash at bank and in hand | 16,651 |  | 4,325 |  |

20,026 |  | 25,582 |  |

CREDITORS

Amounts falling due within one year | 15 | 12,584,331 |  | 12,568,781 |  |

NET CURRENT LIABILITIES | (12,564,305 | ) | (12,543,199 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 816,690 |  | 837,741 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 667,060 |  | 667,060 |  |

Retained earnings | 20 | 149,630 |  | 170,681 |  |

SHAREHOLDERS' FUNDS | 816,690 |  | 837,741 |  |

Company's profit for the financial year | 101,949 |  | 41,641 |  |

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 Alloys Group Limited (Registered number: 11867400) |

Consolidated Statement of Changes in Equity

for the year ended 31 December 2025

| Called up |

| share |  | Retained |  | Non-controlling |  | Total

| capital |  | earnings |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Balance at 1 January 2024 | 667,060 |  | 9,258,002 |  | 9,925,062 |  | - |  | 9,925,062 |  |

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

As restated | 667,060 |  | 8,746,630 |  | 9,413,690 |  | - |  | 9,413,690 |  |

Changes in equity

Dividends | - |  | (99,000 | ) | (99,000 | ) | - |  | (99,000 | ) |

Total comprehensive income | - |  | (95,662 | ) | (95,662 | ) | - |  | (95,662 | ) |

Balance at 31 December 2024 | 667,060 |  | 8,551,968 |  | 9,219,028 |  | - |  | 9,219,028 |  |

Changes in equity

Increase in share capital | - |  | - |  | - |  | 45 |  | 45 |  |

Dividends | - |  | (123,000 | ) | (123,000 | ) | - |  | (123,000 | ) |

Total comprehensive income | - |  | 483,941 |  | 483,941 |  | 6,755 |  | 490,696 |  |

Balance at 31 December 2025 | 667,060 |  | 8,912,909 |  | 9,579,969 |  | 6,800 |  | 9,586,769 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Company Statement of Changes in Equity

for the year ended 31 December 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2024 | 667,060 |  | 228,040 |  | 895,100 |  |

Changes in equity

Dividends | - |  | (99,000 | ) | (99,000 | ) |

Total comprehensive income | - |  | 41,641 |  | 41,641 |  |

Balance at 31 December 2024 | 667,060 |  | 170,681 |  | 837,741 |  |

Changes in equity

Dividends | - |  | (123,000 | ) | (123,000 | ) |

Total comprehensive income | - |  | 101,949 |  | 101,949 |  |

Balance at 31 December 2025 | 667,060 |  | 149,630 |  | 816,690 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Consolidated Statement of Cash Flows

for the year ended 31 December 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (897,365 | ) | 4,017,693 |  |

Interest paid | (652,290 | ) | (917,255 | ) |

Tax paid | 12,339 |  | (1,168,310 | ) |

Net cash from operating activities | (1,537,316 | ) | 1,932,128 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (496,736 | ) | (464,814 | ) |

Purchase of fixed asset investments | - |  | 372 |  |

Sale of tangible fixed assets | - |  | 34,792 |  |

Interest received | 5,621 |  | 20,966 |  |

Net cash from investing activities | (491,115 | ) | (408,684 | ) |

Cash flows from financing activities

Amount introduced by directors | 940 |  | 9,532 |  |

Share capital issue | 45 |  | - |  |

Other short-term finance | 1,357,653 |  | (851,866 | ) |

Equity dividends paid | (123,000 | ) | (99,000 | ) |

Net cash from financing activities | 1,235,638 |  | (941,334 | ) |

(Decrease)/increase in cash and cash equivalents | (792,793 | ) | 582,110 |  |

Cash and cash equivalents at beginning of year | 2 | 1,062,913 |  | 480,803 |  |

Cash and cash equivalents at end of year | 2 | 270,120 |  | 1,062,913 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Statement of Cash Flows

for the year ended 31 December 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before taxation | 643,805 |  | (110,063 | ) |

| Depreciation charges | 307,689 |  | 286,213 |  |

| Profit on disposal of fixed assets | - |  | (11,686 | ) |

| (Profit)/ Loss on joint venture holding | (19,691 | ) | 3,432 |  |

| Finance costs | 652,290 |  | 917,255 |  |

| Finance income | (5,621 | ) | (20,966 | ) |

1,578,472 |  | 1,064,185 |  |

| Increase in inventories | (2,981,361 | ) | (2,071,381 | ) |

| Decrease/(increase) in trade and other debtors | 2,176,150 |  | (1,572,967 | ) |

| (Decrease)/increase in trade and other creditors | (1,670,626 | ) | 6,597,856 |  |

| Cash generated from operations | (897,365 | ) | 4,017,693 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2025

| 31.12.25 |  | 1.1.25

£ | £ |

| Cash and cash equivalents | 270,120 |  | 1,062,913 |  |

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 1,062,913 |  | 480,803 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.1.25 | Cash flow | At 31.12.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,062,913 |  | (792,793 | ) | 270,120 |  |

1,062,913 |  | (792,793 | ) | 270,120 |  |

| Total | 1,062,913 |  | (792,793 | ) | 270,120 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| Advanced Alloys Group 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 General 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 accounts have been prepared in accordance with FRS 102. There were no material departures from that standard.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

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

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

| Basis of consolidation

| The group's financial statements consolidate the financial statements of Advanced Alloys Group Limited and the following subsidiary undertakings:

| Advanced Alloy Services Limited

| Advanced Metal Recovery Ltd

| Acquisitions are accounted for under the acquisition method and any goodwill arising is capitalised as an intangible asset.

| Intra-group balances and transactions are eliminated fully on consolidation.

| Significant judgements and estimates

| In the application of the group'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 director's historical experience and knowledge 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 Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated 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 Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated 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 Consolidated Income Statement, 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 tax

| 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.

| Pension costs and other post-retirement benefits

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

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

3. | ACCOUNTING POLICIES - continued

| Financial instruments

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

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

| In respect of the invoice discounting facility and stock finance facilities, the liquidity risk is managed by maintaining a balance between the facility funding draw down availability and the flexibility this affords, and the level of trade debtors and stocks which are used to utilise the funds available for draw down. The group manages the liquidity risk by ensuring that there are sufficient controls over trade debtors and stocks to enable the continuing funding source and repayments when they fall due.

| 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, qualifying trade debtors are available for invoice discounting draw down.

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

| Going concern

| After reviewing the group's management information and future contracts the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group 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 group.

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

| 2025 |  | 2024

£ | £ |

| Sale of materials | 40,032,516 |  | 49,890,154 |  |

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

41,955,920 |  | 52,635,866 |  |

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

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

5. | EMPLOYEES AND DIRECTORS - continued

| 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 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 40 (2024 - 41 ) .

| 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 group 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 | 307,688 |  | 286,213 |  |

| Profit on disposal of fixed assets | - |  | (11,686 | ) |

| Auditors' remuneration | 31,600 |  | 33,160 |  |

| Auditors' remuneration for non audit work | 3,000 |  | - |  |

| 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 non-finance interest | - |  | 28 |  |

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

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

652,290 |  | 917,255 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated 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 | 29,360 |  | - |  |

| Tax refund from Joint Venture | (8,592 | ) | (13,276 | ) |

| Total current tax | 20,768 |  | (13,276 | ) |

| Deferred tax | 132,341 |  | (1,125 | ) |

| Tax on profit/(loss) | 153,109 |  | (14,401 | ) |

| 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 lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before tax | 643,805 |  | (110,063 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 160,951 |  | (27,516 | ) |

| Effects of:

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

| Capital allowances in excess of depreciation | (33,847 | ) | (44,348 | ) |

| Marginal tax rate relief | (975 | ) | - |  |

| Deferred taxation: origination and reversal of timing differences | 132,341 |  | (1,125 | ) |

| Group taxable losses available for future offset | 14,445 |  | 68,455 |  |

| Taxable losses brought forward offset in period | (110,758 | ) | - |  |

| Other taxation adjustments on consolidation | (1,340 | ) | 951 |  |

| Tax refund from overseas joint venture | (8,592 | ) | (13,276 | ) |

| Total tax charge/(credit) | 153,109 |  | (14,401 | ) |

9. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each

| Interim | 123,000 |  | 99,000 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

11. | PROPERTY, PLANT AND EQUIPMENT

| Group

| Improvements |  | Fixtures

| to |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

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

| Additions | 57,202 |  | 424,668 |  | 13,880 |  |

| At 31 December 2025 | 387,583 |  | 3,183,452 |  | 54,627 |  |

| DEPRECIATION

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

| Charge for year | 19,153 |  | 250,397 |  | 4,892 |  |

| At 31 December 2025 | 129,024 |  | 1,836,622 |  | 31,529 |  |

| NET BOOK VALUE

| At 31 December 2025 | 258,559 |  | 1,346,830 |  | 23,098 |  |

| 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 |  | 496,736 |  |

| At 31 December 2025 | 240,402 |  | 52,305 |  | 3,918,369 |  |

| DEPRECIATION

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

| Charge for year | 30,325 |  | 2,921 |  | 307,688 |  |

| At 31 December 2025 | 115,603 |  | 40,249 |  | 2,153,027 |  |

| NET BOOK VALUE

| At 31 December 2025 | 124,799 |  | 12,056 |  | 1,765,342 |  |

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

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

12. | FIXED ASSET INVESTMENTS

| Group

| Interest

| in joint

| venture

£ |

| COST

| At 1 January 2025 | (3,439 | ) |

| Share of profit/(loss) | 19,456 |  |

| Exchange differences | 235 |  |

| At 31 December 2025 | 16,252 |  |

| NET BOOK VALUE

| At 31 December 2025 | 16,252 |  |

| At 31 December 2024 | (3,439 | ) |

| Interest in joint venture

| Advanced Revert Alloys LLC

| The group's share of Advanced Revert Alloys LLC is as follows:

2025 | 2024 |

£ | £ |

| Turnover | 8,551,928 |  | 6,975,605 |  |

| Profit before tax | 19,456 |  | 17,560 |  |

| Taxation | - |  | (10,327 | ) |

| Profit after tax | 19,456 |  | 7,233 |  |

| Share of assets

| Fixed assets | 303,345 |  | 250,367 |  |

| Current assets | 2,204,802 |  | 1,109,330 |  |

| Share of liabilities

| Liabilities due within one year | (2,405,326 | ) | (1,270,197 | ) |

| Liabilities due after one year or more | (86,569 | ) | (92,939 | ) |

| Share of net assets/(liabilities) | 16,252 |  | (3,439 | ) |

| Accordingly, the carrying amount of the Group's investment in the joint venture at 31 December 2025 is £16,252 (2024: Liability £3,439).

| No dividend was received from the joint venture during the year (2024: £Nil). The joint venture has continued to operate on a close to breakeven basis, with modest annual results being reported and reflective of the current market conditions in the metal reprocessing sector.

| The Group has not provided any guarantees or further financial support to the joint venture other than the initial funding provided and has no outstanding commitments to provide further funding as at 31 December 2025.

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

12. | FIXED ASSET INVESTMENTS - continued

| Company

| Shares in |  | Interest |

| group |  | in joint |

| undertakings |  | venture |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 13,380,905 |  | 35 |  | 13,380,940 |  |

| Additions | 100 |  | - |  | 100 |  |

| Disposals | (45 | ) | - |  | (45 | ) |

| At 31 December 2025 | 13,380,960 |  | 35 |  | 13,380,995 |  |

| NET BOOK VALUE

| At 31 December 2025 | 13,380,960 |  | 35 |  | 13,380,995 |  |

| At 31 December 2024 | 13,380,905 |  | 35 |  | 13,380,940 |  |

| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Subsidiaries

| Advanced Alloy Services Limited

| Registered office: 65 Market Place, Market Weighton, East Yorkshire, YO43 3AN

| Nature of business: Selling & processing of metals & alloys.

| %

| Class of shares: | holding |

| Ordinary "A" £1 Shares | 100.00 |

| Ordinary "B" £1 Shares | 100.00 |

| Advanced Metal Recovery Ltd

| Registered office: Unit 1-6 Nobel Way, Dinnington, Sheffield, South Yorkshire, S23 3QH

| Nature of business: Research and development of metal recovery.

| %

| Class of shares: | holding |

| Ordinary £1 Shares | 55.00 |

| Joint venture

| Advanced Revert LLC

| Registered office: Collinsville, Virginia, USA

| Nature of business: Metal processing

| %

| Class of shares: | holding |

| Ordinary Units (Share of LLC) | 50.00 |

2025 |  | 31.12.24

£ | £ |

| Aggregate capital and reserves | 16,252 |  | (3,439 | ) |

| Profit/(loss) for the year | 19,691 |  | (3,404 | ) |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

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

| Group stock recognised in cost of sales during the year as an expense was £35,779,865 (2024: £47,099,607).

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

14. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

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

| Other debtors | 18,544 |  | 163,466 |  | 3,375 |  | 3,375 |  |

| Tax | 404,956 |  | 434,456 |  | - |  | 17,882 |  |

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

6,338,248 |  | 8,535,522 |  | 3,375 |  | 21,257 |  |

| Amounts falling due after more than one | year: |

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

| Aggregate amounts | 6,553,146 |  | 8,758,799 |  | 3,375 |  | 21,257 |  |

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

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade creditors | 10,503,631 |  | 12,260,194 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 12,562,961 |  | 12,562,961 |  |

| Tax | 3,607 |  | - |  | 3,607 |  | - |  |

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

| VAT | 234,574 |  | 77,486 |  | 6,000 |  | - |  |

| Other creditors | 15,729 |  | 16,978 |  | 83 |  | - |  |

| Invoice discounting facility | 1,871,804 |  | 1,191,801 |  | - |  | - |  |

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

| Supplier invoice facility | 9,059,706 |  | 424,893 |  | - |  | - |  |

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

| Accrued expenses | 145,098 |  | 181,065 |  | 11,680 |  | 5,820 |  |

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

21,902,714 |  | 22,211,142 |  | 12,584,331 |  | 12,568,781 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

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

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

323,750 |  | 508,750 |  |

17. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

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.

18. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 335,883 |  | 298,452 |  |

| Tax losses carried forward | (14,445 | ) | (109,349 | ) |

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

321,331 |  | 188,990 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

18. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

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

| Charge to Income Statement during year | 132,341 |  |

| Balance at 31 December 2025 | 321,331 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 667,060 | Ordinary | £1 | 667,060 |  | 667,060 |  |

20. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1 January 2025 | 8,551,968 |  |

| Profit for the year | 483,941 |  |

| Dividends | (123,000 | ) |

| At 31 December 2025 | 8,912,909 |  |

| Company

| Retained

| earnings

£ |

| At 1 January 2025 | 170,681 |  |

| Profit for the year | 101,949 |  |

| Dividends | (123,000 | ) |

| At 31 December 2025 | 149,630 |  |

| The carrying value of the non-controlling interests was as follows:

| Retained |  |

| earnings |  |

| £ |  |

| At 1 January 2025 |  |  | - |  |

| Arising on acquisition |  |  | - |  |

| Share of profit for the year |  |  | 6,755 |  |

| At 31 December 2025 |  |  | 6,755 |  |

| Advanced Alloys Group Limited (Registered number: 11867400) |

Notes to the Consolidated Financial Statements - continued

for the year ended 31 December 2025

21. | NON-CONTROLLING INTERESTS

| During the year, the group purchased 100% interest in Advanced Metal Recovery Ltd. At the time of purchase the company was not trading and the group paid for the purchase of the shares at par value.

| On 23 December 2025, 45% of the shares were disposed of at par value.

| The group profits for the financial year were £490,696 (2024: loss £95,662).

| The profits attributable to the owners of the parent company was £483,941 (2024: Loss £95,662), and the profit attributable to the non-controlling interests was £6,755 (2024: £Nil).

| The carrying value of the non-controlling interests was as follows:

| 2025 |  |

| £ |  |

| At 1 January 2025 |  |  | - |  |

| Arising on acquisition |  |  | - |  |

| Share of profit for the year |  |  | 6,755 |  |

| At 31 December 2025 |  |  | 6,755 |  |

22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2025 and 31 December 2024:

2025 | 2024 |

£ | £ |

| S Hall

| Balance outstanding at start of year | - |  | 9,532 |  |

| Amounts advanced | - |  | 468 |  |

| Amounts repaid | (940 | ) | (10,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (940 | ) | - |  |

| The Directors' loan account facility has been provided on an interest free basis, is unsecured and remains repayable on demand.

23. | ULTIMATE CONTROLLING PARTY

| The controlling party is S Hall.