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REGISTERED NUMBER: 08227132 (England and Wales)

| GES RECYCLING LTD. |

| STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |

| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Report of the Director | 3 |

| Report of the Independent Auditors | 5 |

| Statement of Comprehensive Income | 9 |

| Balance Sheet | 10 |

| Statement of Changes in Equity | 11 |

| Cash Flow Statement | 12 |

| Notes to the Cash Flow Statement | 13 |

| Notes to the Financial Statements | 14 |

| GES RECYCLING LTD. |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

| DIRECTOR: | I Velasco

| REGISTERED OFFICE: | Tallent Automotive

| Aycliffe Business Park

| Newton Aycliffe

| Durham

| DL5 6EP

| REGISTERED NUMBER: | 08227132 (England and Wales)

| AUDITORS: | FWC Advisory Ltd

| 29 Wood Street

| Stratford-Upon-Avon

| Warwickshire

| CV37 6JG

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

REVIEW OF BUSINESS

In 2025, the Company operated in a difficult market environment, which had a negative impact on overall performance. Scrap generation levels were lower than in previous periods, primarily reflecting reduced activity in the automotive sector.

The market environment was further affected by global uncertainties, which continued to affect in market confidence and demand. In the UK, the lack of steel making capacity through AEF influenced market conditions, contributing to reduced domestic demand for scrap material. As a result, supply levels exceeded demand, placing downward pressure on prices and negatively affecting the value of UK-origin material.

During the year, the Company also experienced sustained cost pressures. Increases in labour costs, elevated inflation in the UK, and higher operating costs impacted the company. These factors, combined with weaker market demand and pricing conditions, reduced margins.

Overall, the combination of lower scrap volumes, reduced demand, bad price dynamics, and higher costs resulted in a decrease of profitability in the year compared with prior periods

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs |  | Units |  | 2025 |  | 2024 |  |

Turnover |  | £ |  | 14,210,733 |  | 19,508,701 |  |

Gross profit |  | £ |  | 1,838,178 |  | 2,261,544 |  |

Gross profit |  | % |  | 13 |  | 11 |  |

Net (loss) / profit after tax |  | £ |  | (181,463) |  | 177,919 |  |

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainties for scrap business depends on the global market environment and local marketplace. The business is also vulnerable to a reduction in local demand due to the slowdown of the automotive sector and the transition of the electrification of the uk steel making sector.

ON BEHALF OF THE BOARD:

I Velasco - Director

28 July 2026

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2025

The director presents his 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 the purchase and sale of scrap metal waste from the automotive industry.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

As part of Gescrap 2030 strategic plan, the company will be positioned as a key player in aluminium scrap management and valorization. With steel scrap generation in the UK declining due to industry shifts and global uncertainty, aluminium is emerging as a critical resource both for the market and as a strategic supply element for the UK government.

Gescrap will focus on developing aluminium recycling projects, establishing itself as a key hub in the Midlands.

In the meantime, the company will face several challenges, including low scrap generation during the period required for steel mills to transition to EAF operations, the financial situation of foundries, and external economic pressures.

Despite this, we believe in signs of recovery in the second half of 2026.

DIRECTOR

I Velasco held office during the whole of the period from 1 January 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

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

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 31 DECEMBER 2025

AUDITORS

The auditors, FWC Advisory Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

I Velasco - Director

28 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GES RECYCLING LTD.

Opinion

We have audited the financial statements of Ges Recycling Ltd. (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GES RECYCLING LTD.

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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GES RECYCLING LTD.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the management the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

- Obtaining an understanding of the Company's policies and procedures relating to:

- Detecting and responding to the risks of fraud; and

- Internal controls established to mitigate risks related to fraud.

- Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud;

- Discussion amongst the engagement team as to how and where fraud might occur in the financial statements:

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

- Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these.

Based on our-risk assessment, we considered the areas most susceptible to fraud to be in the following areas:

- management override of controls in order to misrepresent the performance of the company through the use of inappropriate journals or bias in accounting estimates;

- revenue recognition, specifically the manipulation of revenue using fraudulent journals; and

- manipulation of the timing of recognising revenue around the year end.

Our procedures in respect of the above included:

- Testing journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation. We tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements;

- We reviewed the Company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business; and

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GES RECYCLING LTD.

- Cut off testing performed by selecting a sample of revenue transactions before and after year end, to ensure that these were recorded in the correct period based on the appropriate revenue recognition accounting policy.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because ot the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Martin Jones (Senior Statutory Auditor)

for and on behalf of FWC Advisory Ltd

29 Wood Street

Stratford-Upon-Avon

Warwickshire

CV37 6JG

28 July 2026

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 14,210,733 |  | 19,508,701 |  |

Cost of sales | (12,372,555 | ) | (17,247,157 | ) |

GROSS PROFIT | 1,838,178 |  | 2,261,544 |  |

Distribution costs | (793,910 | ) | (760,893 | ) |

Administrative expenses | (1,390,392 | ) | (1,347,671 | ) |

(346,124 | ) | 152,980 |  |

Other operating income | 4 | 105,350 |  | 86,626 |  |

OPERATING (LOSS)/PROFIT and |

(LOSS)/PROFIT BEFORE TAXATION | (240,774 | ) | 239,606 |  |

Tax on (loss)/profit | 8 | 59,312 |  | (61,687 | ) |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (181,462 | ) | 177,919 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (181,462 | ) | 177,919 |  |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

BALANCE SHEET

31 DECEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 10 | 1,064,176 |  | 826,173 |  |

CURRENT ASSETS

Stocks | 11 | 224,231 |  | 47,383 |  |

Debtors | 12 | 1,720,558 |  | 2,163,859 |  |

Cash at bank and in hand | 1,484,833 |  | 3,076,992 |  |

3,429,622 |  | 5,288,234 |  |

CREDITORS

Amounts falling due within one year | 13 | 1,416,260 |  | 2,737,155 |  |

NET CURRENT ASSETS | 2,013,362 |  | 2,551,079 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,077,538 |  | 3,377,252 |  |

CREDITORS

Amounts falling due after more than one year | 14 | (1,709,778 | ) | (1,768,718 | ) |

PROVISIONS FOR LIABILITIES | 16 | (116,396 | ) | (175,708 | ) |

NET ASSETS | 1,251,364 |  | 1,432,826 |  |

CAPITAL AND RESERVES

Called up share capital | 17 | 1,000 |  | 1,000 |  |

Retained earnings | 18 | 1,250,364 |  | 1,431,826 |  |

SHAREHOLDERS' FUNDS | 1,251,364 |  | 1,432,826 |  |

The financial statements were approved by the director and authorised for issue on 28 July 2026 and were signed by:

I Velasco - Director

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

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 | 1,000 |  | 4,453,907 |  | 4,454,907 |  |

Changes in equity

Dividends | - |  | (3,200,000 | ) | (3,200,000 | ) |

Total comprehensive income | - |  | 177,919 |  | 177,919 |  |

Balance at 31 December 2024 | 1,000 |  | 1,431,826 |  | 1,432,826 |  |

Changes in equity

Total comprehensive income | - |  | (181,462 | ) | (181,462 | ) |

Balance at 31 December 2025 | 1,000 |  | 1,250,364 |  | 1,251,364 |  |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (1,213,974 | ) | 458,216 |  |

Interest paid | - |  | (78,587 | ) |

Tax paid | - |  | (121,387 | ) |

Net cash from operating activities | (1,213,974 | ) | 258,242 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (445,446 | ) | (422,652 | ) |

Sale of tangible fixed assets | 35,000 |  | 49,600 |  |

Interest received | 32,261 |  | 86,626 |  |

Net cash from investing activities | (378,185 | ) | (286,426 | ) |

Cash flows from financing activities

Equity dividends paid | - |  | (3,200,000 | ) |

Net cash from financing activities | - |  | (3,200,000 | ) |

Decrease in cash and cash equivalents | (1,592,159 | ) | (3,228,184 | ) |

Cash and cash equivalents at beginning of year | 2 | 3,076,992 |  | 6,305,176 |  |

Cash and cash equivalents at end of year | 2 | 1,484,833 |  | 3,076,992 |  |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

| 2025 |  | 2024

£ | £ |

| (Loss)/profit before taxation | (240,774 | ) | 239,606 |  |

| Depreciation charges | 197,643 |  | 148,853 |  |

| Profit on disposal of fixed assets | (25,200 | ) | (46,128 | ) |

| Interest received | (32,261 | ) | (86,626 | ) |

| Interest paid | - |  | 78,587 |  |

(100,592 | ) | 334,292 |  |

| (Increase)/decrease in stocks | (176,848 | ) | 162,499 |  |

| Decrease in trade and other debtors | 443,301 |  | 1,586,812 |  |

| Decrease in trade and other creditors | (1,379,835 | ) | (1,625,387 | ) |

| Cash generated from operations | (1,213,974 | ) | 458,216 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2025

| 31/12/25 |  | 1/1/25

£ | £ |

| Cash and cash equivalents | 1,484,833 |  | 3,076,992 |  |

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 3,076,992 |  | 6,305,176 |  |

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 | 3,076,992 |  | (1,592,159 | ) | 1,484,833 |  |

3,076,992 |  | (1,592,159 | ) | 1,484,833 |  |

| Total | 3,076,992 |  | (1,592,159 | ) | 1,484,833 |  |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. | STATUTORY INFORMATION

| Ges Recycling Ltd. 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| The financial statements are presented in sterling which is the functional currency of the company and

| rounded to the nearest £.

| Significant judgements and estimates

| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

| Significant judgements in applying accounting policies surround estimates of useful lives of tangible fixed assets for depreciation policies and the consideration of potential stock provisions and adjustments.

| Turnover

| Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company?s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

| The company recognises revenue when:

| The amount of revenue can be reliably measured;

| it is probable that future economic benefits will flow to the entity;

| and specific criteria have been met for each of the company's activities.

| Sales of goods

| Sales of goods are recognised when the company has delivered scrap metal to the customer and no significant obligation remains unfulfilled that may affect the customer's acceptance of the goods.

| Rendering of services

| The company sells scrap handling services. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

| Depreciation

| Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

| Asset class |  | Depreciation method and rate |  |

| Other property, plant and equipment |  | 10% and 20% straight line |  |

| Motor vehicles |  | 20% and 33% straight line |  |

| Furniture, fittings and equipment |  | 33% straight line |  |

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

| is determined using the first-in, first-out (FIFO) method.

| Taxation

| The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

| The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

| Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Leases

| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

| Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

| Going concern

| The financial statements have been prepared on a going concern basis on the grounds that immediate parent, Gescrap Desarrollo S.L.U, provides continued support in the form of a long term loan.

| Government grants

| Grant income is recognised when there is entitlement to the grant, virtual certainty that it will be

| received and sufficient measurability of the amount.

| Cash and cash equivalents

| Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

| Trade debtors

| Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

| Trade debtors with no stated rate of interest rate receivable are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

| Trade creditors

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

| Share capital

| Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

3. | TURNOVER

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

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

| 2025 |  | 2024

£ | £ |

| Sale of goods | 13,684,210 |  | 18,919,884 |  |

| Sale of services | 526,523 |  | 588,817 |  |

14,210,733 |  | 19,508,701 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 14,210,733 |  | 19,508,701 |  |

14,210,733 |  | 19,508,701 |  |

4. | OTHER OPERATING INCOME

| 2025 |  | 2024

£ | £ |

| Bank interest received | 32,261 |  | 86,626 |  |

| Government grants | 73,089 |  | - |  |

105,350 |  | 86,626 |  |

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 611,641 |  | 618,049 |  |

| Social security costs | 61,827 |  | 52,694 |  |

| Other pension costs | 14,102 |  | 12,323 |  |

687,570 |  | 683,066 |  |

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

| 2025 |  | 2024

| Sales, marketing and distribution | 18 |  | 18 |  |

| Administration and support | 2 |  | 2 |  |

20 |  | 20 |  |

| 2025 |  | 2024

£ | £ |

| Director's remuneration | - |  | - |  |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

6. | OPERATING (LOSS)/PROFIT

| The operating loss (2024 - operating profit) is stated after charging/(crediting):

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 61,859 |  | 47,523 |  |

| Depreciation - owned assets | 197,643 |  | 148,853 |  |

| Profit on disposal of fixed assets | (25,200 | ) | (46,128 | ) |

| Foreign exchange differences | 1,495 |  | (2,957 | ) |

7. | AUDITORS' REMUNERATION

| 2025 |  | 2024

£ | £ |

| Fees payable to the company's auditors for the audit of the company's financial statements | 11,650 |  | 11,450 |  |

| Auditors' remuneration for non audit work | 4,500 |  | 6,750 |  |

8. | TAXATION

| Analysis of the tax (credit)/charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | - |  | (24,944 | ) |

| Deferred tax | (59,312 | ) | 86,631 |  |

| Tax on (loss)/profit | (59,312 | ) | 61,687 |  |

| UK corporation tax has been charged at 25% (2024 - 23.52%).

| Reconciliation of total tax (credit)/charge 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

£ | £ |

| (Loss)/profit before tax | (240,774 | ) | 239,606 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 23.520%) | (60,194 | ) | 56,355 |  |

| Effects of:

| Expenses not deductible for tax purposes | 882 |  | 203 |  |

| Adjustments to tax charge in respect of previous periods | - |  | 5,129 |  |

| Total tax (credit)/charge | (59,312 | ) | 61,687 |  |

9. | DIVIDENDS

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £10 each

| Interim | - |  | 3,200,000 |  |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 1,319,980 |  | 38,360 |  | 1,620,207 |  | 2,978,547 |  |

| Additions | 324,946 |  | 20,000 |  | 100,500 |  | 445,446 |  |

| Disposals | - |  | - |  | (329,060 | ) | (329,060 | ) |

| At 31 December 2025 | 1,644,926 |  | 58,360 |  | 1,391,647 |  | 3,094,933 |  |

| DEPRECIATION

| At 1 January 2025 | 754,046 |  | 14,749 |  | 1,383,579 |  | 2,152,374 |  |

| Charge for year | 108,366 |  | 5,510 |  | 83,767 |  | 197,643 |  |

| Eliminated on disposal | - |  | - |  | (319,260 | ) | (319,260 | ) |

| At 31 December 2025 | 862,412 |  | 20,259 |  | 1,148,086 |  | 2,030,757 |  |

| NET BOOK VALUE

| At 31 December 2025 | 782,514 |  | 38,101 |  | 243,561 |  | 1,064,176 |  |

| At 31 December 2024 | 565,934 |  | 23,611 |  | 236,628 |  | 826,173 |  |

11. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 224,231 |  | 47,383 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 1,665,520 |  | 2,111,224 |  |

| Other debtors | 1,500 |  | - |  |

| Tax | 24,944 |  | 24,944 |  |

| Prepayments | 28,594 |  | 27,691 |  |

1,720,558 |  | 2,163,859 |  |

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

2025 | 2024 |

£ | £ |

| Trade creditors | 87,649 |  | 172,858 |  |

| Amounts owed to group undertakings | 1,257,066 |  | 2,255,831 |  |

| Social security and other taxes | - |  | 13,258 |  |

| VAT | 31,626 |  | 266,774 |  |

| Other creditors | 2,545 |  | 3,125 |  |

| Accruals and deferred income | 37,374 |  | 25,309 |  |

1,416,260 |  | 2,737,155 |  |

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts owed to group undertakings | 1,709,778 |  | 1,768,718 |  |

15. | LEASING AGREEMENTS

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

2025 | 2024 |

£ | £ |

| Within one year | 129,488 |  | 129,488 |  |

| Between one and five years | 289,336 |  | 418,825 |  |

418,824 |  | 548,313 |  |

16. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 116,396 |  | 175,708 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 175,708 |  |

| Provided during year | 72,134 |  |

| Loss during the year | (131,446 | ) |

| Balance at 31 December 2025 | 116,396 |  |

17. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 100 | Ordinary | £10 | 1,000 |  | 1,000 |  |

18. | RESERVES

| Retained

| earnings

£ |

| At 1 January 2025 | 1,431,826 |  |

| Deficit for the year | (181,462 | ) |

| At 31 December 2025 | 1,250,364 |  |

19. | PENSION COMMITMENTS

| The company operates a defined contribution pension scheme. The pension cost charge for the year

| represents contributions payable by the company to the scheme and amounted to £14,102 (2024 - £12,323). Contributions totalling £2,545 (2024 - £2,841) were payable to the scheme at the end of the year and are included in creditors.

| GES RECYCLING LTD. (REGISTERED NUMBER: 08227132) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2025

20. | CONTINGENT LIABILITIES

| During the year 2023, there was an incident of a fraudulent payment involving a supplier related to the group. A payment of £1.82 million was made to the supplier based on a fraudulent email, purportedly, received from the supplier's finance team. Subsequently, £1.22 million has been recovered by the authorities. The director believes it is unlikely that any loss will be suffered by GES Recycling Limited.

21. | OTHER BORROWINGS

| Amounts owed to group undertakings are denominated in sterling. The loan carries a nominal interest rate of 6%, which becomes payable only in periods in which the company reports profits. The final instalment falls due on 25 December 2029. The carrying amount of the liability at the year end is £1,709,778 (2024: £1,768,718).

22. | RELATED PARTY DISCLOSURES

| Summary of transactions with parent

| Gescrap Desarrollo S.L.

| Interest payable on loan from immediate parent company £Nil (2024: £78,587)

| Loans from related parties

| 2025 |  | Parent |  | Total |  |

| At start of period |  | 1,768,718 |  | 1,768,718 |  |

| Repaid |  | (58,940 | ) | (58,940 | ) |

| At end of period |  | 1,709,778 |  | 1,709,778 |  |

| 2024 |  |

| At start of period |  | 1,388,365 |  | 1,388,365 |  |

| Additional loan |  | 400,000 |  | 400,000 |  |

| Repaid |  | (98,233 | ) | (98,233 | ) |

| Interest transaction |  | 78,586 |  | 78,586 |  |

| At end of period |  | 1,768,718 |  | 1,768,718 |  |

| Terms of loans from related parties

| Interest is charged on principal loan balances at 6% except during the period in which losses are incurred. The final loan repayment is due on 25 December 2029.

| Entities with control, joint control or significant influence over the entity

2025 | 2024 |

£ | £ |

| Sales | 586,443 |  | 493,983 |  |

| Cost of sale | 15,437,857 |  | 16,720,955 |  |

| Commercial services | 276,640 |  | 214,390 |  |

| Amount due to related party | 2,963,319 |  | 4,024,549 |  |

23. | ULTIMATE CONTROLLING PARTY

| The structure of the Gescrap group is such that there is no single individual who could be classed as the ultimate controlling party.

| The company's immediate parent is Gescrap Desarrollo SLU, incorporated in Spain.

| The most senior parent entity producing publicly available financial statements is Sideacero. These financial statements are available upon request from Sestao Head Office, C/ Chavarri, s/n, Zona Industrial, Edificio "REIMASA", 48910 Sestao (Vizcaya), Spain